Professional Sales - MK 4330 Study Guide
During a sales presentation, good interpersonal skills are paramount to a sales representative's success, such as: Articulate and clear voice projection.
Articulate and clear voice projection. Maintaining comfortable and steady eye contact with the prospect or even the "eye" of the video recording device. Asking thorough questions and engaging in active listening.
When a successful business-to-business sales representative prospects for new clients over a long period of time, they are aiming to:
Become a trusted advisor and build a strong referral network.
Bob, your prospective client at the manufacturing plant, says to you, "We really like the our current X400 product. Why should we switch and use your product?" A salesperson must have (what quality) _________ to answer this question.
Competitive knowledge
Types of buyers include the _______________ who purchase goods and services for their individual use or consumption. They are highly influenced by peer group behavior, aesthetics, and personal taste.
Consumer Market
Sales representatives use ____________________ software as a valuable technology tool to accumulate and update prospect information and view the progress of each stage of their sales funnel.
Customer Relationship Management (CRM)
According to A Mind for Sales, it is important to build relationships to capitalize on opportunities to create more value and sales. Although, it is unnecessary for successful sales representatives to build relationships with more than one business leader at each prospective company.
False
According to Chapters 14 and 15 in A Mind for Sales, one reason people choose a sales career is because it is an autonomous, solo activity.
False
All buyers have the same need and decision process. For example a corporate buyer for Foot Locker, an athletic equipment buyer for GSU, and a student in this class buying a pair of vintage sneakers, all have the same need and buying decision making process.
False
As a salesperson at Logitech International S.A., Ali is expected to generate revenue but is not expected to identify or qualify leads (prospective customers).
False
Sales Value Proposition, or SVP, is a powerful tool to show the strengths, weaknesses, opportunities, and threats of your competitor.
False
Sales is not classified as a 'profession' for several reasons, two of which are because it does not have a unique set of professional skills nor does it make a significant contribution to society.
False
Salespeople are concerned with profitability in bottom-line terms, whereas accountants and financial staff are responsible for achieving a healthy "top line" on the profit and loss statement.
False
The ADAPT Technique of questioning is used to:
Find a prospect's needs through Assessment and Discovery questions.
When working with buying teams there are multiple people who have influence on the buying decision throughout your prospect's organization. The ___________role controls the flow of information.
Gatekeeper
A sales funnel is:
Has a start, middle, and an end. A tool for tracking prospect progress from lead to sale. Offers a standardized way for measuring conversion ratios each step of the way. Is wider at the top and smaller at the bottom. ANSWER: ALL AVAILABLE CHOICES
In the context of sales presentations and conversations, effective communication skills are needed in order to:
Identify buying needs and to demonstrate to buyers how a salesperson's proposed solution can satisfy those needs.
Alivia is a young college graduate who is looking for a sales job in a textile business. To better their chances of being selected by employers, they decide to enhance knowledge of the trends in the market. In this scenario, it is evident that Alivia is trying to enhance _____.
Industry Knowledge
Eli is a sales representative for Yardbird, an outdoor furniture manufacturer. Two years ago, he had been surprised by the influence of the global pandemic and the greater demand for sales opportunities in his sales funnel. Two years later, he found that most of his prospects had already bought products from him. He told his boss, Kristina, that the amount of time for prospects to move from one stage to the next in his sales funnel was starting to ___________ (shorten or lengthen) and that his conversion rate would likely _______________ (decrease or increase).
Lengthen, decrease
Key to effective listening, a check list when meeting a person for the first time:
Listen for ideas Find areas of interest Judge content, not delivery Be flexible Hold judgements until full consideration ANSWER: All available choices
In A Mind for Sales Chapter 3, Mark Hunter talks about overcoming negative sales calls. Select all correct actions he offers as a positive solution to these kinds of experiences. (Must select all correct answers for full points.)
Only fertilize positive seeds in your mind!, Relax! Remind yourself it is only one sales call., Create a list of positive outcomes where you have helped a customer., Follow up with an existing customer., Avoid overthinking a negative call. Ask yourself, "In 30 days from now, will I remember this call?" The answer is probably 'NO'
What is the main reason sales representatives should "always be prospecting"?
