MKT 331 Review Questions
Develop a personal selling philosophy
*Adopt Marketing Concept *Value Personal Selling *Become a Problem Solver/Partner
Develop a reltionship strategy
*Adopt Win-Win Philosophy *Project Professional Image *Maintain High Ethical Standard
Develop a product strategy
*Become a Product Expert *Sell Benefits *configure Value-Added Solutions
What are the three personal selling philosophies?
1. Adopt marketing concept 2. Value personal selling 3. Become a problem solver/partner
what are the three prescriptions for developing a successful personal-selling philosophy?
1. Adopting the marketing concept: The decision factor. The company has to choose the right marketing concept for developing the skill of personal selling. 2.Creating Value: personal selling should be an important tool within a company, should be utilized along with other marketing strategies. 3. Solving Problem: Customers use internet and sometimes it provides overloaded information.
List and describe the four employment settings for people who are considering a selling career
1. Inside employment setting: In-house selling activity, like telephone and email. 2. Inbound employment setting: Includes attending customers calls. 3. Outbound employment setting: Marketing through telephone, internet and website. 4. Outside employment setting: Face to face conversation with individual customers.
List the three prescriptions that serve as the foundation for development of a relationship strategy.
1. Maintaining of the high standards of ethics. 2. projecting the image as professional. 3. The whole process of relationship must be managed effectively.
What major factors help influence salespeople's ethical conduct?
1. Role models within the company. 2. Company policy and practices. 3. Personal values .4.Laws, contracts and agreements.
label the four-step consultative sales presentation guide.
1. Searching problem. 2. finding solution. 3. presentation. 4. service.
List and describe the features of consultative selling.
1. See the client as a person to be served, not a prospect to be sold. 2. Identify the buyer's needs with two-way communication. 3. Consultative selling involves need identification, problem solving, and negotiation instead of manipulation. 4. Consultative selling involves service at every stage of the process.
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.
Partnering
A strategically developed, high-quality relationship that focuses on solving the customer's buying problem.
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.
Presentation strategy
A well-conceived plan that includes three prescriptions: 1. establishing objectives for the sales presentation 2. preparing the presale presentation plan needed to meet these objectives 3.renewing one's commitment to providing outstanding customer service.
Consultative selling
An approach to personal selling that is an extension of the marketing concept. Emphasis is placed on need identification, need satisfaction, and the building of a relationship that results in repeat business.
explain why high performance value added salespeople earn much more than high performance transactional salespeople
Better ideas and skills for selling products or services.
Peter Drucker stated that "the ________ defines the business."
Customer
The ultamate goal of the Marketing Concept is
Customer satisfaction
Why is partnering described as the highest-quality selling relationship? why has the building of partnerships become more important today?
Making long lasting relationships between company and its associate. Partnering is the best way of growing sales.
Why do salespeople tend to have good opportunities for career advancement?
Many key factors for success in sales are skills that transfer to management positions
Explain why the sales manager plays such an important role in influencing the ethical behavior of salespeople.
Monitor, promotes and reviews the standards of ethical behavior.
Consultative selling emphasizes ________, which the salesperson does by asking the client questions and listening carefully to the answers.
Need Identification
Product
One element of the marketing mix. The term broadly encompasses goods, services, and ideas
Explain how personal selling can help solve the problem of information overload.
Personal Selling involves direct interaction between a customer and sales representative of a company. A SR provides detailed information regarding the products and services offered by his company. Which helps the customer to understand the benefits of using the products/services, without being confused by overloaded information.
The promotion element of the marketing mix can be divided in the areas of
Sales promotion public relations personall selling advertising
Identify the four major sources of sales training
Sales training can be acquired from four key sources: 1. corporate-sponsored training 2. training provided by commercial vendors 3. certification programs 4. courses offered by colleges and universities.
Discuss the evolution of personal selling models as an extension of the marketing concept
Salespeople today are problem solvers who obtain the participation of buyers in identifying their problems, which can be translated into needs.
Relationship selling
Salespeople who work hard to build and nourish long-term partnerships. They rely on a personal, customized approach to each customer.
Discuss how thought processes can enhance your relationship strategy
Self-imposed fears can prevent salespeople from achieving success. The relationship strategy is built on the win-win philosophy empathy and ego drive character and integrity.
How does business slander differ from business libel?
Slander: A man has tweeted an apology hundred times on the social media service for three days after insulting a publishing company. Libel: A weight loss guru is suing a rival after his methods been called a dangerous fantasy.
