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by: odette antabi


Marketplace > University of Miami > Mkt 340 > EXAM 2 STUDY GUIDE
odette antabi
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whole unit 2 includes class 1,2,3 and 4 complete notes including videos
Professional Selling
Ian Scharf
Study Guide
exam 2 mkt340 unit 2 study guide sharf
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This 14 page Study Guide was uploaded by odette antabi on Monday March 21, 2016. The Study Guide belongs to Mkt 340 at University of Miami taught by Ian Scharf in Spring2015. Since its upload, it has received 24 views.

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Date Created: 03/21/16
Unit 2 Part 1 I. Prospecting  Referrals: Existing client introduces you to somebody else. It is the transfer of trust and friendship For 3 referrals you use to get 1 client  COI: Centers of influence: people who have not but from you but are in a position to introduce you. Lead group: from a COI. Group of non-competing professionals who exchange names.  Networking: People who get together for a common purpose. Meet at least once a month. In a social setting / happy hour All charge fees Multiple comities Different levels of membership Two type of people join these membership 1. To drink and meet/date people 2. Prospecting plan Tips: How to conduct yourself at organizations themselves  Only join organizations you believe in. If you are only joining to do business they will know  Limit the number of organization you join 2 appropriate 3 too pushy  Join a committee inside the organization. The best is the membership committee  meet most people  Go to the meetings  Join the highest membership possible  Be patient How to conduct yourself in the meetings  Meet 1 friend each meeting  Do not discuss business at functions  What do you do for living give them a personalized mission statement  If they ask more ask for their card to go later for coffee  Do not bring card to the networking meetings sell yourself first  If they ask for your card I ran out of cards  If they give you their card write on the back a fact about them warm up the conversation later Mailings: 1-100 Don’t buy things with much value Cod Calling: Calling people unannounced Builds rejection Disrespect one asset you cannot get back time II. Approaches for developing Knowledge Read  Read 3o min a day with something about your industry or about your competition Ask for feedback on what you are doing  From people who don’t love you Analyze your success and failures  Learn more from failures  Success luck Part 2 Video: the joint work video Partners: Dennis + Rudy Prospects: Tom + Pat Tom is a driver and visual. What makes a good joint work partnership 1. Complementing personality types 2. An orderly agenda: know from before who is doing and saying what 3. Put your ego on the shelf. They just need to like one of the two When presenting multiple people: have your prospect sit next to each other You take always the lead of the table Planning a sell call”  To increase productivity  Not waste time Before meeting someone. 6mandatory pieces of info you need 1. Name 2. Address 3. Telephone number 4. Occupation 5. Income 6. Family status 3 objectives for sales calls 1. Visionary objective: exceeds expectations 2. Primary objective: equals expectations 3. Minimum objective: the best expectations to walk away Comfort zones: never stay away 10% in either direction unless it is shifted. A good manager shifts people comfort zone u II. 5 stages sale cycle 1. Discovery:  the average first meeting should be 15-20 min  make 2 promises before:  not try to sell you anything  would not stay longer than 20 min unless you ask me too purposes:  is there a need?  It is a single need or multiple?  What is our next step Components of first meeting 1. Introduction: all meetings start with an intro .  Normal or standard intro: give your name and company  Referral intro: mention the referral source + name + company 2. Report after intro it is not good to go right into business  Have them at clients office or home (look to the walls or desk to get something to start on)  Only build reports sincerely  Under no condition build up on religion, sex or politics  Some people are so good on building reports eat up time 3. Personalized mission statement  Benefit statement of what you do for living  Break up every product or service in 2  Features: something inherent to the product  Benefit: what the feature does Unit 2, class 2 Part1 Survey: series of close ended statements or questions to determine if there is a need or not - Do not mention the name of the product in the statement - They cannot be leading statements or leading questions - Find how strong is the Yes/No by strongly agree/ agree/ disagree - Figure out if they can buy the product or not - If they cant terminate the relationship II. Stage two. Profile meeting  Agenda: written outline of things to be covered  Purpose: gather enough info