Ch 17

Question 1

Relationship selling (consultative selling)

Answer 1

A sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships

Question 2

Sales Process (Sales cycle)

Answer 2

The set of steps a salesperson goes through in a particular organization to sell a particular product or service

Question 3

Lead Generation (prospecting)

Answer 3

Identification of the firms and people most likely to buy the seller’s offerings

Question 4

Cold Calling

Answer 4

A form of lead generation in which the salesperson approaches potential buyers without any prior knowledge of the prospect’s needs or financial status

Question 5

Referral

Answer 5

A recommendation to a salesperson from a customer or business associate

Question 6

Networking

Answer 6

A process of finding out about potential clients from friends, business contacts, coworkers, acquaintance, and fellow members in professional and civic organizations

Question 7

Lead qualification

Answer 7

determination of a sales prospect’s (1) recognized need, (2) buying power, and (3) receptivity and accessibility

Question 8

Preapproach

Answer 8

a process that describes the “homework” that must be done by a salesperson before he or she contacts a prospect

Question 9

Needs assessment

Answer 9

A determination of the customer’s specific needs and wants and the range of options they have for satisfying them

Question 10

Sales proposal

Answer 10

A formal written document or professional presentation that outlines how the salesperson’s product or service will meet or exceed the prospect’s needs

Question 11

Sales presentation

Answer 11

A meeting in which the salesperson presents a sales proposal to a prospective buyer

Question 12

Negotiation

Answer 12

The process during which both the salesperson and the prospect offer special concessions in an attempt to arrive at a sales agreement

Question 13

Follow-up

Answer 13

The final step of the selling process, in which the salesperson ensures delivery schedules are met, goods or services perform as promised, and the buyers’ employees are properly trained to use the products

Question 14

Quota

Answer 14

A statement of the salesperson’s sales goals, usually based on sales volume

Question 15

Customer-centric

Answer 15

A philosophy under which the company customizes its product and service offerings based on data generated through interactions between the customer and the company

Question 16

Knowledge management

Answer 16

The process by which customer information is centralized and shared in order to enhance the relationship between customers and the organization

Question 17

Interaction

Answer 17

The point at which a customer and a company representative exchange information and develop learning relationships

Question 18

Touch Points

Answer 18

Areas of a business where customers have contact with the company and from which data might be gathered

Question 19

Point-of-sales interactions

Answer 19

A touch point in stores or information kiosks that use software to enable customers to easily provide information about themselves without feeling violated

Question 20

Campaign Management

Answer 20

Developing product or service offerings customized for the appropriate customer segment and then pricing and communicating these offerings for the purpose of enhancing customer relationships