Day 1 + 2 Flashcards
1
Q
Describe the Sales Management Model
A
1) Describing the Personal Selling Function
2) Defining the Strategic Role of the Sales Function
3) Developing the Salesforce
4) Directing the Salesforce
5) Determining Salesforce Effectiveness and Performance
2
Q
Define Personal Selling
A
-occurs when a sales rep. meets with a potential client for the purpose of transacting a sale
3
Q
From Transactions
A
To relationships
4
Q
fron individuals
A
to Teams
5
Q
From Sales Volume
A
to Sales Productivity
6
Q
From Management
A
to Leadership
7
Q
From Administrative
A
To Entrepreneurial
8
Q
From Local
A
to Global
9
Q
Explain from Transactions to Relationships
A
- transaction selling model -> relationship-oriented sales approaches
- salespeople build relationships by solving problems, providing opportunities and adding value over a period of time
- some customers demand a relationship approach -> suppliers must adhere to that
- may lead to higher customer acquisition costs
- but through that the customer is bound longer to the company/supplier -> it´s cheaper to gain revenues from an existing customer than acquiring new ones
- customer tailored solutions
10
Q
Explain from individuals to Teams
A
-in many situations, no one person possesses the knowledge and skills needed to
identify and solve als customers problems
-may be a combination of salesperson, technician and account manager
-teamwork may be among individuals, sales and marketin dep. or functions within the business
-75% of componies utilize some type of sales teamwork
-often bigger customers are serviced from a bigger sales team
11
Q
Describe Core Selling Team
A
- relatively permanent and customer-focused
- membership determined by job assignment to a pecific buying organisation
- membership rel. stable
- one team per buying unit
- mission is strategic with respect to buying organization
12
Q
Describe a Selling team
A
- rel. temporary, transaction-focused group
- membership determined by involvement in sales transaction for a particular good or service
- membership very fluid
- mission is tactical with respect to the sales opportunity
13
Q
Describe from Sales Volume to Sales Productivity
A
- sales productivity includes the costs associated with generating sales and serving the customers
- good measure might be the contribution margin
- keep costs for training etc. low (e.g. digital learing)
- try to shift from transactional to relationship based sales
- to do more with less
14
Q
Describe from Management to leadership
A
- many organizations are hierarchical and bureaucratical structured
- all levels of the sales structure have to report to the level above them and are responsible for the supervised sales people
- sales manager should lead their subordinates
- help salespeople perform better and less control and evaluate people
15
Q
How can a sales manager lead?
A
collaboration instead control coaching instead criticism empowerment instead domination sharin information instead witholding it adapting to individual salespeople instead treating everyone the same
16
Q
Describe from Administrative to Entrepreneurial
A
- proactiveness, risktaking, innovation
- do not just respond to whatever happen but make things happen
- look for and pursue opportunities and leverage resources in unique ways
17
Q
characteristics of an entrepreneurial sales organization
A
- creativity
- innovation
- empowerment
- strategy
- technology
- collaboration
18
Q
Describe how an entrepreneurial sales organization might look like
A
- have a flat (no) hierarchy
- work gets done by small teams
- sales leaders guide and coach their colleagues
- teams can develop their own strategies
19
Q
Describe from Local to Global
A
- marketplace is now global
- companies can be global even if they only serve the domestic market:
- compete agains foreign firms, use international suppliers, work with internation companies, are affected by int. events, etc.
- sales team has to become heterogenus and diverse
20
Q
Which characteristics have the best sales organizations?
A
- customer driven culture
- recruit/retain biggest talents
- train and coach the right skillset
- differentiated offers for customers
- use tech efficiently
- integrate sales in other functions
21
Q
Name technologies that are driving the change of the fourth industrial revolution
A
1) Artificial Intelligence
2) Blockchain
3) VR and AR
4) Robotics
5) IoT
22
Q
What is blockchain?
A
a secure, decentralized, and transparent way of recording and sharing data, with no need to rely on third-party intermediaries
23
Q
How will the fourth Industrial Revolution affect business?
A
1) They´re transforming customers’ expectations
- believe that these technologies will transform their interactions with companies within five years
- greater personalization, connected experiences
- are not afraid to change brands for experience
2) Usage of customers´data
- many customers are uncomfortable with how companies use their personal or business information
3) Deploying AI
24
Q
Why is focusing on customers´ experience so important?
A
- many customers change their supplier because of a better experience
- peer review sites and social media make it easier to be criticized from customers
25
How affects AI the fourth revolution on businesses?
- will require a reboot in the way companies think about privacy and security
- AI is fueled by data
- AI can only work on your behalf if it has enough data
- companies must ensure privacy and security of customer information
- no trust without transparency
26
How will the fourth industrial revolution affect the future of work?
