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Sales > Test 2 > Flashcards

Test 2 Flashcards

1
Q

Categories of Business Consumers

A

Producers
Re-sellers
Governments
Institutions

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2
Q

Type of Producer

A

Original Equipment Manufacturers (OEMs)

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3
Q

Types of Re-sellers

A

Wholesalers

Retailers

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4
Q

Types of Governments

A

Federal
State
Municipal
County

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5
Q

Types of Institutions

A 
Unions
Foundations
Civic Clubs
Nonprofits
Churches
Other
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6
Q

Types of Demand in Business Markets

A

Derived
Inelastic
Joint
Fluctuating

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7
Q

Derived Demand

A

Demand for business products results from demand for consumer products.

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8
Q

Inelastic Demand

A

A change in price will not significantly affect the demand for product.

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9
Q

Joint Demand

A

Multiple items are used together in final product. Demand for one item affects all.

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10
Q

Fluctuating Demand

A

Demand for business products is more volatile than for consumer products.

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11
Q

Features of a Consumer Buyer (6)

A
  • Purchase for household consumption
  • Decisions made by individuals
  • Purchase based on brand or personal recommendation
  • Emotional buyers
  • May make quick decisions
  • Purchase consumer goods/services
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12
Q

Features of an Organizational Buyer (5)

A
  • Decisions made by several people
  • Purchase based on technical specification and product expertise
  • Rational buyers
  • May make lengthy decisions
  • Purchase complex goods/services
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13
Q

Types of Business Buying Situations

A

New-task Buy
Straight Re-buy
Modified Re-buy
Systems Selling

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14
Q

New-task Buy

A

Salespeople rely on consultative selling skills

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15
Q

Straight Re-buy

A

Salespeople constantly monitor satisfaction

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16
Q

Modified Re-buy

A

Salespeople provide service and anticipate changes

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17
Q

Systems Selling

A

Salespeople bundle products and focus on service

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18
Q

Steps in the Buying Process

A 
Need Awareness
Evaluation of Solutions
Resolution of Problems
Purchase
Implementation
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19
Q

Need Awareness

A

Create value by determining problems and identifying solutions

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20
Q

Evaluation of Solutions

A

Create value by providing useful information

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21
Q

Resolution of Problems

A

Salespeople can overcome objections to purchase

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22
Q

Purchase

A

Create value by arranging financing or supervising delivery and installation

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23
Q

Implementation

A

Timely delivery, superior installation, accurate invoicing, and follow-up contact by the salesperson

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24
Q

Buyer Resolution Theory

A

A purchase is made only after the prospect has answered 5 buying decision questions

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25
Q

5 Buying Decision Questions

A 
Why should I buy?
What should I buy?
Where should I buy?
What's a fair price?
When should I buy?
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26
Q

Promotional Strategy for Buying Decision Question:

Why should I buy?

A

Advertising

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27
Q

Promotional Strategy for Buying Decision Question:

What should I buy?

A

Advertising

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28
Q

Promotional Strategy for Buying Decision Question:

Where should I buy?

A

Advertising, PR, Sales

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29
Q

Promotional Strategy for Buying Decision Question:

What’s a fair price?

A

Sales, Sales Promotion

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30
Q

Promotional Strategy for Buying Decision Question:

When should I buy?

A

Sales, Sales Promotion

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31
Q

Features of Hedonic Motivation

A

Personal gratification
Emotional satisfaction
Rewarding experience

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32
Q

Features of Utilitarian Motivation

A

Practical application
Accomplish things
Maintain status quo

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33
Q

4 shopping activities

A

Acquisitional Shopping
Epistemic Shopping
Experiential Shopping
Impulsive Shopping

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34
Q

Acquisitional Shopping

A

specific, intended purpose

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35
Q

Epistemic Shopping

A

acquiring knowledge

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36
Q

Experiential Shopping

A

providing relaxation and fun

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37
Q

Impulsive shopping

A

desire for immediate self-fulfillment

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38
Q

Types of Promotions for Shopping Activities

A 
Coupons and Rebates
Premiums 
Loyalty Marketing Programs
Contests & Sweepstakes
Sampling
Point-Of-Purchase Promotion
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39
Q

