Exam 1

Question 1

personal selling

Answer 1

a person to person business activity in which a salesperson uncovers & satisfies the needs of the buyer to the mutual long term benefit of both parties

Question 2

sales force intensive

Answer 2

organizations that rely heavily on salespeople

Question 3

multichannel strategy

Answer 3

using several strategies at the same time

Question 4

distribution channel

Answer 4

set of people and organizations responsible for the flow of products and services from the producer to the ultimate user

Question 5

CLV

Answer 5

Customer Lifetime Value

Question 6

Customer Lifetime Value

Answer 6

combined total of all future sales

Question 7

behavioral loyalty

Answer 7

purchase of the same product from the same vendor over time

Question 8

attitudinal loyalty

Answer 8

emotional attachment to a brand, company, or salesperson

Question 9

solo exchange

Answer 9

both buyer and seller pursue their own self interests, no future business

Question 10

function relationship

Answer 10

long term market exchanges characterized by behavioral loyalty, customer satisfaction

Question 11

relational partnership

Answer 11

buyer and seller have close personal relationship, marked by open and honest communication, not strategic but provides flexbility

Question 12

strategic partnerships

Answer 12

partners make significant investments

Question 13

phases of relationship development

Answer 13

awareness -> exploration -> expansion -> commitment -> dissolution ->

Question 14

deception

Answer 14

deliberately presenting inaccurate info

Question 15

bribes

Answer 15

payments to influence decisions

Question 16

kickbacks

Answer 16

payments made to buyers based on the amount of orders places

Question 17

backdoor selling

Answer 17

salespeople ignore the purchasing agents policy and contact people directly involved in purchasing decision

Question 18

reciprocity

Answer 18

special relationship where 2 companies agree to buy products from each other (illegal)

Question 19

tying agreement

Answer 19

buyer is required to purchase one product to get another product (illegal)

Question 20

types of customers

Answer 20

producers, resellers,

Question 21

OEM

Answer 21

Original Equipment Manufacturer

Question 22

profit margin

Answer 22

how much they make on each sale

Question 23

turnover

Answer 23

how quickly product will sell

Question 24

new tasks

Answer 24

purchasing a product or service for first time

Question 25

modified rebuys

Answer 25

obtaining new info of a product or similar product that was bought in the past

Question 26

straight rebuys

Answer 26

buying the same product from the source it was bought before

Question 27

adaptive selling

Answer 27

salespeople should alter the content and form when making sales presentations so customers will be able to absorb the info easily and find it relevant to their situation

Question 28

knowledge required for adaptive selling:

Answer 28

1) product and company knowledge
2) competitive landscape
3) sales situations and customers

Question 29

social style matrix

Answer 29

training program to help salespeople adapt communication styles