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Professional Selling > Exam 1 > Flashcards

Exam 1 Flashcards

1
Q

the three key skills to successful personal selling are:

A

relationship skills, communication skills, and value-building skills

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2
Q

4 key stakeholders relationships in business

A

customer, owner, employees, vendors

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3
Q

customer centricity

A

target/customer defines how the sales person sells the product/service, which defines the operations process (the experience offered to the customer)

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4
Q

personal selling

A

the phenomenon of human-driven interaction between and within people and organizations to bring about transactions within a value-creation process; interactive process that is win-win, buyer-oriented, and creates value for the buyer

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5
Q

what is the leading indicator of business growth?

A

sales growth

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6
Q

role of salespeople

A

1) agents of change
2) primary throughput generators
3) primary relationship managers
4) communicate to customers and prospects
5) acquire and share information with the seller’s firm

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7
Q

waste

A

anything that does not add value for your customer

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8
Q

selling and distribution channels

A

business to business and business to consumer

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9
Q

characteristics of successful sales people

A

ego-drive, empathy, self-motivation, dependability and trustworthiness, ethical sales behavior, customer and product knowledge, communication skills, flexibility/adaptability/agility, creativity, emotional intelligence, and confidence

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10
Q

how to increase the number of selling interactions to become more productive

A

work smarter, faster, and do it right the first time

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11
Q

key operational drivers of business

A

1) protect throughput
2) reduce inventory
3) reduce operating expenses
4) reduce flow time
5) increase peace of mind

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12
Q

three key elements of any business sales strategy

A

1) how am I going to grow sales?
2) what new products and services can I add to my existing customers?
3) how do I retain my satisfied customers?

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13
Q

the evolution of personal selling

A

push sale model -> pull sale model -> value sale model

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14
Q

types of selling interactions

A

1) strategic alliance sale - high perceived conflict over stakes, high perceived long-term relationship potential
2) relationship sale - low perceived conflict over stakes, high perceived long-term relationship potential ex: family friend
3) transactional sale - high perceived conflict, low perceived long-term relationship potential ex: garage sale
4) functional sale - low perceived conflict, low perceived long-term relationship ex: reorders

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15
Q

Bridge to change

A

two support columns - relationship and communication skills
spans - identify what to change, define what to change to, how to cause the change?
bridge must be paved with value-adding benefits

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16
Q

5 perceived factors of mutual trust

A

1) dependability
2) customer orientation
3) competence
4) honesty and integrity
5) likeability (friendliness, relevance to the interests of others, empathy, realness)

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17
Q

the salesperson’s dilemma

A

compete vs cooperate
win-lose thinking vs win-win thinking
create value and claim value

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18
Q

Life cycle of long-term business partner development

A

awareness, exploration, expansion, commitment, dissolution

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19
Q

factors influencing the ethical behavior of sales people

A

personal, company, and customer needs
company policies
values of significant others
customs and laws

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20
Q

personal code of ethics

A

serve your god
serve your employer
serve your customer
serve yourself and your family

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21
Q

uniform commercial code

A

1) agency - representative of the company
2) sale - the transfer of title to goods from the seller to the buyer
3) title and risk of loss - free on board (FOB) destination or FOB factory
4) oral vs written agreements - legally the same
5) obligations and performance - what is contained in the contract
6) warranties - an assurance that the product will perform as promised

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22
Q

Illegal business practices

A

1) business defamation
2) reciprocity - 2 companies buy products from each other to manipulate the market
3) conspiracy and collusion: conspiracy is companies working together before contacting customers, collusion is during the purchase decision process
4) tying agreements - requirement to purchase one product to get another
5) interference with competitors
6) restrictions on resellers
7) price discrimination
8) privacy laws
9) do-not-call laws

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23
Q

four buyer response modes

A

1) growth mode - growth minded; don’t mention “problem” to them
2) trouble - will tell you their issues easily
3) even-keel - wishy-washy; hard to find their pain, so have to create it
4) overconfident - thinks how they are doing things now are great

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24
Q

steps in the buying process

A

1) recognition of a need
2) definition of the product type needed
3) development of detailed specifications
4) search for qualified suppliers
5) acquisition and analysis of prospects
6) evaluation of proposals and selection of a supplier
7) placing and receiving the order
8) evaluation of product performance

