MKT340 Exam 2 Study Guide
MKT340 Exam 2 Study Guide MKT340
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This 13 page Study Guide was uploaded by Jessica Koenig on Monday March 23, 2015. The Study Guide belongs to MKT340 at University of Miami taught by Mr. Scharf in Winter2015. Since its upload, it has received 184 views. For similar materials see Professional Selling in Marketing at University of Miami.
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Date Created: 03/23/15
MKT340 Exam 2 Study Guide I Prospecting Hardest part of Professional Selling Referrals When a client introduces you to somebody else Transfer of trust or a transfer of friendship 0 Ratio For every 3 Referrals you should get 1 New Client COI Centers of In uence People who have not bought from you but are in a position to introduce you 0 Lead Group Group of noncompeting professionals who exchange names 0 Ratio 1 out of 10 Networking A group of people who have gathered together for a common purpose Ex Chamber of Commerce Alumni Association Bowling League 0 Ratio 1 out of 50 Typically have following characteristics 1 Tend to meet once a month 2 All charge fees or dues 3 Tend to have multiple committees 4 Tend to have different levels of membership 2 Types of people who go to networking functions 0 To Socialize Drink Date 0 Joins as part of their prospecting plan Tips for joining networking organizations 1 Only join organizations that you believe in 2 Limit the number of organizations that you join 2 is appropriate 3 is pushing it 3 Join the committees especially the Membership Committee 4 Do not skip meetings 5 Join at the highest level possible 6 Be patient Tips for how to conduct yourself at networking function 1 Try to make one new friend at each event Do not discuss business Give a personalized mission statement benefit statement of what you do for a living Do not bring business cards It s your job to collect cards not give them out Jot down on back of peoples card something that will trigger your memory about them 9593 Mailings 0 Ratio 1 out of 100 0 People rarely buy important things from mailing Cold Calling Calling somebody unannounced 0 Ratio 1 out of 250 II Approaches For Developing Knowledge in Sales 1 Tap the Knowledge of Sales Experts a Experts have High Numbers b Experts Do it for a long period of time 2 Read for 30 minutes a day on something related to your industry or competition 0 When reading about competition Don t look for problems look for opportunities 3 Ask For Feedback on What You Are Doing 0 Ask from people who don t love you 4 Analyze Successes and Failures 0 Always will learn more from failures 1 Planning the Sales Call Why Plan For the Call 1 To increase productivity 2 To not waste time Obtaining Precall Information NATOIF 1 Name 2 Address 3 Telephone 4 Occupation 5 Income approximate 6 Family Status Optional Additional Info Personality Type HobbiesInterests Background Career Progression Put them through a search engine Call Objectives Visionary Exceeds Expectations Goal1000 Visionary 2000 Primary Equals Expectations Goal1000 Primary1000 Minimum Least I can walk away with Goal1000 Minimum500 Paradigm Shift All human beings have comfort zones we never stray more than 10 away from our zones in either direction 0 Sales Managers have a responsibility to shift comfort zones up 4 Stages of Meetings 11 Stage OneFirst Meeting 0 Discovery Meeting 1520 minutes in length 0 Will not try to sell them anything will not stay longer than 20 minutes unless they ask you to Purpose 1 Is there a need 2 Is it a single need or are there multiple needs 3 What s our next step Components of the Discovery Meeting 1 Intro 0 StandardNormal Introduction Name amp Company 0 Referral Introduction Preferred Method Mention referring source in intro Name Company and name of referral 2 Rapport Looking for a friendBuilding relationship build convo from things on their walls or desk Rules of Rapport 1 Build Rapport Sincerely 2 Don t use religion politics or sex Build Rapport for 34 minutes and then transition into personalized mission statement 3 Personalized Mission Statement Benefit statement of what you do for a liVing Example Selling Wooden Chairs 1 am in the business of solVing for the educational furniture needs of my clients in a manner that is sturdy comfortable portable and lightweight 0 Under no condition do you mention the name of the product 0 Features are the support for the statement 2 Parts to any Product or Service Feature something that s inherent to the product branding material weight Benefit What the feature does 3 Survey Series of closedended statement or questions to determine if there is a need a Strongly agree agree neutral disagree b Cannot be leading questionsstatements c Try not to mention name of your product d If they don39t have a need terminate the meeting e If they do have a need go to stage 2 IV Joint Work Good Partnerships 0 Complementary Personalities Pick one of the other 3 personality types than yours in order to reach more people 0 Orderly Agenda Work out in advance who is going to talk about what 0 Ego on Shelf Client just has to like 1 of you Tips when presenting to 2 people 1 Have them sit next to each