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This 10 page Study Guide was uploaded by Jaimie Bertoli on Monday October 12, 2015. The Study Guide belongs to MKTG A459 001 at a university taught by Dr. Lewis in Fall 2015. Since its upload, it has received 91 views.
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Date Created: 10/12/15
Personal Selling Exam 1 Review Chapter 1 The Life Times and Career of the Professional Salesperson The primary goal of business should be to transform the marketplace and workplace into an environment where everyone is treated as they would like to be treated The Golden Rule of Personal Selling the sales philosophy of unsel shly treating others as you would like to be treated Reciprocity is not expected Placing the interests of others before selfinterest Marketing Organizational function and set of a process for creating communicating and delivering value to customers and for managing customer relationships in ways that bene t organizations and its stakeholders Relationship marketing The creation of customer loyalty situations including retailing Marketing Concept A business philosophy that says the customers want satisfaction is the economic and social justi cation for a rm s existence Consequently all company activities should be devoted to determining customer wants and then satisfying them while still making a pro t Essentials of a rms marketing effort 1 To determine the needs of a customer 2 To create and maintain an effective marketing mix that satis es customer needs Marketing Mix consists of product price distribution or place and promotion it is the marketing manager s responsibility to determine how best to use each element in the rm s marketing efforts 0 Product a bundle of tangible and intangible attributes including packaging color and brand plus the services and even the reputation of the seller 0 Price the value or worth of a product that attracts the buyer to exchange money or something of value for the product Credit terms discounts list price promotional allowances DistributionPlace the channel structure used to transfer products from an organization to its customers Have product available to customers in a convenient and accessible location when they want it Bus partners distributors inventory transportation wholesalers retailers Promotion increases company sales by communicating product information to potential customers 0 Personal selling the personal communication of information to unsel shly persuade a prospective customer to buying something 0 Advertising 0 Public Relations 0 Sales promotion 0 Selling one of the many marketing components Promotional Mix Demonstration Dramatization Visual Aids Participation Traditional Salespeople do what they think they can get away with Guided by selfinterest Professional Salespeople Do what they are legally required to do Take care of customers Golden Rule Salespeople Do the right thing Ordertakers ask what the customer wants or wait for the customer to order They do not have a sales strategy and often use no sales presentation Ordergetters The creative selling of tangible goods or intangible services in highly competitive lines moves merchandise that cannot be sold in equal volume without a salesperson Chapter 3 The psychology of selling Why people buy Bene t selling the salesperson relates a product s bene ts to the customer s needs using the product s features and advantages as support FAB selling technique 0 Feature any physical characteristic of a product What is it Advantage the performance characteristic of a product that describes how it can be used or will help the buyer So what Bene t a favorable result that the buyer receives from the product because of a particular advantage that has the ability to satisfy a buyer s need How does it perform and how does it bene t me Stimulus response diagram stimulus sales presentation lblack box Buyers hidden mental process D Response Saleno sale Black box The process of internalization because we cannot see into the buyer s mind meaning that the salesperson can apply the stimuli sales presentation and observe the behavior of the prospect but cannot witness the prospect s actual decision making process Needs result in lack of something desirable Social Psychological Economic Wants needs learned by the person In our country wants are more powerful motivators than needs Limited decision making a moderate level of actual buyer involvement in the decision where they are familiar with each brand s features advantages and bene ts Extensive decision making A purchase that requires more of an investment in time and money than the limited decision Demands problem solving activities Role Group anyone group that directly or indirectly affects one s behavior Consumer buying decision process Need Arousal Collection of information information evaluationpurchase decisionleostpurchase behavior Personal in uences l Psychological in uences l Social In uences Income 0 Past experiences 0 Culture 0 Age 0 Personality Social class 0 Gender Attitudes and beliefs 0 Friends Situation Perception Family Consumer buying decision process Need arousalcollection of informationlj Information evaluation Purchase decision D Post purchase behavior Selective Retention When buyers