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Sales > Test 1 > Flashcards

Test 1 Flashcards

1
Q

Traditional Selling

A
  • Focuses on just transactions
  • Emphasizes prospecting new leads and closing new sales
  • Persuading the customer your solution is the best one.
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2
Q

Evolution to Consultative selling

A

o Late 60’s to early 70’s
o Mass markets broke into target markets
o Info sharing and negotiation with customers replaced manipulation tactics

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3
Q

Features of Consultative Selling

A

o customer is a person to be served, not a prospect to be sold
o two-way communication identifies (diagnoses) customer’s needs; no high-pressure sales presentation
o emphasis on information giving, problem solving, and negotiation vs. manipulation
o emphasis on service after the sale

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4
Q

Strategic Selling Era

A

o Began in early 1980s
o Market niches required even more planning
o Equal emphasis on strategy and tactics
o Product positioning became vital
o Selling to right person at the right place at the right time

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5
Q

Partnering Era

A

o 1990 to present
o Customer is driving force, not the product
o Emphasizing strategies that create value with the customer

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6
Q

Strategic Alliances

A

Companies that have similar interests team up to gain a mutual competitive advantage
o Emphasis on creating win-win alliances

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7
Q

Personal Selling Philosophy

A

o Adopt the marketing concept
o Add value through personal selling
o Assume the role of problem solver or partner

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8
Q

Develop a Relationship Strategy

A

o Adopt a win-win philosophy
o Project a professional image
o Maintain high ethical standards with the customer

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9
Q

Developing a Customer Strategy

A

o Understand the buying process
o Understand buyer behavior
o Develop base list of prospects

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10
Q

Developing a Presentation Strategy

A

o Prepare objectives
o Develop a presentation plan
o Provide outstanding service

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11
Q

Emotional Intelligence (EQ)

A
  • Capacity for monitoring our own feelings and those of others
  • Managing emotions in ourselves in our relationships.
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12
Q

Developing a positive self-concept

A
  • Focus on the future, not past mistakes
  • Develop level of expertise in specific areas
  • Adopt a positive mental attitude
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13
Q

Win-Win Philosophy

A
  • Customer satisfaction is primary concern

* Both buyer and seller come out of the sale with their best interests served

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14
Q

Strategies for Self-Improvement

A
  • set goals
  • use visualization
  • use positive self-talk
  • reward your progress
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15
Q

Communication Style Bias

A

o Can develop when we have contact with another person whose communication style is different from our own
o May impede developing customer relationships

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16
Q

Elements of EQ

A

See other chart!!!!!!!

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17
Q

Communication Style Principles

A
  1. Individual differences exist/are important
  2. It is a way of thinking and behaving
  3. Individual styles tend to be stable
  4. There are a set number of styles
  5. To create productive relationships, relate to the comm. styles of others.
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18
Q

Dominance Continuum: High Dominance

A

o Like to control
o Initiate demands
o More aggressive
o Task oriented

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19
Q

Dominance Continuum: Low Dominance

A

o Cooperative
o Let others control
o Low in assertiveness
o People oriented

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20
Q

Sociability Continuum: High Sociability

A

o Express feelings
o Prefer interaction
o More outgoing
o More informal

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21
Q

Sociability Continuum: Low Sociability

A

o Control feelings
o Prefer solitude
o More reserved
o More formal

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22
Q

Emotive Style Traits

A

o Active
o Takes social initiative
o Encourages informality
o Expresses emotional opinions

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23
Q

‘Do’s of selling to an Emotive

A

o Stress innovation
o Provide customer testimonials
o Be friendly and warm
o Listen w/ demonstrative attention

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24
Q

‘Don’t’s of selling to an Emotive

A

o Dominate the conversation
o Let emotive wander off track
o Reject ideas, concerns and objections

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25
Q

Directive Style Traits

A

o Focused on goals and tasks
o May give impression of not listening
o Displays serious attitude
o Likes to keep control

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26
Q

‘Do’s of selling to a Directive

A

o Answer questions directly
o Maintain businesslike relationship
o Identify goals and stress results
o Organize thoughts first, then talk

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27
Q

‘Don’t’s of selling to a Directive

A

o Be indecisive
o Be overwhelmingly friendly
o Make statements you cannot prove

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28
Q

Supportive Style Traits

A

o Quiet and reserved
o Listen attentively
o Tends to avoid power
o Makes thoughtful decisions in deliberate manner

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29
Q

‘Do’s of selling to a Supportive

A 
o    Show patience
o    Stress step by step approaches
o    Talk about service and reliability
o    Build consensus
o    Take time to build social relationship
30
Q

‘Don’t’s of selling to a Supportive

A

o Be too pushy and direct

o Pressure them

31
Q

Reflective Style Traits

A

o Controls emotional expression
o Displays preference for order
o Tends to express measured opinions
o Difficult to get to know

32
Q

‘Do’s of selling to a Reflective

A

o Use a lot of facts and statistics
o Be well prepared/organized
o Clarify objections/concerns
o Stress quality, reliability, safety

33
Q

‘Don’t’s of selling to a Reflective

A

o Be careless
o Push toward closing too soon
o Be too friendly too early
o Speak loudly and aggressively

34
Q

Making Ethical Decisions

A

o There is not one uniform code of ethics for all salespeople
o Most businesses and professional associations have established written codes

35
Q

Attitudes that Influence the Erosion of Ethics

A

o “We are only in it for ourselves”
o “Corporations exist to only maximize shareholders’ value”
o “Companies need to be lean and mean.”