to make the presentation and begin the process of getting referrals  Components: 1. Recap the previous meeting: people buy based on emotion. You want to bring them where they were before 2. A through and complete fact find: to get the name of the decision makers, budget information Now how do you currently solve for the need Enjoy what do you enjoy most of the way you do it Alter what would you change about the way you do it Decision if I show you a more efficient way to do it. you are in the position of need 3. Set date and time for stage 3 (strategy stage) 4. Referrals and introduction 5. Blank line: anything they would like to do. Interactive III. Types of presentations  Standardized memorized: always the same for all. never changes - Forces to make the message out. Not forget - Economically - Not flexible: not personalized  Outlined: canned goods - Combination of standardized memorized and customized - Part is the same for everyone and odes not change. And the other is for the person you have in front - Relatively inexpensive - Not personal enough for some people  Customized: has one use - Made at your customers office - Time lots - Expensive - High network of client - Or heavy competition IV. Characteristics of a strong presentation Not all have to be in place, but they will help you 1. Keep the buyers attention: schedule plenty of breaks. No more than 1 h without a break 2. Improves buyer’s understanding. But not to the point when they can sell it itself 3. Helps buyers remember what was said. Speak to their own personality type. When you speak respectfully they remember more 4. Offers proof of salesperson’s assertions. Assertive(conviction in their belief that translates through listener)/ aggressive 5. creates a sense of value. Residue of effective time management Part 2 I. Characteristic of a good prospect: All 5 must be in place or you are done 1. Need: must have a need 2. Affordability: they have to have money - Payments plan: wired first payment: they wont make it - Better to never make a sale than do it for someone who cant afford it 3. Authority: all decision makers must be present no exceptions. If one is missing they can’t buy. Reschedule it. 4. Favorably approached: baby keeps crying, dog barking, reschedule - If what we discuss tonight results it will benefit you for the rest of your life. I cant want more for you that what you want for yourself 5. Eligibility: if they cant qualify for it you cant give it. If you have a strong profile and these 5 are in place it is your fault if they don’t buy. You did not do good your job II. Tools and Aides  Visual tools: everyone loves visuals easy to receive - Treat them like your appearance. They should not drive away from your message - Charts: good for analytical and visual learners - Models, samples and gifts: kinetically - Catalogs and brochures: its defect free, you cant improve it. you keep or discard it. Need to know exactly where the info is - Testimonials: written by someone with the highest credibility. Never written for the purpose on hand., they need help - Electronics: people who are visual love it. III. stage 3. Strategy meeting  Purpose: 1. Implement the product or service 2. To get referrals Rules fro presentations - No time limits - Present for those who will buy  Components: 1. Recap the profile  take them emotionally where they were 2. Asses each need individually and make a recommendation. - First give the option of nothing. Not buying - Then give another options that are possible - And finally your recommendation 3. Qualification and implementation 4. Set a date and time for step 4. Confirmation meeting 5. Referrals and introductions 6. Blank line interactive Video: the Fred Hernandez video: Amiable Auditory Unit 2 class 3 part 1 I. Responding to objections - Negative connotation in court of law - In sales positive they are involved When? Anywhere in the cycle  Setting up initial appointment: they don’t know you, protect their time  Presentation: most part because you are bringing something new. The idea of change and procrastination  Attempting to obtain commitment: for all, their signature  After the sale: buyers remorse: sales person brings emotion into the room, when they leave they can take emotion with them and logic steps in 9common objections 1. I don’t need the product: - Do not get combative - Do not say why: you will get an excuse back - What make it close ended. What you do not need about it? 2. I have never done it that way before: - Do not make fun of the way they do it - No its time for change - Show the way you are proposing is the next evolutionary step from where they are coming 3. I don’t like the product - Say it because you had bad experience or someone you love or care - Say I sense something happen to you or someone ypu care tell me  get info no not personalize it - Listen with unbiased ear - Never grant credibility to strangers  their bersion - There is always 3 side of the story. Real story, their side, other