_____________evolved because of broader and more diverse product lines, demand for specific customized solutions, and more competition.
Strategic selling
A major reason for the demise of the product solution is the growing number of look-alike products.
TRUE
Consultative selling, which emerged in the late 1960s and early 1970s, is an extension of the marketing concept.
TRUE
E-commerce has contributed to the decline in popularity of transactional selling.
TRUE
The goal of strategic selling alliances is to achieve a marketplace advantage by teaming up with another company whose products fit well with your own.
TRUE
The marketing concept is the foundation of the sales methods and techniques used since the 1950s.
TRUE
The presentation strategy includes a reminder that outstanding service should be the overriding theme of every sales presentation.
TRUE
Typical salespeople spend about 30 percent of their time in actual face-to-face situations.
TRUE
Marketing mix
The combination of elements (product, promotion. place, and price) that creates continuing customer satisfaction for a business.
Define strategic selling and name the four broad strategic areas in the Strategic/ Consultative-Selling Model
The four broad strategic areas in the Strategic/Consultative-Selling Model are 1. developing a relationship strategy 2. developing a product strategy 3. developing a customer strategy 4. developing a presentation strategy.
Explain the importance of developing a relationship strategy
The manner in which salespeople establish, build, and maintain relationships is a major key to success in personal selling. Emotional intelligence, defined as the capacity for monitoring our own feelings and those of others, for both motivating ourselves and managing emotions well in ourselves and in our relationships, is critical to the development of a successful selling relationship strategy.
What is the marketing concept?
The marketing concept is the belief that a firm should dedicate all its policies, planning, and operations to the satisfaction of the customer. Achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired products.
Customer relationship management
The process of building and maintaining strong customer relationships by providing customer value. a modern CRM program relies on a variety of technologies to enhance customer responsiveness.
Describe the emergence of relationship selling in the age of information
The restructuring of America from an industrial economy to an information economy began in the 1950s. We now live in an age in which the effective exchange of information is the foundation of most economic transactions. Salespeople use a variety of information technology tools to gather and process information of value to the customer.
Explain how value-added selling strategies enhance personal selling
This approach to personal selling is defined as a series of creative improvements that enhance the customer's experience. The information economy rewards those salespeople who have the skills, the knowledge, and the motivation to determine how to create value at every step of the sales process.
Explain how personal selling skills have become one of the master skills needed for success in the information age and how personal selling skills contribute to the work performed by knowledge workers
Today's workforce is made up of millions of knowledge workers who succeed only when they add value to information. The new economy rewards salespeople and other knowledge workers who collect, organize, clarify, and present information in a convincing manner. Selling skills contribute in a major way to four groups of knowledge workers who usually do not consider themselves salespeople: customer service representatives, professionals (accountants, consultants, lawyers, etc.), entrepreneurs managerial personnel.
With respect to the knowledge required by the salesperson, what is the main difference between transaction focused traditional selling and trust-based relationship selling?
Transaction-focused selling requires a broader range of knowledge on the part of the salesperson.
When measured by either the number of people employed or expenses as a percentage of sales, personal selling is often the major promotional method used by American businesses.
True
Describe how ethical decisions influence the building of partnering relationships in selling
Unethical sales practices will ultimately destroy relationships with customers. These practices undermine trust, which is at the very core of all meaningful relationships.
value-added selling?
Value-added selling has emerged as a response to the customer economy.
Customer strategy
a carefully conceived plan that results in maximum responsiveness to the customer's needs. The salesperson should develop an understanding of the customer's buying process, understand buyer behavior, and develop a prospect base.
Reciprocity
a mutual exchange of benefits, as when a firm buys products from its own customers. Some business firms actually maintain a policy of reciprocity.
in consultative selling, the customer is seen as
a person to be served
Customer relationship management (CRM)
a software that records in one place the extensive information necessary to understand a customer and their needs and expectations.
Three general guidelines can serve as a foundation for a personal code of ethics:
a. Relationship comes first; task, second. b. Be honest with yourself and with others. c. Personal selling must be viewed as an exchange of value.
Which approach to personal selling involves salespeople altering their sales messages and behaviours during a sales presentation or as they encounter different sales situations and different customers?
adaptive selling
Tactics
are techniques, practices, or methods you use when you are face-to-face with a customer. Ex: questions to identify needs, presentation skills, and various types of closes.
