MAR 3400 - Chs 12-18 Quiz Questions

According to the videos in this chapter, what is the number one resource that every sales person must manage? A. Time B. Money C. Stress D. Technology E. None of the above

A.

In one video, it was stated that not all customers are created equal and it was suggested that you divide your customers into four types. One of the ways to measure customer type is the dimension of "Account Opportunity," which can be explained by: A. An account where the need for your product is expanding. B. All of these. C. An account that is growing their business rapidly. D. An account with longer-term sales potential. E. None of these.

B.

Regardless of other characteristics, key accounts are ALWAYS: A. Accounts that are so simple to serve that they are profitable. B. Large accounts compared to other accounts inside your company. C. Accounts that are classified as a "high share of wallet." D. All of these. E. Accounts that cause strategic problems for your company.

B.

The most common type of objection that any buyer gives a sales rep relates to A. product complexity B. company reputation C. timing D. price E. not needing the product

D.

Which of the following is NOT a benefit of a long-term customer relationship? A. It lowers selling costs. B. It reduces uncertainty. C. All of these. D. It increases efficiency. E. It increases employee turnover.

E.

According to the videos about managing objections, the MOST successful salespeople A. All of these. B. Answer every objection with a written guarantee. C. Tell the prospect to hold all objections until the end of the presentation. D. Take the time to anticipate the customer's objections before the actual meeting. E. Never get objections because they have such strong presentation skills.

D.

Diego is a salesperson selling video equipment to Jamie, the director of a convention center. After understanding exactly how the convention center uses projectors in meetings, Diego takes a projector out of the box to show Jamie. Jamie looks at the video projector and says, "Diego, this projector is very small." Diego responds, "Yes, it is small and that makes it easy to mount on the ceiling." Jamie responds, "That is good, but I really can't use that projector." Jamie ends the meeting, and Diego has just lost the sale. Based on just this information, what is the most likely reason the sale was lost? A. Diego should've waited for the next meeting before doing a demonstration. Never do a product demo in the first meeting. B. Diego showed the projector too late in the meeting. C. Jamie was concerned that the small projector would look too cheap in the convention center. D. Diego needed to find out why Jamie remarked that the projector was small. E. Diego showed the wrong projector.

D.

Examples of good questions were given in order for you and your company to uncover what is truly important to your top customers. Which of the following is NOT one of the five questions to ask your top customers? A. What made you select us? B. What is the one problem you wish you could solve? C. Do you refer other suppliers? If so, what makes you refer them? D. Would you refer one of your competitors to us so we could also do business with them? E. What could we do to make your experience with us easier?

D.

Recommendations for handling road-bumps during a negotiation include: A. Seek consensus B. Ask questions C. Express empathy D. All of these E. Be patient

D.

In the document, "Develop Relationships, Not Lower Your Price," it was recommended that the best way to help your customers succeed is to: A. Help them improve their performance and reach their goals. B. Develop relationships with every executive in the customer's company. C. Give them a great value by lowering your price. D. All of these. E. Fully trust in the customer.

A.

In the first stage of the negotiation process the sales person should: A. Gather info on your client and your offering B. Present options C. All of these D. Develop an agenda E. Ensure the customer that you understand their concerns

A.

In one video, the term "barely satisfied customers" was defined. A reason given for using this approach to satisfying customer's needs was that: A. It helps salespeople not give away too much and prevents customers from being dissapointed. B. It helps you provide the product/service at a discounted price. C. It makes the customer believe the negotiation is win-win even if it is not. D. It helps you lead the customer into accepting whatever provides the most profitable sale for you. E. All of these.

A.

In this chapter, 5 "P's" were mentioned to help embrace your role as a sales person. Four of them are professionalism, preparation, problem solving, process, and the fifth one is: A. Paperwork B. Perseverance C. Probability D. Power E. Predictability

B.

How far should you go to satisfy a good customer? According to the concepts taught in this chapter... A. Do whatever it takes to make the customer fully satisfied. B. Unhappy customers are acceptable, as long as the company makes a profit. C. Meet the customers needs, plus a little more so they are pleased. D. For a good customer, it is acceptable to have deals that lose your company money to make the customer happy. E. Give the permission to lower the customer's price.

C.

When should you use direct denial as a way to handle a customer's objection? A. When the customer's opinion about your company is not correct. B. When the customer says they do not want to make a purchase. C. When the customer is directly concerned about the price. D. When the customer incorrectly states a fact that is important to the sale. E. Never, it is far too risky.

