MKTG 3452 - Midterm

How far through their buying process do customer stakeholders typically reach out to a supplier for advice? A. 57% B. 22% C. 10% D. 85%

A. 57%

Research suggests that salespeople should attempt at least _______ calls to try to connect with qualified sales leads

5-6

Which of Konrath's three statements is most similar to the positioning statement you learned about in your intro marketing class? A. Unique Selling Proposition B. Value Proposition C. Elevator Speech

A. Unique Selling Proposition

Why might B2B marketers sometimes choose to run marketing campaigns targeting consumers? A. Consumers are often directly involved in B2B buying centers. B. Consumer needs are more predictable than B2B customer needs. C. B2B demand ultimately comes from demand from consumers. D. Consumers are more likely to be influenced by advertising than are professional purchasing agents.

C. B2B demand ultimately comes from demand from consumers.

________________ is "the capability to step outside our own experience and imagine the emotions, perceptions and motivations of another" A. Mirroring B. Harmony C. Perspective-taking D. Empathy

C. Perspective-taking

True or false: When we use models of buying behavior, we predict that, for every purchase, people actively spend time in each of these stages in the order they are presented in the models.

False

Pink's research found that as people progressed in their careers, the professional impact of non-sales selling skills _________. A. was not able to be measured B. increased C. decreased D. stayed about the same

B. increased

The person with which personality type will have more success in sales? A. An ambivert B. Personality type doesn't matter in sales C. An extrovert D. An introvert

A. An ambivert

In the Bain Elements of Value Pyramid, "productivity", is a subcomponent of ____________ . A. Functional Value B. Ease of Doing Business Value C. Individual Value D. Table Stakes E. Inspirational Value

B. Ease of Doing Business Value

True or False: The members of a buying center are most likely to hit peak conflict BEFORE they reach out to suppliers.

True

Which if the following is an implication of markets with information asymmetry about product quality (the "lemons problem") for professional (high quality, ethical, trustworthy) salespeople A. Just being truthful is not enough to credibly signal you are a professional salesperson B. You will easily get paid more for the additional quality that you provide as a high quality, trustworthy salesperson C. Potential customers will be able to quickly differentiate you from low quality, untrustworthy salespeople D. As a professional salesperson there is no way for you to overcome this problem of assymmetric information

A. Just being truthful is not enough to credibly signal you are a professional salesperson

Which of the following is most true about the differences between perspective taking and empathy? A. Perspective-taking is a cognitive capacity and empathy is an emotional response B. Empathy is also known as "attunement" C. Empathy is more effective in negotiations than perspective-taking D. Empathy not only helps you do better in negotiations, it helps your negotiating partner do better too

A. Perspective-taking is a cognitive capacity and empathy is an emotional response

Now that buyers can access more information digitally, how does this change the role of salespeople? A. Salespeople act more independently and interact less with others in the organization B. Salespeople shift from providing information to being helpful guides to customers C. The identify stage becomes less important D. Salespeople spend more time closing sales

B. Salespeople shift from providing information to being helpful guides to customers

The ________ stage in the general B2B buying model ends with identifying the category or basic specifications of solutions the buying center will consider. A. Awareness of Dissatisfaction B. Solution Definition C. Supplier Choice D. Evaluation of Satisfaction

B. Solution Definition

In B2B sales, an ideal customer profile describes a ________________, and a persona describes a _________________. A. company, person in a buying center role B. company, person in a job role C. person in a job role, company D. person in a buying center role, company

B. company, person in a job role

Researchers studying effective teams have found __________ to be important for building psychological safety in teams A. avoidance of conflict B. equality in conversational turn-taking C. provision of clear goals D. common expertise across team members

B. equality in conversational turn-taking

A good way to pique curiosity in a connect email is to _______.

Bring ideas to your sales lead

The ________ stage in the general B2B buying model ends with completing the purchase process. A. Awareness of Dissatisfaction B. Solution Definition C. Supplier Choice D. Evaluation of Satisfaction

C. Supplier Choice

A good way to establish credibility in a connect email is to _______.

