Sales Strat. Test 2

modified buy

where a company buys a similar product to one they've purchased previously, but with some changes

emotional style

- appear quite active, take social initiative, encourage informality, express emotional opinions - key words: sociable, emotional, personable, spontaneous, unstructured, persuasive, zestful, dynamic stimulating

supportive style

- appearance of being quiet, listens attentively to other people, tends to avoid use of power, make decisions in a thoughtful and deliberate manner - key words: lighthearted docile, relaxed, reserved, patient, compliant, passive, sensitive, softhearted, warm

a written proposal typically includes five parts

- budget and overview - objective - strategy - schedule - rationale

what kind of information is needed in most selling situations

- company culture and organization - company support for product development

product positioning options

- position new and emerging products v well established products - position products with price strategies - position products with value added strategies

elements of product positioning

- requires developing a sales marketing strategy - must be continually configured and custom fitted by the salesperson to match each customer's specific wants and needs

dominance continuum

- the tendency to control or prevail over others - low dominance may be reserved, unassertive, and easy vocal - high dominance may be decisive, opinioned, self-assertive and vocal

Communication Styles and Leadership

-impressions of others are developed by observing their behaviors - Jeff Bezos (CEO of Amazon) is described as the happy extrovert - Bill Gates (Microsoft) is described as quiet and reflective

know the competition

-knowing about competitor's strengths and weaknesses are better able to emphasize the benefits they offer and add value

Transactional Selling Tactics that Emphasize Low Price

-quantity discounts -seasonal discounts -promotional allowances -trade or functional discounts -unbundling of product features

a good sales letter should follow standard rules

-visual format of a business letter -proper use of white space -proper punctuation -proper grammar and spelling -minimal use of personal pronouns

sociability continuum

_ reflects the amount of control we exert over our emotional expressiveness - higher sociability: those who tend to express feelings freely - lower sociability: those who tend to control their feelings

product strategy

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

differentiation

ability to separate yourself, your product, and/or company from that your competitors - sources include quality, price, convenience, economy, service

communication style is an important element of

adaptive selling

direct style

appears to be quite busy, may give impression of not listening, displays attitude, likes to maintain control - key words: precise, aloof, serious, deliberate, scientific, questioning, stuffy, disciplined

difference between benefit and feature

benefit is how it helps you and features are of the product itself...putting them together is a bridge statement

a key challenge with customers is

building trust

straight rebuy

buyer consistently buys the same product, in the same quantities, from the same supplier

consumers are

buying for themselves; purchases for individuals or household consumption, decisions usually made by individuals, based on brand reputation or personal recommendations with little or no product expertise, primarily emotional responses, make quick decisions

variety buying

buys a different product of the same line, even if they're satisfied with their previous purchase * brands and branding play a big role in these decisions * brand image

customer strategy

carefully conceived plan that results in understanding the customers perceptions and maximizing customer satisfaction and responsiveness

habitual buying decisions

chooses a product with little thought or research because they see little difference between brands

new task buy

company buys product or service for the first time

group influences that affect buying decision model

customer, roles, reference groups, social classroom, culture, subculture

adapting selling

defined as altering sales behaviors in order to improve communication with the customer

effective sales letter writing

describes features and benefits, position products, build relationships, and provide assurance to customers

communication style bias

develops when we have contacted with another person whose communication style is different from our own

buying motives

emotional v rational, patronage v product (patronage: loyal to i, product: loyalty to a brand)

product

encompasses information, services, ideas, tangible products, or some combination of these that satisfy the customer's needs with the right solution

complex buying decisions

expensive, infrequent, and involves a high level of commitment and involvement (a car or home)

transactional

go to the store and get what you need, you don't need a sales person for this interaction

strategic alliance partner

highest form partnering

product configuration

if the customer has complex buying needs, the salesperson may have to develop a custom-fitted solution that brings together different parts of product mix

features

include data, facts, and characteristics of a product or service

benefits

include whatever provides a customer with a personal advantage or gain, which can be general or specific

quantifying the solutions

involves a carefully prepared cost-benefit analysis of

product positioning

involves establishing a mental image, or position, of the product offering relative to competing offerings in the minds of target buyers (how we compare to others, or a product compares to another product)

communication style

is the pattern of behavior that others observe

product strategy helps to

make correct decisions concerning the selection and positioning of products to meet identified customer needs

customized

making adjustments/customizing based on the needs/wants of the customer)

in sales a solution is...

more than a specific product, it often provides measurable results such as greater productivity, increased profits, or less employees turnover

solution

mutually shared answer to recognize customer problem

Maslow's hierarchy of needs

physiological, safety, love/belonging, esteem, self-actualization

organizational buyers

purchased made for some purpose other than personal consumption, decisions frequently made by several people, purchases made according to precise technical specifications, rational criteria

consultative

sales person, help them with their knowledge of product

selling solution vs product

selling a solution requires a greater effort to define and diagnose the customer problem

written proposals

specific plan of action based on the facts, assumptions, and supporting documentation included in the sales presentation

dimensions of service quality

tangibles, reliability, responsiveness, assurance, empathy

a product should be tailored to

the customer's buying needs

quotation management

the process of creating, sending tracking, and managing sales quotes for a business

value proposition

the set of benefits and values the salesperson configures to meet and exceed customer specific needs

product knowledge

top ranked characteristic of salespeople who are able to build trust with customers

successful sales presentation create value by

translating product features into benefits that meet a specific need expressed by the customer

sources of information

web-based sources, catalogs, and marketing, plant tours, internal sales and sales support teams, using the product, read and study publications