MKTG 457 Pardi - Exam 1 Questions & Answers

Personal Selling - ANSWERSThe two-way flow of communication between a buyer and a seller that is designed to influence the buyer's purchase decision. Promotion mix - ANSWERSAdvertising, sales promotion, personal selling, & public relations Challenges of personal selling - ANSWERS1. Cost 2. Message Consistency Message consistency - ANSWERSEach salesperson must communicate a message that is consistent with that of other sales =peoples as well as with the full-integrated marketing communications strategy Advantages of personal selling - ANSWERS1. Immediate Feedback 2. Relationship selling Immediate feedback - ANSWERSsalesperson gains immediate feedback from verbal & non-verbal cues Relationship selling - ANSWERSA sales approach that involves building & maintaining customer trust over a long period of time. A personal relationship with the customer is a huge advantage Customer Lifetime Value (CLV) - ANSWERSA sales approach that focuses on the net present value of a customers business over the span of its relationship with an organization Factors that influence the use of personal selling - ANSWERSB2B sales vs B2C B2B Sales - ANSWERSOften much larger financially & take longer to complete B2C sales - ANSWERSInvolve multiple decision makers B2B Buyers have extensive information about the product & are experienced professional negotiators. Factors that influence level of firm emphasis on personal selling - ANSWERS- If the product is higher priced or involving - If the purchase is new to the customer - If the product is not purchased frequently If the product is highly complex or technical - If the purchase is considered risky - If the product can be customized Sales Analytics - ANSWERSThe practice of generating insights from sales data, trends, & metrics to set targets & forecast sales performance Customer relationship management (CRM) - ANSWERSTechnology for managing all of a company's relationship & interactions with customers & potential customers Social Selling - ANSWERSA sales approach that develops, nurtures, & leverages relationships online to sell products of service Social Listening - ANSWERSThe monitoring of a brand's social media channels for customer feedback or discussion regarding specific keywords, topics, competitors, or industries, followed by analysis to gain insights & act on opportunities Types of Sales Roles - ANSWERS1. Inside Salespeople - Perform selling activities at the employers location (usually by phone or email) 2. Sales representative - entry level customer-facing or b2b sales positions 3. Account Executive - Sales position that offers increasing responsibility above the sales rep job 4. Sales Analyst - Salespeople Responsible for the collections & analysis of sales data 5. Sales Manager - oversee selling efforts at varying levels of the organizational hierarchy Types of Sales representatives - ANSWERS1. Field Reps - sales reps who work in the field, calling on customers at their places of business 2. New-business - Salespeople responsible primarily for finding new customers & securing their business Foundation Skills Necessary for sales success - ANSWERSActive listening, Communication, time Management, solution development, & attention to detail Science of Sales - ANSWERS- People buy from people the like, trust, & connect with (connect - Like - Trust) - Be a team player & take criticism constructively - If giving criticism, sandwich it between a few things they did well - Professional trust continuum (credibility - Respect - Trust): in order to be trusted as a professional, you need to demonstrate this continuum. You need both personal & professional trust to close deals. think like the buyer. - Rule of three: things are easier to comprehend when presented in groups of 3 Prospecting - ANSWERSThe process through which salespeople identify & engage with new customers or new areas of business with existing customers (there can be no sale if there is no customer. Buyers are often hesitant to explore the possibility that they have a need for the product/service which can lead to prospecting inefficiency) Call Reluctance - ANSWERS- avoidance of customer interactions - fear the time will take to prospect will take too much time away from existing customer relationships Hunting Orientation - ANSWERSA focus on securing new customers through lead generation, prospecting, pre-call planning, & delivering sales presentations Farmin orientation - ANSWERSFocus on selling to existing customers by building a long-term relationship Inside Salespeople - ANSWERSPerform selling activities at the employer's location, typically using email & telephone Sales-development representatives - ANSWERSInside salespeople tasked with generating leads Prospecting Process - ANSWERS1. Lead Generation 2. Lead Prioritization 3. Lead qualification 4. Prospect Prioritization 5. Call Planning Types of Lead Prioritization - ANSWERS- Inbound leads: initiated by the potential buyer - Outbound Leads: leads in which the selling firm proactively contacts the lead - Host Lead: individual or org that has shown some level of interest in the product or service being offered - Cold Lead: individual or org that has yet to demonstrate interest in the product or service being offered Lead Generation - ANSWERSlead an individual or organization that exhibit characteristics similar in nature to those exhibited by current customers Lead Qualification - ANSWERSProcess to differentiate leads from prospect Prospect Prioritization - ANSWERSProcess through which salespeople rank order prospects based on desirability