How is the selling process usually described?
as a series of interrelated steps
Consultative selling emphasizes need identification, which the salesperson achieves by:
asking the client questions and listening carefully to the answers
Maintaining high ethical standards can
can strengthen your relationship with a customer
Business ethics
comprise principles and standards that guide behavior in the world of business. They help translate values into appropriate and effective foundational behaviors that build and strengthen partnering relationships in day-to-day life.
What is the process of helping customers to reach their strategic goals by using the products, services, and expertise of the sales organization?
consultative selling
Transactional selling is less complicated than consultative selling because:
consultative selling takes into consideration the clients' varying needs
A(n) ________ strategy is a carefully conceived plan that will result in maximum responsiveness to customers.
customer
The process of building and maintaining strong customer relationships by providing customer value is called
customer relationship management
Value-added selling
defined as a series of creative improvements within the sales process that enhance the customer experience.
Which of the following factors most affects the contributions made by salespeople to their employers?
direct contact with customers
In the evolution of personal selling, why were early salespeople often treated with contempt?
due to their frequent use of deception in the selling process
For a strategic account relationship to be successful, the first step is for a company to:
find out as much about the proposed partner as possible
A partnership is beneficial for both parties because the successive sales are:
greater than the initial or repeat sales
how are the steps in the sales process best characterized?
highly interrelated, often overlapping, and not necessarily a strict sequence of events
What is the essential difference between personal selling and other promotional tools that helps salespeople to create value?
interpersonal communication with buyers
Strategy
is a prerequisite to tactical success. You are more likely to make your sales presentation to the right person, at the right time, and in the right manner most likely to achieve positive results.
Relationship strategy
is a well-thought-out plan for establishing, building, and maintaining quality relationships.
Strategic planning
is the process that matches the firm's resources to its market opportunities. It considers financial assets, workforce, production capabilities, and marketing.
In the continued evolution of personal selling, what is the best response to the challenge of intensified competition?
more focus on creating and delivering customer value
Personal selling
occurs when a company representative interacts directly with a customer or prospective customer to present information about a product or service
In terms of marketing resources spent, which promotional tools do business-to-business marketers consider most important?
personal selling
Which promotional tool of marketing relies heavily on interpersonal communication and interaction between buyers and sellers?
personal selling
Preparing objectives for the sales demonstration and a plan to reach those objectives is the
presentation strategy
CRM software is used to manage information about
prospects and customers
Customer loyalty depends on quality products and:
quality relationships
Trade selling
refers to the sale of a product or service to another member of the supply chain. For example, a manufacturer of household goods may employ sales representatives to sell his or her products to retailers.
A well-thought-out plan for establishing, building, and maintaining quality relationships is a:
relationship strategy
In a market characterized by vigorous competition, look-alike products and customer loyalty that depends on quality relationships as well as quality products, the salesperson should fully utilize the
relationship strategy
the series of conversations between buyers and sellers that take place over time in an attempt to build relationships?
sales dialogue
Adaptive selling
sales training programs that encourage salespeople to adjust their communication style to accommodate the communication style of the customer.
The evolution of strategic selling can most likely be traced to:
several trends that resulted in a more complex selling environment
Achieving a marketplace advantage by teaming up with another company whose products or services fit well with your own is referred to as a:
strategic selling allianc
The highest form of partnering is the:
strategic selling alliance
When a marketer decides to adopt partnering, emphasis will most likely be placed on
the customer
The customer strategy always takes into consideration
the customer's needs
Salespeople who have the skills and motivation to add value during the sales process are rewarded by
the information economy
Inside salespeople
those who perform selling activities at the employer's location, typically using the telephone and e-mail. perform selling activities at the employer's location, typically using the telephone and e-mail.
With the onset of the Industrial Revolution in the middle of the eighteenth century, what economic justification of salespeople gained momentum?
to reach new customers in geographically dispersed markets
outside salespeople
travel to meet prospects and customers in their places of business or residence. Roles include selling products, offer a variety of services to their customers, such as maintaining inventories, merchandising, providing promotional support, gathering and interpreting market information, extending credit, and distributing goods.
What are the desired outcomes in trust-based relationship selling?
trust, mutual benefits, and enhanced profits
Information economy
will reward those salespeople who have the skills, the knowledge, and the motivation to determine how to create value at every step of the sales process.
information economy
will reward those salespeople who have the skills, the knowledge, and the motivation to determine how to create value at every step of the sales process.