remember information that support their attitudes and beliefs and forget information that does not Purchase satisfaction when receiving bene ts expected or greater than expected from a product Purchase dissonance tension over whether the right decision was made in buying the product Chapter 4 Communication for Relationship Building It s not all talk Communicating the act of transmitting verbal and nonverbal information and understanding between seller and buyer An exchange process of sending and receiving messages with some type of response expected Source Encoding Message and Decoding Reciever Medium The actual sales presentatio n o Salesperso n Developme nt of sales presentatio n message Buyer hderpnts sabs presentado The buyer recieves the message Noise Feed Noise Source Sender the source of communication Encoder the salesperson s conversion of ideas and concepts into the language and materials used in the sales presentation Message the information needed to conveyed in the sales presentation Communication Barirror DSent and received Medium The form of communication used in the sales presentation and discussion most frequently words visual materials and body language Personal environment noise Decoding recipient and translation interpretation of the information by the receiver prospective buyer Receiver the person the communication is intended for the prospective buyer Feedback the reaction to the communication transmitted to the sender Verbal nonverbal or both Perception Noise factors that distort communication between buyer and seller Barriers to communication Listening deriving meaning from sounds that are heard Marginal Iistening rst and lowest level of listening when you are the least concentrated and distracted by thoughts Blank stares nervous mannerisms annoying gestures communication barriers Evaluative Listening Second level of listening which requires more concentration and attention to words Making an effort to hear what prospect is saying but not trying to understand message Concentrates on preparing response Active Listening Third and most effective level of listening Refrains from evaluating the message and tries to see the other person s point of view Attention on words thoughts feelings and meaning Taking perspective of the prospect with verbal and nonverbal feedback According to research nonverbal expressions can have a much greater impact than verbal messages Nonverbal communication Four channels that are physical space between buyer and seller appearance handshake and body movements Territorial space The area around the self that a person will not allow another person to enter without consent Intimate up to 2ft personal 2 4ft social 4 12ft and public space 12ft considerations Space threats The territorial imperative that causes people to feel that they should defend their space or territory Space invasion Moving to a spot where you were not arranged to be in Eliminate barriers by sitting closer Sales Netiquette a signature in an email should always be included along with title company URL and full contact information Leaning forward or upright at attention provides the person giving a sales presentation quotacceptance signals quot from the buyer Chapter 5 Sales knowledge Customers Products Technologies Knowledge needed for salesperson must be expert on everything involved with their products and have wisdom to apply knowledge Product Knowledge performance data physical size and characteristics how product operates speci c fABS how well it sells in the marketplace Sales training the effort an employer puts forth to provide the opportunity for the salesperson to receive jobrelated culture skills knowledge and attitudes that result in improved performance in the selling environment Usually have ongoing training to maintain knowledge and to increase sales volume productivity and pro tability Selling Experience developed skills through eldwork and crucial source of sales knowledge Improves abilities by showing how buyers perceive a product or product line revealing unrecognized or undervalued product bene ts or shortcomings voicing a multitude of unanticipated protest and objections showing a great number of prospect moods and attitudes over short periods and generally providing a challenge that makes selling a skill that is never mastered but improved A USP or unique selling proposition is what answers the buyer39s question why should I buy from you Three important reasons for salesperson to have seing knowledge 1 To increase the salesperson s con dence 2 To build the buyers con dence in the salesperson 3 To build relationships through truly caring about the needs of others Shelf positioning the physical placement of the product within the retailer s store Shelf facings The number of individual products placed beside each other on the shelf Premium an article of merchandise offered as an incentive for the user to take some action sweepstakes consumer premium dealer premiums Cooperative coop Advertising advertising the retailer conducts with the cost paid for by the manufacturer or shared by the manufacturer and retailer Shared Cost shared develop Consumer sales promotion free samples coupons contests and demonstrations to consumers Pull strategy Trade Sales promotion