Exam 1 Flashcards
List 6 things that are expected of you in AGEC 3323.
Be prepared Attend class Be on time Turn in assignments on time Ask if you don’t understand Be professional
List two responsibilities sales people owe themselves.
Separate professional and personal lives Represent self and company in a professional
List three responsibilities sales people owe the customer
Serve customers best interest Never misrepresent or mislead the customer Protect Confidences
List four main responsibilities sales people owe their company
Remain loyal Support total marketing effort Do not downgrade competition Uphold laws and regulations
How does ethics fit into sales and life?
Major determinant of success and satisfaction Never lie Do what you say you will do
What happens without selling?
Nothing
How do most people view sales and salespeople?
As someone who manipulates, pressures, and cajoles someone else into buying something they may not need or want?
List six objectives a salesperson should have when dealing with a customer?
Sell the customer a value package that they need Help increase the customers profit Build long term profitable relationships Be seen as a consultant rather than a seller Increase the salespersons companies profit Make the customer know that the value packer will benefit them
List four competencies salespeople need to carry out their responsibilities
Ethics Knowledge Skill Attitude
List the 8 steps to the selling process.
Prioritize prospects Develop selling strategy and call plan Build relationships Uncover account needs, Opps., and values Present a solution or value bundle Answer questions and overcome objectives Close the sale Follow up to ensure satisfaction
When is the sale complete?
When the money has been collected
What is the equation for a value bundle?
Value Bundle = product + salesperson + company
What four things help explain a customer’s perceived value of a product?
What they want Why they want When they want Where they want
Why is following-up after the sale important?
Make sure the customer is gaining complete benefit from the value bundle Continue to build relationships
How does a sales person create value?
Help the customer clarify problems, identify solutions, assemble value bundles that solve & meet needs profit. Sales males customers lives better by information and knowledge
What are the three types of buyers?
Relationship Economic Business
List the 9 characteristics of a business buyer.
Brief and to the point Facts and research Expertise Organization Appointments Wants full service Comparison shopper Considers value bundle Bottom line results
List the 8 characteristics of an economic buyer.
Compares prices Considers cost Knows what he needs Not interested in service Demands tailored packages Efficiency oriented Reacts quickly Pragmatic
List the 6 characteristics of a relationship buyer.
Likes formal contact Likes informal contact Likes to chat Likes full service Trusts info sources he knows May not compare prices
List two reasons why people buy things
They believe they will gain more than they give up Satisfy emotional and psychological needs
What are the 5 steps to the buying decision process?
Needs recognition Informal search Examines alternative Choose Post purchase evaluation
What is an opinion leader?
A customer respected by peers
In Agriculture selling, what value counts the most?
Perceived value
List three sources of perceived value.
Economical Functional Psychological
Define marketing.
Performance of all business activities involved in the flow of goods from production to consumption
What is the essence of marketing?
Discovering and exploiting opportunities and meeting needs
What is the difference in marketing and sales?
Marketing: long term adjustments to customer needs overtime, includes goals, strategies, tools to satisfy profitability Sales: short term application of goals, strategies and tools
What does marketing define?
Who customers are What they need What they want How your products meet needs and wants How services satisfy customers
List the 8 components of the Planning and Strategy Process.
Mission/vision situation analysis SWOT Marketing objectives Segment target focus Market mix strategies Action plans Measure results
Define Plan:
List of steps with timing/resources used to achieve objectives and goals
Define Strategy:
plan(s) in action to achieve an objective
What are the four components of a SWOT Analysis?
Strengths Weakness Opportunity Threats
What is a SWOT analysis?
A comparison of a companies strengths, weakness, opportunities and threats against a competitors SWOT.
Define segmentation.
Organizing potential customers into groups
List the5 P’s of marketing.
Product Price Promotion Place People
Of the five P’s in the marketing mix, which is the only one to bring in money?
Price
Define Promotion.
All actions to communicate with a customer
What are action plans?
direction on how to accomplish objectives
A territory strategy is based on what three things?
Analysis of customer needs Local market dynamics Competitive situation based on SWOT
Whey should a sales person have written plans and strategies?
Increase odds for success Provide direction off actions Maximize use of time
Define market penetration.
The percentage of customers you are selling to in a given market
Define market concentration.
Amount of business you are doing with each customer
Value is determined by what things?
Time Form Place Possession
Define the 80-20 rule.
80% of your business comes from 20% of your customers
What is a key customer segment?
A group of customers who are similar in the way they make decisions and have similar needs.
John Budd Question.
Always be prepared and prepare early.
