mkt midterm

true

20% of communication is facts, 80% emotion

More energy, Eagerness to ask for a decision

Adding value is the ultimate goal of being in sales. Sales people that feel a professional responsibility to create as much value as possible display which one of the qualities below?

Match the client's dress

Appearance matters. When determining what to wear it is most appropriate to:

2/3

Approximately how many college graduates will start their career in sales?

Apply the think tank method

As Karr describes visualizing (the 1st trait), he described developing ideas is an important element. What was his main message in this element?

Boundaries are blurred, share rewards/metrics

As we have discussed, having marketing and sales work together is critical for growth. What best describes the "integrated" sales/marketing relationship.

True

Building alliances is an important skill for people in sales. Competitors can be an example of an industry alliance.

true

Can increase your sales on average by 17%!!!• Most successful salespeople ask 2x more questions

More choices from all over the world

Customers have more control than ever today in the buying process. We discussed three reasons on why this is true. Two of the reasons were instant information on-line and real-time price comparison. What is the third reason?

Clarification Questions (probing)

Definition of a specific word or term reveals pain & implications of problem• Looking for depth of problem• Karr: Illustrative, Clarification

Issue based questions

Describe the three biggest challenges that your company is facing right now in reaching its business goals. law of 3 reveals problems & situation• Trying to understand the big picture• Karr: Issues-Based

Mutually beneficial long-term relationship

Developing a partnership with a customer is the highest level relationship one can hope for! What is the ultimate benefit from developing a partnership?

Providing post-sales support

During the implementation buying step, the sales person can provide value by:

Using emotions to facilitate thought & managing emotions

EQ has been broken down into four different dimensions. Two of them focus on the other person and two focus on yourself. What are the two that focus on yourself?

Illustrative Questions (probing)

Encourage customer to paint a picture• Other person's point of view• How they see the world reveals pain & implications of problem• Looking for depth of problem• Karr: Illustrative, Clarification

Focus on issues-based question

Focus on customers & their concerns - not you!

Outcome

In Karr's book, he warned against "selling". Instead, he said that a great salesperson focuses on the:

Call high & wide and get out of your comfort zone

Karr discussed the importance of building alliances within your customer. He discussed doing so will allow you to gain access to new opportunities and increase your value within an account. What did he say you had to do to be able to accomplish this?

Listen to your gut and make a decision

Karr states that in his 7 elements of a clear plan that you should "use Intuitive Judgement in support of your vision." What did he mean by that?

Coaching mindset

Karr talked about the importance of building alliances. He said you should expand your alliances across the customer and the industry that you are in. He described the 4 mindsets. Which mindset was the most critical and important as you build alliances?

Maximize your efforts thru efforts of others

Karr talked about those in sales are really leaders. He said you can be very successful and make a lot of money. In order to do this, what was his message about the team?

Ability to perceive an outcome before it happens

Karr wrote about the 7 traits of the greatest sellers. His first step was visualizing and he said that you should spend a significant amount of time (up to 60%) on this step. What best describes the visualization step

Coaching mindset

Karr's second trait of great salespeople was building alliances. Which mindset is described as "your critical ally"?

True

Marketing should ultimately complement and enable the sales force to be more efficient.

Improved Productivity

One of the areas that the resource proclamation must address is:

True

One of the ways that a sales person can show value and expertise is filter the information and all of the options that are possible and present to the customer.

Engage other alliances to build complete solution

Part of customizing a solution for your customer and positioning yourself as an expert and consultant, you need to focus on the customer's outcomes. One thing that you may need to consider to differentiate yourself would be:

Selection of the solution

Product/solution recommendation

Consequence Question (need satisfaction)

Questions that introduce positive change reveals agreement of satisfying need• Move towards commitment• Are you on the right track??• Karr: Consequence

Customer, Company, Personal

Regarding ethics, there are three policies/codes we discussed that you should abide or adhere to. What are they?

Psychological

Rewards of any position serve as motivation for one to be successful and committed to one's career. It sets up for a happy worker and person. What reward would include "helping others become successful"?

Must take personal accountability for development

Sales training is offered in many different forms. Companies have to decide how they implement their training. Regardless of how it is offered, what is true for all sales people?

Industry Expert

Staying updated and understanding your competitors, suppliers and reading trade magazines/articles will make you what type of expert?

False

Study by Sales & Marketing Management ranked building relationships as the #1 characteristic of salespeople to build trust.

False

Tactical positioning cannot really make a difference. Only strategic positioning can.

Evaluation of Solutions

The following value-add by a salesperson is in which of the 5 step buying process: Justification (efficiency, cost reduction, safety), Product/solution demonstrations

Resolution of Problems

The following value-add by a salesperson is in which of the 5 step buying process: Prototypes or proof of concept, Address concerns

Economic & Cultural

The relationship between marketing and sales in a company is a critical one. Harvard Business Review discovered two major strains that exist within an organization that causes marketing and sales to not be fully integrated. What were those two strains?

Inside sales

There are very many different sales positions available and many different career paths. What position has become more and more important over the last several years due to the changing economy and COVID.

True

Trust is the universal principle of assured reliance underlying all effective relationships.

