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IDIS 433 > Final > Flashcards

Final Flashcards

1
Q

Sales Structure

A

Need it to execute sales strategies

  • Need to be fair and realistic to sales people
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2
Q

Horizontal Sales Structure

A

self-managed
Silos - not good for communication or organization

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3
Q

How to assign roles

A

transactional vs consultative

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4
Q

Transactional Role

A

hunters - try to hunt # of sales

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5
Q

Consultative Role

A

Farmer - Try to grow accounts

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6
Q

Adv to specialized teams

A
  • Salespeople focus on strengths
  • Recruitment is straightforward
  • Incentives and track metrics
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7
Q

Dis to specialized teams

A
  • Hierarchy
  • Client may feel abandoned
  • Knowledge may be lost/misunderstandings
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8
Q

Adv to hybrid role

A
  • Strong long-term relationship management
  • Bond with clients based on trust
  • Customized incentives
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9
Q

Disadv to hybrid roles

A
  • Few agents can perform both functions
  • Conflicting responsibilities
  • Complex incentives
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10
Q

Independent Sales Agents

A
  • Paid on commission basis
  • Variable cost for company
  • Can become a problem when sales volume is up, they cost too much. Start own sales force.
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11
Q

Territories Objectives

A
  • Ensure good coverage
  • Improve customer relations
  • Reduce sales cost
  • Optimize market
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12
Q

Sales velocity reflects

A

How quickly salespeople earn money for the company

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13
Q

Win Rate

A

New contract / Initial meetings * 100

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14
Q

Negotiation success rate

A

New Contracts / Negotiations *100

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15
Q

How to calculate who serves best hybrid role?

A

take each ratio add the percentages then divide by the total and compare each others

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16
Q

Talley method

A

No. days worked - No. days other workloads = # days available for visits

Total territory demand / # days available for visits = # representatives required

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17
Q

Leading metrics

A

how to get to outcome

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18
Q

Lagging metrics

A

outcome

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19
Q

What influences performance?

A

goals and motivation

  • Salespeoples goals do not always align with company goals
20
Q

How do companies forecast?

A
  • Models consider error
  • Regression models (better estimation)
21
Q

Behavior-Based Control System

A
  • Emphasize monitoring and directing sales process
  • Evaluated based on activities and behaviors (# client meetings, adhering sales protocols)
  • Compensation often fixed with bonuses
22
Q

Adv to behavior based control

A

leads to consistent sales practices and improved long-term customer relationships

23
Q

Challenges to behavior based control

A

May be perceived as micromanagement and can stifle creativity and autonomy

24
Q

Outcome-Based Control Systems

A
  • Emphasized results or outcomes of sales process
  • Evaluated on measurable results
25
Q

Adv to outcome-based

A

Encourages high performance and rewards results, fosters competitive environment

26
Q

Challenges to outcome-based control

A

Can lead to short-term thinking and neglect of customer relationships

27
Q

Ideal compensation plan

A
  • Offers compensation and rewards consistent with team members needs
  • Rewards realistic level of effort and results fairly and equitably
  • Clearly understood in terms of what needs to be accomplished
  • Cost-effective, competitive, and relatively stable over time
  • Aligned with company goals
28
Q

Fixed income Pros

A
  • Income security and stability
  • Increased loyalty and satisfaction
  • Allows for focus on variety of activities
  • Emphasis on customer service
  • As sales increase expenses decrease
  • Simple, lower administration cost
  • Greater sales team flexibility
  • Sales people more open with “tricks”
29
Q

Cons fixed income

A
  • Less incentive for effort
  • Must wait for next salary review period
  • Fixed costs for the company
30
Q

Pros to variable income

A
  • Performance incentive
  • Encourages indiv. to adopt right reflexes
  • Flexibility
  • Variable expenses based on sales
31
Q

Disadv. to variable income

A
  • Harder to convince sales reps to perform certain less profitable tasks
  • Salespeople priority is to sell more versus interest of company / customer
  • May encourage ethical breaches
32
Q

Spiffs (Sales performance Incentive Fund)

A
  • Short-term reward that sales reps receive for meeting assigned goals and objectives.
33
Q

Non financial rewards

A
  • Social benefits
  • Recognition
  • Training
  • Various memberships
  • Stocks
34
Q

Benefits of non-financial program

A
  • Relatively inexpensive
  • Can make the difference in attracting the right candidates
  • Helps regain good salespeople
  • Creates and nurtures a sense of belonging within the company
35
Q

Diadv. of Non-Financial program

A
  • May lose its impact if program is not publicized
  • Encourages unethical practices (stocks)
36
Q

Sales Recruiting

A

Has to be successful from beginning

37
Q

Intra-navigation

A

Knowing which people to call/knock when looking for something

38
Q

Onboarding

A
  • In-person is better than online
39
Q

Sales-Training

A

Curve: 8-11 days
- people learn differently
- Process requires planning
- Difference between young and older

40
Q

Sales development

A

Focuses on the broader ongoing growth and career progression of salespeople

41
Q

Quiet Quitting

A

Doing the minimum requirements of one’s job and putting in no more time, effort or enthusiasm than absolutely necessary

42
Q

Role of coaching

A
  • Conveyer of reality - provides honest, constructive feedback to help understand current performance and areas of improvement
  • Change facilitator - Guides employees towards improvement and future growth. Involves focusing on development rather than judgment
  • Empowerer - Empowers employees by involving them in the process, making them active participants in their career development.
43
Q

Color sheet

A

Blue sheet (coaches draft) - coach drafts observations, feedback, and initial thoughts. Contains strengths, afi’s, and development recommendations.

Yellow Sheet (employees input) - Self-assessment form completed by the employee, focuses on contributions, aspirations, and areas they want to grow in

44
Q

Color sheet takeaways

A

coaches act like therapists
Easier to work with strengths

45
Q

2 Unethical methods

salespeople

A
  • timing games
  • ratcheting - barely hitting quota to avoid raising quota

IDIS 433 (1 decks)

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