D099 Module 2 Quiz Questions and Answers (100% Verified Elaborations)

What are 5 aspects of B2B (Business-to-Business) selling? 1. Few Customers 2. Large purchases 3. Longer selling cycle 4. Multiple Influencers & Decision makers 5. Difficult to identify Influencers & Decision makers What are 5 aspects of B2C (Business-to-Consumer) selling? 1. Many Customers 2. Small purchases 3. Short selling cycle 4. Few influencers & Decision makers 5. Easy to indentify influencers & Decision makers Brainpower Read More What are the 4 different Sales channels used by companies? 1. Company direct & Indirect Retailers 2. Wholesalers 3. Distributors 4. Agents or brokers. key account management (KAM) Developing and maintaining long-term, sustainable and mutually beneficial relationships with key accounts (customer) Pareto Principle (80/20 rule) in sales 80% (or a large part) of a company's sales is generated from 20% (or a relatively small number) of customers What are Power Skills? Personal attributes that enable someone to interact effectively and harmoniously with other people What are some examples of power skills? Verbal Communication Empathy Analytical decision making Conflict resolution What are Hard Skills? Teachable abilities or skill sets that are easy to quantify. Typically, you will learn hard skills in the classroom, through books or other training materials, or on the job What are some examples of Hard Skills? Product Knowledge Proposals & Contracts Technology Proficiency Software Skills What are 4 essential skills needed for any salesperson to do the job well? 1. Ability to build rapport 2. Time Management 3. Ability to conduct research 4. Critical thinking & problem solving Ability to build rapport Salespeople connect with customers and show genuine interest in their needs, leading to trust and more sales. Time Management Recognizing the value of time helps salespeople prioritize tasks and use technology efficiently to improve productivity. Ability to conduct research Salespeople gather accurate information about clients, market trends, and competitors to make better decisions and close sales effectively. Critical thinking and problem-solving Salespeople analyze data and use critical thinking to generate solutions that meet customer needs. What are the 6 steps in the sales process? 1. prospecting and qualifying 2. approach 3. presenting and demonstrating 4. handling objections 5. closing the sale 6. following up on the sale Prospecting and qualifying Searching for potential customers and deciding whether they have the ability and desire to make a purchase Approach the reason for wanting an appointment and set a specific date and time. At the same time, they try to build interest in the coming meeting Presenting & Dem Explaining how the product meets customer's needs Handling Objections Answering customer questions and concerns Closing the Sale Agreeing on the terms of the sale and finalizing the transaction Following up on then sale Ensuring the customer is satisfied with the product or service that was delivered What are the phases of a sales funnel? 1. Leads 2. Suspects 3. Prospects 4. Customer (TOFU) Top of Funnel Leads Marketing uses the opportunity to get customers' attention to provide information and create interest in the product (MOFU) Middle of Funnel Suspects/Prospects The sales team's turn to focus on prospective customers by providing high-level product information and addressing objections (BOFU) Bottom of Funnel Customer The sales team converts the prospects into customers by focusing on the product as a solution and on how it adds value and meets customers' needs. What are some of the main characteristics of business-to-business (B2B) selling? B2B selling consists of few customers and a long selling cycle. 3 multiple choice options What is an intermediary? People or businesses that connect buyers and sellers together as a conduit for goods or services in the supply chain 3 multiple choice options What is an example of an order getter? Software salesperson 3 multiple choice options Prospectors A salesperson whose primary function is to find prospects, or potential customers Trade Salepeople A salesperson who calls on retailers and helps them display, advertise, and sell products to consumers Missionary Salespeople A salesperson who provides information to an individual who will influence the purchase decision. Technical Salespeople Sales people who are experts in a specific product or service area. They promote and sell the product by demonstrating how it works along with the benefits it can offer potential customers A department store is launching a new clothing brand. The brand sends a representative to help the store set up an area to display the latest apparel. Which type of salesperson is the representative from the brand? Trade 3 multiple choice options A food distributor is analyzing data from their CRM to understand the status of their accounts. They are specifically looking for those customers who consistently make purchases with the company so they can offer promotional items to retain those clients. Which type of accounts is the food distributor specifically trying to identify? Active accounts 3 multiple choice options Passive accounts Bring in revenue without active sales engagement Active accounts Have consistent transactions and engagement with the business Inactive accounts Clients who have not made a purchase for a specified period of time What is the purpose of key account management (KAM)? To focus efforts on building and sustaining long-term, jointly beneficial relationships with major accounts 2 multiple choice options Account-based marketing (ABM) 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 Business development Activities to develop and implement growth opportunities within organizations A sales manager for a major packaging distributor works with the sales team to generate company growth and increase revenue by looking for opportunities with current clients and seeking out potential clients. Which type of activity is this sales manager performing? Business Development 3 multiple choice options A global cell phone producer sets a target to sell one million new phone models by the end of the second quarter. They send this figure to regional sales managers who in turn guide the sales teams in meeting this target. What is this target set by the company called? Sales Quota 3 multiple choice options Tactical Planning Assisting salespeople in understanding the business environment, prospects, and customers, and helping them plan the best approach to make sales. Sales Quota The sales goal or figure set for a product line, company division, or sales representative What is the difference between power skills and hard skills? Power skills are personal attributes that help people effectively interact with others. Hard skills are abilities that are easily measurable. 3 multiple choice options A salesperson was just given a new account to service. She decides that before going to meet the client, she will research the client's website, find out information about the company contact on social media, and look at CRM data to see what the client activity has been in the last few months. What essential skill is this salesperson utilizing? Research 3 multiple choice options What are three skills managers must posses? Coaching Perfromance management Leadership Coaching Providing professional development to advance the sales team's skill set and engaging with the sales team to mentor and support them in accomplishing sales objectives. Performance Management Periodically reviewing the performance of individual team members, providing feedback, and creating a specific plan for improvement. Leadership Communicating the corporate vision to the team while guiding and motivating them to achieve the goals set out by the organization. A sales manager for a national insurance company is faced with unexpected changes in the market and must manage his team in meeting sales goals as these changes arise. To do this, he sets up ongoing training sessions to improve the sales team's knowledge of the market. What type of managing skill is this sales manager utilizing? Coaching 3 multiple choice options A sales manager for a clothing distributor notices that one sales region is not doing as well as the others. She develops a roadmap to better distribute the sales team and direct the sales efforts in the underperforming region. What process is the sales manager using? Strategic plan development 3 multiple choice options Strategic partnership A partnership in which the buyer and seller commit resources to generate growth for both parties Strategic Plan development Plan that help guide the sales team's efforts and outlines how the resources will be allocated to facilitate meeting the company's sales goals. Proposal develop Creating a document that outlines the details of what the business is offering to the prospective client, including product specifications, delivery timelines, and pricing. A software salesperson is meeting with a client to demonstrate new features of their application and answer questions as to why it brings value to the client's company. The salesperson also takes the opportunity to discuss with the client why this software is better than the competitor's version and how it provides the solutions the client needs. What two sequential steps of the sales process is this salesperson applying? Presenting and handling objections 3 multiple choice options How has the use of the internet and social media changed the selling process? The internet and social media ensure that each step now includes increased collaboration between buyers and sellers. 3 multiple choice options At which stage of the sales funnel does the sales team focus on converting prospects into paying customers? BOFU 3 multiple choice options A consumer is looking to buy a new house. He has chosen the neighborhood, price point, and type of house he is looking for. He has even been pre-approved for the loan. He contacts a real estate agent and asks to see houses that match his requirements. At which stage is this consumer on the buyer's journey? Desire 3 multiple choice options