MKT 3302 All quiz

The need to develop new customers is extremely important. Some studies estimate that the average company loses ___________ percent of its customers every year.

15-20

_______________ is/are a source of information about potential customers for new salespeople.

Friends and family

Portfolio models are MOST effective where salespeople understand ____________________.

Individual customer needs and where relationship strength is important to sales success

Information that turns prospects and accounts into long-term customers includes ____________.

Knowing more about the customer than just name and title; knowing about the prospect's company and marketplace; and knowing how you bring value-adds to them

______________ management is the process of managing all the prospects in the salesperson's sales funnel.

Pipeline

The ability to conduct sophisticated data analysis and modeling on prospects is called ______________________.

Pipeline Analytics

Two popular salespeople use for performing account analysis and what sales strategies are the _____________.

Portfolio model and the sales process model

_______ is one of the biggest obstacles sales people have to conquer

Price objection

___ help(s) you uncover ad clarify the pain, implications, and circumstances surrounding the customer's buying problem.

Probing questions

Analysis of your ______________ can help identify, locate, and profile your prospects.

Product and current customers

The qualifying process is also the first opportunity to consider ___________.

Prospect Needs and how they match with your product characteristics

The basic lead qualifying criteria includes _________________.

Prospect need, authority to buy, financial resources to buy, and willingness to buy

The sales process (or sales funnel) model includes the following steps: _____________.

Prospect, qualified, needs analysis, presentation, negotiations, and closed/service

the goal of prospecting is to build a qualified prospect base made up of _____________.

Prospects and customers

One of the MOST important keys to success in personal selling is the ability to ____________.

Qualify Leads

__________ is the process of identifying prospects who have a need for your product and should be contacted.

Qualifying

_____________ leads result in higher close rates, larger sales, and shorter sales cycles.

Referral

__________ data is the information seen is most CRM systems and might include customer contact information, past purchase and product information, volume, influencers in the buying decision, preferred communication method, and much more.

Sales

The type of information that goes beyond sales data such as insights into the prospect's marketplace, the firm, the competitors, and even the prospects themselves is called ________.

Sales Intelligence

_ includes thoughts, feelings, and behavioral patterns that conspire to limit what a salesperson is able to accomplish.

Sales call relucatance

When is comes to collecting and organizing prospect and account information, salespeople have a large variety of computer systems available. These are known as _____________.

Sales force automation systems, or customer relationship management systems (CRMs)

When you build __________ into your sales process, you increase the odds that the customer will give you a referral.

Value

There many types of prospecting approaches; however, most successful salespeople are using ________________ for prospecting and account development.

a combination of approaches

In analyzing each buyer concern, the salesperson should try to determine which method can be most effective. In most cases, the salesperson can use:

a combination of methods

In the eyes of most customers, value is more important than price. Always try to position your product with:

a convincing value proposition

10. Team sales presentations require

a more detailed precall plan than individual sales calls.

Need discovery is sometimes called:

a needs analysis or needs assessment

Studies indicate that the favorable testimony of _____ can be an effective method of responding to buyer resistance.

a neutral third party

4. Establishment of objectives for the sales presentation and preparation of the presentation plan must be guided by

a strong desire to provide outstanding customer service.

To effectively and efficiently manage the prospect or account base, sales managers and salespeople often conduct a(n) ______________ analysis.

account

8. An _ is something you want from the customer during the sales presentation.

action objective

17. A high-quality and professional approach is powerful way to

add value and differentiate yourself from your competitors.

The best time to deal with price is ______

after you have reviewed product features and buyer benefits

23. Some of the most common approaches to arouse prospect interest in the presentation include

agenda, product demo, referral, customer benefit, question, survey, and premium.

25. Selling to the "gatekeeper" means

aligning yourself with the person who schedules the decisions maker's appointments.

12. Adaptive selling involves

altering sales behaviors to improve communication with the customer.

15. The six main parts of the presentation plan include

approach, need discovery, presentation, negotiation, close, and servicing the sale.

The concept of finding "what alternative(s) will be acceptable to you if your negotiation does not succeed" is called :

best alternative to negotiated agreement or BATNA

Regarding the specific use of questions, research results revealed that the highest performing salespeople used questions to _____.

build clear, complete, mutual understanding; guide the direction of the sales call; and used questioning strategy to facilitate an open exchange of information

The qualifications that must be available or fulfilled before the sale can be closed are called ____ conditions.

buying

One way to clarify price concerns is:

by asking questions to determine what the customer is thinking

The "sell low now, make profits later" approach:

can create value for both you and your customer because it might be a way of gaining a foothold in your buyer's business

14. In order to create customized presale presentation, salespeople need to

collection background information.

Solution selection is an important function of the salesperson. Salespeople who have the ability to ___ achieve the status of trusted advisor.

conduct a value-added needs analysis

Buyers sometimes use the "take-it-or-leave-it" tactic. An alternative strategy to counter this tactic is to:

confidently review the superior benefits of your product and make another closing attempt

Some organizations link the qualifying process with the need discovery step in the __________ process.

consultative sales

21. The social contact helps build rapport. Building rapport should lead to _

credibility, which builds trust.

22. The _ approach is also referred to as the elevator speech.

customer benefit

11. Team members should be given

detailed information about the customer, understand the basics of consultative presentations, and be prepared to add value.

