MKT 310 Personal Selling Midterm

Name the four key characteristics of a brand

1. The four characteristics of a brand are the fact that it is unique, consistent, relevant, and has an emotional connection with its customers.

Moonlighting

Holing a second job

1. Describe what this sentence means: "Each salesperson supports an average of 15.1 other jobs within the company."

1. "Each salesperson supports an average of 15.1 other jobs within the company" means that the level of sales that is generated by each salesperson is enough to fund the salaries and benefits of just over fifteen people in the organization in departments such as human resources, marketing, operations, finance, and others. Without the sales, the company would not be able to pay for the other jobs

1. Define a conflict of interest.

1. A conflict of interest is "a situation in which a person, such as a public official, an employee, or a professional, has a private or personal interest sufficient to appear to influence the objective exercise of his or her official duties."

1. Why is a customer journey map important in social selling?

1. A customer journey map looks objectively at the journey the customer takes throughout the buying process. What makes a customer journey map so valuable in social selling is that it reveals what information the customer wants prior to coming in contact with a salesperson and where they might go to get it (which social media channels, influencers, etc.). This is especially important in B2B sales because, in general, prospects complete 57 percent of their research prior to contacting a salesperson.

1. What is the difference between a subject matter expert and a thought leader?

1. A subject matter expert deeply understands his area of expertise. In fact, people may seek him out to share his knowledge. A thought leader is a subject matter expert that also looks to the future and projects what will come next. A thought leader has an unbiased approach to the future. Both have an important place in social selling. Neither "sells" any products or services directly. Instead, they offer valuable information and insights.

1. Which of the four characteristics of a brand is most important when you are selling your personal brand?

1. All of the characteristics are important when you are selling your personal brand. It's important to define your brand by developing the three most important brand points that best describe you.

1. What is an ethical dilemma?

1. An ethical dilemma is a situation in which options are presented that may be right or wrong.

1. What is an example of corporate values?

1. Corporate values may be the same as personal values, which may also include teamwork, open and honest communication, and diversity.

1. What is ethical behavior?

1. Ethical behavior is morality applied to specific situations; it is behavior that addresses your obligations.

1. What is gated content and why would you use it or not use it as part of a social selling strategy?

1. Gated content is content that is not accessible to all readers until certain conditions are met, such as providing name and contact information in exchange for a white paper or webinar. Gating is used for lead generation—to gather the names and contact information of interested parties. Gating is usually used at the bottom of the sales funnel for content that is considered valuable by the prospect. Gating is not usually used at the top of the sales funnel in order to engage prospects.

1. Name three situations in your life in which you use selling.

1. Getting into the school of your choice, convincing your parents of something, getting the job you want (as well as other situations you may name).

1. Which type and method of communication would you use to tell your boss that your car broke down and you can't make it to the customer presentation?

1. It would be best to call him or her. This would allow you the opportunity to demonstrate a high sense of urgency, explain the situation, and discuss possible options. It's always best to communicate bad news (especially to your boss) verbally, whether in person or by phone.

1. What is an example of personal values?

1. Personal values include (but are not limited to) honesty, integrity, accountability, drive, determination, and sincerity.

1. Describe the three types of B2B customers and what makes them different.

1. Producers are companies or organizations that buy parts or ingredients to make a product or service. Resellers are companies or organizations that buy finished products or services to sell them to other companies or consumers. Organizations are government or nonprofit groups that buy products or services for consumption or to be sold to companies or consumers.

1. Discuss two ways to demonstrate active listening.

1. Repeat the information that you heard by saying, "Let me be sure I understand what you're saying . . . ," nodding your head, and taking notes.

1. What is the impact of Sales 3.0 on the selling function?

1. Sales 3.0 is a term that applies to the ever-changing world of technology, communication, and relationships in selling. The evolution of the Internet has led to a change in the balance of power in the selling process. Now, customers may have more information than a salesperson due to the research they are able to do on Web sites, through communities, and user-generated content. (In other words, both good and bad news travel fast.) Salespeople have to focus on collaboration inside their companies and with their customers to deliver the best solution to meet their customers' needs. Organizations are using data analytics, artificial intelligence, and other tools to better understand the customer and anticipate his needs.

1. Is sales considered a line or a support function? Why?

1. Sales is considered a line function because salespeople are part of the daily operations of the company.

1. What is social selling and how is it different than social media marketing?

1. Social selling is a process of listening, identifying, connecting with, and engaging prospects to build a relationship on social media by delivering valuable information. Social selling is connecting and building relationships with prospects one-to-one while social media marketing connects and builds relationships between the brand and its followers.

