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Marketing and Sales > Chapter 17: Personal Selling and Sales Management > Flashcards

Chapter 17: Personal Selling and Sales Management Flashcards

1
Q

Where does most direct face-to-face selling of consumer products take place?

A

At the salespersons’ place of business

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2
Q

Where do B2B salespeople typically make their sales calls?

A

At customer locations

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3
Q

What is 1 advantage of personal selling?

A

Sales messages can be tailored to the motivations, interests, and objections of each prospective customer

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4
Q

What is 1 major factor that changes the sales environment?

A

The rapid increase in new sales technologies, including social media

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5
Q

How does personal selling help with complex goods?

A

Salespeople can determine customer needs and propose customized features and accessoiries

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6
Q

What is a limitation of personal selling?

A

The cost per contact is much higher than mass communication methods

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7
Q

When are advertising and sales promotion more important than personal selling?

A

When the product has low value, is standardized, or is easy to understand

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7
Q

When is personal selling more important than advertising?

A

When the product has high value, is custom-made, or is technically complex

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8
Q

What is ‘showrooming’?

A

When consumers evaluate products in-store but compare prices and features online before making a purchase

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9
Q

How can social media impact a salesperson’s credibility?

A

Consumers may know more about the products than the salesperson, damaging credibility

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10
Q

What is relationship selling?

A

Building long-term partnerships with customers by focusing on mutually beneficial outcomes

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11
Q

Why is relationship selling more cost-effective for companies?

A

It focuses on retaining customers, which is less expensive than constantly finding new ones

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12
Q

What is the first step in the sales process?

A

Generating leads

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13
Q

What is lead generation?

A

The process of identifying firms or people most likely to buy the seller’s offerings

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14
Q

What is a common method of lead generation?

A

Cold calling, which involves approaching potential buyers without prior knowledge of their needs

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15
Q

What does lead qualification determine?

A

Whether a prospect has a recognized need, buying power, and is receptive and accessible

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16
Q

What is the preapproach in the sales process?

A

The homework a salesperson does before contacting a prospect, particularly in B2B sales

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17
Q

What should a salesperson know before proposing a solution?

A
  1. Everything about the product
  2. Customer needs
  3. Competitors
  4. The industry
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18
Q

What is a sales proposal?

A

A formal document or presentation that shows how the product will meet or exceed the prospect’s needs

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19
Q

What should a salesperson do when handling objections?

A
  1. Anticipate objections
  2. Investigate fully
  3. Know the competition
  4. Stay calm
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20
Q

What does closing a sale often require?

A

Negotiation, during which both the salesperson and prospect offer concessions to reach an agreement

21
Q

What is the final step in the selling process?

A

Following up to ensure the customer is satisfied and all promises are met

22
Q

What is social selling?

A

Using social media platforms for research, networking, prospecting, and relationship building throughout the sales process

23
Q

What is the foundation of effective sales management?

A

A success-oriented sales force that accomplishes its mission economically and efficiently

23
Q

What should sales goals be like in effective sales management?

A

Sales goals should be clear, precise, measurable, and include a time frame for completion

24
Q

What is a quota in sales management?

A

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

25
Q

How are most sales departments organized?

A

By:
1. Geographic regions
2. Product lines
3. Marketing functions
4. Markets
5. Industries
6. Individual accounts

25
Q

What are some key traits of great salespeople?

A
  1. Strong ego
  2. Sense of urgency
  3. Competitiveness
  4. Assertiveness
  5. Sociability
  6. Risk-taking
  7. Quick thinking
  8. Creativity
  9. Empathy
26
Q

Why are market or industry-based structures becoming more popular?

A

They allow sales reps to become experts in their fields, offering better solutions and service

27
Q

What begins after a sales recruit is hired?

A
  1. Initial training on company policies
  2. Selling techniques
  3. Product knowledge
  4. Nonselling duties
28
Q

How has sales training evolved with new technologies?

A

Training now includes eLearning methods, webinars, and online tutorials in addition to traditional methods like role-playing

29
Q

What are the characteristics of outside salespeople versus inside salespeople?

A

Outside salespeople:
1. Self-starters
2. Manage their own schedules
3. Travel more

Inside salespeople:
1. Rely on communication skills
2. Make cold calls
3. Have more direct supervision

30
Q

Why is compensation important in sales force management?

A

It attracts, motivates, and retains good salespeople, and firms may tie compensation to profitability or customer satisfaction

31
Q

What happens in companies with lower compensation levels?

A
  1. Higher turnover rates
  2. Increased costs
  3. Decreased sales effectiveness
  4. Poor relationship management
32
Q

What performance measures are used to evaluate the sales force?

A
  1. Sales volume
  2. Contribution to profit
  3. Customer satisfaction
  4. Specific goal achievement
33
Q

How can social media help evaluate salespeople’s performance?

A

Through customer reviews, managers can assess where salespeople excel or fall short

34
Q

What are 2 key factors of a CRM system?

A
  1. Customers take center stage
  2. Business must manage the customer relationship across all contact points
35
Q

How can CRM systems help businesses close more sales?

A

By identifying customer relationships, understanding the customer base, and capturing data to develop deeper relationships

36
Q

What does ‘customer-centric’ mean in CRM?

A

It is a philosophy where a company customizes products and services based on data generated from customer interactions

37
Q

What is ‘knowledge management’ in CRM?

A

The process of centralizing and sharing customer information to enhance relationships between customers and the organization

38
Q

How do interactions contribute to CRM succes?

A

Interactions help build learning relationships between customers and the organization, contributing to lasting and profitable relationships

39
Q

What are ‘touch points’ in CRM?

A

Areas where customers have contact with a company, and from which data is gathered

40
Q

How can web-based interactions be used in CRM?

A

They allow customers to evaluate products, give feedback, and provide data that can be used to improve customer relationships and refine marketing efforts

41
Q

What is ‘social CRM’?

A

An extension of traditional CRM that includes engaging customers through social media and using behavioral data for better relationship management

42
Q

What is the net promoter score in social CRM?

A

It measures how much a customer influences others’ behavior through recommendations on social media

43
Q

How are point-of-sale interactions useful in CRM?

A

They collect customer data to identify the best customers and improve satisfaction through services like in-store promotions

44
Q

What is the challenge in capturing customer data for CRM?

A

The issue is not how much data to obtain, but what types of data shouls be acquired and how to use it effectively

45
Q

How does cross-selling work in CRM?

A

By matching product profiles to customer demographics of behavior, companies can recommend additional products or services to existing customers

45
Q

What is data mining used for in CRM?

A

To identify the most profitable customers and trailor marketing strategies to those segments

45
Q

What is campaign management in CRM?

A

Developing customized product or service offerings for targeted customer segments to enhance relationships

46
Q

How can companies retain loyal customers using CRM?

A

By building long-term, mutually beneficial relationships with their key customers

47
Q

How can marketers use transaction data in CRM?

A

They can track customer relationships and modify marketing messages based on the customers purchase history and usage patterns

Marketing and Sales (12 decks)

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