1) AI and automation will make jobs obsolete
2) Computers and automation will come together in a new way
- robotics will be connected remotely to computer systems equipped with machine learning algorithms
- Smart factory: cyber-physical systems monitor physical processes of factory and make decentralized decisions
3) New jobs are emerging
4) Businesses must prepare their people for the new world
- continual learning, upskilling, commitment to diversity
27
What schould businesses do to future-proof their workforce?
-ensure they have the right mix of skills in their workforce to keep pace with changing technology
-AI will impact the types of skills their companies need
-need to update their skills, not just once but many times throughout their careers
-employees need to be thinking about changing hard and soft skills:
emotional intelligence, creativity, critical thinking
28
How do we ensure the Fourth Industrial revolution is good for everyone?
- I40 is presenting both immense opportunities and challenges
- humans must be proactive in shaping this technology and disruption
- businesses must ensure that all needs are met not only these of stakeholders
- businesses must proof that data is protected
29
Which Points belong to the question: "How AI Technology Increases Data Access and Team Activity Tracking"
1) No contact data left behind
2) Put all employee activities in CRM, automatically
3) Increase relationship-centric collaboration with colleagues
4) Empower managers with data driven insights for coaching employees
30
Explain No contact data left behind regarding "How AI Technology Increases Data Access and Team Activity Tracking"
- on average 70% of contact data never makes it to CRM
- CRM sync technologies ensure that all relevant data is sent to CRM
- frees up a lot of work time for the sales staff
- data accuracy and productivity increase
31
Explain Put all employee activities in CRM, automatically regarding "How AI Technology Increases Data Access and Team Activity Tracking"
- not always easy for managers to keep track of activities and meetings happening with customers
- softwares and Ai can automatically synchronize the data with CRM
- managers can quickly gain insight into the workforce
32
Explain Increase relationship-centric collaboration with colleagues regarding "How AI Technology Increases Data Access and Team Activity Tracking"
- utilize a relationship intelligence which maps relationships between employees and customers
- recency and frequency of communication is measured
- who talks to who
- information is uploaded to CRM and connected to the account
33
Explain Empower managers with data driven insights for coaching employees regarding "How AI Technology Increases Data Access and Team Activity Tracking"
- capture a high-level view of where things stand within your organization
- including active progress in deal cycles, activity trends of your highest performing reps, trending patterns in customer communications and engagement
- where do you stand in the sales funnel. which connections are being made?
34
Name uses of AI and Machine Learning in E-Commerce Activities by Rakuten
1) Prediction of sales
2) Market segmentation
3) Classification of products
4) Analysis of ratings and reviews
5) Produkt recommendations and search
6) image recognition
35
Describe Prediction of Sales (Rakuten)
Rakuten employs “supervised” machine learning to forecast sales (supervised: algorith is trained with past data)
36
Describe Market segmentation (Rakuten)
Rakuten uses “unsupervised” machine learning algorithms to segment customer groups in order to increase the effectiveness of marketing campaigns. (real-time data to identify most effective way of market segmentation)
37
Describe classification of products (Rakuten)
Rakuten uses a “semi-supervised” learning algorithm to classify products. The goal is to classify products in such a way that customers are more likely to find the items they need.
38
Describe Analysos of ratings and reviews (Rakuten)
Rakuten utilizes “structural” machine learning algorithms to analyze customer ratings and reviews. It has helped the company efficiently collect and analyze product reviews and mine valuable information
39
Describe Analysis of recommendations and search (Rakuten)
- reinforcement learning algorithms
- processing data on past customer reactions to know most effective course of action in future when similar circumstances reoccur (click or no click)
- > better recommendations in the future
40
Describe Image recognition (Rakuten)
Rakuten uses deep learning algorithms for image recognition. This is especially useful on a customer-to-customer platform such as PriceMinister-Rakuten.
41
Explain supervised machine earning
the algorithm is given sample past data in order to train “the machine” to process future data more accurately
42
Explain how unsupervised machine learning is used for marketing segementation
- Real-time data is used only to identify most effective ways of market segmentation (e.g., online behavior or preferences)
- >more accurately predict consumer interests or tastes
43
Explain semi-supervised machine learning
The approach involves resampling data in a repeated fashion until the algorithm learns the most efficient way to process data
44
Explain structural machine learning algorithms
This method is often used to study the structure and formation of words (morphology)
45
Explain reinforcement learning algorithms
- utilizes external feedback to teach a system to change its functioning in order to guess better in the future
- The system identifies factors that made the largest differences in the decision of the algorithm which is used to reinforce accuracy and minimize wrong decisions
46
Explain deep-learning algorithms
- Deep-learning algorithms can recognize and automatically categorize the object in a picture
- Thus, users can more easily post products to sell on the platform
