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Mktg 454 > Ch 1 > Flashcards

Ch 1 Flashcards

1
Q

_Place the following in order _

Identify “A” Suspects
Proposal / Presentation
Fact Finding Meeting(s)
Negotiations (Trial or Pilot)
Sign Contract / Get P.O.
Pursuit - Plan Approach
1st Face-to-Face Meeting
Pursuit - Approach(es)
Pursuit - 1st Phone Conversation
Proposal - Draft
Protect the Sale
Get Paid
Start work

A

Identify “A” Suspects
Pursuit - Plan Approach
Pursuit - Approach(es)
Pursuit - 1st Phone Conversation
1st Face-to-Face Meeting
Fact Finding Meeting(s)
Proposal - Draft
Proposal / Presentation
Negotiations (Trial or Pilot)
Protect the Sale
Sign Contract / Get P.O.
Start Work
Get Paid

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2
Q

What type of sale is the one above (select all that apply)

A

Consultative

Complex

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3
Q

Combine the following elements to recreate the ‘Trust Formula’

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Apparent Self Interest (transparent closing behaviors)
Competence (product knowledge)
Rapport
Reputation (branding)
Reliability
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A

Trust = Reputation x Reliability x Rapport x Competence / (Low Apparent Self - Interest)

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4
Q

In the Sales Formula, a sale ‘happens’ when the values of which of the following are sufficiently high?

A

Trust

Pain

Budget

Offering

decison

Wild Card

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5
Q

Pain

A

Need

Cost of doing nothing

Personal consequences

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6
Q

Budget

A

Money

People

Time

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7
Q

Decision

A

Decision Maker

Relevant time period

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8
Q

Offering

A

Yours vs. Competitors’

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9
Q

Wild Card

A

DM terminates CEO

Co. sold

Purchase freeze

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10
Q

During the pursuit phase, how many approach attempts should you make before abandoning a targeted “suspect”?

A

7

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11
Q

How many approaches should you make before ‘suspending’ a Referred Suspect and calling the referrer?

A

3-4

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12
Q

The definition of a “Closing Rate” is? (formula)

A

Closed Sales / Qualified Prospects

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13
Q

A qualified prospect is one with sufficient…

A

Pain

Budget

Decision

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14
Q

Hot Referral

A

a person you know introduces you to their friend or colleague

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15
Q

Warm Referral

A

a person you know says you can use their name

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16
Q

Draw the DISC profile for a strong Outside Sales Executive (new accounts)

A
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17
Q

DISC profile for Account Representative (existing accounts)

A
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18
Q

DISC profile for strong Technical Sales Representative (New and Existing accounts)

A
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19
Q

What are the percentages of high values of D, I, S, and C within the general population?

A

D = 18%I = 28%S = 40%C = 14%

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20
Q

High values of D

A

Ambitious

Forceful

Decisive

Direct

Independent

Challenging

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21
Q

High values of I

A

Expressive

Enthusiastic

Friendly

Demonstrative

Talkative

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22
Q

High values of S

A

Methodical

Systematic

Reliable

Steady

Relaxed

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23
Q

High values of C

A

Analytical

Contemplative

Conservative

Exacting

Careful

Deliberate

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24
Q

People / Extrovert

A

Influence

25
Q

People / Introvert

A

Steadiness

26
Q

Task / Extrovert

A

Dominance

27
Q

Task / Introvert

A

Compliance

28
Q

Should not do with D’s

A

Chit Chat

Be slow or boring

Repeat yourself

Tell them what to do

29
Q

Should not do with I’s

A

Let them “lose face” or respect

Interact without a relationship

Steal their “limelight”

Come on too strong

30
Q

Should not do with S’s

A

Jump from one idea to another

Try to rush them along

Present too quickly

Introduce rapid change

31
Q

Should not do with C’s

A

Talk too much

Leave out details

Be too general

Waste time with stories or feelings

32
Q

Should do with D’s

A

Be direct, to the point, facts

They need results and control

Find their goals, outcomes

Help them avoid failure, loss

33
Q

Should do with I’s

A

Be friendly and outgoing

They need recognition

How you can make them look good

Let them talk, express feelings

34
Q

Should do with S’s

A

Use steady, procedural pace

Communicate systematically

Ask for their input, questions

Help them increase security

35
Q

Should do with C’s

A

Use detailed, factual comm.

Provide information in writing

Offer guarantees and back-up

Be logical, organized, accurate

36
Q

By observing a person for about 2 minutes, you should be able to figure out his/her dominant trait what % of the time?

A

85%

37
Q

You should be able to figure out 3 of a person’s traits what % of the time?

A

65%

38
Q

People buy from 3 types of people…

A

People

People they like and trust

People like themselves

39
Q

Which type of sales offend more prospects than others and why?

A

Transactional sale-Sales person is High D/I and compensated mostly by commissions, has only one chance to close the sale and may use manipulative closing behaviors as well as pressure

40
Q

The terms “ABC” and “close early, close often” can…

A

-signal apparent self interest, which reduces trust levels-results in lower closing rates in complex, consultative B2B sales- in B2B sales often translates into ‘Always Be Crying’

41
Q

In the sales classic “SPIN Selling” (Situation, Problem, Implication, and Need-Payoff), sales executives with the highest closing rates:

A
  • exhibited almost no overt closing behaviors
  • developed the costs and implications of doing nothing
  • developed the personal consequences of doing nothing for decision makers
  • called personal consequences “Pain”
42
Q

When a strong outside sales person applies the skills s/he perfected in successful transactional B2C sales to complex, consultative B2B sales s/he will:

A

have very low closing rates

may be asked to leave the premises

43
Q

Which elements of this scripted ‘cold’ phone conversation should be used?