side 4. I don’t understand - Wrong personality type - stating the same wasy don’t - yes switch to other personality type 5. I need more info - Got the wrong learning type - No stay Yes switch 6. I don’t like your company - Bad experience with a coporate member - No things have changed. I will take care of it  underpromise and over deliver - Say tell me what happen I will investigate it. if they still work there call them 7. I don’t like you - Bad experience with you/ too young - They wont change already made an impression - If I was removed from the picture will you still do it  pass it to another seller 8. No money - Affordability - Contrast principle: compare to other things you presented - No how much too much is it? - Yes partial product for partial price. Something is better than nothing 9. I need to think it over - Procrastination - Never ask when you close what do you think?  trigger this - 95% kill rate , 5% really think it over - they are trying to sell you with out saying no - yes only works if the product you are selling has a qualification component  thinking it over makes sense, I assume you wouldn’t be thinking about it, unless you were extremely interested - so far we have discussed is one scenario - we need to get an offer to my company to see if you qualify - 3 things can happen to the offer: accepted/ rejected/modified - as of how the possibility exists that you will be rejected - if it turns out at the end of this process that you weren’t eligible for it, in the first place, who’s time would you have wasted - till we find out whether or not you qualify there is nothing to think over there is? - 1 response: with all the respect my company is been in business for X years for taking everyone Preparing to respond:  positive attitude: be positive  anticipate objection: have answers to common objections  relax, listen, don’t interrupt: if you try to stop it in the middle they will come back  forestall know concerns: you bring it up before they do  evaluate objections: is it real or is it an excuse response methods:  direct denial: hard no for a hard objection  indirect denial: softer no, for a softer objection  Compensation: you cannot handle the objection , minimize in the big picture  F-F-F: you can get these 3 messages out with out using those words Feel  see how you can feel that way Felt other felt similarly Found here is what they found  Boomerang: objection becomes reason to purchase  Postpone: handle the objection later on the presentation. Say when it is going to be handled. Part 2 I. Obtaining commitment: Old model closing model  40% New model  nothing more than 10% 2 times you can close early: 1. Buyers comments: they talk as they already own the products 2. non- verbal cues: takes out the credit card in the middle of the presentation , not paying attention to what you are saying exception: if there is anything left to be covered of the material nature you need to tell them. How to successfully obtain it: positive attitude  let the customer set the pace: if they are taking info quickly you can go faster if the aren’t slow down be assertive, not aggressive:  sell the right item in the right amounts: bulls make money, bears make money, pigs get slaughtered. For every dollar you sell above the need, the chances for buyers remorse increases exponentially Methods  Qualification : see long paragraph from before  Yours vs ours: say that your prospect responsibility is to pay, that our responsibility is to provide the benefits. If you are not willing to buy the house our responsibility becomes yours again. Yours ours Cost of you product benefits they are getting for their money Post closing behaviors to embrace:  No surprises: act like you already have been there  Congratulate on the choice: find a way to bring them to your cooperate family  Referrals: get them Reasons for failure:  Poor attitude: energy is contagious in every direction. If you had a bad day try to clear you day. Clients don’t want that. Don’t expose them to that  Poor presentations: no discovery/profile meeting. How you can get a target you don’t see  Poor habits: poor appearance/ time management/ not using written agenda. Unit 2, class 4 part 1 I. Referrals Importance: - half of the sales people don’t even ask for referrals fear of it, the system does not ask for it. - of the half that asks ¾ ask the wrong way: - bad: do you know anyone that can help me - can I give you my business cards so you can pass them out - give me a list within a week Methods to ask: 1. Isolate faces for people to see: pay attention during report building for ways. 2. Urgency: how would you like to do what I do fro living? If they say no if you did what I do, what 5 people will you call immediately without hesitation? 