MKT 352 Hamwi exam 1

What is sales puffery

"This is a top notch product" what does that mean? No real meaning I'm what's said but sounds good.

What is the social style matrix?

A popular training program that companies use to help sales people adapt their communication styles

What are the five stages of relationship development

Awareness exploratory expansion commitment dissolution

What is responsiveness?

Based on how emotional people tend to get in social situations

What is the multi-attribute model of product choice

Based on the idea that people view a product as a collection of characteristics or attributes. buyers evaluate a project by considering how each characteristic satisfies the firms need and perhaps their individual needs.

What are the two types of loyalty and what are the differences

Behavioral-no attachment, soda from gas station Attitudinal- emotional attachment, childhood blanket ??

What are the two main entities a sales person represents

Company Customer

What does it mean for a salesperson to to be be customer customer oriented?

Concerned for the customer

What is the best competitive advantage a company can have?

Customer service

What is derived demand?

Demand for a service that is a consequence of the demand for something else

What is relationship marketing

Focusing on long-term customer relationship and customer loyalty, not short term goals

What kind of knowledge does a salesperson need to sell adaptively

Information about products services company & the competition

Why is personal selling the most effective from of marketing communication?

It's flexible & has the most control

What is a boundary spanner?

Linking an organizations internal network with an external organization

What is the 80-20 rule in sales?

Listen 80% of the time and talk 20% of the time

What is the goal of the principles of sales?

Logical persuasive argument to convince someone of something

What are the two types of business relationships

Market exchanges and Partnerships

What are the differences between the two types of business relationships

Market exchanges- making a sale Partnership- building trust

Marketing Concept

Meet the need and be customer oriented

What are the five building blocks of a successful relationship? which is most important?

Mutual trust open communication common goals commitment to mutual gain organizational support

What are the three types of buying decisions? which is the most common for consumers? and which is the most common for organizations?

New task, straight rebuys, and modified rebuys Most common for consumer-straight rebuys Most common for org-modified rebuys

What characteristics of your marketplace would lead you to use personal selling?advertising?

Personal selling- small audience, varying needs Advertising- large audience, similar needs

Who are the five people that make buying decisions? what role do they each play?

Producers 0EM's end-users resellers government agencies, institutions, and consumers

What are the four eras of personal selling and what happens in each

Production sales marketing (consumer) relationship

What are the eight steps in the buying process

Recognize the need definition of product type needed definition of detailed specifications search for qualified suppliers acquisition/analysis of proposal evaluation of proposal& selection of supplier placing & receiving the order evaluation of product performance

What are the characteristics of active listening

Repeating information restating or rephrasing clarifying summarizing tolerating silences concentrating on the ideas being communicated

What are two main causes of unethical behavior

Role conflict & fear of being fired

What are the differences between a single supply strategy and a multiple supply strategy

Single- Buys everything from one supplier pro: discounts, same quality, all relationship benefits con: if it fails you have no other relationships Multi- Buys from multiple suppliers Con: no discount no relationship no guarantee of quality Pro: less risky, has other relationships

What are the four subtypes of business relationships

Solo exchanges Functional relationships Relationship partnerships Strategic partnerships

What are the three main kinds of sale presentations

Standard- script, low cost and unskilled outlined- standard but more leeway for salesperson customized- professional, customized & high cost

What is assertiveness?

The degree to which people have opinions about issues make their positions clear to others

What is persuasion?

Trying to influence the buyers decision, not force it

1. what are the two most important elements in the definition of personal selling

Uncovering and satisfying a need with long term benefit of both parties

What is a word picture?

Vivid description in writing

What is true about turnover in sales that are different from other business disciplines

When people leave, turnover is much higher to any other business discipline

What is manipulation?

eliminates or reduces the buyer's choice unfairly

Which way does information flow in sales?

from salesperson to customer and from customer to salesperson

What is lifetime customer value

prediction of the net worth attributed to the entire future relationship with customer

What are ethics?

principles governing the behavior of an individual or a group