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study guide mid term

by: odette antabi

study guide mid term Mkt 340

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Everything!! lectures cases and videos all 3/ 6 classes study guide for our first midterm
Professional Selling
Ian Scharf
Study Guide
Sharf MKT340 study guide midterm proffesional selling UM Ian
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This 13 page Study Guide was uploaded by odette antabi on Tuesday February 9, 2016. The Study Guide belongs to Mkt 340 at University of Miami taught by Ian Scharf in Spring2015. Since its upload, it has received 66 views.

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Date Created: 02/09/16
Unit 1 I. Intro to personal selling A. Human perception  People tend to remember controversial or negative events B. Barriers  There is no homogeneous way to reach all the personal sellers  There are few barriers to entry the sales area  Its easier to become a good seller than a good attorney or doctor  Everyone can sell C. Can it be changed: Slow process to change . it would take generations II. Selling and Sales people A. Why learn? 1. People never change their minds. They make a new decision based on new info 2. Role of markets and communication. Sellers are conducts between the company and clients 3. The role that plays in the marketing mix. The four P’s 5 ways to promote yourselves 1. Personal selling 2. Advertising (inform, remind, does not persuade) 3. B. What do they do?  Sell (hunter)  Service (farmers)  provide information in 2 directions. Company to client and client to company They sell to:  existing or continued customers  new customers C. Describing sales job  New vs continuing  Order takers vs order makers (act like small business)  Products vs services  Field ( go to clients) vs inside (clients go to them)  Consumer (end consumer) vs business (sell to reseller) D. Characteristics of a Successful Salespeople  Motivation: o Externally: money, power recognition o Internally: standards up, perform that level. Do better in life, have externally working for them  Dependable: word most be bond. Can’t break promises. Under promising and over delivering  Ethical  Customer and product knowledge  Flexible: world is not perfect. Function of maturity  Communication skills: take the complex concept and break it down so everyone can understand it. bad communicator eats up your time  Emotionally intelligent: anticipate human behavior before it happens, study of humans goods. Pool Hustler: play bellow your ability, then at your ability E. Born vs made  Combination between born and made  More made F. Rewards  Independence: people who are self employed that cannot manage their time will eventually end working for someone who knows how to manage theirs  Responsibility: not the same as liability. Can’t get fired  Sales management: not top sales people. If you are the best in what you do it can’t be translated. Video Roering  Mike Parella from New Jersey  Works in a pharmaceutical company as a medical representative  He is open minded, good in management skills and positive ( he likes what he does)  He may need to improve in his boringness Case: Justin Diamond takes a sales course  He wants to go into sales when he graduates  Meet new people all the time,  People don’t repsenct sales people Unit 1, class (2) I. Building partnering Relationships A. Types of relationships  Marketing exchange: one time  Functional relationship: attach ourselves with vendors  Strategic partnership: you feel like you are in the pay list of the company B. Characteristics of a successful relationship:  Trust: dependable, competent, customer oriented, honesty, likeable  Open communication: say anything no fear of repercussions  Common goals  Commitment to mutual gain: accomplish more together than alone  Organizational support: other people believe in the relationship besides the two parties. C. Evolution of personal selling:  Product concept: people will buy based on the features available  Production concept people will buy if its available  Sales: people will buy based on the amount of promotion you do  Marketing: divide your market in target markets and make one proposal for each. The goal remains the same  Partnering concept: fewer clients better service Rule 80-20: 20% talking sales person. 80% prospect Case: New Buyer/ old account  Tanita : sales person  Morgan office solutions: oldest distributer of office equipment in California  Business 10 years ago with school district  New board of member  Choosing between 3 suppliers.  It’s a commodity so it has same quality no matter the price. One too many  Monahan: owner and president of Promoteit!  