MKT340 Exam 1 Study Guide
MKT340 Exam 1 Study Guide MKT340
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One Day of Notes
verified elite notetaker
verified elite notetaker
One Day of Notes
verified elite notetaker
verified elite notetaker
This 9 page Study Guide was uploaded by Jessica Koenig on Saturday February 7, 2015. The Study Guide belongs to MKT340 at University of Miami taught by Mr. Scharf in Winter2015. Since its upload, it has received 335 views. For similar materials see Professional Selling in Marketing at University of Miami.
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Date Created: 02/07/15
Exam I Format Pick 5 out of 6 short answer questions 20 points each 6 Course Document Outlines 7 Cases 6 Videos List Go straight from headings or Brie y Describe Given name of case or video Give 1 Fact that is unique to that one Be able to use Income Equation 3 Steps in Given Order Cases Justin Diamond 3 College Students Talking About Career in Sales 0 Justin s parents are against him going into Sales New Buyer Old Account Office Supplies for School District 0 Tanita developed relationship with the business manager amp some members of the board but when they retired the district wanted to use several suppliers 0 Her loyalty should have been to the entire school district One Too Many Shampoo Promotion 0 Signed contract with Haddock to be in promotion so it was too late when Damon called 0 Can never let one client Damon have too much power Tom Winger Ethics Case Kids Wear His largest account was given a 500 Bribe from Ned who died 0 If you give him 500 he s going to want more next year amp he s going to tell others 0 Ned bribed him Tom doesn t even know if its true Coffee Delight Sawyer is trying to sell a new line of decaf avored coffee to a buyer 0 The Buyer Morgan is analytic he needs to hear things in numberspercentages 0 Sawyer is amiable she is being too vague Cablevision Quincy is amiable Ross is a driver 0 Ross Notices growth by percentages amp time by months 0 Quincy got the wrong suburbs said doubled instead of percentages Staples Doering selling supplies to Chen 0 Chen is a driver Doering wasted his time by being late amp getting combative Videos Roerig Pharmaceutical rep from NJ going to see doctors during day How Not to Sell Selling Dictation Machine to Lady Talking way too much Ethics Videos Guy knocked over pencils trying to look at confidential information on desk Ingram the buyer vs Patterson the salesperson Dumping Inventory Lasertron unethical sales manager Bad Marriage didn39t want to accept ad because it was about fur Trade Show Video ICX Solstice New Product Upcoming trade show Looking to hire a company to help with trade show expertise Give ONE Fact about each sales people Sally Passes judgment on Howard depersonalizes conversation should give 1 visual at a time instead of all at once Jeff Talks too much tells him how he feels Michael Focusing on marketing takes notes gets names amp titles of who will be at meetings Class Notes Negative Perception of Salespeople Because of History and Barriers 1 History industrial revolution amp money to pay Stock market crash 1929 Dark Ages of Professional Selling 19301970 Abuses in every major industry People remember negatives 3x more than positive 2 Barriers to Entry Very Few So people can sell who shouldn t be Selling and Salespeople A Why learn about it 1 Everyone sells 0 People never change their minds they make a new decision based on new information Role in Mkt Communications salespeople are the connection between the company they represent amp the client they represent Role in Mkt Mix Personal Selling is the most expensive of all methods 0 Advertising amp the Internet weren t designed for persuasion What do they do 1 Sell 2 Service 3 Provide Information from clients to company amp vice versa Describing Sales Jobs 1 New Customers vs ExistingContinuing 2 Order Takers behind cash register uniform vs Order Makers acts like a small business owner amp runs it like a practice 3 Products vs Services People who are good at 1 will struggle at the other requires 2 completely different sets of skills 4 Field go to their clients more profitable vs Inside clients come to them 5 Consumer sell to enduser vs Business sell to resellers D Characteristics of Successful Salespeople MDECFCE 1 Motivated a Externally Motivated Power Money Recognition b Internally Motivated Set of standards well above what s expected amp perform at that level tend to do better in life tend to have externals working for them Dependable cant break even smallest promise Underpromise amp Overdeliver Ethical Customer and Product Knowledge Flexible function of maturity Communication Skills can