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Personal Selling > Chapters 5-8 > Flashcards

Chapters 5-8 Flashcards

1
Q

Adaptive Selling

A

Reacting to different sales situations and different customers by changing ones selling behaviors

Ex.

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2
Q

Standard Memorized presentation

A

(canned presentation) is a completely memorized sales talk. The sales person presents the same selling points in the same order to all customers.

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3
Q

Outlined Presentation

A

A prearranged presentation that usually includes a standard introduction, standard answers to common objections raised by customers. It is very effective because its well organized. It is more informal and natural than the standard memorized presentation.

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4
Q

Customized presentation

A

A written or an oral presentation based on a detailed analysis of the customer’s needs. This type of presentation offers an opportunity to use the communication principles to discover the customers needs and problems and propose the most effective solution to satisfying those needs.

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5
Q

Social style matrix

A

A tool designed to help people learn how they can modify or adjust their behavioral tendencies in order to improve their relationships with others.

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6
Q

Assertiveness

A

The degree to which people have opinions about issues and publicly make those opinions clear to others. They express their convictions publicly and attempt to influence others to accept those beliefs

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7
Q

Responsiveness

A

How emotional people tend to get in social situations . It is easier to express their emotions. They are more informal

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8
Q

Drivers

A

Example of this would be Donald Trump. These people are high on assertiveness and low on responsiveness. “lets get it done now and get it done MY WAY. They have a great desire to get ahead in their companies and careers. They are also decision makers.

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9
Q

Expressive

A

High on assertiveness and high on responsiveness. Warm approachable, intuitive, and competitive, expressive people view power and politics as important factors in their quest for personal rewards and recognition. Example would be President Obama

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10
Q

Amiable

A

Are low on assertiveness and high on responsiveness. Close relationships and cooperation are important to these people. Paul McCartney would resemble this characteristic.

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11
Q

Analytical

A

Low on assertiveness and low on responsiveness. They like facts, principles and logic. Suspicious of power and personal relationships, they strive to find a way to carry out a task without resorting to these influence methods. . They make decisions slowly, in a deliberate and disciplined manner. An example would be Hilary Clinton.

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12
Q

Versatility

A

The effort people make to increase the productivity of a relationship by adjusting to the needs of another party. Able to adapt to a person’s needs. They are broad and they negotiate issues.

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13
Q

Prospecting

A

The process of locating potential customers for a good or service. It is the single most important and time consuming activity that most sales people undertake

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14
Q

Customer churn

A

The regular loss of customers or clients for any reason. Example would be the idea of a Ferris wheel. When the Ferris wheel is filled, quite naturally you will not add anyone else. Eventually it will become empty.

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15
Q

Leads

A

Also called “suspects”, potential prospects that may or may not have what it takes to be considered a prospect. Their income can be a reason in why they will purchase your product.

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16
Q

Qualifying a Lead

A

The process of determining whether a lead is in fact a prospect. Asking questions is usually would sales people do to determine if it is a real prospect.

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17
Q

What are the five lead qualifying questions every sales person should ask?

A
  1. Does a want or need exist?
  2. Does the lead have the ability to pay?
  3. Does the lead have to the authority to buy?
  4. Can the lead be approached favorably ?
  5. Is the lead illegible to buy ?
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18
Q

Satisfied Customers

A

Particularly those who are truly partners with the seller, are the most effective sources for leads.

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19
Q

Customer referral value

A

the monetary value of these referrals as well as the costs to get and maintain with the referrals.

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20
Q

Promoters

A

Your most loyal customers who not only keep buying from you but also urge their friends and associate to do the same.

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21
Q

Endless chain method

A

Sales representatives attempt to get at least one additional lead from the person they interview. Example: What two people do you know that will be interested in what i am selling”? There is also something called a war approach

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22
Q

Networking

A

The utilization of personal relationships by connected and cooperating individuals for the purpose of achieving goals. Ex. Any sorority you join you get a chance to do this for job positions, internships etc.

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23
Q

Center of influence

A

The sales people will cultivate relationships with influential people that can provide you with good leads.

24
Q

Social Media

A

The technological component of the communication, transaction, and relationship building functions of a business that leverages the network of customers and prospects to promote value co creation. Examples would be LinkedIn, Facebook, Twitter etc.

25
Q

Ads, Direct Mail and promotional efforts

A

Firms have developed sophisticated systems to generate inquiries from leads by advertising and ____ ____. Example sending peoples emails periodically about checking air filters every once in a while.