Damon Products: the oldest and largest client  They gave the chance to Damon to take the promotion they were not ready so Haddock took the promotion  Then Damon calls to take the promotion but is al ready taken  They should honor their word and keep the contract, next time Damon will get the chance Class 2 part 1 I. Ethical Issues in Selling Why the Dilemma? A. Relationships With Customers Deception: lying about the truth  Omission  just as unethical to leave a part out as to lie Bribes Gifts o If the only reason they are buying from you is because of the gits they are not customers  temporary Entertainment o Be physically present at any event o Check industry for maximum amount you can spend o Use common sense, if it seems excessive it probably is Special Treatment: it is unethical for one client to treat at the expense of another client Confidential Information o Can’t tell someone else what the client tells you, your career will die. Backdoor Selling o Once you establish a business it is unhetical to go around o Ex: both work for same company, try to play them off each other o Once you establish relationship, keep it. B. Relationships Within the Company Expense Accounts 1. Don’t go into sales to make money from your coorporation 2. Auditor: people looking in expense accounts 3. Think that you can get away with something you will always tell it Reporting Work-Time Activities o 10 appointment no sales o Dangerous fear of repercusions o Spend time teaching and does not need Switching Jobs o Under no condition do you badmouth previous employer  If you are in employer-employee relationship, you are not to take clients with you (NOT your clients!) o Exceptions:  If you are self-employee  You are partner in company w/equity  Company goes bankrupt  You are an independent bank  You are not to copy materials and take them with you C. Relationships With Colleagues Sexual Harassment: ilegal o It can be something innocent. Interpreted other way o A good sales person cant sexual harras someone no time in the office  always with clients Taking Advantage of Other Salespeople o COWARDLY o Treat them the way you want to be treated o * people hire others with the same ethics as themselves D. Relationships With Competitors o respect competition o you focus in what you can do about your competitors o do not confront your competittors class 3 part 2 I. Buying Behavior and the Buying Process Derived Vs. Direct Demand Derived: o Secondary demand behind it o Businesses use derived demand when they purchase o Consumers use derived demand Direct: o Customers use direct demand A. Steps in the Buying Process 1. Recognizing a Need or a Problem 2. Defining the Type of Product Needed 3. Developing Product Specifications: businesses buy on specific, cosnsumers have to buy on what is available 4. Searching for Qualified Suppliers 5. Acquiring and Analyzing Proposals 6. Evaluating Proposals and Selecting a Supplier 7. Placing an Order and Receiving the Product : businesses reorder, consumers have to make another visit 8. Evaluating Product Performance B. Types of Organizational Buying Decisions New Task o New product, new vendor Straight Rebuy o Same product, same vendor Modified Rebuy o change one, but not both C. Buying Center User o uses the product o the attorney Influencer o people not on a payroll who assist decision o spouse Gatekeeper o control flows of info to the decider o secretary Decider o formal or informal buying authority o the attorney a. Video – Trade Show Video (2 parts) i. ICX, new product called solstice ii. People who work there 1. Margo the CEO 2. Bill- Sales VP 3. Jennifer – VP Finance 4. Howard – VP Marketing iii. Upcoming trade show and they need help getting it going iv. Salespeople: Sally, Jeff, and Michael 1. Sally: talking more than listening, has another meeting planned, only gave one visual at a time 2. Jeff: sais he will show visuals later with no exact time 3. Michael: Bridging: take someone’s last remark, use it in their speech Class 3 (1) I. Introduction to personality types  No body can agree how many personalities types there are. We are using the 4 types model  No body is 100% of a type. But we all have a dominate trait  All types are equally represented in society ( 25% each) A. Analytical:  Uses logical the most  Occupations: finance, accounting, engineering, most of the sciences  Need to use numbers or facts B. Amiable:  Belief more in the relationship their sleeves.  Will piggyback on your own confidence, your own recommendations.  First type to give their trust, first to take it back  If you belief in something they will  Occupations: nursing, many teachers, most non-profit or care takers C. Steady Relater:  Moved by status and image  It has to be the newest, latest, best  The most competitive of all 4  Athletes and motivated externally D. Driver  Moved by being in control and not wasting time  They want immediate response  Most CEO tend to be drivers  People aren’t born drivers they become  Underneath a driver there is someone who lost their trust before Sales persons need to adapt to different personality types II. How people Interpret information Visually:  Seeing things  When they say I don’t believe you. Show it visually Auditory  Paint word pictures  You know they are auditory when you tell a long story or joke and they follow along Kinetically:  Less than 5%  By touching or feeling III. Communication principles Verbal Messages: A. Use of words  Characteristics: They can be  Concrete or abstract  Emotional or neutral  Painting Word pictures: take an image in your brain and place it in the receivers brain.  