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25
types of buying decisons
new tasks, straight rebuys, modified rebuys
26
the buying center
- initiator - party that initiates the process of making a purchase evaluation/decision - gatekeeper - controls the flow of information and alternatives in the buying center - users - uses what the salesperson is offering - technical influencers - people who evaluate alternatives from a technical standpoint - financial influencers - evaluates from a financial standpoint - deciders/economic decision makers - level 1: local decision maker that recommends to the home office; level 2: home office/final decider - coaches/champions - someone in the organization that will give the salesperson advice along the way; champion supports you in the organization
27
need to ask the buying center
who is in the decision making process, how does the buying center work, when will you be able to meet with the other members of the buying center, when would they be ready to make a purchase decision, what are they looking for, and what is the budget
28
step 1
pre-call prep
29
step 2
sell yourself
30
step 3
the introduction
31
step 4
express appreciation for the discussion opportunity, confirm the 20 minute appointment, exchange business cards
32
step 5
rapport building - likeability
33
step 6
attention getter - hook
34
step 7
approach overview - establish the agenda
35
step 8
diagnostic agreement
36
step 9
the buying center confirmation questions
37
trends in organizational buying
- increasing importance of purchasing agents in making buying decisions - more centralized purchasing - outsourcing on a global basis - supplier chain management is more prevalent - role of the internet in B2B - longterm customer-supplier relationships
38
how do you change the perception of you/your company/your product
- increase the performance rating of your product; have to know how the measure value - decrease the perceived performance rating of your competitor - bring in 3rd party evidence - increase or decrease the importance of a particular weighting factor - add a new dimension they haven't considered - decrease the price
39
5 most influential words
you, free, new, because, instantly
40
voice characteristics
1) rate of speech 2) loudness 3) voice inflections 4) articulation
41
the learning conversation
ask an open-ended question, ask a closed-ended question, ask a summary question
42
body language
body angle, face, arms, hands, legs, body language patterns
43
types of presentations/approaches
standard memorized presentation, outlined presentation, customized presentation
44
AAAA selling
anticipate, adaptive, agile, aligned (relevant)
45
standardized methodology AIDCC
``` A - attention getter I - finding their interests D - develop their desire for a change (develop pain) C - conviction to change C - close/gain commitment ```
46
approaches for developing necessary knowledge
- tap the knowledge of other sales experts - read manuals and trade publications - ask for feedback - analyze, but don't overanalyze, successes and failure - develop an intrinsic orientation toward your work
47
dimensions of social styles
assertiveness and emotiveness/responsive
48
four categories of social styles
analytical, driver, amiable, expressive
49
rapport building and the 4 C's
competency, credibility, comfortable, commonality
50
the acid test of business is
customer satisfaction
51
Back up social styles/the 4 As (how people react to conflict)
avoid, autocrat, accommodate/acquiesce, attack
52
what is the only long term sustainable competitive advantage of a business to its competition?
your ability to learn faster than your competition
53
good quality prospects are the _____ ____ to effective sales results
life blood
54
characteristics of a good prospect
- a want or need exists - do they have the ability to pay? - does a lead have the authority to buy? - can the lead be approached favorably? (a reference is best) - is the lead eligible to buy?
55
prospecting methods - how and where to obtain leads
- referred leads - endless chain method - networking - center of influence method - internet/social media - ads, direct mail, catalogs - publicity - trade shows - seminars - list and directories - data mining - cold-calling - telemarketing - sales letters - spotters or birddogs
56
____ is everything in pre-approach execution
preparation
57
information to collect in the preapproach
info about the customer/prospect as an individual and info about their organization
58
preapproach source information
- resource within your company - the internet - secretaries and receptionists - noncompeting salespeople - traditional secondary sources - the prospect - other sources
59
criteria for effective call goals
``` S - specific M - measurable A - achievable R - realistic T - time-based ```
60
when making an appointment
- begin with the right attitude - pick the probable right problem/issue and have ready reserve - the right person (the focus of receptivity) - the right time - the right place - cultivating relationships with subordinates, gatekeepers, screeners - telephoning for appointments
61
important components of a good phone script
- window of opportunity ( 20 seconds long) - think of 3-4 probable problems/issues - helps you to be relevant - do not expect them to admit their pain - seek only to initially gain curiosity - be prepared for a positive response
62
Discover what the prospect is ____ and give it to them.
thirsty for
63
the three most important words in personal selling are
nurture, nurture, nurture
64
communication harmony is spelled LOVE
L - listening O - over-coming resistance V - validate E - exceed expectations
65
six step sequential selling/change strategy
``` R - relationship A - attention I - interests D - desire to change C - conviction to change C - close ```
66
The phases of selling
Phase 1 - the preliminaries Phase 2 - the diagnostics Phase 3 - the presentation demo Phase 4 - the gaining commitment/closing
67
Phase 1 - the preliminaries
1) pre-call preparation 2) sell yourself 3) the introduction/invitation 4) confirm the appointment 5) rapport building 6) attention getter 7) the approach/appointment overview 8) the diagnostic agreement
68
types of attention getters
- introduction opener - referral opening - benefit opening - product opening - compliment opening - question opening - curiosity opening
69
benefit statement
how you will increase sales/revenue, decrease operating expenses, and increase peace of mind
70
phase 2 - the diagnostic phase
9) buying center confirmation 10) situation questions 11) problem/disappointment questions 12) implication/impact/pain questions 13) needs payoff question 14) transition bridge
71
learning organization
an organization that realizes the only sustainable business advantage is knowing more than the competition
72
SPIN questions
``` S - situation questions P - problem/disappointment questions I - implication questions N - needs payoff questions ** also ask a summary question** ```
73
step 10: situation questions
E - experience: prior experience with your company V - vision about the business: how they plan to grow in the next 12-24 months O - organization questions C - current payroll processing system S - satisfaction with current system
74
step 11: problem/disappointment questions
ask for two examples in how they've been disappointed by their current system
75
step 12: implication/impact/pain questions
``` extrinsic pain: - O - opportunities lost/cost - O - out or pocket cost recoveries - P - personal cost/peace of mind - S - subsequent risks/liabilities intrinsic pain: how does that make you feel ```
76
step 13: needs payoff question
If I could show you how..... would you consider an upgrade/change?
77
phase 3: the demonstration
15) interactive demonstration | 16) units of conviction
78
step 15: interactive demonstration
tell them about your company and product
79
step 16: units of conviction
show them your product and make it interactive - F - feature - B - benefit - E - evidence that it works - A - agreement * Always Be Closing = ABCs

Professional Selling (2 decks)

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