Group Influences, from specific to general

A 
Customer
Roles
Reference Groups
Social Class
Culture and Subculture
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40
Q

Sources of Prospects

A

Referrals, Directories, Trade Shows/Publications, Telemarketing, Direct Response, Sales Letters, Websites, Computerized Databases, Cold Calling, Networking, Educational Seminars, Non-Sales Employees

41
Q

Referrals

A

Prospect recommended by current satisfied customer

42
Q

Directories

A

Includes company info and key contacts

43
Q

Telemarketing

A

the practice of marketing goods and services through telephone contact

44
Q

Purposes of Telemarketing

A
  • Identify buyers and contact lists
  • Qualify prospects
  • Verify sales leads
  • Conduct follow-ups
45
Q

Direct Response

A

features inquiry cards or information requests via mail or telephone

46
Q

Sales Letters

A

send sales letters to decision makers, then follow up

47
Q

Use of Websites

A 
cost-effective way for sales professionals to:
• Project personal image
• Present product information
• Generate leads from visitors
• Establish e-mail lists
48
Q

Computerized Databases

A

In-House
Purchase Databases
Commercial Lists

49
Q

Cold Calling

A

Calling prospects without referrals

50
Q

Networking

A

Making personal connections

51
Q

3 types of networking

A
  • Within organization
  • Within industry
  • Outside industry
52
Q

Educational Seminars

A

Provide opportunity to showcase product without pressuring to buy

53
Q

5 Networking Guidelines

A
  • Meet as many people as possible
  • Tell them what you do
  • Don’t do business
  • Offer business card/contact info
  • Edit contacts/conduct followups
54
Q

Consultative Sales Presentation Steps

A

Need Discovery
Selection of the Solution
Need Satisfaction through informing, persuading, and/or reminding
Servicing the sale

55
Q

Types of questions

A

Survey
Probing
Confirmation
Need-Satisfaction

56
Q

Survey Questions

A

Information gathering questions designed to obtain knowledge

Not used for factual information one could acquire from other sources prior to the sales call

57
Q

Probing questions

A

Help to uncover and clarify the prospect’s buying problem and circumstances
Help the salesperson and customer gain a mutual understanding of why a problem is important
Ex.“Tell me how A/V problems can negatively affect
your sales meeting.

58
Q

Confirming questions

A

Verify accuracy and assure a mutual understanding of information exchanged
Ex.“Do I understand you correctly that airport transportation is a key factor in selecting a hotel?”

59
Q

Need-Satisfaction Questions

A

Designed to move the sales process toward commitment and action
Focus on specific benefits
Ex.“If I told you I could offer the key features you are looking for in a hotel along with a 10% discount on rooms and meal charges, would you be comfortable giving me a verbal commitment to move forward?”

60
Q

3 types of presentation strategies

A

Persuasive
Informative
Reminder

61
Q

Persuasive presentations

A

To influence the prospect’s beliefs, attitudes, or behavior and to encourage buyer action
Used when a need is identified
Shift from rational to emotional appeals

62
Q

Informative presentations

A

Emphasizes facts
Commonly used to introduce new products and
services
Stress clarity, simplicity, and directness - avoid
information overload

63
Q

Reminder Presentations

A

Also known as “reinforcement presentations”
Maintains product awareness and benefits
Good when working with repeat customers
Often part of service after the sale

64
Q

Benefits of demonstration (5)

A 
Improved communication and retention
Proof of buyer benefits
Feeling of ownership
Quantifying the solution
Value proposition revisited
65
Q

Guidelines for presentations that create value

A

Creativity, Customization, Setting, Appropriate sales tools, One idea at a time, Sensory appeal, Balance of telling showing and involvement. REHEARSE.