other not across from each other 2 You take the head of the table position of authority when presenting 11 Stage TwoProfile Meeting At least 45 minutes Most important meeting in professional selling Agenda Written outline with things to be covered must bring one to the second meeting and every meeting after Purpose of Profile Meeting 1 To gather information to make a presentation 2 To get referrals 3 Not to make any recommendations Components of Profile Meeting 1 Recap discovery meeting get them emotionally back to where they were at that last meeting 2 Thorough and complete fact find a Names of all decision makers b Budget information c NEAD i Now How you currently solve for the need ii Enjoy what do you enjoy most about the way that you currently do it iii Alter In a perfect world what would you alter or change about the way that you do iv Decision IfI show you the more efficient way to solve for the need are you in a position to make a decision 3 Set a date and a time for Stage Three Strategy Meeting 4 Referrals and Introductions 5 A Blank Line Add in things they want to cover III Types of Presentations 1 2 3 Standardized Memorized Canned Presentation style does not change it is the same for everyone 0 Advantage Consistency 0 Disadvantage Not personalcustomized exible Outlined Hybrid or a combination of standardized memorized amp customized 0 Part of it is the same for everybody the rest is customized Relatively inexpensive 0 Disadvantage Not personal enough for some people Customized Can only be used one time 0 Looks like you did at your partnerclients office 0 Disadvantage Time amp Cost 0 Why do it Very High Net Worth Client OR Heavy Competition IV Characteristics of a Strong Presentation Don t need all 5 any Will help 1 Keeps the Buyer s Attention 0 Schedule plenty of breaks every hour Improves Buyer s Understanding 0 But not to the point Where they can sell it themselves Helps Buyer Remember What Was Said 0 Make sure you use correct personality type 0 Speak to them respectfully Offers Proof of Salesperson s Assertions 0 Assertive people have conviction in their beliefs Which translate through to the listener Creates a Sense of Value 0 Value is the residue of effective time management III Stage 3Strategy Meeting Allocate at least 2 hours Purpose 1 To implement the product or service 2 To get referrals Components 1 Recap the profile meeting bring emotion back into the room 2 Assess each need individually amp then make your recommendation 3 Steps for qualification amp implement a Get your signature andor payment 4 Set a date and a time for Stage 4Confirmation Meeting 5 Referrals amp Introductions 6 Blank Line For things that they would like to add Characteristics of a Good Prospect if any of these are missing its over 1 Need 2 Affordability you may have the greatest product in the world but if they can t afford they won t get it 0 If you put someone on a payment plan amp there s any type of red ag at first it will go downhill 0 Most public companies reward retention rather than new customers 3 Authority All decision makers must be present no exceptions 0 If not you must reschedule 0 The worst thing I could ever do to you is to have you do my job in addition to your own So I will come back when everyone s here amp I can answer all of your questions at once 0 If implemented correctly what we discuss today will benefit for you for years maybe for the rest of your life Do you think it s worth getting everyone together for something that might benefit them for the rest of your life 4 Favorably Approached Favorable conditions to make your presentation 0 DistractionsDestroy Emotional Rhythms Phone keeps ringing texting dog barking 5 Eligibility If they can t qualify for it they can39t get it 0 Creditmortgage passing medical exam 0 If an application is used by definition you can be rejected II Tools and Aides Should not pull from your message in either direction Visual Tools Charts appealing to Analytic Personality Types or Visual Learners Models Samples and Gifts appealing to Kinetic Learners Catalogs and Brochures By definition is perfect So you must be comfortable with it Testimonials Must be written by somebody of the highest credibility very few people maintain that for a long period of time amp Must be written for the purpose at hand ElectronicDVDBluray Podcasts Auditory Powerpoint For Visual Learners II Stage 4Confirmation Meeting After someone has already bough from you 1530 Minutes Purpose 1 To deliver or install the product or service 2 To get referrals Components 1 Review what they ve purchased 2 Ensure the initial use of the product Create systems for reordering Set up a review schedule Referrals amp introductions A blank line For questions or things they d like to add 991 m III Stage 5Review Meeting PurposeComponents 1 To see what has happened since we ve last met 2 Anticipate changes going forward 3 Get referrals How often should you do reviews 0 New Client Every 3 months in the first year Every 6 months in the second year once a year thereafter Account Classification Break clients up into categories The grade of the clients is the level of the review A Mandatory FacetoFace B Should get facetoface C