MKTG. 112 (FINALS)ADDRESSING CONCERNS & EARNING COMMITMENT

Question 1

Major Categories of Objections

Answer 1

*No need
*Product or Service Objection
*Company Objection Price is
*Too High
*Time/Delaying

Question 2

Buyer has recently purchased or does not see a need for the product category.
“I am not interested at this time”

Answer 2

No Need

Question 3

Buyer might be afraid of product reliability.
“I am not sure the quality of your product meets our needs”
Buyer might be afraid of late deliveries, slow repairs, erc.
“I am happy with my current suppliers service”

Answer 3

Product of Service Objection

Question 4

Buyer is intensely loyal to the current supplier.
“I am Happy with my present supplier”

Answer 4

Company Objection

Question 5

Buyer has a limited budget.
“We have been buying from another supplier that meets our budget constraints”

Answer 5

Price is too High

Question 6

Buyer needs time to think it over.
“Get back with me in a couple of weeks”

Answer 6

Time/Delaying

Question 7

Negotiating Buyer Resistance-LAARC

Answer 7

Listen
Acknowledge
Assess
Respond
Confirm

Question 8

Active listening to the buyer is more difficult than it first seems. Buyers want to communicate what they deem important. Anticipating and cutting them short is common.

Answer 8

Listen

Question 9

At the buyers conclusion, the salesperson must acknowledge receiving the message without directly responding to it.

Answer 9

Acknowledge

Question 10

The seller must gain a better understanding of the issue raised by asking the buyer assessment question. “What the issue is and why it was raised.” The advantage of opening dialogue is to defuse possible buyer anger or frustration.

Answer 10

Assess

Question 11

The sales person responds to the buyer once there is a sound understanding of the issue and why resistance was triggered. All the above response tactics are useful. The reply should be carefully constructed.

Answer 11

Respond

Question 12

After the response, the sales person needs to ask confirmatory questions to validate comprehension of the message and to assure buyer that all concerns have been adequately met.

Answer 12

Confirm

Question 13

Techniques to Earn Commitment

Answer 13

Direct Commitment
Legitimate Choice/Alternative Choice
Summary Commitment
T-Account/Balance Sheet Commitment
Success Story Commitment

Question 14

Simply ask for the order

Answer 14

Direct Commitment

Question 15

Give the prospect a limited number of choices.

Answer 15

Legitimate Choices/Alternative Choice

Question 16

Summarize all the confirmed benefits to which there has been agreement.

Answer 16

Summary Commitment

Question 17

Summary close on paper.

Answer 17

T-Account/Balance Sheet Commitment

Question 18

Salesperson tells a story of a business that successfully solved a problem by buying his or her products.

Answer 18

Success Story Commitment

Question 19

Guideline for Earning Commitment

Answer 19

*Look for Commitment Signals
*Ask Trial Commitment Questions