Module 2 Flashcards
The buying process that companies lead customers through when purchasing products.
Sales Funnel
Sales made to individual consumers rather than to other businesses.
Business-to-Consumer (B2C)
A way of bringing products or services to market so they can be purchased by consumers.
Sales Channels
A salesperson who provides information to an individual who will influence the purchase decision.
Missionary
A salesperson who calls on retailers and helps them display, advertise, and sell products to consumers.
Trade
A salesperson whose primary function is to find prospects, or potential customers.
Prospector
Sales people who are experts in a specific product or service area. They promote and sell the product by demonstrating how it works along with the benefits it can offer potential customers.
Technical
Bring in revenue without active sales engagement
Passive
Have consistent transactions and engagement with the business
Active
Clients who have not made a purchase for a specified period of time
Inactive
The rule of 80/20. Finds that 80% of the results stem from 20% of the causes. In sales, 80% of a company’s revenue come from 20% of its customers.
Pareto Principle
The process of distinguishing a portfolio of accounts (customers) based on a set of criteria of strategic importance to the company’s long-term success.
Key Account Management (KAM)
Refers to top of the funnel, which is the beginning of the various steps that lead to a sale.
TOFU
How products make their way to buyers in B2B and B2C sales.
Distribution Channel
The salesperson meets the buyer and introduces the company.
Approaching
Searching for potential customers and deciding whether they have the ability and desire to make a purchase
Prospecting/Qualifying
Explaining how the product meets customer’s needs
Presenting/Demonstrating
Answering customer questions and concerns
Handling Objections
Agreeing on the terms of the sale and finalizing the transaction
Closing the Sale
Ensuring the customer is satisfied with the product or service that was delivered
Following Up
Personal attributes that enable someone to interact effectively and harmoniously with other people. Also known as soft skills.
Power Skills.
The ability to understand and share the feelings of another.
Empathy
A set of ideas and ways to reduce sources of conflict.
Conflict Resolution
An approach where a leader or manager only makes important business decisions with solid data or information in hand.
Analytical Decision-Making
The producer sells a product to a consumer directly.
Direct
Companies that sell goods in large quantities at low prices, typically to retailers.
Distributor, Wholesaler, Agent, or Broker
Listening with the intent of understanding instead of replying.
Responsive Listening
