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SALES MCI > Day 1 > Flashcards

Day 1 Flashcards

1
Q

what is Sales?

A
  • the department that sells a company’s products
  • … an alternative term for sales revenue or sales volume
  • … the activity or business of selling products or services

*… the interaction between BUYER and SELLER
* … the ability to GIVE CONFIDENCE
in getting the problem solved
in taking the right decision / the right choice
in achieving the goal
in maximizing the potential benefits
in minimizing the risk of failure
in doing the right thing with the right people

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2
Q

What is Strategic Business Unit (SBU)?

A

A designated unit within a corporation that operates like an individual business.

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3
Q

SBU & Business Areas

A

Since 2010, PALFINGER has taken a regional approach in its organizational structure. The Area Units have been given a large degree of independence in order to enable them to meet the requirements of the individual markets in an ideal manner. Not only does this support the further internationalization of the Group, it also makes it possible to focus more strongly on increasing the flexibility of all processes. In this context, special emphasis is placed on strategic projects that promote the further development of the PALFINGER group.

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4
Q

name 3 generic business strategies

A
  1. low-cost supplier
  2. differentiation
  3. Niche Focused Differentiator
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5
Q

Salesforce acitvities for a low-cost supplier?

A

Service large current customers
Pursue large prospects
Minimize costs; sell on the basis of price, serve low cost shoppers

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6
Q

Salesforce acitvities for a differentiation strategy?

A

Compete on non-price benefits; packaged solutions
Provide high quality customer service
Seek customers who are not low price shoppers

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7
Q

Salesforce acitvities for a Niche Focused Differentiator strategy?

A

Serve a distinct target market not served well by others; solution selling; packaged solutions;
Provide high quality customer service
Seek customers who are not low price shoppers

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8
Q

Special characteristics of B2B sales (Business target markets)?

A
  • few buyers
  • buyers concentrated geographically
  • purchase information needs are high
  • purchases made in large amounts
  • high-importance purchases
  • complex products purchased
  • postpurchase service important

Personal selling-driven Marketing communication strategy

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9
Q

the hierarchy of organizatoinal structural levels

A

Corporate strategy -> business Strategy -> Marketing Strategy -> Sales strategy

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10
Q

Personal
Selling – Driven
Marketing Communications Strategies

A 
Message Flexibility is Important
Message Timing is Important
Reaction Speed is Important
Message Credibility is Important
Trying to Close the Sale
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11
Q

Organizational Buyer Behavior: 3 Buying Situations

A
  • NEW TASK
  • MODIFIED REBUY
  • STRAIGHT REBUY
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12
Q

Which aspects should be considered when describing the organizational buyer behavior?

a. Buying Situation.
b. Type of organization / Industry
c. Buying Process.
d. Buying Center

A

a. Buying Situation.
b. Type of organization / Industry
c. Buying Process.
d. Buying Center

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13
Q

What are examples of buying situations

  • New task.
  • Straight rebuy.
  • Low cost rebuy.
  • Best of breed.
  • sales forecast.
A
  • NEW TASK
  • STRAIGHT REBUY

+ *MODIFIED REBUY

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14
Q

Customer Satisfaction greatly depends on…

A

Competence of the Salesperson

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15
Q

What is Personal selling?

A

Personal selling refers to interpersonal communication between buyers and sellers to initiate, develop, & enhance customer relationships.

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16
Q

3 Types of Sales Jobs & Focus

A

HUNTERS, Pioneers, Order Getters, Business Developers – Focus on Gaining New Customers

FARMERS, Order Takers, Account Managers, Focus on Servicing Existing Accounts

MISSIONARY SALESPEOPLE, evangelists– Not Responsible for Actual Sale, They Provide Information and Other Services “spreading the gospel”
Examples:
Detailer (Pharmaceuticals),
Merchandiser (Retail)

17
Q

Key Roles of Salespeople

A

Financial Contributors
(generate revenue / profit; bottom/top line results)

Change Agents
(stimulate buying decisions; drive innovation; improve quality)

Communication Agent
(eyes & ears of the company; customer advocates)

Customer Value Agent
(create, communicate, deliver & increase customer value)

18
Q

Criteria for Adding / Reducing perceived Customer Value

A 
Customer and Market Knowledge
Coordination to solve problems
Efficiency – getting things done
Strategic Alignment
Trustworthiness - honest, competent, customer-oriented, compatible
19
Q

What does Sales Enablement mean?

A

Sales organizations must become learning organizations and complement initial training with ongoing sales training

20
Q

Sales Management Responses

A

1 Create customer value
2 increase sales productivity
3 improve sales leadership

21
Q

Sales Managers Roles

A

Leader / Definer
Coach / Exciter & Enlighter
Manager / Shaper & Controller

22
Q

What is the ultimate task of a sales manager ?

A

The ultimate task of a sales manager is to CREATE an ENVIRONMENT, which ALLOWS his sales force to do their job – create loyal customers and sell successfully!

23
Q

The Single Biggest Mistake Sales Managers Make:

A

They don’t allow their salespeople to do the selling.

Selling isn’t YOUR main task anymore. Lets them sell on their own, dont jump in.

New salespeople need to be coached so they can feel empowered and confident in their roles,

24
Q 
Salespeople can add to or detract from customer value depending on criteria such as
a customer and market knowledge.
b efficiency.
c trustworthiness.
d product knowledge.
A

a customer and market knowledge.
b efficiency.
c trustworthiness.
d product knowledge.

25
Q 
Which core skills/competencies are required of sales managers, in order to guide the sales force?
a Coaching.
b Financial Accounting.
c Leading.
d Managing.
A

a Coaching.

c Leading.
d Managing.

26
Q

Four Basic Sales Strategy Elements

A

1 Account Targeting
2 Relationship
3 Selling
4 Sales channel

27
Q

AIDA - Mental states selling

A

Attention
Interest
Desire
Action

28
Q

SPIN selling

A

Situation questions
Problem questions (reveal implied needs)
Implication questions (feel problem more clearly)
Need-payoff questions (buyer states explicit needs)
-
seller states BENEFITS

29
Q

What is Team Selling?

A

Multiple individuals from the selling organization working together to develop and expand relationships with one or more accounts.

30
Q

What is Channel Conflict?

A

Occurs when the interests of different channels are not consistent.

31
Q 
Which of the following are personal selling approaches outlined in the lecture?
a Stimulus-response 
b Contingency selling
c Consultative 
d Problem-solving
A

a Stimulus-response

c Consultative
d Problem-solving

32
Q 
A(n) \_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_\_ strategy ensures that accounts receive selling effort coverage in an effective and efficient manner.
a Account targeting
b Relationship
c Selling
d Channel
A

c Selling

33
Q

Centralisation

A

The degree two which important decisions and tasks performed at higher levels in the management hierarchy.
Centralized structures place authority and responsibility at higher management levels.

34
Q

Specialisation

A

The degree to which individuals perform some of the required tasks to the exclusion of others.
Individuals can become experts on certain tasks, leading to better performance for the entire organization.

35
Q 
If product offering is very complex and customer needs are very different, sales force specialization is typically
a Function-driven 
b Industry-driven
c Product-& Market-driven 
d Geography-driven
A

c Product-& Market-driven

36
Q

Large accounts which are characterized by high complexity and very important for a seller are typically called

Regular accounts
Complex accounts
Key accounts
Large accounts

A

c Key accounts

SALES MCI (4 decks)

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