Reference a referral

Which of these is an insight that you would like to build about customer behaviors and preferences during Hubspot's AWARENESS stage? A. What budget have they allocated to address their needs? B. What do buyers like about your offering compared to alternatives? C. What categories of solutions do buyers investigate? D. How do buyers decide whether the goal or challenge should be prioritized?

D. How do buyers decide whether the goal or challenge should be prioritized? Correct, the awareness stage is about recognizing a needs gap - a goal or challenge that is important enough to prioritize

The steps to active listening are... A. Listen, Feed back, Follow-up B. Prepare to Listen, Listen, Summarize C. Listen, Respond, Listen, Respond D. Listen, Feed Back, Confirm, Follow-up

D. Listen, Feed Back, Confirm, Follow-up

Researchers studying remote team performance have identified several different types of distance these teams must overcome. They suggest the best way for managers to drive remote team performance is by focusing on reducing _________ distance. A. demographic B. operational C. physical D. affinity

D. affinity Correct. By focusing on actions to build shared values, trust and interdependency, managers lessen affinity distance, and help bridge physical and operational distances that are an inherent part of working in global business teams

"Revenue", "number of employees", or "number of customers" are ___________________ we might use to define _________________ A. legal standards or requirements, ideal customer profiles B. legal standards or requirements, ideal customer profiles C. economic factors, customer personas D. economic factors, ideal customer profiles

D. economic factors, ideal customer profiles

Four content formats used to attract and engage customers in their buying journey include written, visual, audio, and ________ . A. tactile B. social C. video D. interactive

D. interactive

The four stages of the general B2B buying process model are awareness of dissatisfaction, __________, _________, and evaluation of satisfaction A. consideration, decision B. information search, purchase decision C. product specification, proposal solicitation D. solution definition, supplier choice

D. solution definition, supplier choice

According to Konrath, a value proposition statement ________. A. alway includes quantified results B. includes features that show why you are the best supplier C. never includes quantified results D. states the value you provide in business terms

D. states the value you provide in business terms

True or false: There is often more than one key decider in a buying center

True

Which of the following is NOT a reason why it makes sense for salespeople to approach interactions with the assumption that you are in a position of lower power? a. It will help you build rapport with the other person, and make them more willing to help you b. Researchers have found that power obscures more subtle messages from another's verbal and nonverbal communications c. Researchers have found that power distorts clear messages from another's verbal and nonverbal communication d. It will help you see the other person's perspective more accurately, which in turn will help you move them

a. It will help you build rapport with the other person, and make them more willing to help you

A strong value proposition includes a _________, movement, and metrics.

business driver

The sense of connection between two people who like and trust each other is referred to as ___________.

rapport

"Social pressures" in the environment of organizational buying decisions include influences from competitors and ________ A. buyers B. users C. stakeholders D. business leaders

C. stakeholders

About half of all emails get deleted based only on the _____________

subject line

You are working as a salesperson and your manager has asked you for a forecast of the number of new customers you will close this quarter. Last quarter your marketing team provided you with 25 SQLs and you converted 5 of them to new customers. This quarter they estimate they will provide you with 40 SQLs. How many new customers are you likely to convert this quarter?

8 Correct, you converted 20% of your SQLs to new customers last quarter, so assuming similar quality SQLs, you should be able to close 20% of 40 = 8 new customers.

The second stage in a sales strategy is _____ A. Identify B. Advise C. Connect D. Explore

C. Connect

In the "ANAR" conditions for lead qualification, "R" stands for ______ A. Responsible for purchase decision B. Recently interacted with digital assets C. Receptive to sales connect D. None of the other answers are correct E. Role in the buying center

C. Receptive to sales connect

______________ is/are a method of identifying sales leads in which someone other than the lead volunteers a name of someone who could be a prospective customer. A. Email prospecting B. Content marketing C. Referrals D. Warm calling E. Social media prospecting

C. Referrals

Research on positivity has found that once the ratio of positive emotions to negative emotions hits about _____, people generally flourish. However beyond a ratio of _____, positive emotions begin doing more harm than good

3:1, 11:1

You are working as a B2B marketer supporting a regional sales team is looking to close $1.8 million in sales next quarter. The average order size is $90,000. On average the sales team closes 50% of the SQLs you provide to them, your MQL/SQL conversion rate is 10% and your website visitor/MQL conversion rate is 1%. How many visitors will you need to get to your website to meet the sales target?