1. Describe the difference between soft skills and hard skills.

1. Soft skills include communication, relationship building, emotional intelligence, and the ability to interact with people. Hard skills are the technical skills required to perform your job, such as analytical skills in the finance area.

1. What is social listening and why is it important in social selling?

1. The benefit of employing a social selling strategy means that you become part of the conversation where your prospects are talking. Before you join any conversation, it's important to listen to what is being said so you can make relevant contributions. Social listening can be done using tools like Google Alerts, Hootsuite, and Buffer so you can be aware of the topics and concerns of your prospects . . . and hear what is being said about your competitors, too.

1. Identify three situations in which it would be appropriate to have your electronic device such as a cell phone, turned on in a meeting.

1. The only time it is appropriate is if you are waiting for an urgent phone call. If that is the case, you should mention it before the meeting starts, put your cell phone on vibrate, and step out of the meeting to take the call. If you are waiting for a text, only check your device occasionally so as not to send the message that the other matter is more important than the meeting you are in.

What is a customer-centric organization?

1. The organizational chart in a customer-centric organization has the customer at the center so that all functions focus on meeting the needs of the customer rather than working in silos.

1. What is the purpose of a mission statement?

1. The process and reason for creating a mission statement, whether it is for a person or a company, is the same: to develop a roadmap, a guide by which all future decisions will be made.

1. Name the three types of communication. Identify at least one pro and one con for each one.

1. Verbal communication is best for communicating emotions because you can use or hear intonation. It is also natural and fast and provides instant feedback. However, verbal communication is gone in an instant (unless it's recorded), and people remember what was said differently. Also, we speak at about 125 words per minute, but listen at about 400 to 500 words per minute, so people's minds wander during a good amount of verbal communication. Nonverbal communication includes body language and any other type of communication that can be observed. Nonverbal communication can underscore a message, such as hand gestures, or can send a different signal than the spoken words, such as crossed arms or physical proximity. But sometimes people don't realize the messages they are sending when they use nonverbal communication, because it can be more difficult to interpret. Written communication is the most permanent of all communication types. It is usually considered and is used for formal business communication such as policies, pricing, and other information. Written communication lacks intonation and is best used for communicating factual information. Grammar and spelling are critical for written communication to be effective.

1. Identify three ways you can add value to your network on LinkedIn.

1. Ways to add value to your LinkedIn network include sharing original content, like blogs; sharing curated content, like articles; sharing newsworthy information on your newsfeed; participating in groups; giving recommendations (even before being asked) and nurturing one-on-one relationships with dialogue and valuable information.

1. Why is your reputation important?

1. When you work in sales, you are selling yourself; you will have greater success with customers if you are someone they want to "buy." When a customer buys from you, they are investing in your reputation.

1. When is it appropriate to write a thank-you note in sales?

1. Whenever someone does something that is worth noting—referring you to a new prospect, hosting a productive meeting, being a great business partner, providing some information that was difficult to get, or any other situation that is worth a thank you—then note it. People rarely send thank-you notes, so it's an excellent way to set yourself apart. A thank-you e-mail is always appropriate, but a handwritten thank-you note is more personal.

1. What is whistleblowing?

1. Whistleblowing is the act of publicly exposing the misconduct of a company or organization.

1. If you invite a customer to lunch, who should pay? If your customer invites you to lunch, who should pay?

1. You should pay when you invite. Although it is appropriate to let your customer pay for a meal once in a while, it's usually expected that the salesperson's company will pick up the tab.

1. Why is video such an important part of social selling?

1. YouTube is the most used social platform by adults in the U.S. People find value in videos that include information they are seeking. Video can be a valuable element in a social selling strategy.

1. What is most important to include in your headline on your LinkedIn profile?

1. Your LinkedIn headline should focus on how you bring value. It should not simply be your current title.

2. Name at least three differences between a B2C and a B2B purchase.

2. Size of purchases, multiple buyers, number of customers, and geographic concentration.

3. Describe two products or services a B2B purchaser would buy to meet esteem needs.

3. A building that bears the company name; doing business with only those companies that have the best reputations, such as McKinsey & Company; hiring only people who have an Ivy League education.

4. True or false: B2B buying decisions are rational.

4. False. B2B decisions are dominated by emotions, especially trust and fear.

5. True or false: The initiator in a B2B buying situation is also the decision maker.

5. False. Although the initiator may be the decision maker, that is not always the case, especially in complex B2B buying decisions.

6. Describe the first step in the buying process.

6. Need recognition includes the realization that there is a need for the product or service. The need might be identified by a user or anyone else inside the organization or by a customer.