26
Q

Databases

A

Wedding and death announces for real estate

27
Q

Cold Calling

A

Calling someone at random that may or may not need your service which could be a waste of time. Examples of this would be Telemarketing

28
Q

Trade shows

A

Short temporary exhibitions of products by manufacturers and resellers. Once the show is over , all vendors pack up and leave

29
Q

Webinars

A

Online seminars that generate leads and provide information to prospective customers. For an example Tiffany Porter for CVS will set up a _____ for 8 to 10 oncologists and invite a nationally known research oncologist to make a presentation

30
Q

Spotters (bird dogs)

A

These individuals will, for a fee, provide leads for the salesperson. The sales rep sometimes pays the fee simply for the name of the lead but more often pays only if the lead ends up buying the product or service.

31
Q

Telemarketing

A

A systematic and continuous program of communicating with customers and prospects via telephone.

32
Q

Demographics

A

Are they resale? Wholesale? Retailers? What products and services do they offer? What is their financial position or situation? Is this an organization that likes to take risks? What are their unique selling propositions? Historical buying patters are also very important. DO they use one suppliers? Who are the people that involved in a purchase decision? Policies and Procedures of the sales people is very important to know.

33
Q

Analysis Paralysis

A

The trap of spending all one’s time analyzing situations and finding information rather than making sales calls

34
Q

S

A

Specific

35
Q

M

A

Measurable

36
Q

A

A

Attainable

37
Q

Diagnostic Feedback

A

Provides information about what you are doing right and wrong instead of just whether you made a sale. Ex “Lets talk about why you didn’t achieve your girls”

38
Q

Performance Feedback

A

Salespeople create knowledge by getting feedback from sales managers. Ex. “Did you achieve your girls you set for this call

39
Q

Primary Objective

A

The actual goal you want to achieve

40
Q

Optimistic call objective

A

The best-case scenario that could result from your call . this is the one where you shoot for the moon.

41
Q

Customer value proposition

A

A written statement that clearly states how purchasing the sellers products can help solve the customers perceived issue. Almost mini elevator pitch

42
Q

What do we need to focus on when making a sales call ?

A

Identifying or reiterating needs
Offering a solution to the prospect’s needs
Building credibility and trust
Assess and Adjust

43
Q

What is the 4 A’s selling process

A

Acknowledge
Aquire
Advise
Assure

44
Q

Closed questions

A

Questions that can be answered with “yes” or “no” or other one word answers

45
Q

Open Questions

A

Questions that require the prospect to give more than a yes or no answer to a question

46
Q

SPIN technique

A

Asking 4 specific types of questions designed to uncover and clarify the prospects needs

47
Q

Situation Questions

A

General data gathering about background and current situations. Ex. How do you feel about the class . Do you think that you will get an A out of this class?

48
Q

Problem Questions

A

Asks about specific difficulties or dissatisfactions . Ex Does it give you a hard time to keep up with prezi slides. When the computer system goes down, what problems do they cause during the workday.

49
Q

Implication Questions

A

Helps the prospect realize the ramifications of the problem uncovered. Reminds the prospect how bad i could be if we do not solve the problem. Ex IF the employees continue to enter in their payroll wrong, how will that affect the process of the job.

50
Q

Payoff Questions

A

Address the usefulness of solving the problem Ex. If i can affordably get you into a car that would start every day, will it prevent you from being late to work every day. If i can offer you a payroll systems so that employees wouldnt have to , will it save time and error and would be better for the system

51
Q

Payoff Questions

A

Address the usefulness of solving the problem Ex. If i can affordably get you into a car that would start every day, will it prevent you from being late to work every day. If i can offer you a payroll systems so that employees wouldn’t have to , will it save time and error and would be better for the system

52
Q

Features-Benefits Method

A

This technique involves presenting the features of your product and following up each feature with a description of the way that the feature will positively impact the prospect (the benefits). What if you do this with someone that has crossed arms and a smile. Ending the description with “is that, or will that be important to you”

53
Q

What are some ways to build credibility

A

Clearly delineate a time and stick to it
Offer concrete evidence of your claims
Avoid statements that do not ring true (We’re the best, or We’re the greatest)
Recognize and respect cultural differences
Demonstrate product expertise
Keep it simple and teach
Be willing to admit you’re wrong or don’t know

54
Q

Outbound Telemarketing

A

These calls may be initiated directly by the sales person, by inside sales representatives or by third party vendors

55
Q

Inbound Telemarketing

A

Uses a telephone number that leads and customers can call for additional information. It could be answered by different people

56
Q

Endless Chain Method

A

Sales representatives attempt to get at least one additional lead from each person they interview

Personal Selling (3 decks)

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