Marketing 391 Final Study Guide ASU
Marketing 391 Final Study Guide ASU MKT 391
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This 3 page Study Guide was uploaded by Lindsey Tillett on Monday April 25, 2016. The Study Guide belongs to MKT 391 at Arizona State University taught by John Dietrich in Spring 2016. Since its upload, it has received 52 views. For similar materials see Essentials of Selling in Business at Arizona State University.
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Date Created: 04/25/16
MKT 391 Final Exam Study Guide Trust and likable=successful sales person Personal selling- important part of marketing, relies heavily on interpersonal interactions between buyers and sellers to initiate, develop and enhance customer relationships Customer value- determined by customers’ perception of what they get in exchange for what they have to give up Sales dialogue- series of conversations between buyers and sellers that take place over time in an attempt to build relationships Trust builders-expertise, compatibility, customer orientation, dependability, and candor Consumer market- a market in which consumers purchase goods and services for their use or consumption Business market- a market composed of firms, institutions, and governments who acquire goods and services to use as inputs into their own manufacturing process, for use in their day to day operations or for resale to their own customers. Small number of large buyers. More money in business to business. Derived demand- demand in business markets that is closely associated with the demand for consumer goods Consumers buy, business thrive Consumers don’t buy, hurts business Acceleration principle- demand increases or decreases in the consumer market, the business market reacts by accelerating the buildup or reduction of inventories and increasing or decreasing plant capacity. Business adds/subtracts inventory accordingly Desired states- what we desire Actual states- what it is Needs gap- difference between wants and reality Types of buyers needs Situational-environment, time, place Functional-results from task/function Social-acceptance Psychological- assurance & risk red Knowledge-information; personal develop Gatekeepers-admin, office manager, etc. Collaborative, active listening is much more involved than simply listening to the other party’s message. It involves 2-way engagement, listening with your eyes, your mind, and your whole being—not just your ears. SPIN (similar to adapt) Situational Questions Problem questions Implication questions Need payoff questions ADAPT process Assessment Discovery Activation Projection Transition 60% of the problems between people and within businesses are a result of faulty communication Active listening skills- the cognitive process if actively sensing, interpreting, evaluating, and responding to the verbal and nonverbal messages of current or potential customers Avoiding eye contact= deceit and dishonesty Increased eye contact= honesty and self confidence Prospecting and funnel on page 111 95% of top salespeople routinely plan their sales calls Customer value, *know the concept not definition- how the sales offering will add value to by meeting a need or providing an opportunity Testimonials- similar to statistics but in the form of statements by satisfied users of the product or service Overhead approach (eye contact)- used when presenting to a large group that is sitting down, for groups larger than 25. Sales resistance- buyers objection to a product or service during a sales presentation Need objection- buyer doesn’t need the product, out of budget? Price objection-most common objective- value and perception matter Time objection- “the stalling objection”- don’t push, respect the timing, keep convo alive
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