Chapter 17 Sales Promotion and Personal Selling Flashcards
consumer sales promotion
activities such as price discounts to incentivize consumer purchases
price discounts to incentivize consumer purchases
trade sales promotion
activities such as price discounts to incentivize current or prospective clientele to make purchases
price discounts to incentivize current or prospective clientele to make purchases
coupon
a certificate that entitles consumers to an immediate price reduction where they can buy the product
a certificate that entitles consumers to a price reduction
rebates
cash refunds given for the purchase of a product during a specific period
premium
an extra item offered to the customer, usually in exchange for some proof of purchase of the promoted product
a sum added to the ordinary price or charge that provides users with additional benefit and value
or
an additional charge for additional benefit and value
freemium
an initially “free” offering to use a service with limited functionality, which serves as an enticement to pay a “premium” to receive an enhanced experience
a limited trial of a product with limited features
loyalty marketing program
a promotional program designed to build long-term, mutually beneficial relationships between a company and its key customers
a promotional program designed to build healthy long-term relationships with customers
sampling
a promotional program that allows the consumer the opportunity to try a product or service for free
a promotional program that gives consumers the opportunity to try a product or service for free
trade allowance
a price reduction offered by manufacturers to intermediaries, such as wholesalers and retailers
a price reduction from manufacturers to intermediaries, such as wholesalers and retailers
push money
money offered to channel intermediaries to encourage them to push products- that is, to encourage other members of the channel to sell the products
money offered to channel intermediaries to encourage them to push/sell products
relationship selling (business development)
a multistage sales process that involves building, maintaining, and enhancing interactions with customers for the purpose developing long-term satisfaction through mutually beneficial business partnerships
a multistage sales process that involves building, maintaining and enhancing interactions with customers to develop long-term satisfying relationships
or
a sales process that involves building and maintaining interactions with customers
sales process (sales cycle)
the set of steps a salesperson goes through to sell a particular product or service
lead generation (prospecting)
identification of those companies and people most likely to buy the seller’s offerings
identification of the people and companies that are most likely to buy the seller’s offerings
cold calling
a form of lead generation in which the salesperson approaches potential buyers without any prior knowledge of the prospects needs or financial status
a form of lead generation in which the salesperson approaches potential buyers without any prior knowledge
or
a salesperson contacts/approaches the potential buyers without any prior knowledge about the prospect and their needs
referrals
recommendations to a salesperson from a customer or business associate
networking
the use of friends, business contacts, coworkers, acquaintances, and fellow members in professional and civic organizations to identify potential clients
the use of others to find and identify potential customers
social selling
leveraging social networks to find the right prospects and build trusted relationships to achieve sales goals
trojan horse method
demonstrating or displaying a person or company’s expertise via social media channels, resulting in the recruitment of prospects who are impressed with said expertise, and voluntarily come forward with interest in seeking the company’s assistance
demonstrating or displaying a company’s or persons expertise via social media channels
or
demonstrating expertise online via social media channels
lead qualification
determination of a sales prospect:
1) recognizing needs
2) buying power
3) receptivity and accessibility
preapproach
a process that describes the research a salesperson must do before contacting a prospect
needs assessment
a determination of the customer’s specific needs and wants and the range of options the customer has for satisfying them
determining the customers specific desires and the range of options the customer has to satisfy them
sales proposal
a formal written document or professional presentation that outlines how the salesperson’s product or service will meet or exceed the prospect’s needs
a formal document or presentation that outlines how the salesperson’s product would meet the needs of the receiver
sales presentation
a formal meeting in which the salesperson presents a sale proposal to a prospective buyer
negotiation
the process during which both the salesperson and the prospect offer concession in an attempt to arrive at a sales agreement
the process during which both the salesperson and prospect attempt to arrive at a sales agreement
follow-up
the final step of the selling process, in which the salesperson ensures that delivery schedules are met, that the goods or services perform as promised, and that the buyer’s employees are properly trained to use the products
The final step of the selling process, in which the salesperson ensures that the good and or services are performing as promised