36
Q

Laws, Contracts, and Agreements: Factors Determining Ethical Behavior

A
  1. Role model provided by top management
  2. Company policies and practices
  3. Role model provided by sales manager
  4. Personal values of salesperson
  5. Ethical conduct of salespeople
37
Q

Laws, Contracts, and Agreements: Specifics

A

o Legal environment plays a role in preventing unethical behavior
o Cooling-off laws - Must give customer time to make decision after your sales pitch
o Uniform Commercial Code -law influencing buyer-seller transactions
o Oral and written contracts

38
Q

Personal Values

A

o Values = Deep personal beliefs and preferences
o Values serve as foundations for our attitudes
o Attitudes serve as foundations for our behavior
Values —> Attitude —> Behavior

39
Q

Ethical Issue: Confidential Info

A

o Customers share info in the consultative process
o Sales people must preserve confidentiality about their customers
o Don’t disclose a client’s information to its competitors

40
Q

Ethical Issue: Reciprocity

A

o Mutual exchange of benefits
o Common practice for many companies
o Illegal if you force company into a reciprocal agreement

41
Q

Ethical Issue: Bribery

A

o Violates legal and ethical standards
o Acceptable practice in some foreign countries
o Foreign Corrupt Practices Act prohibits US companies from using bribes or kickbacks

42
Q

Ethical Issue: Gifts

A

o Make sure to check company policy
o Must ensure the gift is not perceived as a bribe
o Effective strategy for building relationships

43
Q

Ethical Issue: Entertainment

A

o Choose strategy to entertain the customer based on his/her preference
o Can enhance customer relationship
o Don’t talk too much business while you’re entertaining the customer
o Don’t link entertainment to customer’s purchases and business decisions

44
Q

Ethical Issue: Business Defamation

A

o Slander: Making untrue verbal statements that damage competitor’s reputation
o Libel: Written statement that damages someone’s reputation
o Product Disparagement: False claims or deceptive comparisons

45
Q

CRM

A

Customer Relationship Management

46
Q

Ethical Issue: Protecting CRM Data

A

o CRM software allows storage of transaction data and personal info
o CRM data is “mobile”; other people may see or use it
o Don’t store anything you don’t want the customer to see

47
Q

A well-conceived Product Strategy plan emphasizes:

A

o becoming an expert on your product
o selling benefits
o Creating value-added solutions

48
Q

Product Configuration

A

o Consider customer selection criteria
o Customize product solutions
o Create value-added components
o Product options, pricing and delivery schedules

49
Q

Performance Data and Specifications

A

o Clients interested in product performance and specifications
o Salespeople must be prepared to answer performance-related questions
o Data often critical when customer compares various products

50
Q

Sources of product data

A 
o    Literature, catalogs and websites
o    Plant tours
o    Internal marketing and support team
o    Customers
o    Trade publications
51
Q

Maintenance/ Service Contracts

A

o Provide service-related information in the proposal
o Understand customer service and maintenance requirements
o Service agreements customized to the customer’s needs add value to a proposal

52
Q

Know your competition

A

o Know strengths and witnesses of competing products so you can emphasize your benefits
o Never discuss the competition with a customer unless you have all your facts straight
o Never directly dismiss the competition. Differentiate instead.

53
Q

Sell Features, Not Benefits

A

o Feature: data, facts, characteristics of the product

o Benefit: Whatever provides the customer with a personal advantage/gain

54
Q

Selling Solution

A

A mutually shared answer to a recognized customer problem

55
Q

How to quantify the selling solution

A

o Conduct cost-benefit analysis for the customer using costs and anticipated savings.
o Calculate a return-on-investment (ROI) for the customer

56
Q

Positioning

A

Decisions and activities intended to create and maintain a concept of the product in the consumer’s mind

57
Q

Differentiation

A

o Ability to separate your product from the competition

o Key to building a competitive advantage

58
Q

Value Proposition

A

o Set of benefits and values the company promises to deliver to customers to satisfy their needs
o Well-informed customers will choose product that offers the most value to them

59
Q

Cluster of satisfactions

A
  1. Products are problem solving tools
  2. People buy products if they fulfill a problem solving need
  3. Today’s better-educated customers are more demanding; they seek a cluster of satisfactions
60
Q

Positioning New Products

A 
o    develop new levels of expectations
o    change habits
o    establish new standards
o    build desire for product
o    focus on creating new markets
61
Q

Positioning Mature Products

A

o product selling strategy
o emphasize brand superiority
o emphasize company superiority
o point out unique features
o provide outstanding customer service
o focus on sustaining existing market share

62
Q

Positioning Mature Products

A

o Pricing Decisions must be made at each stage of the life cycle
o First step is to determine pricing objectives
o Some firms set prices to maximize profits
o Others set a market share objectives
BUT BEWARE: Pricing strategies reflect a products’ position in the marketplace

63
Q

High/Low Involvement Buyers

A

o HIGH emotional involvement with BRAND (premium price)

o LOW involvement buyers focus on PRICE (routine items)

64
Q

Low Price Selling Tactic: Quantity Discount

A

Low price for high quantity

65
Q

Low price selling tactic: Promotional Allowance

A

Price linked to special promotion or ad campaign

66
Q

Low price selling tactic: Trade/functional Discounts

A

Given to wholesalers for special services

67
Q

Elements of value-added strategy

A

o Better sales people
o Superior service
o Product quality
o Innovative features

68
Q

Generic Product

A

o Basic product you are selling

o Describes product category

69
Q

Expected Product

A

Everything that meets customer’s minimal needs beyond the generic product

70
Q

Value-Added Product

A

Salesperson offers customers more than they expect

71
Q

Potential Product

A

What remains to be done, what is possible, anticipating customers’ future needs

72
Q

Value-added product selling strategy is enhanced when these aspects of the competition are considered:

A

o Product attributes
o Company attributes
o Salesperson attributes
o Comparative benefits

Sales (3 decks)

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