(Sales and Marketing Applications I 14%) capabilities and implications of the sales process

Question 1

Identify the capabilities and implications of the sales process for various business scenarios

Answer 1

sales deals and stages, sales process, forecasting, quotes, opportunity splits, orders and reduction orders

Question 2

describe the use of opportunity stages to define a sales process in salesforce

Answer 2

opportunities track sales deals and are used to produce sales forecasts. They then advance through sales stages tracking from open to closed/won or closed/lost

Question 3

describe the main features of collaborative forecasting

Answer 3

helps users predict your team’s sales and plan the whole sales cycles from pipeline to closed sales. Admins can have up to four forecasts going on at once.

Question 4

Forecasts can be measured by what two things

Answer 4

Revenue, quantity, or both

Question 5

explain the use of quotes in salesforce

Answer 5

quotes are records that show the proposed prices of the organizations products and services

Question 6

identify the main features related to the use of opportunity splits.

Answer 6

allow opportunity revenue or other opportunity fields to be split among the opportunity team members. three types of split: revenue, overlay, and custom.

revenue:
splits the opportunity amount field
would be used in revenue based forecasts
total percentage allocated to members must always be equal to 100%

overlay splits:
based on the amount field
percentage split does not need to total 100% can be higher or lower

custom opportunity split:
created in order to better fit the business operation requirements
up to 6 can be defined.

Question 7

describe how to use orders and reductions orders

Answer 7

order: an agreement to provide products or services to a customer at a certain quantity, price and date
Reduction order: are used to record cancellations, returns, or a reduction in order quantity.

Question 8

standard forecast categories

Answer 8

pipeline, best case, committed , closed, but they can be customized

Question 9

what is quote syncing?

Answer 9

While a quote and an opportunity are synced, any addition or change to the list of products in on record syncs with the list of products in the other one. so the quote is constantly updating.

Question 10

what is the contract object?

Answer 10

used to define and document the contracts, terms, or agreements associated with an order, account or opportunity.

Question 11

what are forecasts

Answer 11

a way of estimating revenue for products and services in the future based on opportunities and their stages and values

Question 12

what is a sales process?

Answer 12

set of sales stages that an opportunity must pass through the life cycle from open to closed

Question 13

MyPet Corporation launched a new line for its pet food products. The sales process for the new line is different from the existing sales process of the older product line as there will be additional sales stages to be added. What should the system administrator do to meet the requirements?

Answer 13

●Create new opportunity stage values
●Add in a new sales process and record type dedicated to the product line.
●Create a new path to display the stages on the record page

Question 14

For opportunities valued at over $100k, additional stages of financial background and manager approval are needed, but opportunities under $100k do not need these steps

Answer 14

●Set up 2 different record types based on the opportunity value. ●Assign each record type a different Sales Process, with the appropriate stages.

Question 15

A customer is asking for pricing options, wanting to know prices for lower quality material and higher end materials

Answer 15

●Create two different quotes under the opportunity. ●Add the appropriate products to each quote.

Question 16

A customer wishes to cancel part of their order they placed last week

Answer 16

Create a reduction order related to the original order.

Question 17

Your company sells specific products, not contracts, and you want to track what each customer orders.

Answer 17

Use the orders object under accounts to track the purchases

Question 18

You use account teams and each member of the team should get the appropriate compensation based on their contribution to the opportunity.

Answer 18

Setup Opportunity splits, so each team member gets credit

Question 19

Management has asked to see the opportunities being worked on and the likelihood of closing to create the next year’s budget.

Answer 19

Set up Forecasting to create a pipeline for management.

Question 20

where is sales path available in?

Answer 20

only lightning experience

Question 21

what are forecasts measured by?

Answer 21

revenue, quantity, or both

Question 22

what does the campaign object do?

Answer 22

Store information of campaigns

Question 23

what does the lead object do?

Answer 23

Store info of potential customers

Question 24

what does the account object do?

Answer 24

store info of prospects that your trying to close or have closed.

Question 25

what does the contact object do?

Answer 25

stores information about execs that are working on these opportunities

Question 26

what does the product object do?

Answer 26

store info of products or services you’re selling

Question 27

what does the Price book object do?

Answer 27

store information about product prices.

Question 28

what does the quote object do?

Answer 28

stores multiple quotes from different accounts

Question 29

does quote syncing work with custom objects?

Answer 29

no, you need app exchange trigger for that.

Question 30

do opportunity splits have to be enabled for them to work?

Answer 30

yes!

Question 31

What should be enabled before opportunity splits?

Answer 31

‘Team selling’

Question 32

what objects can paths be defined for?

Answer 32

Leads, accounts, contacts, campaigns, opportunities, custom objects.

Question 33

How many key fields can be added to a path?

Answer 33

5 of the most important data

Question 34

what is guidance inside a path?

Answer 34

a space for tips, instructions, links, or company information.

Question 35

how many price books can products be added from?

Answer 35

products can only come from one price book, if you change the price book all of the current product will be deleted.

Question 36

Price book organization-wide sharing can be set to what?

Answer 36

use, view only or no access.
Default; use: Allows visibility to the price book and to use it on opportunities.
view only: Allows visibility of the price book but not to use it.
No access: Restricts visibility to the price book and prices.

Question 37

How do you setup update reminders?

Answer 37

setup > update reminders > enable auto activate reminders for users with direct reports.

Question 38

What are account teams used for?

Answer 38

They’re used to simplify access for a sales team to an account.

Question 39

What are insights?

Answer 39

Relevant and up-to-date news articles and posts that keep users informed.

Question 40

What does clone related button on the opportunity do?

Answer 40

Clones the opportunity along w/ the related opportunity products and line item schedule.

Question 41

what does opportunity workspace do vs sales sales console.

Answer 41

Opportunity workspace allows you to change the status of an opportunity and see relative details while sales console encompasses all the sales tool you could need for prospecting, building relationships, and closing deals.

Question 42

forecasting by schedule date

Answer 42

forecast to make sure your going to make your scheduled end date.

Question 43

what are partner users?

Answer 43

users that can access salesforce data when they’re invited to the site.

Question 44

what are competitors in salesforce?

Answer 44

an approach where you add a competitors as accounts and link them to relevant opportunities’ to see who the opportunity will go to if the deal isn’t closed.