MIDTERM (Chapters 8-9)

Create Customers

"The main purpose of a salesperson is not to make sales, but to ____ ____" -Gerhard Gschwendtner, of Selling Power

Straight Rebuy

B2B buying situation--buying something you've already bought before

Modified Rebuy

B2B buying situation--getting something from the same business but changing something about the order or something you've purchased before but changing vendors

New-Task Buy

B2B buying situation--something you've never bought before

Complex Buying Decisions

B2C buying situation--high degree of involvement by the consumer

Habitual Buying Decisions

B2C buying situation--something that you have bought before so you don't even think about it

Variety-Seeking Decisions

B2C buying situation--something where you are willing to change it up in terms of product brand; looking at different options and trying something new

Customer Strategy

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

Referral

a prospect that has been recommended by a current customer or by someone who is familiar with the product

Prospect

an individual or business who meets the qualification criteria established by you or your company

Strategic Accounts

attractive and necessary accounts; need to be protected from competitive activity so must be serviced to meet their needs; often the most resource-intensive accounts; intensive account coverage

Problem Accounts

attractive buy only if competitive weakness can be overcome; require careful planning and execution and deserve some effort because of their potential; moderate account coverage

Rational

buying motive that appeals to reason or judgment

Emotional

buying motive that appeals to sentiment or passion

Patronage

buying motive that causes the prospect to buy products from one particular business

Product

buying motive that leads a prospect to purchase one product in preference to another

Prospecting

identifying and developing potential customers

Drag Accounts

limited if any resource commitments required; could be better managed by methods other than personal selling; these accounts often require resource commitments beyond their potential and may improve your performance if they buy from a competitor; moderate account coverage

Hold Accounts

moderately attractive if current sales can be maintained with a limited commitment of resources; should be monitored closely to see when opportunities arise but care needs to be taken to ensure that they don't require too much resource commitment beyond their potential; moderate account coverage

Sales Intelligence

necessary when the sale is complex and requires a long closing cycle; goes beyond data to include insights about a prospects' marketplace, firm, competitors, and the prospects themselves

Social Media

provide an excellent opportunity for finding prospects and reaching out to them

Customer Attrition

the inevitable loss of customers over a period of time

Qualifying

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

Strategical Alliance Process Buyer

type of buyer--focus on careful study of proposed partner; trying to be their partner to make their business better

Consultative Process Buyer

type of buyer--focus on needs awareness and helping evaluate solutions; like giving advice

Transactional Process Buyer

type of buyer--focus on purchase stage

Buyer Resolution Theory

view of the buying process that recognizes a purchase will be made only after the prospect has made five buying decisions involving specific affirmative responses to the following items: need, product, source, price, and time.

1. Why should I buy? 2. What should I buy? 3. Where should I buy? 4. What is a fair price? 5. When should I buy?

what are the 5 W's of the buyer resolution theory?

1. Needs Awareness 2. Evaluation of Solutions 3. Resolution of Problems 4. Purchase 5. Implementation

what are the five steps in the typical buying process?

1. New-Task Buy 2. Straight Rebuy 3. Modified Rebuy

what are the three major types of business-to-business (B2B) buying situations?

1. Habitual Buying Decisions 2. Variety-Seeking Decisions 3. Complex Buying Decisions

what are the three major types of consumer (B2C) buying situations?

1. Transactional Process Buyer 2. Consultative Process Buyer 3. Strategic Alliance Process Buyer

what are the three types of buyers?