Chapter 19 Flashcards
What are the 4 reasons why many people find sales to be a satisfying career
Satisfying lifestyle (independence)
Flexible schedule
Virtual office
Goals, not micromanagement
Rewarding (income/impact)
Among highest paying careers for college grads
Creatively help customers solve problems
Directly affect your company’s bottom line
Variety of customers and locations
Opportunities for promotions and success is highly visible
What are 3 ways that salespeople add value for customers and firms
Salespeople make buying easier and less time consuming for customers
Salespeople provide customers with information and advice customized to their specific needs
Salespeople build long-term relationships
What are the steps of the personal selling process
- generate and qualify leads
- Getting leads through internet searches, networking, current customers, cold calling, and trade shows
- Determine which are worthwhile through qualifying (funnel those people who qualify) - pre-approach and use of CRM systems
- Do you homework - sales presentation and overcoming reservation
- Opening
- Needs assessment
- Presentation of solution
- Overcome reservation/objectives - closing the sale
- Asking for, and getting, the customers commitment to buy - follow up
- Send thank you cards
- Regularly check-in and provide quality service to your customers
What is involved in each of the 3 key duties (roles) performed by salespeople
Order getter
Responsible for full sales process
Fins, builds relationships with new customers
Extensive training and product knowledge
Order taker
Provides routine orders
Check inventory, set up displays, restock existing customers
Sales support
Provide customer service to support sales
Geek squad at Best Buy
What are 5 traits that managers generally seek when recruiting new salespeople
Personality (friendly, easy to like)
Empathetic
Optimism
Self-motivated
Resilient
What are the advantaged and disadvantages of paying salespeople on salary and commission
Salary
Pros: management can control activities, dependable income
Cons: no incentive to sell beyond quota
Commission
Pros: strong incentive to sell
Cons: activities not directly related to sales get neglected
What is personal selling
The two-way flow of communication between a buyer and a seller that is designed to influence the buyer’s purchase decision.
What is relationship selling
A sales philosophy and process that emphasizes a commitment to maintaining the relationship over the long term and investing in opportunities that are mutually beneficial to all parties.
What are leads
A list of potential customers.
What is qualifying
The process of assessing the potential of sales leads.
What are trade shows
Major events attended by buyers who choose to be exposed to products and services offered by potential suppliers in an industry.
What are cold calls
A method of prospecting in which salespeople telephone or go to see potential customers without appointments.
What are independent agents
***Also known as manufactures representatives
Salespeople who sell a manufacturer’s products on an extended contract basis but are not employees of the manufacturer.
