Module 1 Flashcards
Sales technique that focuses on the interaction between the buyer and the salesperson rather than the price or details of the product.
Relationship Selling
The performance of actions that increase the worth of goods, services, or even a business.
Value Creation
Business function that identifies, satisfies, and retains customers through a set of activities related to creating, communicating, delivering, and exchanging offerings that have value for the customer.
Marketing
Incorporates actually selling the company’s products or service to its customers.
Sales
Having a positive attitude toward a product or brand, which induces supportive behavior from the customer.
Customer Loyalty
The willingness of the average consumer to rely on the ability of the brand to perform its stated function.
Brand Trust
A type of selling that uses person-to-person interaction to sell products and services.
Personal Selling
The percentage of prospective customers who take a specific action you want.
Conversion Rates
The process of estimating future sales.
Sales Forecast
A plan for expenditures required to maintain the functioning of a business venture or public organization.
Operational Budget
An organization’s different departments or business units within a company to achieve its overall mission and goals
Corporate Structure
An organization structure that groups employees according to a specialized or similar set of roles or tasks.
Functional Structure
Divides the business into small, tightly knit strategic business units (SBUs), which focus on specific elements of the organizational process.
Modular Structure
A profit center that focuses on product offering and market segment.
Strategic Business Units
The process or activities by which a company adds value to a product, including production, marketing, and the provision of after-sales service.
Value Chain
Firms that provide similar products or services and try to attract the same customers
Competitors
A condition or circumstance that puts a company in a favorable or superior business position
Competitive Advantage
Company assets, attributes, or abilities that are difficult to duplicate or exceed and provide a superior or favorable long-term position over competitors.
Sustainable Competitive Advantage
Process implemented by a company to handle its contact with customers and the goal of creating a unified customer experience to maximize retention.
Customer Relationship Management (CRM)
The use of technology to analyze data and provide information to help executives, managers, and others make good business decisions.
Business Intelligence
Sales to another company that consumes the product or services as part of operating the business or uses the product in the assembly of the final product it sells to consumers.
Business-to-Business (B2B)
The careful coordination of all promotional activities to produce a consistent, unified message that is customer focused.
Integrated Marketing Communication (IMC)
A framework that acknowledges a buyer’s progression through a research and decision process ultimately culminating in a purchase. Includes attention, interest, desire and action.
Consumer (buyer) Journey
A sales strategy that involves focusing on achieving quick sales without a significant attempt to form a long-term customer relationship.
Transactional Selling
Using social styles to customize a sales approach to the specific customer.
Adaptive selling
The first step in the sales process, which consists of identifying potential customers, also known as prospects.
Prospecting
A model that categorizes people according to personality traits and how they interact with others. Includes analytical, driver, amiable, and expressive.
Social Style Matrix
Sales approach where the seller becomes a trusted advisor to the customer and builds a relationship to truly understand their needs.
Consultative Selling
An innovation, service, or feature intended to make a company or product attractive to customers.
Value Proposition
Customer realizes they like the product or service.
Interest
Occurs when two or more members of an organization are involves in a sale.
Team Selling
The consumer is aware of a product or service that can satisfy their identifiable need.
Attention
Reached when a customer is about to take action. Customer wants the product or service.
Desire
Occurs when the purchase occurs. Customer decides to get the product/service.
Action
A system that defines right and wrong and provides a guiding philosophy for every decision one makes.
Ethical Behavior
The willingness of a consumer to depend on a brand’s ability to do what it is supposed to do.
Customer Loyalty
Refers to adapting to another person’s style so that both styles gravitate toward one another.
Psychological Reciprocity
An innovation, service, or feature intended to make a company product attractive to customers.
Value Proposition
The current value of all future business from a customer throughout the customer’s relationship with the organization.
Customer Lifetime Value (CLV)
An internal sales structure focus.
Account Management Support