Facetoface or send them a letter prompting them to call you for a review D Letter prompt to call you E Review is done over phone 1 Referrals Importance of Them 1 out 3 0 Half of all salespeople do not ask for referrals 0 Fear amp no system for asking for this 0 They feel like they are asking for help 0 Of the half that do ask for referrals 75 of them ask the wrong way Bad Ways to Ask 0 Do you know anyone who can help me 0 Can you pass out my business cards to people 0 Can I come back next week Methods 1 Isolate Faces Narrow down from where they can think from 2 Urgency How would you like to do what I do for a living If you did do what I do who would be the first 5 people you would contact immediately without hesistant 3 Letterman List 54321 as opposed to 15 Resnonding to Obiections All human beings have A fear of change amp procrastination When Can Objections Happen 1 Setting up Initial Appt Solve for this by having appts be 1520 min 2 Presentation Because you are proposing something new 3 Attempting to Obtain Commitment Unique only to you most people hesitate can be a signature time 4 After the Sale 0 Buyers Remorse When salespeople leave emotions leaves with them Logic kicks in 0 Naturally Happens if it doesn39t you are not seeing enough people Common Objections Why does it happen What would be a terrible way to handle it What s the correct way to handle it I Don t Need the Product 0 Price actually don t need it 0 Terrible response never get combative don t ask why don39t you need it 0 Correct way What do you feel that you don39t need about it emphasis those benefits more I ve Never Done it That Way Before 0 Fear of change 0 Terrible response It s time for a change everyone s doing it make fun of the way they re currently doing it 0 Correct way What I m proposing is the next evolutionary step from where you are com1ng I Don t Like the Product 0 Bad experience behind it to them or their loved ones Doesn t perform to their standards 0 Get the story out of them tell me what happened get it unblocked 0 Listen to the story with unbiased ears AND under no condition do you grant credibility to strangers 0 Ok Something like that shouldn t happen Not ok I m sorry that happened to 9 you I Don t Understand 0 Wrong personality type 0 Terrible way Continue to stay in that personality type 0 Correct way Pick 1 of the other 3 personality types I Need More Information 0 Wrong learning style 0 Terrible way Stay in same learning style 0 Correct way Pick 1 of the other 2 I Don t Like Your Company 0 Bad experience 0 Terrible way Things have changed I ll take care of it 0 Correct way Tell me what happened amp I ll investigate it I Don t Like You 0 May feel you re too youngold wrong personality type something about you 0 Terrible way They re all bad 0 Correct If I were removed from the picture would you still want to speak to someone in my company No Money 0 Violation of affordability 0 Correct way Ask them How much too much is it 0 Propose a partial product for a partial price Preparing to Respond 1 Positive Attitude 2 Anticipate Objections An answer is ready to go for common objections 3 Relax Listen Don t Interrupt 4 Forestall Known Concerns You bring it up before they do 5 Evaluate Objections Is it real Or is it an excuse hide objections behind them Response Methods 1 Direct Denial A hard no for a hard objection 2 Indirect Denial A softer no for a softer objection 3 Compensation You cannot handle the objection so you try to minimize it in the big picture 4 FFF Feel Felt Found I can see how you would Feel that way Others Felt Similarly Here is what they found 5 Boomerang The objection becomes the reason to purchase 6 Postpone When you are going to cover the objection later on but you need to tell them specifically when you are going to get to it Obtaining Commitment Importance of Closing Old Model 40 of the sales cycle should be devoted to closing Correct Model No more than 10 of the sales cycle should be devoted to closing When to Attempt it 1 Buyer Comments If you are presenting amp they act like they already own the product there is no law that says that you have to wait until the end 0 If there is anything left of a material nature in your presentation you have to tell the client 2 Nonverbal Cues Body language suggests they re ready to buy nodding smiling leaning forward How To Successfully Obtain It 1 Positive Attitude Expect it to happen Only be surprised when it doesn39t 2 Let the Customer Set the Pace Ok to speed up presentation or elongate it if necessary 3 Be Assertive Not Aggressive Assertive people have convictions in their beliefs which translate to the listener 4 Sell the Right Item in the Right Amounts For every dollar that you sell above the need the chances for buyers remorse increase exponentially Methods 1 Qualification See previous outline 2 Yours vs Ours For Visual People Draw TChart Yours Vs Ours 2000month VS Tax Savings Resale School system If you do not live up to your responsibility then our responsibility becomes yours again PostClosing Behavior to Embrace 1 No Surprises Act like you ve been there before 2 Congratulate on the Choice Find a noncheesy way to welcome them into your corporate family 3 Referrals