3. Letterman: write a list in inverse order from 5 to 1. Ratio 3.8 names. They want to finish it II. Stage 4. Confirmation meeting Purpose: deliver or install product/ service Components: 1. Review what they purchased 2. Insure initial use of the product 3. Create systems for reordering 4. Set up a review schedule 5. Referrals and introductions 6. Blank line interactive, do what they want III. Stage 5. Review meeting Purposes: 1. See what is happening since last meeting 2. Anticipate changes going forward 3. Get referrals Give them a list with all possibilities that can happen in their life and blank boxes give them to mark Components: (same as stage 4) 1. Review what they purchased 2. Insure initial use of the product 3. Create systems for reordering 4. Set up a review schedule 5. Referrals and introductions 6. Blank line interactive, do what they want How often to conduct them: - Every 3 months in the first year - Every 6 months during the second year - Once a year life after When you have many clients and you don’t have time for all do Account Classification: take out your clients and divide them into categories each year A best client , mandatory face to face B Should get face to face C either face to face or letter or email to get a face to face D letter to set face to face E review over the phone If they don’t answer letter or email you do it over the phone IV. Managing your career 1. Understanding your needs? - How much structure do I need? If you need a lot sales is not for u - How are you motivated? Externally, internally - How do you manage stress? Situational ( by a event then goes away)/ felt stress (by where are you in life) 2. What do you have to offer: - Skills: you acquire them. If you don’t practice you loose the, - Knowledge: things that you learn. If you decide to stop learning they will pass you - Qualities: unique about you 3. the company - Their needs: what they are missing - What do they have to offer: out of their mission statement 4. Resume - One page/ one sided - Purpose get an interview - Easy to read: no effort required - Kill objective statement - Do not list references by name. have 4 references available. 1 for each personality type. Depending on interviewer give them - Special skills: make them special - Do not put your GPA unless is 4.0 - If you did any list. Deans list ( fall 2016) - Have a 10 min story for everything that is there 5. Interviews: - Stress: put you in this position. Maintain your composure - Panel: multiple people in one place. Ask for their cards. Place them in front to know who they are. Find the leader - Group interview: beet other applicants. Resist the temptation to beet the top one. Ask open ended questions. People are attracted to better listeners 6. Tips: - Research the company - Search for any Um alumni take them out for coffee to see the company’s culture - Get good night of sleep night before - Do not arrive late if not reschedule - Do not get more than 20 min before Safe questions: - Ask interviewer: what do you like most of what you do - What are your favorite chances - Where did you get started? Questions to get: - Tell me anything about you what do you want me to talk about personally, academically? Follow up: 10 days Part 2 I. Formal negotiation Planning for the negotiation session:  Location: should be neutral  Time allotment: do not set deadlines. Best days: tues/wed/thu in the morning Objectives - Target: hope to achieve - Minimum: least you can accept - Opening: initial proposal Individual Behavior:  Competing: highly assertive, highly uncooperative. Wants to win  Accommodating” highly unassertive, highly uncooperative  Avoiding: highly unassertive, highly uncooperative. Do not reach solution  Compromising: middle assertive, middle cooperative. Partially satisfying both sides  Collaborative: highly assertive and highly cooperative. Try to maximize both sides Win-loose Negotiators: Give up concessions  get you emotional  Good guy- bad guy routine: 2 sales people working together. One is flexible, one is inflexible  Lowballing: 2 people negotiating. One gives the impression that is over but on reality it is continuing  Emotional outbursts: when you get someone to say I need help to give concession  Budget limitation tactic: minimize the price in the small picture, but in reality it is in the big  Browbeating: take someone’s enthusiasm in the beginning of the negotiation session. How to handle win loose strategies  Detach yourself: do not say a word let the emotion you are feeling become logical  Acknowledge their position and then respond: make them repeat again take it out  Build them a bridge: take the good of what they said and incorporate it in your final solution  Warn, but not threaten: threat happen if you do not get your way. Warning: happen if they do get their way Tips on concessions: ( give up something) 1. Do not make a concession until you see all the others persons demands 2. Every time you make a concession get one back  don’t feel guilty 3. Concessions should gradually decrease overtime 4. If concessions do not meet your objectives say no 5. All concessions are tentative until agreement is signed.


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