The sales environment is changing. In competitive markets, success increasingly hinges on:

developing mutually rewarding customer relationships

Research has shown that high-performance sales personnel have learned how to:

diagnose and solve problems better than their competitors

9. The key advantages of a sales team include

discovering problems, solutions, and sales opportunities than an individual salesperson could discover working alone

16. Prior to developing the presentation plan, the salesperson must answer one very important question:

do these activities relate to the customer's buying process?

Resistance to time is often referred to as stalling. A stall usually means the customer____

does not yet perceive the benefits of buying now

Today's customers are well informed and might want to ____ early in the sales process.

engage in negotiations

3. The second prescription discusses the need for a carefully prepared presentation plan the includes

ensuring that all salespeople are well organized and prepared to achieve objectives.

1. The three prescriptions of a presentation strategy are _.

establish objectives, develop a presale presentation plan to meet the objectives, and renew everyone's commitment to provide outstanding customer service

Servicing the sale is a major way to create value, ensure maximum satisfaction, and long-term relationships. Critical servicing-the-sale activities include:

expansion selling, making credit arrangements, following through on assurances and promises, and dealing effectively with complaints

The challenge a salesperson faces in almost every negotiation is to sell products and services based on ______, not on price.

fair and unique value propositions

18. If the approach is successful, the salesperson will be

given the opportunity to make a sales presentation.

Product-oriented selling is usually:

inefficient and ineffective

According to research by Neil Rackham, the ___ has the most impact on buyer's decision to purchase a product.

investigate or need discovery stage

If you are calling on business prospects, the way to overcome need resistance is to prove your product:

is a good investment

Concerns about the product or service often become the focal point of buyer resistance. Two common factors influencing the buyer's attitude are that the product or service:

is not well established or the current product or service is satisfactory

In need discovery you assume that the client's problem is not:

known

The starting point for need discovery is developing a:

listening attitude

Buyers will also use the "let-us-split-the-difference" tactic. If the buyer's suggestion is not acceptable, then you might:

make a counteroffer

7. The second step in the preapproach process is

making a favorable first impression, getting the prospect's attention, and transitioning to need identification.

When collaborating with a potential customer on potential solutions, the salesperson should:

match specific benefits with specific buying motives

The consequence of the use of the "if...then" tactic could be serious. If the buyer does have a number of options that offer the same benefits as yours, then the salesperson:

might have to concede

The four part need satisfaction model includes:

need discovery, solution selection, need satisfaction, and servicing the sale

The great majority of buyer concerns fall into five categories. Those categories are ____

need, product, source, time, and price

According to one sales expert, Gerhard Gschwandtner, publisher of Selling Power, the salesperson's job is ______________.

not to make sales, but create customers

The third part of the need-satisfaction model is informing, persuading, or reminding. During this process, the salesperson:

places less emphasis on questions and more on value-adding statements

"Do unto others as they want to be done unto" is an application of the ______ rule of negotiating.

platinum

6. The first step in the preapproach process is

preparing presale objectives and developing a presale presentation plan.

5. The presentation strategy added value by making sure the

presentation is customized and adapted to meet the needs and time constraints of the prospect.

The process of selecting the right solution is called:

product configuration

The pace, scope, and time allocated to need discovery might depend on a variety of factors, but there are generally several major factors. The major factors include:

product sophistication, price, customer's product knowledge, and time available for discussion between salesperson and prospect

During need discovery, the effective use of ____ to achieve need identification and need satisfaction is one of the greatest challenges facing most professional salespersons.

questions

Negotiations can happen at any stage of the sales process, but in most cases the most important negotiations will take place during the _______ stage of the buying process

resolution of problems

The second part of the consultative sales process consists of selecting or configuring a solution that:

satisfies the prospect's buying motives

Active listening is ____, both in terms of content and meaning.

sending back to the prospect what you as a listener think the prospect meant

Use _____ to control the flow of information and draw out the customer.

silence

Identifying and developing customers is an important aspect of _____________.

the customer strategy

The greatest time investment in personal selling is:

the front-end of the sales process

Several of the most common causes of customer attrition include the following: ___________________.

the purchase was a one-time need, customer moves or is acquired, and a loyal buyer goes to new company or leaves

13. Salespeople skilled adaptive selling consider how_may enhance the sale presentation.

the relationship, product, and customer strategies

20. The business contact involves converting the prospect's attention from the social contact to _.

the sales presentation.

19. A major goal of _ is to make a good first impression, build rapport, and establish credibility.

the social contact

To help overcome price concerns, salespersons need to direct the customer's attention to:

the value-added features of your product or service

Bringing new insights to customers regarding _____ creates value for them.

their buying problem and enhanced solutions

Salespeople use the consultative sales presentation because ___

this customer-focused selling model results in increased customer satisfaction, more closed sales, and more repeat and referred business

Many _____ buyers are primarily interested in price and convenience during negotiations, so consider eliminating features that contribute to a higher selling price.

transactional

A salesperson might attempt to turn the objection into a(n) _____ by concluding the sale without prejudicing the opportunity to continue the selling process with the buyer should he or she refuse to commit

trial close

2. Objectives of the first prescription include _.

understand needs and build or establish the relationship

One strategy to use with buyers who use the "budget limitation tactic" us to:

use unbundling by eliminating some items to reduce the price

Consultative selling is a very customer-centric form of selling that creates:

value for the customer and the firm

The definition of negotiation is ______

working to reach an agreement that is mutually satisfactory to both buyer and seller

A second important negotiation planning tool, _______, is defined as the space between the seller's walk-away point and the buyer's highest willingness to pay.

zone of possible agreement or ZOPA