There will never be a better time to get referrals than right after someone has bought from you PostClosing Behavior to Avoid 1 Super Bowl The salespeople who is overly excited amp acts like they just won winning touchdown 2 World s Fastest Human Salespeople who breaks the world record for running out from the clients house amp are never to be seen again do not care about referrals or customer service Reasons For Failure Not Closing 1 Poor Attitude Energy is contagious in either direction 2 Poor Presentation No DiscoveryProfile Meeting 3 Poor Habits Poor appearance timemanagement not using a written agenda IV Managing Your Career Understanding Your Needs a Structure b Motivation Internally or Externally c Stress How do you handle it 0 Situational Stress brought about by an event Usually goes away after event 0 Felt Stress Stress over our job who we live withwhere we live Magnifies What You Have to Offer a Skills Things that you acquire b Knowledge Things that you learn If you stop learning you will get passed up c Qualities Things that are unique only to you The Company a Their Needs What are they missing b What They Have to Offer Should be able to get that from their mission statement Resumes 1 One side of an 8 X11 piece of paper Purpose is to get an interview can leave info out to talk about later 2 Easy to read 3 Get rid of objective or make it uid to every different job you apply for match it to their mission statement 4 References Do not list them by name on resume but should have 4 at all given times 5 Do not list GPA unless its 40 but do list Academic Achievements Deans List Fall 2012 Spring 2013 6 Be able to turn resume into virtual document Have a story for every point 7 Special Skills Make sure they re still special Bilingual Any Computer Skills Above Basic Level Traveling Interviews Stress Put you in scenarios Panel Group Multiple interviewers in the room 0 Before it begins get the card of everyone in the room 0 Every panel interview has a leader typically asks the fewest amount of questions Group Interview Put into groups with other applicants Resist temptation to match the person in the lead Ask openended questions Read the people around you Interview Tips 0 Prepare as much about company as about interviewer 0 Are there any UM alumni working at the company Contact them directly 0 Don39t skip meals 0 If you re running late reschedule 0 Don t show up more than 20 minutes early 0 Ask these 2 questions What do they like most about their job What are their greatest challenges Ask them how they got started 0 If the interviewer talks more than 50 of the time you will get hired Formal Negotiating Planning For the Negotiation Session Location Should be Neutral Time Allotment Try not to set deadlines Best time are Tuesdays Wednesdays amp Thursdays in the mornings Negotiation Obj ectives 0 Target What you hope to achieve 0 Minimum the least that you can accept 0 Opening The initial proposal Individual Behavior Patterns 1 Competing People who compete are highly assertive amp highly uncooperative 2 Accommodating Highly unassertive amp highly cooperative usually lose 3 Avoiding Highly unassertive amp highly uncooperative goal is to not reach an agreement 4 Compromising In the middle of assertiveness amp cooperativeness partially satisfy both sides 5 Collaborating Highly assertive amp highly cooperative dig deep into each issue goal is to maximize both sides WinLose Negotiators When you re emotional you tend to make concessions 1 Good Guy Bad Guy Routine Two salespeople working together one appears to be exible amp the other appears to be in exible Goal is that you will give a concession to the exible one 2 Lowballing Two sides are negotiating and one side gives the impression that the negotiation is over when in reality they are still negotiating 3 Emotional Outbursts Get somebody emotionally to the point where you say to them Can I help you amp then they say the one way to help me is to make a concession 4 Budget Limitation Tactic Budget Bogey Try to minimize price in the big picture when in reality it39s the entire picture 5 Browbeating Take away somebody s enthusiasm or selfrespect at the start of the negotiation session How to Handle WinLose Strategies 1 2 Detach Yourself Don t say a word give yourself time to think Acknowledge Their Position and Then Respond Make them repeat the behavior word forword a second time Build Them a Bridge Take the good of what they said amp incorporate it into your final answer Warn But Don t Threaten a Threat What will happen if you do not get your way b Warning What will happen if they do get their way 5 Tips for Making Concessions 1 Do not make a concession until you39ve heard all their demands 2 For every concession you give get one back amp don t feel guilty about it 3 All concession should decrease over time 4 If a concession does not meet your objectives just say no 5 All concessions are tentative until the final agreement is signed 2 Videos Joint Work Video unit 2 class 2 2 2 Salespeople Dennis amp Rudy selling to Tom amp Pat Fred Hernandez Video Fred selling medical equipment to Dr Charlotte Walters Amiable auditory
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