Professional Selling Exam 2 Review

sources of product information

-product literature, catalogs, and web-based sources developed by the company for sales support information -sales training programs -plant tours - seeing production process first hand -internal sales and sales support team members -customers - people who use the product, create testimonials -use the product -read and study publications

maslow's hierarchy of needs

1 (at top): self actualization 2. esteem 3. social 4. security 5 (at bottom): physiological

group influences

1 (closest to customer): roles 2. reference groups 3. social class 4 (farthest from customer): culture and subculture

semester sales project parts

1. chatgpt email 2. second nature cold call 3. self assessment survey and improvement plan 4. needs assessment piece 5. written sales proposal & final proposal

4 Strategies to researching a prospect

1. learn about the company 2. do a background check 3. hypothesize pain points 4. be curious to know more

steps in the buying process

1. needs awareness 2. evaluation of solutions 3. resolution of problems 4. purchase 5. implementation

explosion of product options

Domestic and global markets overflowing >30,000 consumer products produced each year Good news: buyers have a choice Bad news is: More choices makes buying process more complicated

features and benefits - bridge statements

Feature = Data, facts, or characteristics of product or service Benefit = Whatever provides the customer with an advantage or gain Only when a product feature is converted into a buyer benefit does it make an impact Bridge statements: Statements that connect features to benefits

price strategy

Maximize profit Maximize market share Maximize product trial drawbacks: high/low involvement buyers importance of quality importance of service

Girard's ferris wheel

steps: 1. increase # of people (prospects/customers) boarding the ferris wheel 2. improve quality of prospects who enter the ferris wheel 3. shorten sales cycle by seeing which prospects are qualified

product strategy

well-conceived plan that emphasizes becoming a product expert, selling specific benefits, and configuring value-added solutions

attrition

when there is a lowering number of customers

buying motives

-emotional vs. rational buying -patronage vs. product buying

prospect base

A list of current customers and potential customers

competition

Be able to discuss your strengths and weaknesses relative to the competition Only discuss competition if you know your facts Never criticize the competition *add value

product selling model

Cluster of satisfactions -Product: Meets and exceeds expectations -Salesperson: Acts as a partner -Company: acts as a team to provide

The 'need behind the need' - dr. analogy

Diagnosing WHY they want to purchase/change/charge rather than WHAT you THINK they need is key to success

selling new vs. mature products

New/Emerging Products -Develop new expectations -Change habits -Establish new standards -Build product desire -Create new markets Mature Products -Emphasize brand superiority -Emphasize company superiority -Point out unique features -Provide quality customer service -Sustain existing market share

product positioning options

Position as new or mature Position based on price Position based on value-added

product positioning and differentiation (including examples given in lecture)

Positioning: decisions and activities intended to create and maintain a certain concept of the product in the customer's mind Differentiation: ability to separate the product from that of the competition in a way that builds a competitive advantage Walmart: Positioning: Low cost, convenience Differentiation: Save money. Live better Target: Positioning: Quality, higher-end Differentiation: Expect more. Pay less Coca-Cola: Positioning: Universal Differentiation: Inclusive for everyone Pepsi: Positioning: Unique Differentiation: Stand out - celebrities

consumer buyers

Purchases for individual or household consumption Decisions usually made by individuals Products: consumer goods and services for individual use types: 1. habitual buying decisions 2. variety seeking decisions 3. complex buying decisions

organizational buyers

Purchases made for some purpose other than personal consumption Products: often complex; classified based on how organizational customers use them types: 1. new task buy 2. straight rebuy 3. modified rebuy

semester sales project buyer profile

Rushi Patel, of Omkar Group who is a local Real Estate Developer and owner of 4 hotel locations. He is experienced in the business and was raised in the hotel business. He currently has 4 hotel locations under the Marriott and Hilton brands, and is looking to build his 5th location

customer strategy

carefully conceived plan that results in understanding the customer's perceptions and maximizing customer satisfactions and responsiveness

The purpose of asking the questions

create need bucket; understanding real need to provide right solutions

total product concepts

generic product: basic, substantive product you are selling expected product: everything that represents the customer's minimal expectations value-added product: salespeople offer customer more than expected and known potential product: refers to what remains to be done/what is possible

product life cycle

introduction, growth, maturity, decline

qualifying prospects

process of identifying prospects who appear to have a need for your product and should be contacted

parts to become a product expert

product knowledge, which can help create trust with a customer

cost benefit analysis

quantifies the solution

value proposition

set of benefits and values the company promises to deliver to customers to satisfy their needs

The four kinds of questions

situation questions, problem questions, implication questions, need payoff questions

SPIN

situation, problem, implication, need payoff

How to effectively build rapport and meet a prospect

state company's offerings, types of customers, and ask conversation starter