8. Describe FAB and how it is used in the selling process.

8. Feature, advantage, benefit is used in B2B and B2C selling and is used to appeal to a customer's emotions as in "what will this product or service do for me?"

1. Describe adaptive selling and why it is important.

Adaptive selling occurs when a salesperson adapts and customizes her selling style based on the behavior of the customer. If you adapt to the customer's social style, you can increase the chances that he will be open to hearing your message.

1. Which is better, a job that pays more or a job that you enjoy?

Although compensation is important, it's not the only measure of a good job. Choosing a job that you enjoy, with opportunities to achieve what you want, and working in the environment that you like with people you like, are important elements in evaluating a position.

1. If your customer is a driver, what is the best way to adapt your selling style?

Be professional; focus on facts and timelines that will allow your customer to see how quickly she can achieve her goal. Provide options that allow her to be in control.

1. Name at least four of the traits of successful salespeople that are discussed in the chapter.

Character and ability to build trust, ability to connect, listening skills, ability to ask the right questions, willingness to learn, drive to succeed, resilience and positive attitude, risk taking, ability to ask for the order, independence and discipline, flexibility, and passion.

1. Describe consultative selling and why it is different from transactional selling.

Consultative selling occurs when you develop a one-to-one relationship with your customer and truly understand his needs, wants, and resources; it means putting the customer first. Consultative selling helps you develop short-term and long-term solutions for your customer. Transactional selling focuses on a single transaction with no input from, or relationship with, the customer.

1. Name at least three ways you can use networking to get the job you want.

Create a networking list, join professional organizations, use online professional social networks, publicize your profile, ask for recommendations, join groups, create content, and follow up.

Analyticals want to know

How

1. Explain how to communicate bad news to a customer.

It's best to deliver bad news in person or over the phone when time permits. This tells your customer that you think this is important. You should always communicate in an open, honest, and timely manner and provide a realistic solution to the problem. If you don't have a solution, let the customer know when you will get back to her with an update.

1. Describe lifetime value and why it is important in consultative selling.

Lifetime value means that you consider not just one transaction with a customer but also the help and insight you can provide throughout the entire period that you do business with him. A customer that has only limited needs right now may develop into a lucrative customer over the course of time based on your advice and guidance.

1. What is networking, and why is it important in selling?

Networking is the art of building alliances or mutually beneficial relationships. Networking is built on the concept of exchange. In selling, you can expand the number of people you know, which can expand your business. When what you need provides value to someone else in your network, networking works. The more you provide value to other people, the higher the likelihood that they will go out of their way to help you.

1. What does pay-for-performance mean in selling?

Pay-for-performance is a term that describes the fact that you make more money based on selling more. Many sales positions include a pay-for-performance compensation structure, which means that the more you sell, the more money you make. Conversely, if you don't meet your objectives, your paycheck will be smaller.

Communication Model Steps

Sender sends message, message is enclosed, message is sent via a channel, message is decoded by receiver, receiver sends feedback to send, noise interferes with the message

1. What is social proof and how do you get it?

Social proof is a psychological phenomenon whereby people are influenced by what other people say. Online reviews, testimonials, recommendations, and comments on social media are all examples of social proof—opinions of others that can influence decisions. You can ask customers to speak on your behalf by giving a review on the appropriate social media platform. You can also ask for social proof for your own personal brand by requesting a recommendation on LinkedIn.

1. Who wins in the win-win-win relationship?

The customer, you, and your company all win in a win-win-win relationship.

1. Explain how to determine a company's policies on issues such as gifts, conflicts of interest, and so on.

The employee handbook will outline the company's policies concerning gift giving, 1. nondisclosure of company information, and other areas of behavior

7. What is an RFP, and at which stage in the buying process is it used?

The request for proposal is part of step four: searching for appropriate suppliers.

1. What is WII-FM, and what role does it have in a career in selling?

WII-FM is the radio station that everyone listens to: What's In It For Me. It's always important to think about what you want out of life, and a career in selling has a lot of advantages for you, including financial opportunity, chance for advancement, and personal satisfaction.

1. Are there selling opportunities in a nonprofit organization?

Yes, fund-raising and development (as in creating and building endowments) are some of the selling opportunities available in the nonprofit sector.

1. What are the foundation of your résumé and cover letter?

Your brand points are the foundation of your résumé and cover letter.

1. Identify whether each of the following is a B2B or a B2C selling channel: a. ____ Selling a fence to a dog-training company. b. ____ Selling business cards to a small business owner. c. ____ Selling food to a school for the cafeteria. d. ____ Selling energy drinks to spectators at a race.

a. B2B; b. B2B; c. B2B; d. B2C

Expressives want to know

who

Amiables want to know

why