MKTG 320 Homework 1

Ethan sells a refrigerator with a selling price of $200 per unit. The cost of the refrigerator is $100, and the selling cost is $50. In this scenario, profit earned by Ethan is _____.

$50

Which of the following are ways in which salespeople can add value in a selling situation? (Check all that apply.)

>By creating meaning out of conditions that arise and conversations that occur >By providing an interface between the buying and selling firms

Which of the following typically are part of sales jobs? (Check all that apply.)

>Negotiating price and delivery terms with customers >Prospecting for new customers and increasing sales to existing customers >Demonstrating products to customers and writing orders

True or false: A goal of selling is to create an experience that is exclusively in the best interest of a buyer.

False

Identify the bases of the financial rewards of selling. (Check all that apply.)

Salespeople must be sophisticated to sell. Salespeople must have a certain level of skill.

Identify the factors that are focused in the descriptions of sales jobs. (Check all that apply.)

The significance of a customer's purchase decision The level of a buyer-seller relationship

As account team managers in their firms, salespeople have to _____.

coordinate the activities in their firms to resolve customer problems

Selling firms determine which go-to-market strategy to use for each customer based on certain factors. One such factor that pertains to the estimated value of a customer over the lifetime of the customer's relationship with a seller is called _____.

customer lifetime value (CLV)

Salespeople at HiSign Electronics Inc. store their delivery reports, customer details, and call report information in their laptop computers. In this scenario, most of the stored information can be accessed from the company's _____.

customer relationship management (CRM) system

Salespeople report information about expenses, sales forecasts, competitor activities, calls made, future calls scheduled, business conditions, and unsatisfied customer needs to their firms. Most of this information is included in a(n) _____.

customer relationship management (CRM) system

While explaining the prospects of selling related to creating value, a seller refers to the collection of buyer-specific benefits as the _____.

customer value proposition (CVP)

A responsibility of a salesperson as a client relationship manager is to assist customers identify problems, offering information about potential solutions, and providing after-sale service to make sure that they have long-term satisfaction. The phrase often used to describe this is _____.

customer-centric

As a client relationship manager, a salesperson should understand that _____.

customers today demand 24/7 service

In the context of the responsibilities of salespeople as client relationship managers, six sigma selling programs are primarily created to _____.

decrease errors introduced by a company's selling system to practically zero

A group of people and firms accountable for the flow of products and services from a producer to an ultimate user is known as a(n)

distribution channel

In the context of the characteristics of salespeople, the ability to effectively understand and regulate one's own feelings and to read and respond to the others' feelings is known as _____.

emotional intelligence (EI)

Salespeople can add value in a selling situation by _____.

encouraging the buying and selling firms to learn from and understand each other and facilitating useful communication between them

True or false: In marketing exchanges, emotional intelligence (EI) is adversely related to performance and retaining customers.

false

True or false: In the context of integrated marketing communications, the most important part of a company's promotion program is advertising.

false

True or false: The activities of salespeople are independent of the type of selling job they choose.

false

Firms have many options in how they can approach customers as they add value, and the various methods are sometimes called ___.

go-to-market strategies

In the context of salespeople being account team managers in their firms, it has been found that salespeople who try to sell a product alone _____.

have greater turnover intentions

Communication programs that coordinate the use of various vehicles to maximize the total impact of the programs on customers are known as _________ ___________ communications.

integrated marketing

In the context of consumer distribution channels, independent businesspeople who are paid a commission by a firm for all products or services sold are known as _____.

manufacturers' agents

In the context of business-to-business distribution channels, salespeople who work for a firm and promote the firm's products to other firms are known as . (Please enter the plural form of the answer for the second blank.)

missionary salespeople

Some companies use various go-to-market strategies at the same time. This is known as

multichannel strategy

A factor focused in the descriptions of sales jobs is the _____.

nature of an offering made by a salesperson

Selling to buyers in the headquarters of a buying firm is referred to as headquarters selling. A feature of headquarters selling is that it _____.

needs a high level of creativity and skill

Sophia is a salesperson. In the context of the sales job continuum, she requires a higher level of creativity when she _____.

needs to secure customer commitment

In order to improve emotional intelligence (EI), salespeople should _____.

