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final Flashcards

1
Q

Objection

A

A concern or a question raised by the buyer; doesn’t have to be in question form

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2
Q

Needs objection

A

o I do not need the product or service

o I’ve never done it that way before

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3
Q

Product objection

A

o I don’t like the product or service features
o I don’t understand
o I need more information

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4
Q

Price objections

A

o I have no money

o You’re too expensive

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5
Q

Source objections

A

o I don’t like your company

o I don’t like you

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6
Q

Time objections

A

o I’m just not interested today

o I need time to think about it

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7
Q

Other objections

A

o We have no room for your line
o There is no demand for your product
o I’ve heard from others that your product is no good
o What’s in it for me (looking for a kickback)
o We can do business if I see you socially

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8
Q

Using a cost/benefit framework, at which point will a customer be inclined to purchase from you?

A

Only if the benefits outweigh the costs

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9
Q

What are two things to do when faced with an objection?

A

welcome the objection – don’t hide from it, bring it out; objections are an opportunity to build a relationship with your customer

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10
Q

What are two things not to do when faced with an objection?

A

be defensive; argue; give up immediately

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11
Q

What is forestalling and how is it beneficial?

A

provide information ahead of time to prevent objections – perhaps even mention during presentation

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12
Q

What are three things you can do when dealing with a difficult customer?

A
  • Be calm, be easy to get along with
  • “Why are you yelling about this?”
  • It’s okay to be assertive – but do not be aggressive back to the customer
  • Ask questions. LISTEN. Read their body language.
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13
Q

• Direct denial

A

salesperson makes a relatively strong statement to indicate the error the prospect has made
o Appropriate only when the objection is:
 Blatantly inaccurate
 Potentially devastating to the presentation
 Should never be used if the prospect is merely stating an opinion
o Example: “I’m surprised your firm is still in business. Weren’t they under investigation for fraud last year?” (not true)

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14
Q

Indirect denial

A

salesperson denies the objection but attempts to soften the response
o Salesperson must recognize the position of the customer who makes the objection
o Then continue by introducing substantial evidence
o Beginning statement should always be true
o Assume prospect that the question is a good one
o Example: “Your products break down more often than those of most of your major competitors.” (maybe in the past, but not anymore)

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15
Q

Compensation method

A

acknowledging objections’ validity and then showing any compensating advantages
o Example: “Your product doesn’t do everything Company X’s does.” (you’re right, which is why we are 25% cheaper)

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16
Q

Referral Method (Feel felt found)

A

relating how others found initial opinions to be unfounded after they tried the product
o Example: “I can see how you feel… others felt the same way… yet they found…”

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17
Q

Revisit method

A

salesperson turns the objection into a reason for buying
o Known as boomerang method
o Saves the buyer substantial amounts of time or money
o Works with most personality types
o Tough to execute, sales-y
o Example: Buyer mentions problem, you turn into solution

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18
Q

Acknowledge method

A

sales person lets the buyer talk, acknowledges it and moves on to another topic after a pause
o Known as the pass-up method
o Should not be used if the objection is factually false
o To be used sparingly

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19
Q

Postpone method

A

•buyer raises an objection which salesperson would prefer to answer later
o Seek permission to answer the question after the presentation
o Useful when a price objection occurs early in the presentation
o Salespeople lose more by making the buyer wait
o Better to answer questions why buyer strongly requests it
o Example: “how much is this going to cost me?” (we will get to that after I impress you with my awesome slideshow)

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20
Q

When dealing with price as an objection, what should your first response NOT be?

A

lowering the price

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21
Q

What is the two-step approach to establishing value?

A

o Look at the objection from the customer’s viewpoint

o Sell value and quality rather than price.

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22
Q

What are three goals of closing?

A

• To help the buyer solve real problems, not just to sell your merchandise
• To increase credibility
• To meet your goals
o Though this is a SECONDARY goal – customer’s needs first!

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23
Q

What do you study prior to determining your price?

A
  • Competitor’s offerings
  • Value delivered by the product or service
  • Cost of providing the product or service
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24
Q

aggressive sales style

A

Control the sales interaction but fail to gain commitment

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25
Q

Assertive sales style

A

Self-confident and positive

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26
Q

Submissive sales style

A

Excel as socializers but rarely try to obtain commitment

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27
Q

Direct request method

A

Asking the buyer for commitment

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28
Q

Benefit summary method

A

Reminding the buyer of the agreed-on benefits of the proposal

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29
Q

Balance sheet method

A

Helping prospects who cannot make a decision, even when the reason for their behavior is not apparent

30
Q

Probing method

A

Using a series of probing questions to discover the reason for the hesitation

31
Q

four effective methods for closing

A

Direct request
Benefit Summary
Balance Sheet
Probing

32
Q

Minor-point close

A

o Closing on a trivial point rather than the whole thing

o Example: What color car are you thinking about, red or blue?

33
Q

Continuous yes close

A

Keep asking trial close questions (which will be responded “yes”
o Example: Who can say “no” after saying “yes” 200 times?

