Long Answers Flashcards
The sales process
Prospecting and qualifying Preplanning Presentation and demonstration Negotiation Handling objections and questions closing the sale Following up after closing
Price sensitivity
Unique value effect Substitute awareness effect Business expenditure effect End benefit effect Total expenditure effect Price quality effect
Unique value effect
Creating the perception that your offering is different from those of your competitors avoid price competitions
Substitute awareness effect
The existence of alternatives of which buyers are unaware cannot affect their purchase behaviour
Business expenditure effect
When someone else pays the bill l, the customer is less price-sensitive
End benefit effect
Customers are more price-sensitive where the price of the product accounts for a large share of the total cost of the end benefit
Total expenditure effect
The more someone spends on a product, the more sensitive they are to the products price
Price quality effect
Consumers tend to equate price with quality , especially when they lack any prior experience with the product
The communication mix
Advertising Personal selling Sales promotion Direct marketing Public relations
Advertising
Any paid form of non-personal presentation and promotion of services by a company using mass media to persuade or influence an audience to purchase
Sales promotion
Used to stimulate trial purchase
Used to veiny in business during slow periods
Serve incentives to stimulate sales on a short term basis
Marketing to the captive customers
Longer goal of increasing customer satisfaction
Provide opportunities for customer to purchase related or auxiliary products and services
Personal selling
A personalized form of communication in which a seller presents the fractures and benefits of a product to a buyer for the purpose of making a sale
Public relations and publicity
Public relations: the activities that a tourism or hospitality organization uses to maintain or improve its relationship with other organizations or individual
Publicity: attention received through news media coverage
Direct marketing
A marketing system that develops products, promotes them directly to the final consumer through a variety of media options, accepts direct orders from customers, and distribute products directly to the customer
Word of mouth
Promotion by previous consumers to their social and professional contacts