recognize and realize their own emotions as they arise

Organizations whose go-to-market strategies rely heavily on salespeople are called ________ ________-___________organizations.

sales force intensive

An effort to gain insights into customers by utilizing sophisticated data mining and analytic methods is known as

selling analytics

In the context of the location of salesperson-customer contact, field selling typically is more demanding than inside selling because field _____.

selling demands more potent interactions with customers than inside selling

Selling ideally suits people who want to _____.

spend time outside and interact with people

Jackson, a salesperson, makes a sales call to a customer. Following the steps in the selling process, Jackson's next step should ideally be to _____.

strengthen the sales presentation

The management of the ___________ ______________is known as supply chain logistics.

supply chain

Jake, a customer, buys a new car from Trumotors Inc., with features that will be added by a third-party vendor. Sean, the salesperson, coordinates the efforts of the vendor with Trumotors Inc. In this scenario, Sean, as a salesperson, is playing the role of a(n) _____.

supply chain logistics and channel manager

In the context of business-to-business distribution channels, salespeople who sell to firms that resell the products rather than using them within a firm are known as

trade salespeople

True or false: Effective salespeople should know the ways in which businesses make purchase decisions and individuals evaluate product alternatives.

true

True or false: In order to be successful, salespeople should have the knowledge about how to analyze data and situations and use the Internet.

true

True or false: The differences in sales positions of salespeople originate from the various roles salespeople play in a firm's distribution channel.

true

Selling is completely related to creating ____________ , which is the total benefit that a seller's products and services provide to a buyer.

value

Headquarters selling involves selling to buyers in the headquarters of a buying firm. A feature of salespeople involved in headquarters selling is that they _____.

work with buyers to create new systems and strategies

Identify a characteristic of a typical salesperson.

He or she communicates to many people daily.

In the context of the sales job continuum, which of the following salespeople require a higher level of creativity than the others?

Ryan, who deals with a field customer

In the context of the characteristics of salespeople, identify the aspects of emotional intelligence (EI). (Check all that apply.)

Realizing one's own feelings as they arise Identifying customers' emotions Utilizing one's emotions to interact constructively with customers

In order to build strong long-term relationships with customers, salespeople must _____.

react positively and quickly to a customer's needs

What is the goal of selling?

To generate economic exchange

Why do salespeople who play the role of client relationship managers need to work with other company employees? (Check all that apply.)

To make sure that deliveries are made on time To make sure that questions or complaints are resolved quickly To ensure that operators are trained to use equipment To ensure the proper installation of equipment

Identify a true statement about the financial rewards of selling.

Usually, salespeople earn more money the longer they sell.

A characteristic of successful salespeople is that they _____.

realize that their mistakes are learning opportunities

A characteristic of salespeople who are confident about themselves is that they _____.

are receptive to advice from others

Due to the unusual freedom and flexibility offered by sales jobs, typical salespeople _____.

are similar to independent entrepreneurs

Customers tend to engage in long-term relationships only with salespeople who _____.

are trustworthy and dependable

In order to be successful, a salesperson must _____.

be able to implement adaptive selling

Sean, a salesperson, tries to convince a new customer to buy an anti-wrinkle face cream the customer has never used before. In this scenario, Sean must _____.

be capable of dealing with the inevitable rejections that occur when making initial contacts with such new customers

In the context of business-to-business distribution channels, a feature of a missionary salesperson is that he or she _____.

calls on people who have an impact on a buying decision

The phenomenon of human-driven interaction between and within individuals or organizations in order to bring about economic exchange within a value-creation context is known as

personal selling

Sophia is a salesperson for a moving company. In the context of a buyer-seller relationship, when dealing with an existing customer, Sophia must _____.

place emphasis primarily on developing a buyer-seller relationship and serving the customer

In the context of consumer distribution channels, a difference between manufacturers' agents and distributors and retailers is that the manufacturers' agents do not _____.

possess the ownership of the products

A feature of personal selling by salespeople is that it is _____.

primarily concerned with the interaction between sellers and buyers that leads to a successful sale

A nature of sales job is that it _____.

provides salespeople with unusual freedom and flexibility