34
Q

Assumptive close

A

Seller begins the paperwork before the sale is closed, or fills out while the buyer answers questions

35
Q

three traditional closing methods

A

Minor point close, assumptive close, continuous yes close

36
Q

three components of an action plan

A
  • Review what you will do next
  • What the customer will do next
  • When you will meet again
37
Q

Minor issue in negotiation

A

who should attend future meetings

38
Q

Major issue in negotiation

A

Purchase price

39
Q

Opening price

A

Initial proposal which should:
 Reflect higher expectations than the target position to allow concessions
 Be supported with solid information

40
Q

Target price

A

What a company hopes to achieve at the negotiation session

41
Q

Maximum price

A

o Absolute maximum level of acceptance
o Should be established by the team
o “Walk away” point

42
Q

BATNA

A

Best Alternative To a Negotiated Agreement

43
Q

conflict-handling behavior modes (AACCC)

A

Competing mode
Accommodating mode
Avoiding mode
Compromising mode

44
Q

Competing mode

A

o Assertive and uncooperative

o Pursuing own goals and objectives at the expense of the other party

45
Q

Accommodating mode

A

o Unassertive and highly cooperative

o Focus on the needs and desires of the other party

46
Q

Avoiding Mode

A

o Refers to individuals who do not attempt to fulfill their own needs or the needs of others
o Do not strive for a win-win agreement or any agreement

47
Q

Compromising mode

A

o Applies to people in the middle, in terms of cooperativeness and assertiveness
o Attempts to arrive at a win-win solution

48
Q

Collaborative mode

A

o Individuals who are both assertive and cooperative
o Seek to maximize the satisfaction of both parties
o Seek to reach a truly win0win solution
o Have the motivation, skill and determination to:
 Really dig into an issue or a problem
 Explore all possible solutions

49
Q

Solo exchanges

A

o Both the buyer and the seller pursue their own self-interests
o No future business, one-time sale

50
Q

Functional Relationships

A

o Long tern market exchanges characterized by behavioral loyalty
o Customer satisfaction: buyer’s expectations are met and needs are fulfilled

51
Q

five phases of relationship development

A 
Awareness
Exploration
Expansion
Commitment
Dissolution
52
Q

Awareness

A

o Salespeople locate and quality prospects

o Buyers identify various sources of supply

53
Q

Exploration

A

o Search and trial phase for both buyer and seller
 Exploring potential benefits and cots of a partnership
o Satisfaction in this phase allows relationship to move forward
o Dependability and competence are tested

54
Q

Expansion

A

o Involves efforts by both parties to investigate the benefits of a long-term relationship
o Both parties are to develop the appropriate type of relationship
o Both parties probe regarding interest in a partnership
 Internal and external

55
Q

Commitment

A

o Customer and seller implicitly or explicitly pledge to continue the relationship for a period of time
o Most advanced stage of the relationship
o Investments are made at this stage
o Involves promises by buyer and seller to work over man transactions

56
Q

Dissolution

A

o Processing of terminating the relationship
o Can occur because of:
 Poor performance
 Clash in culture
 Change in needs
 Other factors
o Loss of investments impacts both organizations

57
Q

customer orientation

A
  • Degree to which salesperson puts customer needs first
  • Stressing benefits and solutions to problems over features
  • Emphasizing the salesperson’s availability and desire to provide service
58
Q

boundary spanning employees

A 
•	Employees who cross the organizational boundary and interact with customers or vendors
•	Should be given necessary support
o	Structure and culture
o	Training
o	Rewards
59
Q

electronic data interchange

A
  • Automatic placement of orders by having one’s computers talk to customers’ computers
  • Makes the purchase process time efficient and easy
60
Q

Handling irate customers

A

Golden rule, prove you listened

61
Q

preferred supplier

A 
•	One who is assured of a large percentage of the buyer’s business
•	Types of relationships with suppliers
o	Transactional 
o	Coordinative
o	Selective partnership
62
Q

Hard savings

A

o Payment terns – cash discounts
o Improve process – cycle time reduction (shorter order/delivery cycles)
o Vendor inventory management
o Quality and innovation
o Supply chain management – optimum packaging that reduces shipping costs

63
Q

Soft savings

A

o Global initiatives – access to new markets
o Improve process – safety and environmental procedures
o Quality and innovation – training
o Supply chain management – bar coding, reduces shipment processing time

64
Q

Champions

A

• Work for the buying firm in areas affected by proposed change, advocates for the salesperson
o Work with the salesperson to make the proposal successful
o May be managers/senior managers with the buyer’s firm
o Champions can be found within your organization as well

65
Q

What is complacency, and what are two reasons why a relationship might move to dissolution?

A

• Assuming that the business is yours and will always be yours
• Two reasons:
o Failure to monitor competitor’s actions or the industry
o Falling into complacency

66
Q

3x3 strategy

A

Have 3 personal relationships at 3 levels of the organization (9 total relationships)

67
Q

three things that a salesperson can do to avoid complacency?

A
  • Understand each individual’s personal characteristics
  • Keep a record of promises made
  • Ensure paperwork is done accurately and on time
68
Q

three ways that salespeople can add value in a selling situation?

A

• Encourage two-way communication and help to create effective bonds between people

Help foster trust and commitment

• Help to provide closure on solutions that provide value to all parties

69
Q

five questions that must be answered in the affirmative to make a lead a prospect?

A
  • Does a want or need exist?
  • Does the lead have an ability to pay?
  • Does the lead have the authority to buy?
  • Can the lead be approached favorably?
  • Is the lead eligible to buy?
70
Q

• Influential adversary

A

o Individuals in the buyer’s organization who carry great influence and are opposed to the salesperson’s product or service

ps fianl (1 decks)

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