sales management test 1

stars, dogs, cows, problem children

.the 4 quadrants of a business portfolio matrix are

3 major reasons for shift of focus to better serve consumers

1. dramatic success of Japanese companies 2. dramatic increase in the quality of consumer and marketing research 3. development of the Internet as a marketing tool

advisory group business association professional company

4 types of ethical codes are

1. clarification 2.straightforward 3.psychological 4.concessions 5.loss of sale

5 basic types of closes:

Situational Ethics

A behavior acceptable in one situation can be unacceptable in another describes

Culture Ethics Laws

A company's macroenvironment includes

Key Account Selling

A company-wide effort to satisfy customers across all touchpoints and provide personalized treatment in order to increase customer retention and profitability

Sales Budget

A financial sales plan outlining how to allocate resources and selling efforts to achieve the sales forecast is

Sales Forecast

A prediction of the future market potential for a specific product is

CRM

A systematic integration of information, technology, and human resources, all oriented toward providing and maximizing value to/from customer is

False

Tactics are predetermined approaches for handling routine matters or recurring situations

True

Team selling involves counterparts from both the buyer and seller organizations, interacting and cooperating to find solutions to problems

making the presentation, negotiating resistance, closing, servicing the account

The 7 stages of the Personal Selling Process include

False

The Need Satisfaction strategy does not involve skillful listening by the salesperson

Sales Management

The function of planning, directing and controlling the personal selling activities of a business unit is

Customer Lifetime Value

The monetary amount representing the worth of a customer to a firm over the foreseeable life of a relationship is called

Sales Management Ethics

The specific component of business ethics that deals with ethically managing the sales function

False

The study of how business people behave when facing a situation with moral consequences is sales management ethics

Trends, periodic movements, cyclical movements, erratic movements

What are the 4 factors forecasters look for when using time-series methods of forecasting

old: focuses on 4p's and is very sales oriented new: provide customers with a product they need, build relationships, very customer oriented

What are the old and new definitions of marketing?

Transactional Selling

When a sales firm acts consistently with the view that each and every interaction with a customer is a unique and independent event, they are engaging in

-Stress product features -prices in sales presentations

Which of the following accurately describes most of yesterday's salespeople

are product oriented

Which of the following does not accurately describe most of today's professional sales people?

General Leads

Which of the following is not an overall objective of most sales calls

NAME

Which of the following is the acronym used to describe the 4 criteria salespeople use to qualify leads?

1. gather important information 2. identify the types of data needed 3. provide input into how CRM should utilize data to create value for customer 4. manage relationship between the firm and the customers

With CRM, what are the 4 important goals of a sales person that creates value for the customer?

marketing strategy (ch 2)

a set of stimuli placed in consumers' environments designed to influence their affect, cognition, and behavior. treated as the hub of the wheel of consumer analysis. marketing strategies should be designed not only to influence consumers but also to be influenced by them ex: distribution, pricing, promotion age designs, specific product characteristics, point of purchase displays. these are all environmental stimuli

the marketing concept is best described as

an appropriate philosophy for conducting business

reciprocal system

any of the elements can either be a cause or an effect of a change at any particular time. NOT LINEAR. feelings influence thoughts which influence behavior. ex: affect and cognition can change consumer behavior and environments

traditional approach

based on theories and methods from cognitive, social, and behavioral psychology and sociology. objective is to develop theories and methods to explain consumer decision making and behavior. allows large sample size, doesn't take much time. ex: experiments, surveys

interpretive approach

based on theories and methods from cultural anthropology. objective is to understand consumption and its meanings. ex: long interviews, focus groups pros: in depth answering cons: small sample size, expensive

marketing science

based on theories and methods from economics and statistics. objective is to develop and test mathematical models to predict the impact of marketing strategies on consumer choice and behavior. ex: math-modeling, simulation

deciding

comparing alternative solutions to a problem in terms of their relevant characteristics and selecting the best alternative

planning

determining how to solve a problem to reach a goal

consumer behavior

dynamic interaction of consumption. involves thoughts and feelings people experience and actions they perform in the consumption processes. includes all the things in the environment that influence thoughts, feelings, and actions

Which affective response produces the highest intensity of feelings

emotions

4 types of affective responses

emotions, specific feelings, moods, evaluations

Which affective response produces lowest intensity of feelings

evaluations

environment

everything external to consumers that influences what they think, feel, and do. includes social stimuli, physical stimuli. important to marketing strategy

affect and cognition

ex: feeling angry, paying attention, ignoring, interpreting, evaluates, remembers, making choices and decisions

environment (ch 3)

ex: sale signs, product displays, lighting, temperature. physical aspects

consumer behavior involves ______

exchanges

wheel of consumer analysis

flexible tool that can aid in understanding the different levels. consumer affect and cognition, consumer behavior, consumer environment with marketing strategy in the middle.