66
Q

Selling tools for effective demonstrations (7)

A 
Cost/benefit analysis
Product demonstration
Plant Tour
Catalogs/brochures
Article reprints
Presentation folders
Computer-based tools
67
Q

7 steps of planning for a negotiation

A
  1. Gather information
  2. Decide on team vs. individual negotiations for both seller and buyer
  3. Understand the value of what you are offering
  4. Determine your goals and financial objectives
  5. Prepare an agenda
  6. Review adaptive selling styles
  7. Use the Negotiations Worksheet
68
Q

5 Negotiating tips

A

Leave room to compromise
Look for a win-win solution for both parties
Slow down and be patient
Negotiate with limited authority
Concede slowly and ask for something in return

69
Q

5 common types of buyer concerns

A 
Need for the product
Product itself
Source of the product
Timing
Price
70
Q

8 methods for negotiating buyer concerns

A
  • Direct Denial
  • Indirect Denial
  • Questions
  • Superior Benefit
  • Demonstrations
  • Trial Offer
  • Third-party testimony
  • Postpone method
71
Q

Direct Denial

A

Refute prospect’s opinion or belief

72
Q

Indirect Denial

A

Acknowledge prospects as partly right

73
Q

Questions

A

Convert problem into need-satisfaction question

74
Q

Superior Benefit

A

Acknowledge prospect has valid concern and focus on superior benefit
Superior benefits should outweigh specific customer concerns

75
Q

Demonstrations

A

Discuss competitive advantages of your product.

Overcome skepticism

76
Q

Trial Offer

A

Prospect tries product without purchase commitment

77
Q

Third-party testimony

A

Neutral third-party testimony adds credibility

78
Q

Postpone Method

A

Postpone answers to client concerns until later in dialogue

79
Q

5 tactics of buyers trained in formal negotiation

A 
Budget limitation tactic
Take-it-or-leave-it tactic
Let’s-split-the-difference tactic
“If . . . .then” tactic
“Sell low now, make profits later” tactic
80
Q

Buyer Anxiety can be due to:

A

Loss of options
Fear of making a mistake
Social or peer pressures
Emotional stress

81
Q

Closing Clues

A

Verbal cues: questions, recognitions, requirements

Nonverbal cues: facial expression, prospect nods, leans, examines product literature intently

82
Q

Types of specific closing methods

A

Trial close, Summary-of-benefits, Assumptive, Special concession, Multiple options, Balance sheet, Management, Direct appeal, Combination

83
Q

Trial close

A

Made at opportune time

84
Q

Assumptive Close

A

Subtle way to ask for decision, assuming customer will buy

Comes near the end of the presentation

85
Q

Direct Appeal Close

A

Ask for the order in a straightforward manner

86
Q

Summary of benefits close

A

Reemphasize value-added buyer benefits - then ask

for the order

87
Q

Special concessions close

A

Extra incentive for acting now

Sample inducements

88
Q

Multiple Options Close

A

Present several options to customer

89
Q

Balance Sheet Close

A

Outlines reasons to buy and not to buy

90
Q

Management Close

A

Involve senior executives or sales manager

91
Q

Impending event close

A

Requires knowing the needs of the prospects well enough to turn their objections into your selling points

92
Q

3 parts of customer service

A

Follow-through on promises/assurances
Follow-up with on-going communication
Expansion selling for additional solutions and needs

93
Q

Customer Attrition Causes

A

50%-70%: poor service
12%-15%: product dissatisfaction
10%-15%: price

94
Q

6 strategies for handling complaints

A 
Let customers disclose feelings
Carefully listen to customer
It doesn’t matter whether the complaint is real or perceived
Do not alibi or blame others
Share your view of problem’s cause
Decide on action to remedy
95
Q

Full-Line Selling

A

Suggest related products/services to customer

Provides value-added service

96
Q

Guidelines for Full-Line Selling

A

Plan during pre-approach
First satisfy primary need
Suggest products to build bundle

97
Q

4 benefits of bundling

A

Customer receives added value
Complementary products and services
Generates additional revenue
Difficult for competitors to overcome

98
Q

Cross-Selling

A

Selling products not related to those already sold to established customer
Buyers like single-source convenience
Most effective when salesperson/customer enjoy true partnership

99
Q

Up-Selling

A

Effort to sell better quality product

Sales (3 decks)

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