Exam 1 Flashcards
Evolution of Sales
Technology, the rise of the digital age, and the changes of marketing all played a role in the evolution of sales.
Personal selling
Occurs when a company representative interacts directly with a customer or prospective customer to present information about a product or service.
B2B (Business to Business)
Businesses are created that solely sell for other businesses to function.
A Manufacturer sells to an Industrial Salesperson that then sells to an Industrial Customer.
A Manufacturer will have a Trade Salesperson that will work with a Distributor, the Distributor then has a Distributor Salesperson represent a brand to the Industrial Customer.
A Missionary Salesperson will nurture a relationship with the Industrial Customer.
B2C (Business to Consumer)
Consumers take products that are made for them.
Manufacturers have a Direct Salesperson that sells to the Consumer.
A Manufacturer will have a Trade Salesperson that works with Retailers, who then have their Retail Salesperson that then sells to the Consumer.
Service Channel
A service provider has a sales person that sells to a consumer.
Business Goods Channel
Businesses are created solely for another business to function.
Consumer Good Channel
Products made for the consumption of consumers.
Inside Sales
Inside salespeople are those who perform selling activities at the employer’s location.
Outside Sales
Outside salespeople travel to meet prospects and customers in their places of business or residence.
Inside vs. Outside Sales
Both Inside and Outside salespeople often work closely together to nurture clients and prospects.
Evolution of Marketing – Decade by Decade
Strategic Selling Era (Early 1980’s)
Partnering Era (1990 to 2000)
Early Digital Marketing Era (Early 2000 to 2010)
Digital Selling Era (2010 to present)
The Marketing Mix and the Four P’s of Marketing
Understanding the needs and wants of the marketplace and delivering upon it; Product, Price, Place, and Promotion.
Frito Lay Example
Frito Lay; ‘Fun Food’. Parent company: Pepsi. Located: Plano, Texas, $6 Billion brands.
Ferrari Example
Ferrari; Luxury Sports Car Manufacturer. Located: Maranello, Italy. History of Racing. Capped Production. Luxury desirable goods at various price points.
Consultative Selling
Mass markets break into target markets. Emphasis on need identification. Information sharing and negotiation replace manipulation.
Transactional Selling
Process that serves the buyer primarily interested in price and convenience.
Strategy
Carefully conceived plan needed to accomplish sales objectives. A prerequisite to tactical success.
Tactics
Specific technique, practices, and methods used in customer interaction.
Partnering
Get an initial sale, and then exceed expectations to create a long term customer, whose business grows with you.
Strategic Alliances
Often the most challenging. Build relationships with several people.
Business ethics
Is comprisesed of principles and standards that guide behavior in the world of business.
Additional policy areas
Distributor relations, Customer service, Pricing. Product Development.
Personal values
Values; Ultimate reasons people act as they do. Foundation for attitudes and behavior.
Development And refinement of values; Life long process.
Customers have a negative view of salespeople who lack integrity.
Laws, Contracts, Agreements
Role model provided by top management.
Company policies and practices.
Role model provided by sales manager.
Personal values of salesperson
Ethical conduct of salespeople.