D.

So, which of the following explains the difference between negotiation and haggling as stated in the chapter? A. Haggling is about seeking consensus while negotiation is about seeking concessions. B. Negotiation is about compromise while haggling is about winning. C. None of these. D. Haggling is with a prospect, but negotiation is with a customer. E. Haggling is about price but negotiation is a discussion involving more than price.

E.

Which of the following would NOT be a part of providing initial customer education about working with your company? A. All of these were recommended. B. Introducing customers to others in your company. C. Teaching customers who within your company they have direct access to. D. Becoming a "reference point," that is, someone who gets questions answered. E. Regularly reviewing the features and benefits that are relevant to this customer.

E.

The "A" in the TALE model of storytelling reminds us to A. Audition the story for other salespeople to ensure it will work. B. Tailor the story to the Audience. C. Give Advice in the story. D. Always be Accurate. E. Be Audible enough to be heard.

B.

As stated in this chapter, the secret to unlocking more sales per hour is: A. To quite simply just work harder. B. Only selling to key accounts and no new prospects. C. Spending a majority of your time prospecting. D. Sleeping less so you can get the job done. E. To become a better account planner.

E.

In this chapter, there were a few tips mentioned for shortening your sales cycle (the time from first meeting a prospect to closing the business). One of the key ways to do this as recommended in this chapter (and in the course) is: A. Lower your price because that always gets prospects to buy faster. B. All of these. C. Identify accounts with the most potential. D. Simply find out what the silver bullet or magic technique is of successful salespeople. E. List all of your features when meeting with clients so they have no more questions.

C.

In this chapter, two factors were defined to form a matrix to help you decide where to spend your time. These two factors are: A. Time and money B. Account size and opportunity C. Importance and urgency D. Work-life balance and customer orientation E. Prospects and customers

C.

Why should a sales rep develop a hierarchy of closes? A. It allows you to ask for something else when the buyer says no to the first commitment that you ask for. B. You develop the hierarchy so you can go for add-on sales after the buyer signs the contract. C. It allows you to get to the top decision maker after asking lower level management. D. It allows you to break down the customer's needs to an individual level and base your close by addressing each need individually. E. All of these.

A.

According to the video "Service After the Sale," the sales person: A. None of these. B. Should be responsible for answering at least initial customer questions about the product or service. C. Should turn over all customer service issues to the customer service department. D. Should not contact the customer after the contract is signed because that is the responsibility of someone else inside the company. E. Should limit contact with the customer because other people in the seller's company take over the account and further contact will be confusing for the customer.

B.

CRC is the acronym for the method used for managing customer questions, objections, and concerns. CRC stands for: A. Be Calm when hearing the question, Recite the answer, show Concern for the customer during the process. B. Be sure to Clarify the customer's question, then answer or Respond to it, then Confirm that your answer was acceptable. C. None of these. D. Clarify why the customer is raising the question, Relate to their need for more information, then Condition the customer not to ask any more concerns. E. Confirm that the customer is asking a question, Repeat the question back to them, and Continue on with your presentation after you answer it.

B.

In the videos about overcoming objections, the reason given for thinking about when during a sales meeting an objection might occur is that... A. You need to first understand the customer's budget before you can answer any concerns. B. Your response might be different depending on when during the meeting the objection occurs. C. Your response might be different if the purchase decision was being made in a committee vs. by an individual. D. All of these. E. Objections at the end of a meeting are much more serious and destructive than objections at the beginning of a meeting.

B.

In the videos, telling stories is recommended over simply listing features. Which of the following was NOT listed as one of the benefits of story telling? A. Stories create a sense of connection between what the buyer is dealing with and what the product can do to help them. B. Stories will guarantee that salespeople go through the complete list of features and benefits of the product or service. C. Stories can change how the customer processes information. D. Stories are more engaging. E. Stories will do all of these things.

B.

Pam's prospect says, "Your company's marine products are made of a plastic material rather than metal, so I don't think they will be durable enough." Pam replies by saying, "I agree that plastic sounds like an inferior material compared to metal. However, compared to the aluminum material that our competitors use, our plastic units do not corrode when exposed to saltwater. Furthermore, the high-density plastic we use weighs half that of aluminum, which allows us to make each one twice as thick without adding extra weight." Which objection response method did Pam use? A. The direct denial method B. The compensation method C. The referral method D. The revisit method E. The postpone method

B.

