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by: odette antabi


Marketplace > University of Miami > Mkt 340 > STUDY GUIDE FINAL EXAM MKT340
odette antabi
GPA 3.6

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About this Document

Complete study guide of UNIT3. Includes all classes complete notes and videos
Professional Selling
Ian Scharf
Study Guide
MKT340, shcarf, ian, study, Studyguide, final study guide, final exam, UM
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This 9 page Study Guide was uploaded by odette antabi on Sunday May 1, 2016. The Study Guide belongs to Mkt 340 at University of Miami taught by Ian Scharf in Spring2015. Since its upload, it has received 17 views.

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Date Created: 05/01/16
Unit 3 Class 1. Part 1 I. Time Management. 4 Stages 1.Setting Goals: Need:  To increase productivity  Not waste time Nature:  Specific: general goals, have generals outcomes  Measurable: quantitative component  Reachable: don’t reach it you will stop setting goals  Challenging: stretch through it  Time Based: have a deadline attached to it  Be written down  Be accessible: forced to look at it from time to time Types of Goals:  Performance : total sales revenue. Adv: easy to administer  Activity: Total number of appointments needed. Adv: only thing you can control is how busy you are.  Conversion: % of appointments that become clients. Adv: takes ypur efficiency. Dis: could discourage activity. False logic  Finders and grinders: Partnership between a person that uses conversion and another one that uses activity 2. Allocating resources RPA’s: revenue-producing activities Qualify  Face to face for prospect or client  Telephone for appointments  Actively working  Everything else is not an RPA Green time vs. Red Time:  Green time: is for RPA’s 8am- 6pm Mon-Fri  Red time: rest of the week. Do everything else 80/20/80  80% of your time with 20% of your clients that do 80% of your business 3. Implementation: how to conduct yourself during weeks Tips:  Take 1 day a week and set up everything for the rest of the wwek. Set appointments  Be geographically smart. Do appointments says day same place  Take real vacations: minimum 1 week and not in the city you live  As soon as it becomes economically feasible, you need to hire an assistant to do non RPA’s for you 4. Evaluation: 3 types  Daily: do 1 question at the end of each day. Did I pick any bad habits today? If yes kill it  Weekly: weekly activity report 1. Total number of appointments completed 2. Total number of referrals 3. Hot prospect list: people you expect to close the next 30 days  Quarterly: validate income exercise. Is it working? Prevent paradigm shifting II. Building internal partnerships: areas where you should know people  Manufacturing: how long product is going to take, changes in the product. They learn what clients don’t like  Administration: a administrator has people around them that do what they . they do what you don’t want to do  Shipping: when you have limited resources. It goes to the relationship  Customer service: they take hits for you. If someone has a complain you want it back to you.  Marketing Department: control the messages, the ads. Very small budgets, goes to the relationship  Sales people: partnerships, referrals, get to know new people Class 1, Part 2 I. Building long- term Partnerships Value of customers:  Retain between 2-3% customers  equivalent 10% cost reduction  65% of the sales cycle  when someone buys again Exploration Phase: 1. set right expectations: under promise and over delivery 2. get more complains: - how to handle them - encourage their stories - determine facts of what happen - offer solution - follow up Expansion Phase: Generate repeat orders. 3 ways 1. Be present at buying time: some people are more liquid at other times. How to figure it out look at anniversary when they first but of you 2. Help service: be proactive 3. Provide expertise and assistance: someone comes for advice in something different than what you sell  it’s a good sign of trust Upgrading: newer version of the original product Full line selling: accessories to the original product Cross selling: brand new product from the same sales person Cause of dissolution: why relationships end  Limited personal relationships: what you did at person, you do it at phone or email. How they purchase the product  same service  Failing to monitor competitors: spend 30 min reading. Look at them for ideas  Failing to monitor your industry: aging of population. How the look 2o years in the future  Complacency: satisfied  passed by somebody who is not II. Compensation: how you get paid Staright salary:  same amount of money, every period  complete security  no motivation staright commission:  performance and reward straight relationship, more you sell, more you make  motivation  emotional rollercoaster Combination:  most popular  combination of salary and commission, both lower  salary goes away in 5 years, go straight on commission  some security, some incentive  helps people in the broad middle area draw:  Interest loan for future commissions  advantages: discriminate without being locked into salary system  disadvantage: always worrying from behind. Always a loan III. The Johnson food video: Ann Clark sell to David Johnson( driver) founder and president of Johnson food, makes desserts Retirement program  financial services David is used to formulas, ingredients, process, result He got emotional when he turned to money, he lost money Class 2, part 1 I. Forecasting Importance: Forecasting Methods:  Sales force composite: the forecasting numbers come from the sales person -step 1: self assessment -step 2: past performance -step3: reasonable prediction - Advantage: sales people will try harder to get their numbers because they made them  Jury of Executive opinion: numbers are assigned by the manager based on a type of formula. - Advantage: easy to administer - Disadvantage: if sales people don’t makes their numbers they are going to blame the manager  Leasing