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MKTG 316 - Professional Selling Skills > Chapter 6: Prospecting > Flashcards

Chapter 6: Prospecting Flashcards

1
Q

Salespeople must find new customers to replace those who:

A
  • Switch to competitors
  • Go bankrupt
  • Move out of the territory
  • Merge with non customers
  • Decide to do without a product or service
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2
Q

What does prospecting begin with?

A

Locating a lead

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3
Q

What are some characteristics of a good prospect?

A
  • Possesses a want or need
  • Has the ability to pay
  • Has the authority to buy– Firms are delegating their purchasing tasks to system integrators
  • Can be approached favorably
  • Eligible to buy: -volume - geographic location - exclusive sales territories: Particular salesperson can sell only to certain prospects -House accounts: Large customers that are handled exclusively by corporate executives
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4
Q

What are some common sources of a Lead?

A
  • Satisfied customers
  • Endless chain
  • Networking
  • Center of influence
  • Social media
  • Other Internet users
  • Marketing department
  • Shows, fairs and merchandise markets
  • Webinars or seminars
  • Lists and directories
  • Databases and data mining
  • Cold calling
  • Spotters
  • Inside salespeople
  • Expertise
  • Sales letters
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5
Q
A

Customers Leads

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6
Q

Salesperson uses online tools like LinkedIn, Facebook, and Twitter to prospect for new customers and maintain contact with existing customers.

A

Social media leads

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7
Q

Salesperson uses web sites, e-mail, listservs, bulletin boards, forums, roundtables, and newsgroups to secure leads.

A

Other Internet Use Leads

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8
Q

Marketing Department Leads

A

Salespeople use the marketing department of their firm to generate leads

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9
Q

Shows, fairs, and merchandise market leads

A

Sales people use trade shows, conventions, fairs, and merchandise markets for lead generation.

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10
Q

Canvassing method in which a large group of salespeople attempt to make calls on all prospective businesses in a given geographic territory on a specified day.

A

Blitz

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11
Q

Nonverbal cues given by the buyer that indicate the buyer may be ready to commit; also called closing cues.

A

Buying Community

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12
Q

Prospecting method wherein the salesperson cultivates well-known, influential people in the territory who are willing to supply lead information.

A

Center-of-Influence Method

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13
Q

Prospecting method in which a sales representative tries to generate leads for new business by calling on totally unfamiliar organizations; also called cold calls.

A

Cold Canvass Method

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14
Q

The monetary value of the referral as well as the costs to get and maintain the referral.

A

Customer Referral Value (CRV)

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15
Q

Information about leads, prospects, and customers.

A

Database

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16
Q

The use of artificial intelligence and statistical tools to discover hidden insights in the volumes of data in a database.

A

Data Mining

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17
Q

Prospecting method whereby a sales representative attempts to get at least one additional lead from each person he or she interviews.

A

Endless-Chain Method

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18
Q

Method that uses a prospect’s geographic location to determine whether a salesperson can sell to that prospect.

A

Exclusive Sales Territories

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19
Q

Method that uses a prospect’s geographic location to determine whether a salesperson can sell to that prospect.

A

Extranet

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20
Q

Accounts assigned to a sales executive rather than to the specific salesperson responsible for the territory containing the account.

A

House Accounts

21
Q

A prospecting method whereby salespeople evaluate prospects who do not necessarily have a clear understanding of what they need but who are in a state of flux and have been shown to be quite agile in making changes (that is, they are able and willing to act quickly when a compelling case is made to them).

A

Insight Selling

22
Q

A potential prospect; a person or organization that may have the characteristics of a true prospect.

A

Lead

23
Q

The part of the lead process in which salespeople carefully analyze the relative value of each lead.

A

Lead Management System

24
Q

A process for qualifying leads.

A

Lead Qualification System

25
Q

A form of exhibition or trade show used in fashion industries for manufacturers to sell products to retailers.

A

Merchandise market

26
Q

A customer who tells others about how poorly you or your product performed.

A

Negative Referral

27
Q

Establishing connections to other people and then using those networks to generate leads, gather information, generate sales, and so on.

A

Networking

28
Q

A uniform classification system for all businesses for all countries in North America.

A

North American Industry Classification System (NAICS)

29
Q

Determination by firms whether leads are qualified before turning them over to the field sales force.

A

Prequalification

30
Q

Your most loyal customer who not only keeps buying from you but also urges friends and associates to do the same.
Also called evangelists.

A

Promoter

31
Q

A lead that is a good candidate for buying what the salesperson is selling.

A

Prospect

32
Q

The process of locating potential customers for a product or service.
Most important activity that salespeople do.

A

Prospecting

33
Q

The process of determining whether a lead is in fact a prospect.

A

Qualifying the Lead

34
Q

A prospecting term that reflects that some leads do not become prospects and that some prospects do not become customers. One thousand leads might be needed, for example, to generate 200 prospects, of which only 15 might become customers. This funnel of smaller and smaller numbers is called the sales funnel.

A

Sales Funnel

35
Q

Selling more to existing customers.

A

Selling Deeper

36
Q

A uniform classification system for an industry. The SIC system is being replaced by the new North American Industry Classification System (NAICS).

A

Standard Industrial Classification (SIC)

37
Q

Outside vendor who has been delegated the responsibility for purchasing; has the authority to buy products and services from others.

A

Systems Integrator

38
Q

The European term for trade show.

A

Trade Fair

39
Q

Short exhibition of products by manufacturers and distributors.

A

Trade Show

40
Q

Online seminar.

A

Webinar

41
Q

An individual who, for a fee, will provide the names of leads for the salesperson; also called a spotter.

A

Bird dog

42
Q

Salespeople use the marketing department of their firm to generate leads

A

Marketing Department Leads

43
Q

Sales people use trade shows, conventions, fairs, and merchandise markets for lead generation.

A

Shows, fairs, and merchandise market leads

44
Q

Salespeople use seminars and online webinars to generate leads

A

Webinars and seminars Leads

45
Q

Salesperson uses secondary data sources, which can be free or fee based.

A

Lists and directories leads

46
Q

Salespeople use sophisticated data analysis software and the company’s databases to generate leads

A

Databases and data mining Leads

47
Q

Salespeople use their personal talks and speeches as well as written communication like blogs to showcase their expertise.

A

Expertise Leads

48
Q

Salesperson writes personal letters to potential leads.

A

Sales Letter Leads

MKTG 316 - Professional Selling Skills (6 decks)

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