MAR 3400 FSU Exam 1

Stimulate Consumption

Cognitive, Emotive and Autonomic

Communicate with

Confidence

______ is needed

Curiosity

Balance

Customer and Seller needs

Service-Focused Perspective

Customer's needs come first

Searching for Alts

Get into the choice set; do this with good ads

Gifts vs. Bribes

Gifts you do not expect something in return

Advocate Coach

Gives good advice and info to help you get an audience with the right people, pitch the right product, and close the deal

Satisfaction

Help them to see all the positives of their purchase; Determine if you have something better to offer than the competitor they bought from

Without sales there can be no

Profit

Gatekeeper

Protects the financial buyer; buffer the decision maker from unwanted sales calls

When products are being shipped, who is liable?

Must be decided previously

Example of an Agency

Real estate agent

Legal Trouble

Reciprocity, Tying agreements, Collusion, Price discrimination, Interference with competitors, Defamation

Choosing a Solution

See all the positives of your solution and chooses you

Trust grows rather _____ but declines _____

Slowly; Rapidly

Delay Power

Slows you down

New Buy

Never bought this before; Salesperson needs to provide all the info/talk about needs and solutions

Influencer/Technical Buyer

No real formal authority; have the ear of other people in the buying center

Backdoor Selling

Not letting your intermediary sell to a buyer, instead you sell directly to the buyer

Many people may play ____ role

One

Buyer's Journey

Status quo, Definition, Evaluation, After selection

4 Steps of the Consumption Process

Stimulate consumption, Searching for alts, Choosing a solution, Satisfaction

Negate power

Stops you; much more dangerous

Persuasion vs. Manipulation

Taking away someone's freedom when you manipulate a customer

Social Style

The behavior a person exhibits when interacting with others

Entertainment

Opportunity to build relationship

Oral vs. Written

Oral contracts are just as legally binding as written

Special Treatment

To do this, you will probably be taking away benefits from someone else; clients may think they will be on the back-end of someone else receiving special treatment in the future

Pay attention to non-verbal messages

Tone, Body, Speed

Collusion

Two competitors agree on a price (agree on dropping prices, but instead you raise them)

Price Discrimination

Two different customers with two different prices for no reason of the difference

Financial Buyer/Economic Buyer

Typically makes the final decision

User

Uses the product/services

Old Selling

Walking brochure

Sales people often focus too much on ____ ____ _____ and too little on ___ ____ ____ _____ _____

What they sell; Who they are selling to

Title and Risk of Loss

When it is in my possession it is my risk

Inelastic Demand

When prices change, demand stays the same

Ethics and Client Relations

- Persuasion vs. Manipulation - Gifts vs. Bribes - Entertainment - Special Treatment - Confidential Info - Backdoor Selling

Steps in the Buying Process

- Recognize a need - Define the product needed - Develop detailed specifications - Search for qualified suppliers - Acquire and analyze proposals - Select supplier - Place and receive order - Evaluate product performance

Agency

- Represent a company - Anything the agent agrees to, the company is liable for

Best practices when entertaining:

- Set limits: time and budget - Establish expectations with the prospect - Communicate with management - Talk to the waiter, server or bartender beforehand - Know the difference between entertaining and socializing - Do not drink excessively

Professional Image

- Simplicity - Appropriateness - Quality

How to sell to a Amiable

- Stay patient - Build credibility

Metal Toughness

- Staying ahead of the curve - Motivated - internally and externally - How to handle rejection

Buyer Focused Selling

- Understand buyer's point-of-view - Buyers buy to solve problems - Buyers follow consistent process

Clue's to determine if a buyer is a Analytical

- Well-organized - Wait for your to speak first - Share buying process they use to make decisions - Conservative dresser

How to sell to a Expressive

- What it means for them - Their achievements

Uniform Commercial Code (UCC)

Agency, Sale, Oral vs. Written, Title and Risk of Loss

Sale

Agreement between buyer and seller, in turn, a transaction takes place

Derived Demand

Because of an increase in demand for one product, there is an increase in demand for an intermediate product