take a complex concept amp break it down so everyone can understand it 7 Emotionally Intelligent Human moves Anticipate human behavior before it actually happens 0 You studied the watch while I studied you 0 wa E Rewards of being a salesperson 1 Independence control of their calendar People who are selfemployed who cannot manage their time will eventually end up working for someone else who knows how to manager theirs 2 Responsibility you control your own destiny 3 Financial Top salesperson makes as much or more than the CEO 4 Sales Management Must first be a salesperson top sales managers are typically not great salespeople if you are truly great at something it is impossible to transfer that to somebody else A Types of Relationships OneTime Market Exchange Worst type of relationship Functional Relationship attach ourselves to vendors buys Colgate every time Strategic Partnership relationship is so strong that the customer acts like they re on the payroll of the company insist all their family buy Colgate buy stock in the company Best type B Characteristics of Successful Relationships Trust DCCHL Dependable Competent Customer Oriented Honest Likeable Open Communication Ability to tell someone anything without fear of repercussions Common Goals Similar Interests Commitment to Mutual Gain Organizational Support More people believe in the relationship besides the 2 parties C Evolution of Personal Selling 0 Production People will buy if it is readily available 0 Product People will buy based on the features available 0 Sales People will buy based upon the amount of promotion that you spend MAll 3 Ignore the Customer V 0 Marketing Divide into target markets amp provide an offering for each 0 Partnering Fewer clients better service repeat customers Ethical Issues in Selling Representing yourself your customers and your company A Relationships With Customers Deception includes omission Bribes Gifts and Entertainment Bribes Buys from you because of what you give them this is a temporary customer waiting for a better offer 3 Rules when you entertain 1 Be physically present at the activity 2 Check your industry for the max amount you re allowed to spend 3 Use common sense Special Treatment unethical for 1 customer to benefit directly at the expense of another customer 0 Never prejudge a situation treat everyone well Confidential Information Resist telling confidential info If you are perceived as a good listener people will tell you things Backdoor Selling Once you establish a relationship within a company it is unethical to try and go around it B Relationships Within the Company Forging Expense Accounts Make up an expensereceipt 1 Make money by helping clients achieve their goals 2 Auditors look for discrepancies in expense accounts 3 Tell one person amp it ll get out Reporting WorkTime Activities lying about how much you39ve worked Switching Jobs Never badmouth previous employer Never copy filestake materials with you Never to take clients with you to the new job 0 Exceptions to taking clients with you 1 Self Employed 2 Partner in a company with equity 3 Independent contractor hair salons 4 Company goes bankrupt C Relationships With Colleagues Sexual Harassment Illegal 2rld fastest growing lawsuit Don t date people you work with Taking Advantage of Other Salespeople Cowardly treat people how you want to be treated 0 People hire others with the same ethics as themselves D Relationships With Competitors Respect amp Admire Competition 0 Always focus on What you can do as opposed to What they cannot do Personalitv TVDes 0 4 Personality Types All 4 are represented equally across society 0 Nobody is 100 of a Personality Type but we all have a dominant trait 1 Analytical Uses Logic the Most Need a reason to go from Point A to Point B tend to like things in numbers amp percentages 0 Typical Occupations Accounting Finance Engineering Most Sciences 2 Amiable Believe More in the Relationship itself Will piggyback on your own confidence in your recommendation First to Give up Trust amp First to take it back 0 Typical Occupation Nurses Teachers Caretakers nonprofit 3 Steady Relater Status amp image Have to be the newestfastestbest Constantly comparing themselves to others Heavily in uenced by celebrities Most competitive of the personality types 0 Typical Occupation Athletes Most Externally Related Salespeople 4 Driver Moved by being in control amp not wasting time Want Immediate Answers to Immediate Questions No Fluff 0 Nobody is born a driver people become drivers Underneath every driver lies an amiable Who suffered a lost of faith or trust 0 Typical Occupation Most CEOs 0 Compensation Technique You cant handle objection so you try to minimize in