The three stages of the negotiation process are: A. set the agenda, set the objectives, and have the meeting B. analysis, planning, and discussion C. diagnose the situation, haggle over price, and settle on consensus D. uncover needs, develop solutions, and gain commitment E. present, collaborate, and review

B.

When assessing a prospect's opportunity fit, the main idea is to: A. Fit the prospect's personality style with the salesperson's style. B. lose deals quickly, especially if we have a poor chance of closing the deal. C. contribute as much as possible to the salesperson's quota through negotiation. D. None of these make sense, so they're all wrong. E. See how much revenue a potential sale will bring into the company.

B.

Which of the following was a tip for storytelling given in the videos? A. None of these. B. It is a good idea to practice a story with an existing customer that you already know well. C. Never use visuals when telling a story because it takes focus off the message. D. Do not practice stories with other salespeople in your company because they cannot take a customer's perspective when giving you feedback. E. All of these.

B.

In this set of videos, two reasons were stated as to why organizations buy. They are: A. Persuasive salespeople or good value B. To build credibility or rapport C. To address a specific pain or to realize a gain D. To fulfill customer requests or to satisfy employee requirements E. To spend money or increase costs

C.

Jim is a salesperson calling on a customer for the first time. Jim introduces himself to the customer, and the customer immediately follows up by suggesting that Jim's prices are too high and wants to confirm this by seeing the pricing information. Which of the following is the MOST appropriate objection response method? A. The trial close method B. The revisit method C. The postpone method D. The direct denial method E. All of these would work equally well.

C.

Michael's prospect just said that companies in Michael's industry are very attentive before the purchase, but are not available after a purchase when assistance is needed. Michael responds by saying, "I understand how you would feel that way based on how many companies in my industry lack customer support. Other business owners like yourself have felt that we may be just like them. However, once they experience our expert customer support they have found that our company sets itself apart by this service." Which objection response method did Michael use? A. The direct denial method B. The compensation method C. The referral method D. The revisit method E. The postpone method

C.

One mistake that many salespeople make regarding long-term customer relationships is: A. That salespeople try to go directly from the expansion stage to the exploration stage. B. That they take too long to work through the stages to get to the commitment stage. C. That they think that every customer needs to be in a long-term relationship. D. All of these were described in the video as mistakes salespeople make. E. None of these were mentioned in the video.

C.

Several negotiation strategies were recommended in this chapter on negotiation. One of these recommended strategies is: A. If you ask for what you want you will never get it, so don't let the buyer know what you want. B. Don't give in on any point of the negotiation until you have agreed upon a price. C. Don't give anything away without getting something in return. D. Always ask for more than your goal. E. Be sure to speak after the buyer is finished because your silence will be seen as a weakness.

C.

The "T" in the TALE model of building a story stands for: A. Telling the story B. Trying out the story on friends before delivering it to a customer C. The basic facts, or Talking Points, you want to convey D. The timing of the story E. Talking, which is what the salesperson should do more of

C.

Which of the following statements is FALSE? A. All of these statements are false. B. Prospects may state another objection to cover up the real reason they are hesitant. C. The best salespeople do not get objections from prospects and, in fact, objections are a sign that the salesperson is losing the sale. D. Good salespeople should embrace objections as opportunities to reassure the prospect. E. When salespeople do not clarify objections, they may answer the wrong question.

C.

Which of the following was NOT listed as a way to prevent overconfidence from killing a deal? A. All of these. B. Testing the feasibility of your fees to ensure there are no concerns. C. Making sure you are not satisfying too many needs on this sale so that future sales are possible. D. Confirming who the decision makers are so that no one was left out. E. Asking whether or not the prospect is considering one or more of your competitors.

C.

If your customer is a "Driver," it would make sense to have the objective of your story A. Build trust in you as an advisor. B. Show that others will find out about the decision to buy and think it was a smart decision. C. According to the videos, the objective of your story is always the same, to make the sale. D. Show how the purchase has a strong return on investment. E. Make the customer feel comfortable because others have made a similar decision.

D.

In this set of videos, one of the issues discussed was about knowing who your competition is. Which of the following is a TRUE statement about the competition? A. The prospect's firm may not be aware that competition exists, so if you do not mention the competition, then your chances of making the sale increase exponentially. B. All of these. C. If you find out your customer is considering the competition, it is important to discuss the competitor's weaknesses and express your opinion on how inferior your competitors are to your firm. D. It is acceptable and wise to ask the buyer what other companies and products are being considered for a purchase. E. None fo these.

D.