MKT 315 EXAM 1 STUDY GUIDE FULL
QUESTIONS WITH DETAILED ANSWERS
●● How do *sales organizations / salespeople* define profit?
Answer: Profit = Sales - COGS - Time and Effort
●● How do buying organizations / buyers define profit?
Answer: Personal Value Equation = Benefits received - (Selling price +
Time and effort to purchase)
●● Ways that salespeople can add value in a selling situation
Answer: - provide interface between the buying & selling companies
- foster trust and commitment
- manage situations that arise to bring everyone back to a value-adding
perspective
- encourage two-way communication and help to create effective bonds
- encourage both sides to learn and understand each other
●● Paid Impersonal Communication
Answer: Advertising or sales promotion
- more control over content and timing
,●● Unpaid impersonal communication
Answer: publicity
●● Paid Personal Communication
Answer: personal selling/email
- more flexibility but is the most costly method of communication
●● Unpaid personal communication
Answer: word of mouth
- usually seen as more credible
●● (T/F) firms have more control when using methods of
communication?
Answer: True
●● Go-to-market strategies
Answer: Approaches used to add customer as they add value
●● Sales force-intensive organizations
,Answer: Organizations that rely heavily on salespeople
●● multichannel strategy
Answer: Using several strategies at the same time
●● Customercentric
Answer: making the customer the center of everything the salesperson
does
●● 24/7 service
Answer: Selling firm to be available for 24 hours a day, 7 days a week
●● Client Relationship Manager
Answer: Cooperative relationship with a select set of suppliers
-Poor service leads to lost customers
-Customercentric
-24/7 service
●● Account Team Manager
Answer: Salespeople coordinate activities within firms to solve customer
problems
, - team selling. Higher satisfaction, lower turnover
- Manages one particular account
●● Distribution Channel
Answer: set of people and organizations responsible for the flow of
products and services from the producer to the ultimate user
●● Field Salespeople
Answer: Communicate with the customer face to face, at the customer's
location
requires more creativity than inside salespeople
●● inside salespeople
Answer: Communicate with customers by telephone or computer, at
employer's location
requires lower creativity than field salespeople
●● Salesperson's role
Answer: Taking orders or creating new solutions
low creativity needed for order taking
QUESTIONS WITH DETAILED ANSWERS
●● How do *sales organizations / salespeople* define profit?
Answer: Profit = Sales - COGS - Time and Effort
●● How do buying organizations / buyers define profit?
Answer: Personal Value Equation = Benefits received - (Selling price +
Time and effort to purchase)
●● Ways that salespeople can add value in a selling situation
Answer: - provide interface between the buying & selling companies
- foster trust and commitment
- manage situations that arise to bring everyone back to a value-adding
perspective
- encourage two-way communication and help to create effective bonds
- encourage both sides to learn and understand each other
●● Paid Impersonal Communication
Answer: Advertising or sales promotion
- more control over content and timing
,●● Unpaid impersonal communication
Answer: publicity
●● Paid Personal Communication
Answer: personal selling/email
- more flexibility but is the most costly method of communication
●● Unpaid personal communication
Answer: word of mouth
- usually seen as more credible
●● (T/F) firms have more control when using methods of
communication?
Answer: True
●● Go-to-market strategies
Answer: Approaches used to add customer as they add value
●● Sales force-intensive organizations
,Answer: Organizations that rely heavily on salespeople
●● multichannel strategy
Answer: Using several strategies at the same time
●● Customercentric
Answer: making the customer the center of everything the salesperson
does
●● 24/7 service
Answer: Selling firm to be available for 24 hours a day, 7 days a week
●● Client Relationship Manager
Answer: Cooperative relationship with a select set of suppliers
-Poor service leads to lost customers
-Customercentric
-24/7 service
●● Account Team Manager
Answer: Salespeople coordinate activities within firms to solve customer
problems
, - team selling. Higher satisfaction, lower turnover
- Manages one particular account
●● Distribution Channel
Answer: set of people and organizations responsible for the flow of
products and services from the producer to the ultimate user
●● Field Salespeople
Answer: Communicate with the customer face to face, at the customer's
location
requires more creativity than inside salespeople
●● inside salespeople
Answer: Communicate with customers by telephone or computer, at
employer's location
requires lower creativity than field salespeople
●● Salesperson's role
Answer: Taking orders or creating new solutions
low creativity needed for order taking