A. Hi, Ms. Smith, my name is Chris James, and I’m an account rep with Business Safety Technologies. How are you today? (pause) Excellent! Let me describe the services we offer to other satisfied clients in your industry. We provide unique safety programs to improve your safety record and to lower your workers’ compensation insurance rates. I would like to get together with you to explain some of the more successful programs that we have created and how they can make your business a better place to work. I’m going to be in your area on Tuesday and Wednesday next week and wonder which day might be best for you?
B. Hi, Ms. Smith, my name is Chris, and this is a sales call. I promise to take no more that three minutes of your time.
C. If I can help you in any of the areas we specialize in, we may talk further, but if not, I’ll get you right back to work. Would that be OK?
D. Thanks! We work with companies in the following industries (list 2 -3 and be sure they include the Prospect’s) and help them if they are having problems with A, B or C (select those that are most likely). Are any of these issues for you?

A
  • Hi, Ms. Smith, my name is Chris, and this is a sales call. I promise to take no more that three minutes of your time.
  • If I can help you in any of the areas we specialize in, we may talk further, but if not, I’ll get you right back to work. Would that be OK?
  • Thanks! We work with companies in the following industries (list 2 -3 and be sure they include the Prospect’s) and help them if they are having problems with A, B or C (select those that are most likely). Are any of these issues for you?
44
Q

You should begin the process of hiring new outside sales reps (hunters)

  • immediately and continuously
  • whenever you have or anticipate an opening
  • whenever you have a poor performer-who is not responding quickly enough to coaching
  • whenever a sales rep has threatened to resign
  • because their DISC profiles (High D and I) are rare (1 in 50) and it takes a while to find them
A
  • immediately and continuously
  • whenever you have or anticipate an opening
  • whenever you have a poor performer-who is not responding quickly enough to coaching
  • whenever a sales rep has threatened to resign
  • because their DISC profiles (High D and I) are rare (1 in 50) and it takes a while to find them
45
Q

You have a top notch, energetic, dynamic sales performer who is asking to be promoted to a sales manager…what should you do?

  • You should promote the sales star quickly, otherwise you s/he will probably quit
  • You will lose this person’s revenues as they transition away from production to management
  • Aggressive, dynamic sales producers are often individual contributors and may ‘scorch’ their new sales team, resulting in unnecessary voluntary terminations.
  • The best sales managers are often not the best producers. They are good listeners, demonstrate patience and take deliberate action.
  • If you are going to promote a hyper performer to sales manger, be sure to give them training that helps them develop their people and analytical skills…and patience.
A
  • You will lose this person’s revenues as they transition away from production to management
  • Aggressive, dynamic sales producers are often individual contributors and may ‘scorch’ their new sales team, resulting in unnecessary voluntary terminations.
  • The best sales managers are often not the best producers. They are good listeners, demonstrate patience and take deliberate action.
  • If you are going to promote a hyper performer to sales manger, be sure to give them training that helps them develop their people and analytical skills…and patience.
46
Q

Assuming you make 100 dials to 100 different Targeted “A” Suspects a week and given the number of weeks between phases and yields from phase to phase listed below, how many weeks from the week you start dialing will it take a you to close and receive your first payments for a total of 15 sales?

A

21 weeks

47
Q

Assuming you make 10 dials to 10 different “Hot” Referrals a week and given the number of weeks between phases and yields from phase to phase listed below, how many weeks from the week you start dialing will it take a you to close 16 sales?

A

17 weeks

48
Q

When new sales manager Doug Bloom took over his new district, which of the following actions hurt him?

A

all of the above

49
Q

In the Hannover Bates Case what could the new sales manager have done better? (check all that are correct)

A

all of the above

50
Q

(T/F) Sales management can be defined as “the control and implementation of personal contact programs designed to achieve the sales objectives of the firm.”

A

True

51
Q

(T/F) In general, the field sales manager’s job is limited to sales forecasting and budgeting, training, and motivating sales personnel.

A

False

52
Q

(T/F) Listening skills are one of the top five skills needed to be successful in a solutions selling model according to a recent survey of sales executives.

A

True

53
Q

(T/F) Most sales force automation initiatives have been successful.

A

False

54
Q

(T/F) A typical sales management career path might be hired as a district sales manager, then be promoted to regional sales manager to national sales manager and then to the Vice President of Marketing.

A

False

55
Q

The most effective way to close a sale and to get the customer’s signature on the order form is generally through:

A

Personal, face-to-face selling

56
Q

“The planning, organizing, leading, and control of personal contact programs designed to achieve the sales and profit objectives of the firm” is a definition of:

A

Sales Management

57
Q

Which is not an important aspect of the sales manager’s job?

A

Mass Advertising

58
Q

Which of the following are likely to be good reasons for wanting to be promoted to sales management?

A

none of the above

59
Q

According to surveys, the median age of newly appointed field sales managers is:

A

30

Mktg 454 (8 decks)

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