Modified Rebuy

Bought it before, but specifications/conditions have changed; Salesperson needs to adjust the solution because there are possible different needs

Straight Rebuy

Bought it before, buying again; Salesperson needs to maintain the relationship

It is important to ask other people about the

Buyer

Buying Center

Buyers working in groups to make a purchase; to minimize risks

Implicit

Can only see the symptoms of their problems; has no solution

Explicit

Can say what they need; has a solution

Blocker

Can stop your process

Interference with Competitors

Can't tamper with competitor's products or contracts

Confidential Info

Cannot share info between competitors or anyone else

Change from Status Quo -> Definition

- Pain or gain - Implications of moving forward - Research - Meetings with vendors

New Selling

- Adaptive - Pay attention to prospect - Pivot and shift - Think through problems - Uncover patterns - New ways to add value - Consultant and advisor

Clue's to determine if a buyer is a Amiable

- Ask about you and where you are from - Talk about their family - Dress casually, but without much style

Successful Seller

- Be likable - Tenacious - Absolutely knowledgable

Status Quo

- Business as usual - Most deals are lost

Clue's to determine if a buyer is a Driver

- Calendars - Business like office - Asking how long the meeting might last - Conservative dresser

How to sell to a Analytical

- Challenge the status quo - Bring evidence

Definition

- Clearer vision - Info floodgates open - Issue clarity + Process clairty

Clue's to determine if a buyer is a Expressive

- Cluttered - Casual and relaxed style - Are "popular" in the office - Casual, but stylish dressers

Evaluation

- Defining concept - Explore other options - Requests for proposal process

Acceptable social activities

- Dinner - Gold outings - Happy hour - Lunch - Conferences

After Selection...

- Final sign-offs - Test solution - Leverage in negotiations

How to sell to a Driver

- Get to the point - Tangible benefits - Frame around benefits

Positives of being in a sales role

- Great income - Regular and immediate feedback - Psychologically rewarding - High visibility - Growth opportunity

Reasoning with Emotions

- Harness and apply emotions - Apply to problem solving - Focus and direct thinking

Expressive

- High on Responsiveness and High on Assertiveness - "I like competent, imaginative salespeople" - Outgoing and more dramatic - Place more stock in opinions

Amiable

- High on Responsiveness and Low on Assertiveness - "Show concern for me and my problems" - Relationships - Move slowly and minimize risk

Emotional Awareness

- Identify you emotions and others - Reading non-verbal clues - Key to authentically connecting

Why is entertaining important?

- It's part of the job - Networking - Also a way to manage your career

Driver

- Low on Responsiveness and High on Assertiveness - "Show be bottom line results" - Efficiency > Relationships - Want to move quickly and will take on risk

Analytical

- Low on Responsiveness and Low on Assertiveness - "What i need are practical suggestions" - Serious - Facts above all - Avoid risk

Managing Emotions

- Maintaining control - Being okay with rejection

Salesmen must carefully consider

The value of ethical behavior in sales

Social Style's Index

Driver, Expressive, Amiable, Analytical

Emotional Intelligence (EI)

Emotional awareness, Managing emotions, Reasoning with emotions

Best way to get past the Gate Keeper

Enter the economic buyer's office with an invitation

Pay attention to

Entrance and Body barriage

Help to make implicit needs more

Explicit

Buyer's Needs

Explicit and Implicit

Sales process has become more

Instant and urgent

_____ is needed for a successful sales individual

Intelligence

Corporate Credit Card Uses

Investing in relationship building activities with clients outside of the office

Defamation

Liable - Written Slander - Spoken

Tying Agreements

Making someone buy something else on top of their purchase

One person may play _____ roles

Many

Visual Integrity

Minimize jewelry and Attention to details

Example of Derived Demand

Mobile phones increase, lithium (which makes phones) increase

Assertiveness

The effort a person makes to influence the thinking and actions of others

Responsiveness

The extent to which a person reacts to certain people or situations and the feelings that those people and situations create

Reciprocity

The idea that if you do something for someone, that person owes you something in return