Mkt 391 Final Study Guide

According to our lecture, approximately ____________ of sales representatives give up after just 1 objection

44% (approximately 44% give up after just 1 objection. An additional 22% give up after 2)

According to our lecture, which statistics are MOST accurate

80% of businesses believe they provide superior service, but only 8% of customers believe they receive superior service

According to our lecture and/or readings, approximately ______________ of what a person hears in a conversation can be derived from Body language and tone of voice

92%

Please select the most appropriate answer: According to our lecture and/or readings, _______________ is the name of a person provided to the sales professional as a lead

A Referral

In the context of a buyer-seller relationship, which of the following statements is true of trust?

A salesperson has to determine what it means to each of his or her buyers.

Which of the following statements is true of pioneers?

All pioneers are order-getters

According to our lecture, when communicating UP it is recommended to

Ask how they would like to be communicated with, how often, and how much detail

According to our lecture and/or readings, when communicating DOWN, which answer below does NOT fit the concept

Ask the employee why their performance has dropped 20%

According to our lecture and/or readings, ___________________ do not vary from buyer to buyer, and they should be tested for effectiveness

Canned Presentations

Retaining a client's business - and all of its various activities to keep, retain, and grow the client relationship are most closely aligned with

Client Retention

According to our lecture, which concept most closely aligns with "advancing the discussion and keeping the conversation alive..."

Commitment

According to our lecture and/or readings, a statement of how the sales offering will add value to the prospects business by meeting a need or providing an opportunity is known as:

Customer Value Proposition

Which component of trust in a salesperson does a buyer's question "Will you recommend what is best for me?" most likely address?

Customer orientation

Which of the following is true of customer value?

Customer value is always determined by the customer and not the salesperson.

_____ is the first stage in the problem-solving approach to selling.

Defining the problem

Which component of trust in a salesperson does a buyer's question "Can you and your company back up your promises?" most likely address?

Dependability

According to our lecture, the ranking of the LEAST form of communication to the MOST effective form of communication is

Email/text, zoom/Skype, in person meetings

Salespeople are often faced with quota pressure from their managers. Under these circumstances, which of the following practices by a salesperson is most likely to be considered an example of ethical behavior?

Explaining the cons of a recommended product

Select the MOST accurate answer: according to our lecture, one of the mistakes made when "pricing" comes up is that the sales representative

Fails to highlight value first

Buyers tend to prefer stimulus response selling approaches over need satisfaction selling approaches.

False

Customers rarely expect salespeople to be knowledgeable about market opportunities and relevant business trends that may affect the customer's business.

False

In the problem-solving selling approach, competitors' offerings are never included as alternatives in the purchase decision.

False

True or False: According to our lecture and/or readings, the added value or favorable outcome derived from features of the prospect or service the seller offers is specifically known as the features

False

True or False: according to our lecture and/or readings 8% of companies believe they provide superior service, 80% of customers agree

False

True or False: according to our lecture and/or readings a phone call meeting is more effective than a zoom/skype meeting because the zoom/skype meeting does not factor in tone of voice

False

True or False: according to our lecture and/or readings qualifying sales leads occurs when the buyers search out a sales professional to determine if the company is qualified and licensed to be in business

False

True or False: according to our lecture and/or readings, a tracking system should not be part of the prospecting plan

False

True or False: according to our lecture and/or readings, leveraging LinkedIn is not an effective method to locate a decision-maker in a company because their title is not usually visible and they are not affiliated with any of your contacts

False

True or False: according to our lecture and/or readings, when a potential buyer says that he/she is too busy, it is recommended to respect their wishes, do not push too hard, and consider using LinkedIn to see if you have any friends who work with your potential buyer

False

True or False: according to our lecture, approximately 92% of what matters - or what a person "hears" - are the words

False

According to our lecture and/or readings, ________________ day is a good day to talk to the customers, but not the best day to obtain a signed closed contract

Friday

According to our lecture and/or readings, _______________ are the characteristics of the perfect customer or best customer

Ideal customer profile

Which of the following statements is true of the stimulus response form of personal selling?

Inexperienced salespeople can rely on the stimulus response form of personal selling.

Please select the MOST appropriate answer: according to our lecture and/or readings, "asking the right questions" is an effective method of communication because

It allows the professional sales representative to start out with broad questions in an effort to understand the big picture

According to our lecture and/or readings, approximately 10% accounts for a person's success

Knowledge

According to our lecture and/or readings, leveraging company research and industry trends to position oneself as an equal in a business meeting is most closely associated with

Level-Setting

Case histories can break the monotony of a _____________

Long presentation

According to our lecture, The Art of Negotiation is

Never give up something without getting something in return

According to our lecture and/or readings, a _________________ occurs when a buyer is purchasing something new, possibly even expensive, and might need a lot of information to make a final decision

New Task Buying Situation

According to our lecture and/or readings, when a professional sales representative comes to a business meeting ready to discuss lots of information and detailed facts with the client, he/she is in a ________________

