Chapter 20 Business

Question 1

What are the 4 P’s of Marketing?

Answer 1

1. Product
2. Price
3. Place (distribution)
4. Promotion

Question 2

What are the Guidelines for Uncompromising Customer Service?

Answer 2

1. Take every opportunity to meet and get to know all potential clientele. Create a professional relationship with a potential new client and eventually make the sale!
2. Remember to represent a positive image and high level of professionalism every minute of the day.
3. Never give the impression that any question is inconvenient, unnecessary, or unintelligent.
4. Express ideas well through verbal communication, vocal tonality, and body language, which all work together to convey a message.
5. Obsess on opportunities to create moments that strengthen professional relationships.
6. Do not merely receive complaints, but take ownership of them.

Question 3

What are NASM’s “10 Steps to Success”?

Answer 3

1. Desired Annual Income (Determine)
   Example: $40,000
2. How much must be earned per week to achieve annual income goal?
   Example: 40,000 / 50 (weeks, incl. vacay) = $800/week
3. To earn weekly goal, how many sessions need to be performed?
   Example: $800 / $25 (per hr session) = 32 sessions/wk
   Current Clients: 11
   Current Sessions/Wk: 22
   22/11 = 1.82; 32/1.82 = 18 clients needed
4. What is the closing percentage?
   Example: talked to 60 members in 30 days, 5 signed up; 5 / 60 = 8% closing rate
5. In what time-frame will new clients be acquired?
   Example: has 11 clients, needs 18, goal to get 7 more in 3 weeks
6. How many potential clients need to be interacted with overall to gain clients within time-frame?
   Example: 7 (new clients) / 8% (closing rate) = 87.5 = 88 clients contacted within 3 weeks; 88/3 = about 30/wk
7. How many potential clients need to be contacted each day?
   Example: 30 (members to contact) / 5 (days/wk working) = 6 members / day
   8.How many potential clients need to be contacted each hour of the day?
   Example: Determine Floor Time: (x4) 1-hr sessions/day + 30 min (lunch) + 30 min (1 orientation) = 5 hrs; 3 hrs of actual floor time (in 8 hr day), 6 (members/day) / 3 (hr/day) = 2 members per hour or 1 every 30 mins
8. Ask each member spoken to for his/her contact info
9. FOLLOW UP!

How well did you know this?

Question 4

Define “Product” from the 4 P’s of Marketing.

Answer 4

Product: Specific product or service offered to customers

Question 5

Define “Price” from the 4 P’s of Marketing.

Answer 5

Price: Amount charged for product or service

Question 6

Define “Place” from the 4 P’s of Marketing.

Answer 6

Place (distribution): Channels a product or service will go through to reach the customer

Question 7

Define “Promotion” from the 4 P’s of Marketing.

Answer 7

Promotion: The communication of info about a product or service with the goal of generating a positive customer response (marketing communication strategies: advertising, sales, social media, public relations)