Exam 1 Study Guide
Exam 1 Study Guide MKT231
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This 5 page Study Guide was uploaded by Ashley DeMoss on Tuesday September 15, 2015. The Study Guide belongs to MKT231 at Marshall University taught by Davis, Sara in Fall 2015. Since its upload, it has received 73 views. For similar materials see Principles of Selling in Marketing at Marshall University.
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Date Created: 09/15/15
Principles of Selling Exam 1 Chapter 1 0 Consideration for a future in selling 0 Wide range of employment opportunities No single quotsellingquot occupation 0 Activities performed by salespeople Administrative tasks servicing amp telephoning 0 Freedom to manage one s own time and activities Ability to manage one s time set priorities amp execute successfully on priorities 0 Titles used in selling today Shift from quotsellingquot to quotconsultingquot and quotpartneringquot Re ect a difference in education and skill sets needed for the position 0 Aboveaverage income Signi cantly higher than most other workers 0 Aboveaverage psychic income Consists of factors that provide psychological rewards helps satisfy important needs and motivates persons to achieve higher levels of performance 0 Opportunity for advancement Supervisor and management positions start small and work your way up 0 Opportunities for women 50 of workforce amp sales is easy to balance work with family 0 Employment Settings 0 Inside salespeople perform selling activities at the employer s location using the telephone and email 0 Outside salespeople travel to meet prospects and customers in their place of business or residence 0 Through channels Trade selling sale of productservice to another member of the supply chain Service Channel service provider ljservices salesperson D consumerbusiness user 0 Hotel motel telecommunications nancial media real estate insurance etc Businesstobusiness Channel manufacturer D distributor D distributor salesperson l customer 0 Sales engineer eld salespeople interact with new customers and current customers missionary sales people serve to develop goodwill provide information and stimulate demand for the manufacturer s products Consumer Channels manufacturer D trade salesperson D distributor D trade salesperson D retailer D retail salesperson D consumer Retail selling amp Direct sales independent contractors who represent manufacturers and internet Chapter 2 Partnering longterm relationship that solves the customer s problems 0 Strategic selling alliance highest form of partnering achieve a marketplace advantage by teaming up with another company whose products or services t well with its own SAM Strategic Account Manager execute enterprisewide sales strategy RAM Regional Account Manager part of larger sales team amp direct client contact KAM Key Account Manager coordination amp mgt of company39s prioritized accounts NAM National Account Manager recruiting ampnegotiating transactions GAM Global Account Manager KAM specializes on speci c product portfolio 0 CRM customer relationship management system used for building and maintain strong customer relationships while adding customer value Consultative Selling extension of marketing concept 4 P s emphasizes need identi cation need satisfaction amp building a relationship resulting in repeated business 1 Person to be served 2 Twoway communication 3 Need identi cation problem solving amp negotiation instead of manipulation 4 Service at every phase 0 Strategic Selling 0 Strategic planning process that matches the rm39s resources to its market opportunities 0 Tactics techniques practices or methods used when facetoface with customers 0 Adaptive selling altering sales behaviors during a customer interaction in order to improve communication 0 Strategic Selling Model MATCHING SECTION ON EXAM 0 Developing a Relationship Strategy A well thought out plan for establishing building and maintaining quality relationships Must cover selling to servicing postpurchase 0 Develop a Product Strategy Plan that helps salespeople make correct decisions concerning the selection amp position of products to meet identi ed customer needs Becomes a product expert sell bene ts con gure valueadded solutions 0 Develop a Customer Strategy Plan that results in maximum responsiveness to customers39 needs 0 Develop an understanding of the customers39 buying process understand buyer behavior develop a prospect base 0 Develop a Presentation Strategy Plan that includes preparing the sales presentation objectives preparing a presentation plan that is needed to meet these objectives and renewing one s communication to provide outstanding customer service Chapter 3 0 Factors In uencing Ethical Decisions 0 Cultural Issues total of beliefs values knowledge ethnic customs and objects that people use to adapt to their environment 