40,000 Correct: At $90,000/sale it will take 20 sales to reach the $1.8 million target. This will require 20/50%= 40 SQLs. This will require 40/10%= 400 MQLs, and 400/1%= 40,000 website visitors

The ________ stage in the general B2B buying model ends with recognizing that a need is important or urgent enough to start searching for a solution A. Awareness of Dissatisfaction B. Solution Definition C. Supplier Choice D. Evaluation of Satisfaction

A. Awareness of Dissatisfaction

______________ is/are a method of identifying sales leads in which we send messages to people who haven't requested them, in order to invite them to learn more about us and how we can help them. A. Email prospecting B. Social media prospecting C. Content marketing D. Warm calling E. Referrals

A. Email prospecting

[Select all the statements below that apply] Which of the following statements are true about markets with "information asymmetry"? A. Sellers may know more than buyers about the quality of their products or services B. Problems of information asymmetry occur only in a few markets, most markets don't have this problem. C. Buyers may know more than sellers about how well they fit the seller's definition of a target customer D. Sellers of high quality products will easily be able to get premium prices for them

A. Sellers may know more than buyers about the quality of their products or services C. Buyers may know more than sellers about how well they fit the seller's definition of a target customer

In the Bain Elements of Value Pyramid, the _________________ level includes "must haves": prerequisites for being in business as a supplier, rather than areas of potential differentiation A. Table Stakes B. Functional Value C. Inspirational Value D. Individual Value E. Ease of Doing Business Value

A. Table Stakes

Which of these questions about the types of B2B buying journey situations is most likely to be FALSE? A. The largest buying centers are most likely involved in straight rebuys. B. For straight rebuys, the buyer may skip many of the steps in the buying journey. C. Modified rebuys offer opportunities for new suppliers to engage with a customer, putting pressure on the current supplier. D. Customers are most receptive to the information and expertise of sellers in new task journeys

A. The largest buying centers are most likely involved in straight rebuys. Correct! In B2B decisions, "straight rebuys" are defined as situations when needs and decision influences are perceived as similar to previous purchase and current suppliers are performing well. In these situations, professional buyers typically take care of purchases on their own following pre-established routines. The more needs and decision influences are considered new and different, the more complex the decision will be and the more people will be involved in a buying center. The key point of this decision typology is to remind marketers and salespeople to pay attention to the level of newness in the decision for the buyer and to modify their strategies accordingly.

Which of these is an insight that you would like to build about customer behaviors and preferences during Hubspot's DECISION stage? A. What criteria do buyers use to evaluate the available offerings? B. What categories of solutions do buyers investigate? C. How do buyers decide whether the goal or challenge should be prioritized? D. How do buyers learn about potential solutions to their goals and challenges?

A. What criteria do buyers use to evaluate the available offerings? Correct, the decision stage the focus is on comparing and choosing from specific different alternatives, versus more general categories of solutions

Prior research has found that (blank) is the most powerful factor for predicting customer decision-making. A. habits B. demographics C. social influence

A. habits

Business buying decisions are influenced by four types of factors. Two of the types are "environmental" and "individual". The other two are ________________. A. organizational and interpersonal B. short-term and long-term C. economic and political D. price and delivery

A. organizational and interpersonal

Demographics are useful as ______ of decision-making A. proxies for unobservable predictors B. explanations C. direct predictors

A. proxies for unobservable predictors

A good value proposition would be more likely to include which of the following phrases: A. we help you be productive B. we offer comprehensive solutions C. we offer state-of-the-art solutions D. our product is award-winning

A. we help you be productive

You are trying to create a value proposition for a potential customer and you don't have specific metrics related to them yet. Which is the most powerful alternative? A. Skip the metrics, better not to put any metrics if you don't have accurate ones B. "Other companies in (your industry) have seen (this metric) on (this business driver" C. "Companies using (solutions like ours) have seen (this metric) on (this business driver)" D. Use the most impressive metric you have from any company or any industry