Operational CRM

focuses on using information to improve internal efficiencies

exchange

giving up something of value and receiving something in return

attention

governs how consumers select which information to ignore

What do marketers need to understand about interactions?

how to categorize, how consumers learn, how market works

information processing models

identify a sequence of cognitive processes in which each process transforms or modifies information and passes it on to the next process, where additional operations take place

affect and cognition are ____.

interdependent

affective and cognitive systems are

interdependent

consumer decision making

interpretation and integration processes

understanding

interpreting the meanings of specific aspects of one's environment

Approaches to study of CB

interpretive, traditional, marketing science

evaluating

judging whether an aspect of the environment, or one's own behavior is good or bad, positive or negative, favorable or unfavorable

Strengths provide opportunity Threats expose weakness

key take away from SWOT

the affective system

largely reactive. can't plan, make decisions, or purposefully try to achieve some goal. Usually responds immediately and automatically to significant aspects of the environment. people have little direct control over it. felt physically in the body. most are learned.

What is the hub of the Wheel of Consumer Analysis?

marketing strategy

boundaryless marketing

no communication between different rankings ex: between engineers and marketers

overt behavior

observable behavior

behavior

physical actions of consumers that can be directly observed and measured by others. ex: walking down aisles, looking at products on the shelves, picking up and examining packages, talking to someone, steering cart. Unless consumer walks down aisle, he can't notice and buy a package

marketers most concerned about _____.

purchase behavior

knowledge, meanings, and beliefs

refer to consumers' subjective understanding of information produced by the interpretation process. may be stored in memory and later retrieved (activated) and used in integration processes.

Sales and Operational Planning Process

refers to an organized process that uses sales inputs to forecast business for upcoming periods of varying lengths

affect

refers to feelings about stimuli and events, such as whether they like or dislike a product emotions: love, anger, happy, sad

comprehension

refers to how consumers determine the subjective meanings of information and thus create personal knowledge and beliefs

Market Capacity

refers to the units the market will absorb if the product or service was free

cognition

refers to thinking, such as their beliefs about a particular product

Earlier, even when firms accepted the marketing concept they failed to recognize

required the organization to change its existing practices dramatically

interpretation processes

requires exposure to information and involves two related cognitive processes: attention and comprehension

levels of consumer analysis

societies, industries, market segments, individual consumers

marketing concept

suggests an organization should satisfy consumer needs and wants in order to make a profit

True

the Stimulus-Response strategy is where a customer develops a habit of answering "yes" to a series of positive leading questions

thinking

the cognitive activity that occurs during all of these processes

marketing strategy (ch 2)

the design, implementation, and control of a plan to influence exchanges to achieve organizational objectives. involve developing and presenting marketing stimuli directed at selected target markets to influence what they think, how they feel, and what they do. not only adapt to consumer needs and wants, but also change what consumers think and feel about themselves, about various marketing offerings, and about reasons and situations for purchase and use.

dynamic consumer behavior

thinking, feelings, and actions of individual consumer groups and society at large are constantly changing. makes development of marketing strategy difficult and exciting ex: internet

True

Code of ethics are written or verbal expressions of a firm's values, listing specific behaviors that are consistent or inconsistent with those values

Deal with different groups of customers by offering a unique product for each group

Companies with a differentiated marketing approach

specialized product to individual customer: either none of the above, or offer a unique product for each customer.

Companies with a niche marketing focus on

FDA regulation

Cooling off rules

District Sales Manager

First-level line manager that is responsible for handling day-to-day activities of salespeople is

Analytical CRM

Focuses on aggregating customer information electronically, allowing for better identification of target markets and opportunities for cross selling

Which of these organizations employs consumer research in monitoring activities

Food and Drug Administration

True

Goals are general, long-range destinations, while objectives are specific results desired within a designated time frame

False

In Consultative Problem Solving, the salesperson in concert with other company personnel, sells the product/service benefit

False

In Depth Selling, the prospect is led toward a purchase one step at a time

Groups who use CB research

Marketing organizations, government agencies and political organizations, consumers

True

Niche marketing offers a specialized product or small range of products to an individual customer segment with specialized needs:

Functional, Product, Geographic

Of the 5 types of Sales Department organizations, 3 of them are

involves matching individual products with individual customers, results in a product personalized for each customer and requires detailed knowledge of customers

One-to-one marketing

Touchpoints

Points in time when the customer and the company come together either personally or virtually are called

False

Policies are detailed descriptions of specific steps for carrying out procedures

False

Production-oriented companies focus more on making what could be sold, not selling what is made

Market Potential

Quantitative estimate, either physical or monetary units, of the total sales for a product within a market refers to

Relational Exchange

Recognition by both buyer and seller that each transaction is merely one in a series of purchase agreements is called

Market Potetnial

Refers to the maximum possible sales for an entire industry

True

Regarding budget planning horizons, long-range budgets look at forecasts 5 years or more, and short-range budgets are 6 months or less

the extent to which employees feel pressured to put sales and profits above all else

Sales emphasis is

the portion of market potential that one firm can reasonably expect to obtain and the maximum possible sales for a company

Sales potential can be described as:

False

Sales-Oriented salespeople are motivated primarily to match customers with products that best meet their needs

True

Strategy is an overall program of action for using resources to achieve a goal or objective: