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Marketing
Chapter 20
| Question | Answer |
|---|---|
| Personal selling | involves the two-way flow of communication between a buyer and seller, often in a face to face encounter, designed to influence a person's or group's purchase decision; takes place over the telephone & thru video communication |
| Sales management | involves planning the selling program and implementing and evaluating the personal selling effort of the firm |
| The US Bureau of Labor Statistics reports that about ____ million people are employed in sales positions in the US | 14 |
| About ____ % of CEOs in the largest US corporations have significant sales experience in their work history | 20% |
| Personal selling's 3 major roles | 1) Salespeople are the critical link between the firm and its customers 2) Salespeople are the company in the consumer's eyes 3) Personal selling may play a dominant role in a firm's marketing program |
| Salespeople can create value by | easing the customer buying process |
| Customer value is also created by salespeople who | follow through after the sale |
| Relationship selling | The practice of building ties to customers based on a salesperson's attention and commitment to customer needs over time |
| Partnership selling | "Enterprise selling"; buyers and sellers combine their expertise and resources to create customized solutions; commit to joint planning; and share customer, competitive, and company information for their mutual benefit and, ultimately, the benefit of cust |
| 3 Types of Personal Selling | 1) Order taking 2) Order getting 3) Customer sales support activities |
| Order taker | processes routine orders or reorders for products that were already sold by the company |
| Order taker primary responsibility | To preserve the ongoing relationship with existing customers and maintain sales |
| Outside order takers | visit customers and replenish inventory stocks of resellers (retailers or wholesalers) |
| Inside order takers | "Order clerks" "Sales clerk"; answer simple questions, take orders, and complete transactions with customers |
| Inbound telemarketing | The use of toll-free telephone #s that customers can call to obtain information about products or services and make purchases |
| Order getter | sells in a conventional sense and identifies prospective customers, provides customers with info, persuades customers to buy, closes sales, and follows up on customers; use of product or service |
| Order getting involves | a high degree of creativity |
| ___ percent of an average field sales representative's time is actually spent selling (phone/face-to-face) | 41% |
| Outbound telemarketing | The practice of using the telephone rather than personal visits to contact current and prospective customers |
| Missionary salespeople | Do not directly solicit orders but rather concentrate on performing promotional activities and introducing new products |
| Sales engineer | A salesperson who specializes in identifying, analyzing, and solving customer problems and brings know-how and technical expertise to the selling situation but often does not sell products/services |
| Team selling | the practice of using an entire team of pros in selling to and servicing major customers. Used when specialized knowledge is needed to satisfy the different interests of individuals in a customer's buying center |
| Conference selling | Salesperson and other company resource people meet with buyers to discuss problems and opportunities |
| Seminar selling | A company team conducts an educational program for a customer's technical staff, describing state of the art developments |
| Lead (prospect) | The name of a person who may be a possible customer |
| Prosepct | A customer who want or needs the product |
| Qualified prospect | A individual who wants the product, can afford to buy it, and is the decision maker |
| Stages of Personal Selling (6) | 1) Prospecting 2) Preapproach 3) Approach 4) Presentation 5) Close 6) Follow-up |
| Prospecting stage | The search for and qualifications of potential customers |
| Cold canvassing/cold calling | A salesperson may open a directory, pick a name, and contact that individual or business |
| Preapproach stage | Obtaining further information on the prospect and deciding on the best method of approach; very important in international selling |
| Approach stage | The initial meeting between the salesperson and the prospect, where objectives are to gain prospect's attn, stimulate interest, and build the foundation for the sales presentation itself and the basis for the working relationship |
| Presentation stage | At the core of order getting; objective is to convert a prospect into a customer by creating a desire for the product or service |
| Three major forms of presentation: | 1) Stimulus-response format 2) Formula selling format 3) Need-satisfaction format |
