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MBA Courses > Sales Management Final > Flashcards

Sales Management Final Flashcards

1
Q

4 Different Selling Approaches

A

Salesperson Oriented Approaches

  1. Stimulus Response Techniques
  2. Formula Selling or Mental States Approach

Customer Oriented Approaches

  1. Need Satisfaction Approach
  2. Problem Solving or Consultative Selling
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2
Q

4 Structures of Sales Presentations

A

Transaction Selling
- Structured = Stimulus Response (SR) Memorized Selling
- Semi-Structured = Formula Selling
Relationship Selling
- Unstructured = Need-Satisfaction Selling
- Customized = Problem-Solution Selling

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3
Q

2 Advantages and 2 Disadvantages of SR

A

Advantages:

  1. Little Training Needed
  2. Appropriate when time is limited

Disadvantages

  1. People do not always respond in a predictable manner
  2. Ignores needs and interest of consumers
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4
Q
  1. Consistency Principle
A

Get people saying yes

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5
Q
  1. Reciprocity Principle
A

We feel indebted to those who have given us something.

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6
Q
  1. Social Validation Principle
A

People frequently use the beliefs, attitudes, and actions of others as a standard of comparison against which to evaluate the correctness of their own beliefs, attitudes, and actions.

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7
Q
  1. Authority Principle
A

One should be more willing to follow the suggestions of an individual who is a
legitimate authority.

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8
Q
  1. Scarcity Principle
A

Items which are more scarce are perceived as more valuable.

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9
Q
  1. Friendship/Liking Principle
A

One should be more willing to comply with the requests of friends, or other
liked individuals.

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10
Q

5 Steps to Mental State Approach

A
  1. Attention
  2. Interest
  3. Conviction
  4. Desire
  5. Close
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11
Q

1 Advantage & 3 Disadvantages of Mental State

A

Advantage:
1. Encourages salespeople to plan and deliver the sales story

Disadvantages:

  1. Overemphasizes sales person
  2. Salesperson may come across as too mechanical and rehearsed
  3. Experienced sales people can’t say where they are during the process
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12
Q

3 Steps to Need-Satisfaction Selling

A
  1. Uncover and confirm buyers needs
  2. Present offering that fulfills buyers needs
  3. Continue process until purchase decision
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13
Q

2 Advantages & 2 Disadvantages of Need-Satisfaction Selling

A

Advantages:

  1. Customer oriented
  2. Establishes relationships with customer

Disadvantages:

  1. Highly trained salespeople needed—salesperson may overlook latent needs of prospect that are not articulated
  2. Time and costs are strongly associated with this approach
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14
Q

4 Steps to Problem-Solving Selling

A
  1. Define Problem
  2. Generate Alternative Solutions
  3. Evaluate Alternative Solutions
  4. Continue Selling until Purchase Decision
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15
Q

1 Advantage & 2 Disadvantages of Problem-Solving Selling

A

Advantages:
1. Encourages trust and long-term win/win outcomes

Disadvantages:
1. The approach is a long-term strategy—payoffs are often
in the future.
2. Highly trained salespeople needed–costs and time are
enormous

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16
Q

SPIN Selling Process (What does SPIN stand for)

A
  • Situation Questions
  • Problem/Opportunity Questions
  • Implication Questions
  • Need-Payoff Questions
17
Q

6 Steps in SPIN Selling Process

A
  1. Case Open
  2. Probe for dissatisfaction, opportunities
  3. Highlight needs, dissatisfaction, opportunities
  4. Endorsing
  5. Trial close
  6. Summary of Benefits Close
18
Q

What are Situational Questions?

A
  • Questions to understand the customer’s operation and business.
  • Who, what, when, how, where, why
19
Q

What are Problem/Opportunity Questions?

A
  • To examine problems, difficulties, and dissatisfaction inhibiting better performance.
  • To explore opportunities that may enable better performance.
20
Q

What are Implication Questions?

A
  • To help the customer understand the seriousness of a problem or significance of an opportunity.
21
Q

What are Need-payoff Questions?

A
  • To encourage the customer to think and talk about the importance of solving a problem.
  • To encourage the customer to think and talk about the value of capitalizing on an opportunity.
22
Q

3 Steps of Expectancy Model of Motivation

A
  1. How will my effort affect my performance?
  2. How will my performance be rewarded?
  3. How much do I value the reward?
    Leads to Motivation Level
23
Q

6 Steps of the Griffin Hill Sales Process

A
  1. Case Open
  2. Needs Audit
  3. Solution Presentation
  4. Adapted Solution
  5. Closing Interactions
  6. Fulfillment & Follow Up
24
Q

5 Steps of Case Open

A
  1. Rapport
  2. Positioning
  3. Benefit
  4. Proof
  5. Schedule the Next Event
25
Q

3 Steps to Needs Audit

A
  1. Reframe
  2. Query with Drill Down
    - OPEC: Opportunity, Problems, Effects, Consequences
  3. Schedule Next Event
26
Q

6 Steps of Solution Presentation

A
  1. Reframe
  2. Transition in terms of a Benefit
  3. Proposal
  4. Service Levels and Pricing
  5. Call To Action Close
  6. Schedule Next Event
27
Q

3 Steps to Adapted Solution

A
  1. Reframe
  2. Call to Action Close
  3. Schedule Next Event
28
Q

4 Steps to Closing Interaction

A
  1. Reframe
  2. Give
  3. Get (Mini-Commitment/Call To Action Close)
  4. Schedule Next Event
29
Q

5 Steps to Fulfillment & Follow Up

A
  1. Reframe
  2. Fulfill Promises
  3. Collect Proof
  4. Harvest Referrals
  5. Schedule Next Event

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