0 Legal Issues bribes kickbacks or special fees 0 Sharing Con dential Information keep it personal 0 Reciprocity mutual exchange of bene ts hotel buys sheets from company company stays there 0 Bribery wrong from a legal standpoint sometimes an acceptable business practice US Foreign Corrupt Practices Act amp other antibribery laws 0 Gift Giving do not give gifts before doing business Never convey impression you are quotbuyingquot customer with gift Customer should clearly view gift as symbolic appreciation Gift is not in violation of rm policies 0 Entertainment football games restaurant depends on client 0 Business Defamation comparison of competitor during presentation Business Slander untrue oral statement Business Libel untrue written statement Product Disparagement false comparisons or distorted claims are made 0 Use of Internet ethical dilemmas email abuse 0 Values D Attitudes D Behavior 0 Cooling off Laws vary state to state give customers an opportunity to reconsider a buying decision made under a salesperson39s persuasive in uence 0 Ethical Decisions that Build Selling Relations 0 Business Ethics principles amp standards that guide behavior translate values Chapter 5 0 Communication Style Model 0 Dominance the tendency to control or prevail over others Lower Dominance quite cooperative and let others control things Higher Dominance control things and frequently initiate demands 0 Sociability tendency to seek and enjoy interaction with others Chapter 6 0 Product Expert 0 Product Development and Quality Improvement Processes Product Development original idea for a product or service is tested modi ed and retested several times before it is offered to the customer Quality Control measuring products and services against established standards 0 Performance Data and Speci cations Whirlpool example salespeople must be able to answer any question asked 0 Maintenance and Service Contracts Salesperson must be able to provide detailed answers about postpurchase servicing 0 Pricing and Delivery Quantifying the Solution process of determining whether or not the proposal adds value 0 Feature Bene t 0 Feature data facts or characteristics of productservice o Bene t personal advantage or gain provided 0 Feature Dump all the great things a product has without allowing a customer to see what it means to them not displaying the bene ts 0 Bridge Statements transitional phrase that connects a statement of features with bene ts 0 Avoid information overload aka quotdata dumpingquot overloading customers with product data they don39t need nor want Chapter 7 Positioning 0 Decisions and activities intended to create and maintain vertain concept of product in customer39s mind 0 The product name reputation amp niche well recognized Land Rover parked on rocks in front of dealership shows perception of safety durability and security as advertised o Differentiation ability to separate self product andor company from competitors 0 Value proposition set of bene ts and values salesperson con gures to meet and exceed customers39 speci c needs 0 Quantifying the value explaining why the product is better and worth the money 0 Selling Strategies Other Quantity discount allows buyers a lower price for purchasing in multiple units Seasonal discount salesperson adjusts price up or down during speci c times to acknowledge changes in demand Promotional allowance price reduction given to customer participant in advertising support program TradeFunctional discounts wholesalers perform credit storage or transportation services these costs are covered by discount ValueAdded Selling Model Generic Product basic Expected Product minimal expectations ValueAdded Product offer more than expectedmay not even know exists Potential Product what remains to be done must be possible 0 What Makes a Good Sales Person 0 000000 0 Aggressive Creative Disciplined Interpersonal Knowledgeable Professional Verbal WellGroomed Secrets of Top Sales Pros 0 0000000 0 Feed on wins not just money Enthusiastic in selfdeprecating way Action oriented Finding problems to solve 1 priority Understand gender differences Create lasting relationships Treat slumps as a challenge Exhibit discipline Prospect at 200 of average 0 What Buyers Think About Sales People 0 00000000 0 Exaggerate bene ts of products Pass blame to someone else Lie about product availability Misrepresent guarantees Lie about the competition Sell products not needed Make oral promises not legally binding Are not interested in customer needs Answer questions without knowing answers Sell hazardous products 0 Tips on Networking 0 00000000 Be genuine Prepare and practice yourself intro Arrive early Have cards Know your goals for each event Ask openended questions Listen with focus Leave troubles behind Follow Up 0 Be perceived as a giver connector
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