| Stimulus-response format | Assumes that given the appropriate stimulus by a salesperson,the prospect will buy |
| Formula selling presentation | A presentation consists of information that must be provided in an accurate, thorough, and step-by-step manner to inform prospect |
| Canned sales presentation | a memorized, standardized message conveyed to every prospect; does not provide for feedback from prospective buyer |
| Need-satisfaction presentation | Emphasizes probing and listening by the salesperson to identify the needs and interests of prospective buyers |
| Need-satisfaction presentation uses two selling styles: | 1) Adaptive selling 2) Consultative selling |
| Adaptive selling | adjusting the presentation to fit the selling situation, such as knowing when to offer solutions and when to ask for more information |
| Consultative selling | Focuses on problem identification, where the salesperson serves as an expert on problem recognition and resolution; prominent in B2B marketing |
| Objections | excuses for not making a purchase commitment or decision |
| 6 Techniques to deal with objection | 1)Acknowledge and convert the objection 2)Postpone 3)Agree and neutralize 4)Accept the objection 5)Denial 6)Ignore the objection |
| Closing stage | involves obtaining a purchase commitment from the prospect; most important/difficult phase |
| 3 Closing Techniques | 1) Trial close 2) Assumptive close 3) Urgency close |
| Trial close | involves asking the prospect to make a decision on some aspect of the purchase |
| Assumptive close | Asking the prospect to consider choices concerning delivery, warranty, or financing terms under the assumption that a sale has been finalized |
| Urgency close | Used to commit the prospect quickly by making reference to the timeliness of the purchase |
| Follow-up stage | Includes making certain the customer's purchase has been properly delivered and installed and difficulties experienced with the sue of the item are addressed |
| Sales plan | A statement describing what is to be achieved and where and how the selling effort of salespeople is to be deployed |
| Sales plan formulation (3) | 1) Setting objectives 2) Organizing the salesforce 3) Developing account management policies |
| Sales objective can be ______ related | output |
| Geographical sales organization | the simplest structure; first divided into regions, regions divided into districts. Salespeople are assigned each district with a defined boundaries |
| Geographical sales organization can | minimize travel time; but unsuitable when specialized knowledge is required |
| Customer sales organization | A different salesforce calls on each separate typeof buyer or marketing channel |
| Customer sales organization can | be more effective, specialized customer support and knowledge provided to buyer; leads to higher administrative costs |
| Key account management | the practice of using team selling to focus on important customers so as to build mutually beneficial, long-term, cooperative relationships |
| Product sales organization | When specific knowledge is required to sell certain types of products; salespeople can develop expertise; high admin costs and duplication of selling effort |
| There is ________ best for all companies in all situations | no one |
| Workload method | Formula based method that integrates the # of custoemrs served, call frequency, call length, and available selling time to arrive at a figure for the salesforce size |
| Account management policies | Specifying whom salespeople should contact, what kinds of selling and customer service activities should be engaged in, and how these activities should be carried out |
| Three major tasks for implementing a sales plan | 1) Salesforce recruitment & selection 2) Salesforce training 3) Salesforce motivation and compensation |
| Job analysis | a study of a particular sales position, including how the job is to be performed and the tasks |
| Job description | a written document that describes job relationships and reuqirements |
| Job description explains (6) | 1) To whom salesperson reports 2) How a saleperson interacts w/ personnel 3) Customers to be called on 4) Specific activities 5) Physical/mental demands of job 6) Types of products/services to be sold |
| Emotional intelligence | Ability to understand one's own emotion and the emotions of people with who one interacts on a daily basis |
| Straight salary compensation | salesperson is paid a fixed fee per week, month, year |
| Straight commission compensation | saleperson's earnings are directly tied to the sales or profit generated |
| Combination compensation | contains a specified salary plus a commission on sales and profit generated |
| Sales quota | contains specific goals to a salesperson for a stated time period (one month to one year) |
| Salesforce automation (SFA) | the use of technologies to make the sales function more effective and efficient |
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