New Task Buying Situation

According to our lecture and/or readings, approximately _____________ of what a person hears are the actual words

None of these (55,37,25,92)

According to our lecture and/or readings, ___________ is the most frequently used format by a sales representative

None of these (Canned Presentations, Written Sales Proposals, Cold calls)

Please selected to most appropriate answer: _______________ is designed to identify, qualify, and prioritize sales opportunities

None of these (Referral,Cold Call,Sales Dialogue)

According to our lecture and/or readings, __________ questions sale professionals use throughout a sales dialogue to generate feedback from the buyer

None of these (Response checks Sales aids Case histories Group Dialogues)

Please select the answer that is the most accurate according to our lecture and/or readings: basic information about the prospect includes:

Not none of these. Trade shows, company records, seminars, and directories. or Interest and hobbies, communication style, name and educational background

Situation: an insurance agent is told by a potential customer "I can't switch my insurance just yet. It's only July. My current policy does not end until December 31st." The insurance agent does not give up, and says, "Ok, do you mind if I call you in early December to revisit this conversation?" This insurance agent is demonstrating

Obtaining a Commitment

According to our lecture and/or readings, ____________ allows for flexibility to adapt to customer feedback

Organized Sales Dialogues and Presentations

According to our lecture and/or readings, when a professional sales representative leverages product examples from the customer's competition, this concept is known as:

Paralleling the Client

Which of the following forms of marketing involves talking with buyers before, during, and after the sale?

Personal selling

Which of the following is the most important part of marketing communications in business-to-business marketing?

Personal selling

According to our lecture and/or readings, when a buyer does not like the way a products looks or feels, and therefore resists making a purchase, this is most closely aligned with

Product Objection

Which of the following skills is considered a strength for an order-taker?

Reliability

According to our lecture and/or readings, a face-to-face meeting between a sales team or sales professional and a buyer to discuss business is known as _______________

Sales call

______________ is considered a sales objection

Stalling

Which of the following five views of personal selling is considered to be the simplest?

Stimulus response selling

Please select the most appropriate answer based off of our lecture and/or readings: ______________ are individuals or organizations who might possibly purchase the product or service a sales person offers

Suspects

According to our lecture, "making an appointment" is a suggested solution for this objection

Time Objection

Please select the most appropriate answer: according to our lectures and/or readings, _______________ present sales professionals with great opportunities to locate leads

Trade Shows

As salespeople serve their customers, they simultaneously serve their employers and society.

True

Personal selling and sales promotion are both forms of marketing communication.

True

Situation: you are a software sales representative. The client has agreed to make a purchase from you and your company for a 1 year contract. The first step is a $10,000 set up fee. The client does NOT want to pay the $10,000 fee, and offers $2,000. You decline this offer, but suggest $9,000 set up fee and a 2-year contract might give you the bargaining power you need to get this approved. True or False: this qualifies as an "artful negotiation" because you are giving up $1,000 off the set up fee, but you are potentially extending the contract an extra year

True

The three phases of the sales process are initiating, developing, and enhancing customer relationships

True

True or False: According to our lecture and/or readings, in a proposal's executive summary the sales representative addresses the customer's needs

True

True or False: According to our lecture and/or readings, unlike a canned sales presentation, an organized sales dialogue has a higher level of customer involvement

True

True or False: According to our lecturer and/or readings, the sales funnel starts with generating leads. And it ends with the steps of preparing for sales dialogues and the remaining stages in the trust-based sales process

True

True or False: according to our lecture and/or reading testimonials are similar to statistics, BUT in the form of statements from satisfied users of the selling organization's services and products

True

True or False: according to our lecture and/or readings, involving and engaging the buyer is one of the keys to effective sales dialogues

True

True or False: according to our lecture and/or readings, sales professionals often find it DIFFICULT to organize and plan enough time to prospect

True

True or False: according to our lecture, doing research into industry trends is one way for a professional sales representative to position his/herself as an "equal" in a sales meeting

True

Please select the most appropriate answer to the concept: ____________________ is an effective solution to selling "services"

Word of mouth campaign

When salespeople alter their sales messages and behaviors during a sales presentation or as they encounter different sales situations, they are using _____.

adaptive selling

A salesperson should be familiar with his or her company's key personnel from other departments. This helps:

build team spirit when the salesperson needs help in meeting a customer's needs

A salesperson can deal with the issue of intensified competition in the future by

focusing more on creating and delivering customer value.

The sales process begins with:

locating qualified prospective customers

Comparisons of a company's competitors' products for a customer's buying decision are critical, especially when the company:

possesses features and benefits that are superior to those of the competition

According to our lecture and/or specifically from the readings, buying motives may be _______ or _______, or a combination of both

rational, emotional

Using electronic materials, or printed materials, and product demonstrations to engage and involve buyers is known as:

sales aides

The series of conversations between buyers and sellers that take place over time in an attempt to build relationships is referred to as _____.

sales dialogue

The most important part of a salesperson's job is:

the sales process