Chapter 1 Flashcards
what are the two major functions of business?
- production of goods / services
- marketing those goods / services
what is the marketing concept?
the idea that customers drive production, they are profit oriented, they look at long term planning and buyers, they cater to wants over needs
what is the marketing mix?
product
price
place
promotion
what are the two aspects of professional selling?
- Unselfishly serving the buyer
- professionally representing the seller
what is the golden rule of selling?
sell to others as you would like to be sold?
what is the definition of sales?
the exchange of money for a product
what are the ABCs of sales?
analyze customer needs
present product benefits
gain commitment
provide a good service
what are the 7 different types of sales jobs?
inside retail studies
outside delivery
entry level consumer goods
missionary
sales engineers
creative sales of tangibles
creative sales of intangibles
what does it take to succeed?
Service to others
Use the core principles of professional selling
Communication
Characteristics for the job
Excels at strategic thinking
Sales knowledge
Stamina for the challenge
what are conceptual skills?
the ability to see the selling process as a whole and relationship among parts
what are human skills?
sellers ability to work with a through people
what are technical skills?
understanding performance of specific tasks
what are the three most important skills in selling?
personable
discover pin points
handling objections
what are the 9 steps in the selling process?
- prospect / customer (determining who you will call)
- preapproach / plan (set goals, uncover needs, address pin points)
- approach (attention)
- presentation (product, marketing plan, business proposition)
- trial close
- determine objection
- meet objection
- trial close
- close
what is a traditional salesperson?
someone guided by self interest
what is a professional salesperson?
do what they are required to do, takes care of customers
what is a modern/golden rule salesperson?
find others interests more important than you own
what is CRM (customer relationship management)?
automatic sales software programs that manage information about customers
what are aspects of relationship marketing?
creation of customer loyalty, target customer, long term relationships
what is transactional selling?
product based, middleman, doesnt follow up
what is relationship selling?
one on one, how do you feel, make decisions based on person selling it to you, word of mouth, influencers involved, buying a lifestyle
what is partnering selling
when sellers work towards mutual objectives
what is the product concept?
companies are production oriented
what is the selling concept?
a focus on features and benefits of new products, requires sales training, sales volume-oriented marketing scheme
what is value added?
benefits received that are not included in purchase price of a product
what are consumer products?
products produced/used by households and individual consumers
what are industrial products?
products produced for use in producing something else
what are wholesalers?
buy goods and store them in large companies and advertising them to retailers, wholesalers, manuf., and resellers
what are the 4 aspects of promotion in the marketing mix?
- Personal Selling
- advertising
- publicity
- sales promotion
what is consultative selling?
helping customers to achieve goals through the use of the good or service
examples of a trial close
“How do you feel about (insert product name/type) so far?
“This is a lot of data, does it make sense to you?”
“Are you with me? …
“Am I missing anything?”