indicators: anomaly or one time event that can affect the forecast. II. Organization:  Geographic: organized by physical territory - Advantage: reduce travel expenses, get to know your territory well - Disadvantages: restricts entrepreneurship, some territories are more attractive than others Product or product type: - Advantage: spike in customer service - Disadvantage: if you are considered and expert in something, you are considered weak in something else that you might not be Customer or customer type: - Advantage: easier to get an strategic partner - disadvantage if you loose that customer there is chance that sales people become obsolete III. competencies: Coaching: Art of verbal feedback: - be specific and continuous: Tell your people how they are doing each time - recognize: recognize people what they achieved if they did it or not - Reinforce positive behavior: even if the result is not immediately Role Modeling: - Example: lead by example. Be consistent with your behavior - Best Practices: create a gap between what you are teaching somebody anf what you actually behave Trust Building: - Open communication: say anything without fear of repercusions -Relevant selling and experiences Class 2, Part 1 I. Recruiting Sources: Classified Advertising: - adv.: you get a ton of names. - Dis: a lot of filtering Two typed of ads. - Blind Ad: you don’t identify the company - Open ad: you mention the name of the company Present Employees Referrals: -adv.: Heavy filtered, no cost - dis: role conflict ( they ask the one who referred instead of the manager), the one that referred gets promoted, their team with her Networking: - Adv. : no cost. The applicant is highly intelligent - Dis.: cost. Don’t use it as your 1 option  Universities: hire graduates -Adv.: don’t have bad habits. Formally educated -Dis.: lack of experience Customers Referral: - Adv.: no cost. Strength in the relationship with client - Dis.: There is a reason why the get referred. Find out why Supplier: - Adv.: stronger than customer referral. They now part of the chain - Dis.: story you are not hearing Competitors: - Adv.: come across companies with different target markets to who they hire - Dis.: may pick someone with bad habits Mistakes in selecting:  Generalized success Model: nobody is perfect or exactly average so stop looking  Too many criteria when you hire: of you have 10 crieteria when you hire the top 2 criteria will be more important than the other 8 combined. Cut criteria  Using yourselves as and example: do not hire people like you. Hire other personalities  Not researching why people have failed the worst failure is training someone and he goes to the competence III. Competencies Team Building: Designing a team: 1. Have a fair reward system: everyone can compete for recognition regarding experience 2. Coordination goals: coordinate goals around your mission statement  Supporting environment: you hire and train integrating everyone around the company corporate culture  Team dynamics: train them different based on their strengths and weaknesses, how they interpret info or if they are internally or externally motivated Class 3, part 1 I. sales training Why?  Increase productivity  Reduce turnover  Improve customer relations: you must create a gap between what can tell to somebody and what they can get on their own  Morale: the greater the morale the greater the confidence. The greater the confidence grater the sale Topics:  Product Knowledge  Selling skills  Team work: partnership  Customer and market info: demographics info. Train q or 2 a year  Company orientation: understand the history of your corporation. Sense of family Where?  Centralized: detached facility that does nothing but training. - Adv: best teachers - Dis.: no local or regional focus  Decentralized: trained at office where you work - Adv.: you have a local or regional focus - Dis.: inconsistency with teachers  Field (on-job): trained with clients or prospects - Adv.: free, real life - Dis.: the trainer has to be by the book. You may come across a situation that is specialized. Methods:  Role- playing: filming  Games: fun, time goes by quicker  Types, DVD: podcast, blue ray Who?  Staff specialist: people in your company who do nothing but training - Adv.: consistency - Dis.: not doing the job anymore. Obsolete  Outside specialists: people not in your industry. Motivational speakers - Adv.: professional motivators - Dis.: they don’t know you  Line executive: managers who also train. Have dif trainers. - Adv.: dif points of view - Dis.: got conflict points II. Leadership  Empowerment: transfer decision making authority  Intuition: know what to do cant explain why  Self- understanding: put yourself in someone else shoes  Vission: see the whole board to action leads to reaction  Value congruence: ability to take people fro dif backgrounds and unit them between the common goal Class 3, part 2 I. Power : influence others. The other person most yield the power to you. Legitimate: yield to you because of your title  Reward: because you can help us  Coercive: because of their ability to punish you  Referent: because know them or like them  Expertise: their ability to specialize II. Sales force contest study: 1. Sales people who normally excel do better in contest than average performer 2. Lower income sales forces do better in constest  prize means more 3. An objecting of easing an unfavorably inventory position still wont sell  bad product 4. More problems occur when the number of contest objectives increase  reduce the number of objectives to win 5. Contest that use quota wont work  you can put positive and in same environment 6. Better performance when you change rules each year 7. Better performance in contests of shorter length  two months or less 8. Expect pre and post contest slumps sales go down with regular scheduled contest II. performance reviews 1. determine territory adjustments 2. determine who gets promoted 3. determine who gets retrained 4. determine who gets fired 5. raises and bonuses


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