engorges resellers to purchase and aggressively sell a manufacturer s products by offering incentives like sales contests displays special purchase prices and free merchandise buy 10 cases get 1 free Push strategy Geographic information systems GIS allows sales people to view and manipulate customer andor prospect information on an electronic map May also reveal customer buying patterns that otherwise may not be apparent Global Positioning System GPS a worldwide radionavigation system formed form a constellation of satellites circling the earth and their ground stations Uses these reference points to calculate positions accurate to a few feet to meter Mobile of ces Where salespeople can stay in constant contact with their customer even when driving between cities and states A place to work on the go while waiting fully equip with material needed to work Chapter 6 Prospecting the lifeblood of selling Quali ed prospect A person or organization that has the potential to buy your good or service Prospecting is the lifeblood of sales because it identi es potential customers Lead The name of a person or organization that might be a prospect suspect Sales prospecting funneIDhow all leads and prospects are considered and ltered and become quali ed 0 Does the prospect have the money to buy 0 Does the prospect have the authority to buy 0 Does the prospect have the desire to buy Types of prospecting Cold canvassing cold calling in hopes that a percentage of your calls will buy Endless chain referral method when a customer refers the salesperson to someone else Centers of in uence nding and cultivating people in a community or territory who are willing to cooperate in helping to nd prospects Using your frat to sell to Exhibitions and Demonstrations take place at trade shows frequently and other types of special interest gatherings Gives extensive contact with a large number of potential buyers Networking making and using contacts in any given situation Also known as relationship building and can be most reliable and effective Telemarketing A marketing communication system using telecommunication technology and trained personal to conduct planned measureable marketing activities directed at targeted groups of consumers Direct mail prospecting opportunity to reach large numbers of people at a low cost Telephone prospecting contact a large number of prospects across a vast area for less cost than cold canvassing but more than mail outs Orphaned customers customers whose salesperson left the company and their customers were orphaned EProspecting a multi touchpoint thread of logically connected email messages within one campaign not 3 unrelated ebroadcasts Use of telemarketing in prospecting 0 Lead quali cation 0 Marginalaccount status Physical distribution Consumer orders Distribution orders Tracing and dispatching Shipment requirements Inventory requirements identi cation Product return needs Market research 0 Customer service needs 0 Demographic data Product management 0 Image and attitude 0 Sales per product 0 Forecasting data 0 Questions and complaints Sales Management 0 Consumer pro les Advertising 0 Inquiries per ad 0 Pro ts of respondents o Salesconversion rates 0 perad Market Management 0 Segment analyses 0 Marginalaccount 0 00000 7 step selling process 1 Prospecting and qualifying Cold callingcold canvassingnetworking wilingness to buy and ability to buy legal authority resoruces Presae activity 2 Preapproach presale activity background research why they buy and what are the salientrelevant attributes 3 Approach start of conversation report engagement 4 Presentation Demonstration dramatization proof pleasure communication participation and visual aids 5 Handling objectives amp overcoming barriers can happen at any point during sales presentation Signi cant others money will it work Will it serve my need 6 Closing will you buy now Trial Close 25 attempts 7 Follow up and secure post sale activity retailing relationship How to Win Friends amp In uence People by Dale Carnegie Part One Fundamental Techniques in Handling People 0 1 Don t criticize condemn or complain 2 Give honest and sincere appreciation 3 Arouse in the other person an eager want Part Two Six ways to make people like you 0 1 Become genuinely interested in other people 0 2 Smile 3 Remember that a person39s name is to that person the sweetest and most important sound in any language 0 4 Be a good listener Encourage others to talk about themselves 0 5 Talk in terms of the other person39s interests o 6 Make the other person feel important and do it sincerely Part Three 0 Win people to your way of thinking The only way to get the best of an argument is to avoid it Show respect for the other person39s opinions Never say quotYou39re wrongquot If you are wrong admit it quickly and emphatically Begin in a friendly way Get the other person saying quotyes yesquot immediately Let the other person do a great deal of the talking Let the other person feel that the idea is his or hers Try honestly to see things from the other person39s point of view Be sympathetic with the other person39s ideas and desires 10Appeal to the nobler motives 11Dramatize your ideas 12Throw down a challenge 9 gt Pquot39gtP
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