WGU D099 UP-TO-DATE SALES MANAGEMENTN FINAL EXAM PREPARATION QUESTIONS AND VERIFIED ANSWERS | GRADED A+

WGU D099 UP-TO-DATE SALES MANAGEMENTN FINAL EXAM PREPARATION QUESTIONS AND VERIFIED ANSWERS | GRADED A+ Functional relationships - Answer Limited, ongoing relationships that develop when a buyer continues to purchase a product from a seller out of habit, as long as its needs are met Modular structure - Answer Divides the business into small, tightly knit strategic business units (SBUs), which focus on specific elements of the organizational process Value chain - Answer The process or activities by which a company adds value to a product, including production, marketing, and the provision of after-sales service Strategic business units (SBUs) - Answer A profit center that focuses on product offering and market segment Sustainable competitive advantage - Answer Company assets, attributes, or abilities that are difficult to duplicate or exceed and provide a superior or favorable long-term position over competitors Factors that can help a business develop a sustainable competitive advantage - Answer Customer loyalty, location, distribution and information systems (Getting products at a cheap price and selling them at a reasonable price), unique merchandise, vendor relations, customer service, and multiple source advantage (being widely recognized by your strengths) Business intelligence (BI) - Answer The use of data in an enterprise to facilitate decision-making Big data analytics - Answer Large, complex data sets that require non-traditional data processing software to predict trends and forecasts Four elements that make up ethical behavior within an organization - Answer A written code of ethics and standards. Ethics training to executives, managers, and employees. Availability of advice on ethical situations (advice lines or ethics offices). A system for confidential reporting. Integrated marketing communications (IMC) - Answer The careful coordination of all promotional activities—media advertising, sales promotion, personal selling, and public relations, as well as direct marketing, packaging, and other forms of promotion—to produce a consistent, unified message that is customer focused Marketing concept - Answer Identifying consumer needs and then producing the goods or services that will satisfy those needs while making a profit for the organization Promotional techniques - Answer Advertising, sales promotion, and publicity, or creating new sales channels or new products Promotional mix - Answer The combination of advertising, personal selling, sales promotion, and public relations used to promote a product The main limitation of the AIDA model - Answer The model assumes consumers are passive and marketers are active during most of the buying process. What is the main difference between the AIDA model of the buyer's journey and the six steps model of the buying process? - Answer The AIDA model assumes that the customer experience ends at the purchase while the six-step process considers the after-purchase relationship with the customer. Transactional selling - Answer Focuses on short-term, often single, transactions. Relationship selling - Answer Focused on long-term relationship building to keep customers satisfied and consequently convince them to return and make multiple purchases. Adaptive selling - Answer Using social styles to customize a sales approach to the specific customer "right" principle - Answer Getting the right goods or services to the right people at the right place, time, and price, using the right promotional techniques 360-degree customer view - Answer A process of collecting aggregated data from various customer touchpoints for complete understanding of the customer and to guide interactions with the customer 401(k) plans - Answer A qualified retirement plan that allows eligible employees of a company to save and invest for their own retirement on a tax-deferred basis 80/20 rule - Answer Suggests that 20 percent of your activities will account for 80 percent of your results absolute error percentage - Answer A measure of error that can be calculated by subtracting the absolute value of the difference between the actual sales and the forecasted sales divided by the actual sales absorption costing - Answer Companies treat all manufacturing costs, including both fixed and variable manufacturing costs, as product costs account management - Answer Maintaining a long-term relationship with customers who purchased from the firm in the past account-based marketing (ABM) - Answer Concentrates sales and marketing resources on a clearly defined set of target accounts within a market and employs personalized campaigns designed to resonate with each account accounts - Answer Current business clients' records of transactions achievement test - Answer A type of test that measures someone's current knowledge Active accounts - Answer Have consistent transactions and engagement with the business activity center - Answer An activity center is a unit of the organization that performs some activity activity goals - Answer A metric that measures how many sales calls of each type a representative has to make in a certain period of time Activity-based costing - Answer A costing method that first assigns costs to activities, then assigns costs to products based on their consumption of activities adaptive selling - Answer Using social styles to customize a sales approach to the specific customer Affective job satisfaction - Answer A person's emotional feeling about the job as a whole Affiliative selling relationships - Answer A situation where the buyer needs extensive expertise from the seller to make a decision algorithm - Answer A process or set of rules to be followed in calculations or other problem-solving operations, especially by a computer Alliance agreements - Answer A formal agreement among companies who want to share resources to create a competitive advantage American Marketing Association Code of Conduct/Ethics (AMA) - Answer American Marketing Association's standard of professional ethical norms and values for its members (practitioners, academics and students) Analytical decision-making - Answer An approach where a leader or manager only makes important business decisions with solid data or information in hand applicant pool - Answer The total number of people who have applied for an open position approach - Answer The salesperson meets the buyer and introduces the company aptitude test - Answer A type of test that measures a person's ability to learn new skills artificial intelligence - Answer An area of computer science that emphasizes the creation of intelligent machines that work and react like humans assumptions - Answer Anything that is accepted as true or certain to happen, without any proof Asynchronous learning - Answer Self-directed learning with no instructor balance sheet - Answer A balance sheet is a statement of assets, liabilities, and capital for an organization at a particular point in time Behavioral data - Answer Data based on a customer's action or behavior big data - Answer Large, complex data sets that require nontraditional data processing software big data analytics - Answer Large, complex data sets that require non-traditional data processing software to predict trends and forecasts Biographical information blanks (BIBs) - Answer A series of questions about a person's history that may have shaped his or her behavior BOFU - Answer Marketing acronym for the bottom of the sales/buyer journey funnel boundary spanners - Answer An individual who has the role of connecting an organization's internal network with external sources of information brag book - Answer A list of recommendation letters, awards, and achievements that the candidate shares with the interviewer brand trust - Answer The willingness of the average consumer to rely on the ability of the brand to perform its stated function. breakdown model - Answer Determining the size of a sales force by dividing the sales expected from each representative Brown bag lunch training delivery - Answer A training delivery meant to create an informal atmosphere in which the training occurs during lunchtime, employees bring their food, and someone presents training information to them business-to-business (B2B) - Answer Sales to another company that consumes the product or services as part of operating the business or uses the product in the assembly of the final product it sells to consumers business development - Answer Activities to develop and implement growth opportunities within organizations Business intelligence (BI) - Answer The use of data in an enterprise to facilitate decision-making. It encompasses understanding the actual operation of the company, as well as the anticipation of future events, with the aim of providing knowledge to support business decisions business-to-consumer (B2C) - Answer Sales made to individual consumer...