Sales Fundamentals Final Exam
list the guidelines to follow in planning an effective consultative presentation
1. Review prospect information 2. Review buying motives 3. Review product selection 4. Select needs satisfaction presentation strategy 5. Develop presentation that adds value 6. Rehearse presentation
describe the major steps in the presentation plan, briefly discuss the role of adaptive selling in implementing the presentation plan
1. approach - making a favorable first impression, securing prospects attention, and gaining prospects interest in product 2. needs discovery - discovering the prospects needs to develop a needs solution 3. presentation - adapting the correct presentation for the prospect 4. negotiation - becoming skillful at overcoming resistance 5. close - learn to spot the closing clues 6. servicing the sale - adding long term value to the sale by developing a long term relationship with the customer
list and briefly describe the five parts included in most written sales proposals
1. budget and overview - tell customer cost of solution, describe features and price 2. objective - expressed in benefits 3. strategy - describe how you will meet your objective 4. schedule - establish time frame for meeting objective 5. rationale - with mix of logic and emotion, present why to take action now
List the four groups of people with whom sales personnel must be able to work
1. customers 2. secondary decision makers 3. company support staff 4. management personnel
basic beliefs underlie the salesperson's method of handling competition. what are guidelines a salesperson should follow in developing basic belief in this area
1. do not refer to the competition during a sales presentation 2. never discuss the competition unless you have all the facts strait 3. never criticize the competition 4. be prepared to add value
Identify three conversational methods that can be used to establish relationship
1. do not talk too fast or too slow 2. avoid speech patterns that are dull and colorless 3. avoid bad speech habits
what two dimensions of human behavior are used to identify communication style
1. dominance 2. sociability
what are the four possible products that make up the value-added product-selling concept
1. generic product - the starting point 2. expected product - understanding customers needs 3. value added product - max. customer's satisfaction 4. potential product - building long term partnership
describe the five principles that support communications style theory
1. individual differences exist and are important 2. a communication style is a way of thinking and behaving 3. individual style differences tend to be stable 4. there is a finite number of styles 5. to create the most productive relationships, it is necessary to get in sync with the communication style of the people you work with
distinguish among the three types of need satisfaction presentations: informative, persuasive, and reminder
1. informative - emphasizes factual information often taken fro technical reports, company prepared sales literature, or written testimonials from person who have used the product 2. persuasive - designed to influence the prospect's beliefs, attitudes or behavior and the to encourage buyer action 3. reminder - used to maintain their market share and not lose existing customers
according to the strategic/consultative selling model, what are the three prescriptions for the development of a successful customer strategy
1. instant comprehensiveness information 2. instant choice in every segment of commerce 3. real time price comarison
list the three prescriptions that serve as the foundation of development of relationship strategy
1. maintain high ethical standards 2. project professional image 3. manage the relationship process
describe the three dimensions of selecting a product solution
1. match specific benefits with the buying motives - ensuring that the solution has benefits the prospect is wanting or needing 2. product configuration - selecting the correct products from the many different types of products a salesperson may have at their disposal 3. making appropriate recommendations - either the customer buys immediately, salesperson makes need satisfaction presentation or help prospect choose another source
briefly describe the four guidelines that can help you make a good social contact
1. prepare for the social contact - conducting background research on the contact 2. initiate social contact - use opening comments that are open ended 3. respond to the customer's conversations - acknowledge the customer's messages with both verbal and nonverbal cues 4. keep the social contact focused on the customer - do not be tempted to lose focus on the topic
List and describe three guideline used as a foundation of a self-imposed code of business ethics
1. relationship comes first, task second - cannot sell a product unless there is a level of comfort between customers and salesperson 2. be honest with yourself and other - customers would rather hear the truth than an inaccurate statement designed to close the sale 3. personal selling must be viewed as an exchange of value - something you do FOR the customer rather than TO the customer
list and describe three value creative selling approaches that appeal to various types of customers
1. transactional buyer - well aware of their needs and usually know a great deal about the product 2. consultative process - appeals to buyers who lack needs awareness or need help evaluating possible solutions. 3. strategic alliance - acheived a marketplace advantage by reaming up with another company
what are some of the common ways salespeople add value to the products they sell
1. using of features 2. emphasize benefits of product 3. how it effects the customer or business 4. improved insights 5. competitive offerings 6 partnership building 7. service after the sale
Why is peddling or pushing products inconsistent with the marketing concept
Marketing concept is achieving organizational goals depends on knowing the customers' needs and wants of target markets and delivering the desired product. Customer focus and value are the path to sales and profit. Peddling or pushing product is trying to convince the customer they want your products with no long term relationship.
Describe the meaning of nonverbal messages, why should sales people be concerned about these messages
Nonverbal messages are messages without words or silent messages through facial expressions, voice tone, appearance, posture, and other nonverbal means. Nonverbal messages carry more impact than verbal messages. While communicate, words may be communicating one thing while nonverbal message could be communicating another so salespeople need to be conscious of the nonverbal messages they could be sending out.
describe two popular models for performing the accounts analysis
PROTOFOLIO MODEL - use of competitive position and account opportunity for the seller and is divided into four cells, based on two factors; overall account opportunity and overall competitive position SALES PROCESS MODEL - total set of accounts being pursed at any given time
Describe the importance of personal selling as part of the marketing concept
Today's salespeople recognize that the quality of the partnership the create is as important as the quality of the products they sell.
Explain why high performance value added salespeople earn much more that high performance transaction salespeople.