the big picture Sally 0 MatchingModeling Advanced body language technique if you copy someone s body language it creates a zone of friendship 0 Irrelevant what type the salesperson is It is your job to adapt to the person in front of you How People Interpret Information 95 of people are visual or auditory 1 Visually Seeing often say i don39t believe you 2 Auditory Hearing Paint Word Pictures Tell them a long story or joke if they have no problem keeping up with you they are auditory 3 Kinetically Touching or feeling Communication Principles Verbal MessagesUse of Words 0 Characteristics of Words Concrete Vs Abstract and Emotional Vs Neutral 0 Painting Word Pictures Can take an image in their brain amp place it into yours so you feel like you re experiencing it 0 Tailoring Words to the Customer If they re auditory or visual Voice Characteristics Speech Rate Avg person speaks amp listens at 140 words per minute 0 Until you know how fast somebody is listening it is better to speak too fast rather than too slow Loudness Speak loud enough so people in back can hear you without being in front going deaf avoid using microphonestechnology In ection Human brain looks for variety get in habit of changing tone Articulation hit every syllable of words that are difficult to pronounce Questions Openended Cannot be answered with a yesno or alternative of choice Why Purpose is to collect information 0 Negative effect if you ask more than 3 openended questions in a row creates fatigue ClosedEnded Can only be answered yesno or alternative of choice Do Did Is Purpose is to confirm info or secure your position 0 Becomes interrogation if you ask more than 3 closedended in a row Leading Question where you already know the answer Do NOT do this professional selling Spacing Combination of open amp closedended question Never asking more than 3 in a row of each type Listening 0 Most humans are reactive listeners hear what s being said amp then respond 0 Active Proactive Listener Hear what is being said filter out important information formulate a response Repeating Info Wordforword no changes Clarifying Info Take someone s words amp put them into your own personality type clarify silently Summarizing Info To build emotion Silences 3 Clocks Actual amount of the silence How long it appears to the salespersonHow long it appears to the person who went quiet 0 When somebody goes quiet let them speak next 0 The next person who speaks weakens their position NonVerbal Communication Anything that blocks the message is negative Anything that helps the message is positive Body Language Angle 0 Rocking back amp forth in a northsouth motionpositive 0 Eastwest or sidesidenegative 0 Leaning forward positive 0 Leaning backnegative Face Eyes are the window to the soul 0 Pupils dilate when interested 0 Looking straight at youpassively receiving information does not mean they have interpreted 0 Turn eyes or head to right receiving logic of what you just said 0 Turn eyes or head to left examining emotion of what was just said 0 Staring straight down intensely concentrating 0 Blushing sign of anger or embarrassment 0 Tightness of cheeks jawline or neck sign of tension or anger ArmsThe greater the arm movement the stronger their opinion Crossed arms extremely negative break body language by handing them something Hands 0 Relaxed amp Open Palms positive 0 Clenched fist negative Legs 0 Men amp Women not wearing skirts uncrossed legs positive 0 Crossed Legs amp Moves Body to Angle negative Sending Messages NonVerbally 0 Face Only thing you can control is your smile 0 Eye Contact Form of respect 0 People who don39t make eye contact are perceived to have something to hide Hand Movements Don t point at audience during presentation Posture People will interpret your product by the way you carry yourself 0 Overly stiff product viewed as in exible 0 Slouch product viewed as lazy or underperforming MatchingModeling When you copy someone s body language it creates a zone of friendship 0 Do not match bad body language 0 Do not try to catch up if someone gets ahead of you 0 Takes time to get good at this Handshakes and Touching Don t extend hand first to shake Let them dictate to you how they want to be greeted Appearance Dress professionally neutral Your appearance should not pull from your message in either direction 0 If you have multiple customers in the same day default to the most conservative Income Exercise Car Sales 80000 annually Avg commissionsale 1000 Closing Ratio 10 Weeks Worked 50 Step 1 Annual IncomeWeeks Worked 8000050 1600 Step 2 1600Avg commission sale 100016 Step 3 16 Closing Ratio 1016 people need to be seen per week
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