B. "Other companies in (your industry) have seen (this metric) on (this business driver"

Three categories of activities from Pink's "What You Do at Work" survey that he refers to as "non-sales selling" are: 1. "serving clients and customers" 2. "persuading or convincing others" 3. _________________________________ A. "listening to others" B. "teaching, coaching or instructing others" C. "selling a product or service" D. "processing information"

B. "teaching, coaching or instructing others"

The final stage in a sales strategy is _____ A. Identify B. Advise C. Connect D. Explore

B. Advise

A blog post describing typical problems faced by your customers is most useful to reach customers in the ——— stage of their buying journey A. Solution Identification B. Awareness of Dissatisfaction C. Evaluation of Satisfaction D. Supplier Choice

B. Awareness of Dissatisfaction

The Challenger researchers found that, on average, the number of people involved in a complex B2B purchase was ______. A. 8.4 people B. 2.5 people C. 5.4 people D. 30 people

C. 5.4 people

The stages in the active buying journey portion of the general B2B buying model include Supplier Choice and _______. A. Evaluation of Satisfaction B. Awareness of Dissatisfaction C. Solution Definition

C. Solution Definition

What did Bain find about the relationship between the elements of value and business performance in their research A. Companies that excelled at more elements were able to charge higher prices B. Companies that excelled at elements at higher levels received more customer loyalty C. Companies that excelled at more elements received more customer loyalty D. Companies that excelled at elements at higher levels were able to charge higher prices

C. Companies that excelled at more elements received more customer loyalty

Key tools to help gain insight into customer decision-making include conceptual models, hypotheses, tests and _______ A. empirical models B. market research C. curiosity D. experiments

C. curiosity

Four broad types of credible signals used by marketers are brands, third party reviews, warranties and _______. A. paid social media influencers B. advertising campaigns C. free service before the sale D. special packaging

C. free service before the sale

Danielle works as a content manager at a small business. Her business has a corporate account at Fiverr, through which she often hires freelancers to help her with graphic design, research and copywriting. She has a few people she goes back to regularly, but usually spends an hour or so looking at new freelancers before making a decision on a new freelance task. Recently she started wondering whether she should be hiring someone full time. Last week she reached out to one of her marketing colleagues to discuss the idea. Fill in the blanks below with the most likely hypotheses based on this scenario. Until now, Danielle's freelancer buying journey has been a __________________ situation. Her journey is now a _______________ and she is in the ________ stage. A. rebuy; modified rebuy; solution definition B. modified rebuy; new task; awareness of dissatisfaction C. modified rebuy; new task; solution-definition D. new task; new task; solution definition

C. modified rebuy; new task; solution-definition

One way that high quality sellers can overcome the problem of information asymmetry is to spend time or money doing things that low quality sellers would be unwilling or unable to do. For example a high quality used car salesperson might be willing to provide you a warranty, or a Carfax report on a car where a low quality seller would not. These costly activities are known in information economics as ______________. A. screening B. adverse selection C. signaling D. moral hazard

C. signaling

Steve just finished a sales call that didn't go very well, and now has to get ready for his next sales call. Which of the following things should he say to himself to best get him ready for the next call?

Can I make a great sales call?

One of out every _____ people in the US works in a sales role. A. 90 B. 900 C. 9000 D. 9

D. 9

Which of the following is true about explanatory style (people's habits of explaining negative events to themselves):

People who give up easily, even in situations where they can actually do something, have "pessimistic" explanatory styles

Which of the following statements are NOT true about the effect of positive emotions in moving others?

Positive emotions help the other person focus on a specific idea or alternative

A key objective of the lead generation and prospecting process is to ___________ with clients.

make appointments for initial meetings

According to Hubspot, as an inbound salesperson, when you make "connect" phone calls and emails to sales leads you will: lead with a message that is ___________ , make an offer aligned with the ____________ stage of the buyer's journey, and when you reach a prospective buyer, seek to understand a buyer's interests and needs, and offer to help when you can.

personalized, awareness (of dissatisfaction)