Position the sales representative as a trusted advisor. Develop the funnel of potential customers. Make up for client losses. Generate new revenue.
A _________ is an article or substance that is manufactured or refined for sale.
Product
A _____________ is a person or company to whom a sales representative sells a product or service.
Prospect
Creating solid plans are the foundation for effective prospecting, of which 'setting goals' and 'allocating time' are the first two pieces of the plan. What are the three other pieces to complete the puzzle for effective prospecting?
Staying positive, keeping records, and evaluating what is working for you.
According to Mark Hunter in A Mind for Sales, your network is your best investment. In the 14th Chapter he talks about the importance of your Network Triangle. The Network Triangle is made up of three categories of people. What are those categories? (For full points, select all correct answers.)
Subject matter experts Mastermind group People of influence
What is PROSPECTING?
The first step in the sales process, which consists of identifying and contacting potential customers. The opening engagement of building a trusting relationship with the potential buyer. The Sales Representative would enter the customer data into the CRM system, in order to call on them again.
According to Mark Hunter in A Mind for Sales, these data points are important to measure for a sales representative.
The number of calls made to find a qualified prospect. The percentage of time spent customer-facing. How much time it takes to turn the average lead into a customer. ANSWER: All available choices.
A sales representative's passion for the product and eagerness to connect the value with the prospect's need can have a significant impact on the prospect's buying decision, according to A Mind for Sales.
True
A salesperson is often responsible for quoting prices. As a representative of the selling firm, these quotes legally bind a company.
True
According to Mark Hunter in A Mind for Sales, sales is about delivering incremental outcomes to people who do not expect it. It is your opportunity to share the value of your product or service with your prospect.
True
Avery is a sales representative for LexisNexis, a global leader in data analytics supporting compliance and fraud detection. Avery is paid a commission for every prospect who signs a new contract. She talked to her manager about wanting to increase her take home pay. Her sales manager told her that he could coach her to help increase her customer conversion ratio at each stage in the sales funnel and this would help increase her take home pay. Was this the correct advice from Avery's manager?
True
In Chapter 12 of A Mind for Sales, Mark Hunter encourages sales representatives to focus on that which makes a difference with a customer or helps achieve important goals.
True
Problem solving goes beyond identifying the needs of the prospect, to developing alternative solutions for satisfying those needs. It involves educating the prospect or customer.
True
is a form of personal selling that requires that salespeople earn the confidence of their customers and that their selling strategy meets customer needs and contributes to the creation, communication, and delivery of customer value.
Trust-based relationship selling
According to Chapter 4 in the SELL textbook, there are THREE communication subcomponents. (For full points, select all correct answers.)
Using active listening skills to facilitate the interchange of ideas and information. Explaining and bringing to life the benefits of a proposed solution. Developing effective questions for uncovering and diagnosing buyers' needs and expectations.
The ___________ is the graphical area where your products are nearly the same as the products of your competitors.
Value Parity
Timothy works as a sales representative for Mondelez International, a leading manufacturer of chocolates and confections. Their lead competitor for confections is The Mars Company. The ____________ is the 'sweet spot' (pun intended) where Timothy can find an advantage that separates their products over that of their arch-rival.
Value Wedge
A dichotomous question:
allows the customer to select from two or more options.
In Chapter 4 of the SELL textbook, the important acronym SPIN is discussed. Many students will need to role-play a sales engagement during an interview process. Using SPIN to direct your conversation will help you in the role-play. SPIN stands for understanding the SITUATION and PROBLEM of your current prospect. Also,
asking the IMPLICATION or 'so what' is the impact of the problem and the NEED-PAYOFF if they were to buy your solution.
A probing question: -
elicits more articulate and precise responses from the customer for use in needs discovery and solution identification. For example: Tell me about situations when...
Confidentiality is.....
entrusting someone with sensitive information.