Dominance & Sociability

Understanding communication styles of yourself and your customers can improve your relationship building skills. We studied the 4 different styles of communication (Emotive, Directive, Reflective and Supportive). They are all defined on two different continuums. What are the continuums?

Needs Awareness

Understanding the type of purchase you are encountering is important. If the purchase if more of a project purchase, which of the 5 steps of the buying process should you focus on?

Determined

What would be a characteristic of a someone that has a directive communication style?

Study feelings & business needs

What would be a good relationship strategy be for a supportive communication style?

Provide facts/figures/success probabilities

What would be a possible strategy to build a relationship with a directive communication style?

How do things work around here, help develop an org chart, office politics, etc...

What would best describe an activity or two you could accomplish if you had a coaching relationship with a customer?

True

When 3rd parties or alliances get involved in the buying process for a customer, they are trying to remove the personal relationships side of sales and primarily will focus on price.

Brought in to remove personal relationships & emotions

When Alliances or 3rd parties get engaged in a company's buying process, what is normally true below?

Create a unique solution that will separate you from the competition

When you enter into the looking phase of the buying process, what must you do to be favorably considered by the customer?

Improved Productivity, Increased Competitive Edge

When you position yourself by resource, you need to address one of four areas. Which two are listed below?

No need

Which of the 4 buying phases should you ask the most discovery and outlook focused questions in and is the best phase to enter in?

It's providing value to someone else

Why is selling a noble profession? We discussed several ideas. What is one point below?

Instant information on-line, More choices from all over the world

Why is the customer more in control than ever in the buying process (2 of 3 items listed below)?

Consultative Selling Results

ncrease customer satisfaction• Higher closing rate (more sales)• Fewer order cancellations & returns• Increased repeat business & referrals

Servicing the sale (week 12

• Ensure customer satisfaction• Sets stage for long-term relationship

Status-based questions

• Not the best questions to lead with• Current supplier, current habits, etc...• Lead 1st with issues-based question

Need discovery (qualifying)

• Strong emphasis on questions & listening

False

After meeting the first time with someone, you should be able to identify their communication style pretty spot one.

True

Communication style tends to be stable over time - remains fairly constant through someone's life.

Customer experience is valuable

Companies tend to start employees in a sales type position and they tend to promote people with sales experience. Why is that?

Greater predictor of success than intelligence quotient

Having a high EQ can lead you to success. What is one thing listed below that is true of emotional quotient (EQ) that we discussed in class?

elf-confidence, Empathy

Having a high EQ/EI can lead to your success! What are 2 qualities that may be displayed by having a high EQ/EI

True expertise can be replicated and measured

What is one of the criteria to be considered an expert

By Resource

What is the best strategy to position yourself?

Need satisfaction (more in week 9)

Presenting to the customer your solution• Value-adding statements that inform• Persuade & remind why you/your solution

False

Pricing authority is an example of a potential cultural strain.

Develop expertise in an area

Self-image is your mental belief in yourself and is shaped by the ideas and attitudes one has about themselves. We talked about three keys in developing a more positive self-image. What is one listed below?

False

Serving unrecognized needs leads to price wars because your competitors do the same.

It's about serving someone else's needs

We discussed sales being a noble profession. What was one of the reasons we discussed below?

Encourage disciplined communication, Define steps in the buying funnel

We discussed several steps to improve collaboration between sales and marketing. What are two of them listed below?

Encourage disciplined communication

We discussed that sales and marketing don't always get along in organizations. We also discussed there are steps to improve collaboration. What is one of the reasons we discussed below?

Pace yourself, Speech Pattern

We discussed the fact that the conversation is the relationship. Each conversation builds or takes away from your relationships. We discussed verbal strategies to help build a relationship. What were two of these?

B2C

We discussed three different supply chain opportunities B2B, B2C and Services. Which one is at the biggest risk in regards to on-line business?

B2B

We discussed three different supply chain opportunities B2B, B2C and Services. Which one typically is much more technical and complex and requires both individual and group relationships?

Thoughtful, well-organized approach - no-nonsense, business-like approach

We learned about communication styles and how we should interact with different styles. What best describes the relationship strategy when dealing with a reflective style?

true

We talked about the importance of adding value. We will discuss this throughout the semester. True or False: Value is defined by the customer.

Product, company, industry

What are the three experts that we discussed in class?

Clear roles and responsibilities and boundaries - yet flexible

What best describes an "Aligned" Sales and Marketing relationship?

Marketing is engaged with accounts and partner with sales

What best describes an "Integrated" Sales and Marketing relationship?

Knowing your competition, suppliers and trends

What best describes an "industry" expert?

Precise/detail, Serious

What characteristics (2 below) describe the Reflective communication style?

Directive

What communication style is high in dominance and low is sociability (High D, Low S)?

Sales is focused on customers & marketing can and should help

What does it mean when Marketing and Sales don't get along and there is a strain from a cultural perspective

Identifying customer's unrecognized needs

What is a great way to stay away from having the customer focus on price and positioning you as an expert?

Can lead to price wars

What is a possibility if you serve a customer's need that is already recognized when you enter the sales process?

Don't pressure to make quick decision - needs time

What is a strategy to build a relationship with a Reflective communication style?

Factory buying supplies to run their production

What is an example of a rebuy or MRO purchase?