MAR 3400 EXAM 3 STUDY GUIDE
50% of COB and 75% of all marketing students start career in... - Answers -Sales
person-to-person business activity in which a salesperson uncovers and satisfies the
needs of a buyer to the mutual, long-term benefit of both parties. - Answers -personal
selling
ethics - Answers --bottomline
Define who and what you are and what you stand for before you need to make the
tough decision
Customer Lifetime Value(CLV) - Answers --initial profit$
-recurring profits
-likelihood of add-on sales, reorders and renewals
*think of the paint situation
customer churn - Answers -two-fold responsibility of every sales person
-deliver value to the customer and revenue to the employer
value - Answers -understanding customers perspective and needs
who makes buying decision - Answers --users
-gatekeepers:: defers unwanted calls, they act as a buffer for the decider *go through
the screen*
-deciders
-purchasers
-influencers
-controller
low context - Answers -written or spoken word dominates
types of buying situations - Answers --new tasks
-straight rebuys
-modifed rebuys
new tasks - Answers -A customer purchases a product or service for the first time
straight rebuys - Answers -A customer buys the same product from the original source
modified rebuys - Answers -The customer has purchased the product in the past but is
looking for new information
active listening - Answers -Repeat, Restate, Rephrase, Clarify, Summarize
, How could note taking backfire? - Answers -Don't let note taking get in the way of
building a relationship and conversation.
Why is it important to clarify/restate information? - Answers -Repeating info/restating
helps to make sure that there is no communication breakdown with encoding/decoding.
Clarifying....never assume. You know what happens when you assume!
Silence is okay. - Answers -You need to give your customer time to think and process
what you are saying. You don't want to rush it or fill silence with rambling or "ums".
If you are in a sales meeting and you are doing a great job listening, you are - Answers
-following that 80/20 rule and you are figuring out that the needs of this customer for
high context - Answers -social relationship (amiable)
Approach - Answers -Professional Intro
Rapport
Attention/Agenda
Transition
the most important to approach - Answers -building rapport
needs assessment - Answers -G-Questions
Decision process
Facts
General condition
Obstacles
Outlay/Opportunity
Leverage
Accomplishment
Summary and solution
GOALS - Answers -General questions
Obstacles, opportunities, outlays
Accomplishment
Leverage
Summary and solution
G - Answers --General Situation Questions: Open-ended, general questions that help
you understand your prospective customer's situation.
-Examples:
"Tell me about your current product/service?"
"What were some of your goals in meeting with me today?"
"How are you currently handling your XYZ?"
"What challenges do you face with tracking stylist managing appointments"
"What is currently keeping you from meeting those goals?"
50% of COB and 75% of all marketing students start career in... - Answers -Sales
person-to-person business activity in which a salesperson uncovers and satisfies the
needs of a buyer to the mutual, long-term benefit of both parties. - Answers -personal
selling
ethics - Answers --bottomline
Define who and what you are and what you stand for before you need to make the
tough decision
Customer Lifetime Value(CLV) - Answers --initial profit$
-recurring profits
-likelihood of add-on sales, reorders and renewals
*think of the paint situation
customer churn - Answers -two-fold responsibility of every sales person
-deliver value to the customer and revenue to the employer
value - Answers -understanding customers perspective and needs
who makes buying decision - Answers --users
-gatekeepers:: defers unwanted calls, they act as a buffer for the decider *go through
the screen*
-deciders
-purchasers
-influencers
-controller
low context - Answers -written or spoken word dominates
types of buying situations - Answers --new tasks
-straight rebuys
-modifed rebuys
new tasks - Answers -A customer purchases a product or service for the first time
straight rebuys - Answers -A customer buys the same product from the original source
modified rebuys - Answers -The customer has purchased the product in the past but is
looking for new information
active listening - Answers -Repeat, Restate, Rephrase, Clarify, Summarize
, How could note taking backfire? - Answers -Don't let note taking get in the way of
building a relationship and conversation.
Why is it important to clarify/restate information? - Answers -Repeating info/restating
helps to make sure that there is no communication breakdown with encoding/decoding.
Clarifying....never assume. You know what happens when you assume!
Silence is okay. - Answers -You need to give your customer time to think and process
what you are saying. You don't want to rush it or fill silence with rambling or "ums".
If you are in a sales meeting and you are doing a great job listening, you are - Answers
-following that 80/20 rule and you are figuring out that the needs of this customer for
high context - Answers -social relationship (amiable)
Approach - Answers -Professional Intro
Rapport
Attention/Agenda
Transition
the most important to approach - Answers -building rapport
needs assessment - Answers -G-Questions
Decision process
Facts
General condition
Obstacles
Outlay/Opportunity
Leverage
Accomplishment
Summary and solution
GOALS - Answers -General questions
Obstacles, opportunities, outlays
Accomplishment
Leverage
Summary and solution
G - Answers --General Situation Questions: Open-ended, general questions that help
you understand your prospective customer's situation.
-Examples:
"Tell me about your current product/service?"
"What were some of your goals in meeting with me today?"
"How are you currently handling your XYZ?"
"What challenges do you face with tracking stylist managing appointments"
"What is currently keeping you from meeting those goals?"