According to Mark Hunter in A Mind for Sales, the more effectively we manage our time, the more success we will achieve. Therefore, it is important to continually schedule blocks of time to:
learn and read about your industry, the economy, and the sales process. grow your network.
The recent pandemic greatly impacted our understanding of___________________, the amount of space that people feel is necessary to set between themselves and others. Sales representatives must be sensitive to this when dealing face-to-face with their prospects.
proxemics
When having an initial dialogue with the prospect, the sales representative should gather a few vital pieces of information to enter into the CRM system, such as the buyer's...(For full points, select all correct answers.)
title name contact information
According to Mark Hunter in A Mind for Sales Chapter 8, the level of _________ between both parties will determine the level of negotiation needed to make the sale.
trust
Select the attributes of a successful salesperson. (For full points you must select all correct answers.)
Active Listening, Service-Oriented, Motivation, persistence in the face of obstacles, Filled with integrity, honest and ethical
___________ is essential for sales representatives because it helps to sense, interpret, evaluate, and respond to verbal and nonverbal messages.
Active listening
Examples of unethical sales behaviors are:
All available choices.
Principal Characteristics of your buyer can impact the speed and receptivity of a decision process. If your prospect is supportive, easy going, flexible regarding time and spontaneous; they would be know as ____________________ on the Assertiveness/Responsiveness scale.
Amiable = Low Assertiveness and High Responsiveness
SELL Chapter 5 discusses the reality of rejection during a sales process. What are the specific ways the SELL textbook offers for dealing with rejection in a positive manner. (For full points, select all correct responses.)
Ask why and learn from the response. Expect it and don't take it personally. Remain polite and professional. "Keep the door open." Stick to your routine. Continue to prospect.
There are several types of prospecting methods, such as:
Cold calling Referrals Networking Social media Directories
No sales representative ever wants to lose a client, but sometimes it is inevitable. Select all the reasons a company could lose clients. (For full points, select all correct answers.)
Competition Changes in buying behavior Changes in market conditions Dissatisfaction with the salesperson Dissatisfaction with the product
According to a Mind for Sales, today's successful salesperson needs to be focused on and measure Customer Facing Time. Select the ways a sales representative can increase their Customer Facing Time. (For full points, must select all correct options.)
Direct email communication with a prospect list., Client meetings via video or phone., In-person visits with the prospect., Direct text messages with a prospect to coordinate a meeting.
If your prospective client does not see your product's value immediately, it means you cannot help them now or in the future.
False
Immediate, short-term sales success in any industry is built on referrals, in which trust plays an important role.
False
In a buying team, examples of roles are 'User', 'Influencer', 'Coach', and 'Gatekeeper'. It is NOT possible for one member of the buying team to play two roles at the same time.
False
It is not necessary for a salesperson to have knowledge about the product, services, or customer in the process of earning the trust of a buyer. Trust is built by the infectious personality of the salesperson.
False
Mikhail is a sales representative for SmartFox Software and his prospect is The First National Bank of Hawaii. The buying committee for this bank generally has the principal characteristics of Low Assertiveness and Low Responsiveness. Mikhail should not be concerned about this because it will take the same amount of time for this deal to progress through his sales funnel as a prospect with High Assertiveness and High Responsiveness.
False
Part of your Monday Mission, according to Chapter 2 in A Mind for Sales, is to spend time reviewing reports and avoid making phone calls.
False
Rules for interpersonal communications, such as HAPTICS (communicating through touch, e.g. handshakes, pat on the back, etc.) remain the same no matter the culture, social environment, or public health mandate.
False
The psychological attribute of a product is known as the 'delighter', but the functional attribute is still far more important because it has a 63% level of influence on the buyer's satisfaction.
False
Transactional sales is about talking WITH rather than AT the customer. A collaborative and two-way form of communication that allows buyers and sellers to develop a better understanding of the need situation and work together to co-create the best response for resolving the customer's needs.
False
Which of the following statements is true about relationship selling?
It involves a high level of problem-solving activity.
What are the four descriptive factors of the Success Wheel as described in Chapter 2 of A Mind for Sales.