Tailoring words to customers. B. Voice Characteristics  Speech rate:  Listening 140 words per min  Speaking 140 words per min  Until you find out how fast someone is speaking it is better to speak faster than slow  Loudness:  Try not to use microphones  technology can fail  Speak loud enough so the back can hear and that is not so loud to first row  Inflection  Change your tone when you speak to people  Monotone is boring  Articulation:  Difficult words, slow down and pronounce everything C. Questions: Open-ended:  Cannot be answered yes or no  To collect info  No more than 3 questions in a row Fatigue factor in the listener  WHY: explain Close- Ended  Yes? No answer  Are/is/do/which : confirm info  More than 3 in a row  interrogation Spacing  Combination od open-ended and close-ended never asking more than 3 in a row each time Leading  You already know the answer  Rhetorical  Not really questions. Is a statement as a question D. Listening  Reactive: listener hears something and then respond  Proactive: hear what is being said, filter cut important info, make a response. The 3 at the same time.  Repeating info: Word for word. No changes  Summarizing info: summarize built on emotion  Silences: stop talking; go quiet in the middle of presentation. 3 clocks: actual amount of silence. 1 min How long it appears to the other person. More than 1 min How long it appears to the person who went quiet. Less than 1 min Go quiet in the presentation. Don’t interrupt. You shut up. Video ICX  Margo CEO: Driver  Bill Sales: Steady Ready  Jennifer finance: Analytical  Howard MKT: Amiable Sales people Sally:  Takes over the control off Margo.  She needs to give back  what will make you happy? Jeff  Wired defense mechanism  give video and pictures  Could not have it readywe will think it maybe price increase Michael  Give margo control and time  Copies margo body language  Gives visual info, say the page where the info is, and says see it after  Uses compensation technique to give a summary Compensation technique: you cannot handle the objection so you try to minimize it in the big picture Matching or modeling: Psychological theory. When you copy someone’s body language it creates a zone of friendship. Class 3 (2) I. Non-verbal communication A. Body language Works 90% of the time Positiveenhaced Negative- blocked Angle:  Rock back and forward north south positive  Side to side w-e  negative  Leaning forward  positive  Backwards negative Face:  Eyes: window to the soul  Interested: pupil dilated, eyes bigger  Staring straight to you  positive receiving info, not interpreted yet  Turn eyes ot head to the right examining the logic  To the leftexamining emotions of said  Staring straight down while talking  positive, intensively concentrated  Blushes  anger or tension  Tightness in checks, jawline or neck  the worst Arms:  Greater the movement, stonger opinion  Crossed arms strongly negative, the worst Hands  Open relaxed palms  positive  Closed fist  negative Legs:  Uncrossed legs  positive (men + women with no skirt)  Crossed legs + body turn to an angle  negative B. Sending messages non verbally Face  Smile: don’t practice it, natural  Eye contact: respect  People who don’t make eye contact are perceived as if they are hiding something  Hand movement: do not point at your customer during presentation Posture:  Interpret your product as the way you carry yourself  Lazy or underperformance  slouch  Still  inflexible Matching:  Copying someone’s body language  Do not match crossing arms  wont help  Someone is getting ahead of you do not hurry, match the next movement  First few times you are going to be bad. And look like you are mocking them Handshake and touching:  First time never exchange your hand  Some people don’t like being touched  If they do it you can Appearances:  Dress professionally neutral  Your appearance should not pull from your message either direction  Multiple meetings in the day. Default to the most conservative one II. Income exercise  For commission  Know how much you do  You can control how busy you are Annual income $70,000 Avg comm/sale $1,500 Closing ratios (how many people purchse) : 10% Weeks plan to work: 50 Annual income / weeks worked $70000/50= 1400 1400/ average comm sale 1400/1500=0.9 0.9/ closing ratio 0.0/0.01 = 9 people per week Cases Coffee Delight  Cindy Sawyer sale rep for coffee delight  Fred Morgan client  Morgan is analytical she uses amiable terms  She says all the flavors are good then recommends two Staples  Chris Doering sales rep for staples. 25 years old  Chen 50 years old  driver  Doering arrived 15 min late  Chen lies about al ready placing an order, and that they don’t need supplies  Doering says I guess I am too late. Cablevision:  Cathy Quincy salesperson for cablevision amiable  Ross director of advertising in a bank  driver  Quincy is trying to make ross amiable  Quincy confuses the area  Instead of doubled say 100%


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