Exam #2 Flashcards
Base Salary
Fixed amount of money paid to an employee and does not include benefits, bonuses, or any extra compensation
Comissions
A per-unit payout on sales beyond the salesperson’s quota
Recoverable draw
Amount of money paid to the sales rep by the company at regular intervals
Bonus
Lump sum paid out to salespeople for the achievement of their respective sales quotas
Incentive pay horizon
Time between incentive payments
Salary-only compensation
Saleseople take-home earnings irrespective of quantity of sales achieved
Comission-only compensation
Organisations pay salespeople based only on performance
Absolute commission plan
Organisations pay reps when they reach targets or milestones
Relative commission plan
Plan that pays based on performance against a quota
Straight-line commission
Commission based on how close salespeople get to their quota
Gross margin commission
Commission based on profit rather than sales amount
10,000-hour rule
Guideline proposed by Anders Ericsson that 10,000 hours of specialised practice time are needed in order for someone to become a world-class performer
Imposter syndrome
Feeling of self-doubt about oneself or one’s abilities
Alter-ego
An alternative or different version of oneself
Cognitive intelligence
The ability to learn; differs from emotional intelligence (EQ)
Sales EQ
EQ in sales comprising of four skill sets: self-awareness, self-management, social awareness, relationship management
Emotional contagion
Psychological phenomenon when one person’s emotions trigger similar emotions in other people
Pomodoro technique
Time management technique that involves working 25 minute intervals, seperated by five minute breaks. Each 30 minute interval is called a pomodoro
Maslow’s Theory of Needs
Physiological, Safety, Social, Self-Esteem, Self-actualisation
Equity Theory
People seek treatment in the way they are rewarded for job performance by their perception of fairness
Herzberg’s hygiene factors
Pay, company policies, work, supervision conditions
Herzberg’s motivation factors
recognition, responsibility, challenge, growth opportunities
4 stages of career
exploration, establishment, maintenance, disengagement