Motivation, Momentum, Confidence, Success
A customer-oriented salesperson covers both the pros and cons of a recommended product when making a sale to a customer.
True
A sales dialogue helps salespeople determine their prospective customer's strategic priorities?
True
According to Mark Hunter in A Mind for Sales Chapter 7, Sales is about delivering incremental value to the customer when they were not expecting it and most likely did not know they needed it.
True
The B-to-B or Business Market includes firms, institutions, and governments that acquire goods and services: raw material, use for day-to-day operations, for resale to the end customer. This type of market stresses VALUE as a cornerstone for buying decision.
True
The sales dialogue is a series of conversations between buyers and sellers that take place over time in an attempt to build relationships.
True
The salesperson uses a questioning, probing tactic to uncover important buyer needs. The salesperson must uncover the needs, present the offering to satisfy the needs, and continue selling until the prospect makes a purchase decision.
True
Unfortunately, a small minority of buyers believe a salesperson actually understands their situation and needs.
True
We have discussed the quote, "Nearly half of all salespeople quit trying to sell to a prospect after the first call. But more than half of all sales are made after the fourth call." If this is accurate, a business-to-business sales representative should consider reengaging with a qualified prospect even if they heard 'no' the first time.
True
When working with buying teams, there are multiple people who have influence on the buying decision throughout your prospect's organization. The role of the 'Coach' guides the decision process and makes recommendations.
True
What are the possible sources for identifying a potential client. Select the correct answer(s) that apply. (Select all correct answer(s) for full points.)
Word of mouth Trade associations CRM - Customer Relationship Management Software Information provided by salespeople
Hal is a salesperson for a technology company. Hal informs customers about new company policies that are likely to affect them despite the risk of losing them. In this scenario, Hal exhibits _____.
customer-oriented behavior
A productive sales approach first __________________, then illustrates how the sales organization can _________________ to the customer.
defines customer needs.....deliver the value
The ____________attribute of a product includes the features a customer wants or the "must haves'.
functional
Mark Hunter in Chapter 6 of A Mind for Sales talks about measuring the percentage of leads that turn into customers. In the long-term this number should ___________ in order to show the effectiveness of your sales process.
increase
If a sales representative uses a high-power pose during a presentation, it:
is a powerful or expansive posture that evokes confidence. is a more assertive feeling or behavior.
An open-ended question:
is designed to allow the customer respond freely.
According to Mark Hunter in A Mind for Sales, if negotiation is inevitable remember to:
maintain your integrity, ask better questions, and quantify the value of your offering.
According to Mark Hunter, as described in Chapter 11 in A Mind for Sales, a sales representative's greatest assets are your: (For full points select all correct answers).
mind network time
When a sales representative has an initial dialogue with the prospect, is it important to gather as much information as possible about the selling situation. This type of information will help the rep qualify the prospect and forecast the timing of their movement through the sales funnel. Such information to gather about the selling situation is: (For full points, select all correct answers.)
motivation for buying current supplier available budget competitors involved buying process
According to Mark Hunter in a Mind for Sales, "Sales is about helping others ________________ what they did not think was possible."
see and achieve
According to Chapter 15 in A Mind for Sales, one of the fastest ways to gain a response from a senior-level person in a company you sell to is by_____________________________ . This is called 'insight selling'.
sending them an email with a link to a newsworthy story about one of their customers.
The Return on Investment (ROI) is:
the benefit (or return) of an investment, divided by the cost of the investment.
Select the actions or character traits given in SELL Chapter 2 that help a sales representative earn trust. (For full points you must select all correct answers.)
Expertise, Customer orientation, Dependability
A tactical question is used in open-ended and closed-ended question formats to: Gain confirmation, uncover attitudes, opinions, and preferences that the prospect holds.
False
According to A Mind for Sales Chapter 9, it make little to no difference in your outcome as a salesperson if you take the time to understand each person to whom you are selling. In our world of technology and AI, there is little to no power in personal connections.
False
Select all key sources a successful sales representative would use to aid with their prospecting process.
online searches referrals professional organizations networking industry conferences