Value added salespeople create value by developing a quality relationship, carefully identifying the customer needs, then configuring and presenting the best possible product solution. Value is added when the sales person adds service after the sale
Marketing concept
a belief that the business firm should dedicate all its policies, planning, and operation to the satisfaction of the customer; a belief that the final result of all business activity should be to earn a profit by satisfying the customer
Organizational culture
a collection of beliefs, behavior, and work patterns held in common by people employed by a specific firm
Strategic planning
a managerial process that matches the firm's resources to its market opportunities, it takes into consideration the various functionalist areas for the business that must be coordinated such as financial assets, workforce, production,capabilities and marketing.
Transactional selling
a type of selling that most effectively matches the needs of the value conscious buyer who is primarily interested in price and convenience
Relationship strategy
a well thought out plan of establishing, building, and maintaining quality relationships
presentation strategy
a well-conceived plan that includes three prescriptions: 1. establishing objectives for the sales presentation 2. developing the presale presentation plan needed to meet these objectives 3. renewing one's commitment to providing outstanding customer service
Explain how personal selling can help solve the problem of information overload
allows salesperson to help customer decide what information is valuable to ensure customer makes an educated decision
Adaptive selling
altering sales behaviors in order to improve communication with the customer
prospect
an individual or business who meets the qualifications criteria established by you or your company
buyer resolution theory
assumption that a final buying decision is possible only after the prospect has answered five logical questions
explain how Maslow's hierarchy of needs affects buyer behavior
basic needs are arranged in a hierarchy according to their strength. when a lower level need is fulfilled, the the next higher level requires more attention.
explain the statement, your greatest strength can become your greatest weakness
being confident can prevent a a salesperson making adjustments in a sales presentation to accomidate the different personality traits of each individual customer or prospect
group influences
buyer behavior is influenced by the people around us. group influences are the forces that other people exert on buying behavior
Emotive style
combines higher sociability and higher dominance 1. Appear quite attractive 2. Takes social initiative in most cases 3. Likes to encourage informality 4. Expresses emotional opinions
Business ethics
compromises, principles, and standards that guide behavior in the world of business
specific survey question
designed to give prospects a chance to describe in more detail the problem, issue, or dissatisfaction they are experiencing form their point of view
preapproach
developing presale objectives and developing a presale presentation plan
information presentation
emphasized factual information that is often taken from technical reports, company prepared sales literature, or written testimonials from people who have used the product
general survey question
help discover facts about the buyer's problem and existing situation
supportive style
high sociability and lower dominance 1. gives appearance of being quiet and reserved 2. listens attentively to other people 3. tends to avoid the use of power 4. makes decisions in a thoughtful and deliberate manner
Directive style
higher dominance and lower sociability 1. Appears to be quite busy 2. May give the impression of not listening 3. Displays a serious attitude 4. likes to maintain contro
prospecting
identifying and developing potential customers
what does the term qualifying mean? what are the four basic questions that should be answered during the qualifying process
identifying prospects who appear to have a real need for your product and should be contacted. does the prospect or account: 1. have a need for the product 2. have the authority to by the product 3. have the financial resources to by the product 4. willingness to by the product
3-D product solutions selling model
illustrates the product, company, and salesperson features available to satisfy the customer's potential 3-D cluster of satisfaction
Why is partnering described as the highest quality selling relationship
it develops a long lasting relationship that generates repeat customers.
Reflective style
lower dominance low socialability 1. Controls emotional expression 2. displays a preference for orderliness 3. Tends to express measured opinions 4. Seems difficult to get to know
prospect base
made up of current and potential customers
approach
making a favorable first impression, securing the prospect's attention, and transitioning to need identification
security needs
needs that represent our desire to be free from danger and uncertainty
Product
one element of the marketing mix, broadly interpreted to encompass goods, services, and ideas.
Positioning
refers to decisions, activities, and communication strategies that are directed toward trying to create and maintain a firm's intended product concepts in the customer's mind
open questions
require more that a yes or no answer
closed questions
require only a yes or no answer
why have salespeople assumed an important role in positioning products
salespeople are the main contact between the customer and the product. how are where products are positioned have on impact on if customers purchases the product
Value added selling
series of creative improvements within the sales process that enhances the customer experience
Empathizer
someone who has the ability to imagine oneself in someone else's position and understand what that person is feeling
action objective
something you want the customer to do during the presentation; schedule a visit, financial information, agree to trial use of the product, place order, or follow up meeting
Tactics
techniques, practices, or method salespeople use during face to face interactions with customers
persuasion
the act of presenting product appeals so as to influence the prospects' beliefs, attitudes, or behavior
Culture
the arts, beliefs, institutions, transmitted behavior patterns, and thoughts of a community or population
Emotional intelligence
the capacity for recognizing your own feelings and those of others, for motivation ourselves, and for managing emotions well in ourselves and in our relationships
Information economy
the period in which our economy began shifting from an emphasis on industrial activity to an emphasis on information processing.
account development
the process of identifying and developing prospects
Value proposition
the set of benefits and values the salesperson configures to meet and exceed their customers' specific needs.
Personality
the thoughts, feelings, and actions that characterize someone
describe the nature of the need discover process when working with a transactional buyer
transactional buyer understands what product they need and when they need it. easily accessible information has armed the buyer with information. A salesperson who asks a great deal of questions is wasting the customers time
business development
using prospects and customers to increase product sales
Personal selling
when a company representative interacts directly with a customer or prospective customer to present information about a product or service
