MKTG 354 Lecture 1 Notes
MKTG 354 Lecture 1 Notes MKTG 354
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This 4 page Class Notes was uploaded by Savannah Baron on Saturday February 13, 2016. The Class Notes belongs to MKTG 354 at University of Mississippi taught by Hua Chen in Spring 2016. Since its upload, it has received 23 views. For similar materials see Professional Selling and Relationship Marketing in Marketing at University of Mississippi.
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Date Created: 02/13/16
Intro I. What is Market? People who have money and want to buy Individuals and organizations who are interested and willing to buy a particular need that will satisfy a need or want II. What is Marketing? Anything you can do to increase the exchange Social process involving the activities necessary to enable individuals and organizations to obtain what they need and want through exchanges with others and develop ongoing exchange relationships III. What is Personal Selling? Person-to-person communication with a prospect Personal selling is a process of: o Developing relationships Why should a buyer trust your information, why should they buy from you rather than others? Establish relationships by showing up on time (professional), coming prepared o Discovering needs o Matching products with needs o Communicating benefits Also, a process that adds value (usefulness) IV. Features of Consultative Selling Customer is a person to be served, not just a prospect to be sold Two-way communication identifies (diagnoses) customer’s needs; no high-pressure sales presentation Emphasis on information giving, problem solving, and negotiation vs. manipulation o Ex) manipulation can be a realtor saying there are bids on a property when “other bids” are nonexistent Emphasis on service after the sale V. Philosophy of Personal Selling 3 Prescriptions 1. Adopt the marketing concept 2. Value personal selling 3. Assume the role of problem solver or partner VI. Interrelationship of Basic Structures Base is Personal Selling Philosophy Core is Building Quality Partnerships, surrounded by: o Relationship Strategy o Presentation Strategy o Customer Strategy o Product Strategy Lecture 1 I. 3 Major Relationship Challenges 1. Building new relationships 2. Transforming relationships from personal level to business level Reduces risk to maintain both levels of relationships 3. Managing relationships II. Effective Relationship Strategies Focus on 4 Key Groups 1. Customers 2. Secondary decision makers 3. Company support staff 4. Management personnel III. Adapting the Relationship Strategy Transactional Selling o Buyers aware of needs, focus on price o Relationship strategy secondary Consultative Selling o Emphasizes need identification o Effective communication o Mutual trust and respect Strategic alliance selling o Often the most challenging o Build relationships with several people IV. Enhancing Your Relationship Strategy A. Self-concept Shaped by ideas, attitudes, feelings, and thoughts you have about yourself Influences the way you relate to others Feelings and behavior are consistent with the self- concept Developing a more positive self-concept: o Focus on the future o Develop expertise in selected areas o Develop a positive mental attitude B. Win-win philosophy Customer satisfaction is of primary importance Adopting win-win philosophy is the first step in development of relationship strategy Buyer and seller come out of the sale with respective best interest served C. Empathy and Ego-Drive Empathy is the ability to understand what a person is feeling o Invaluable ability to get critical feedback Ego drive is an inner force that makes the salesperson need to make the sale Empathy and ego drive reinforce each other V. Nonverbal Strategies Silent messages communicated through: o Facial expressions o Tone of voice o Gestures o Appearance o Posture o Other nonverbal means Nonverbal messages have a greater impact than verbal messages Make sure verbal and nonverbal messages are consistent Entrance and Carriage o Believe and project that you have a reason to be there and something important to offer the client o Communicate confidence with strong stride, good posture, friendly smile Shaking Hands o Proper greeting, symbolizes respect o Use firm, deep grip o Duration (3 seconds) and dryness o Make eye contact o State your name when you extend your hand Facial Expressions and Eye Contact o Facial expressions convey inner feelings o People tend to trust a smiling face o Reading facial expressions fairly universal across cultures o Good eye contact says “I’m listening” o Prolonged eye contact can send the wrong message Effect of Voice Quality on Relationships o Avoid rapid-fire speech o Vary speed of your delivery o Sound upbeat and energetic but not phony o Convey enthusiasm in your voice o Try to sound relaxed o Avoid bad speech habits Effect of Appearance on Relationships o Simplicity o Appropriateness Formal Business Casual o Quality o Visual Integrity Effect of Etiquette on Relationships o Avoid temptation to start on a first name basis o Avoid offensive comments or jokes Avoid politics, religion, etc. o Recognize importance of punctuality o When dining, avoid discussing business before meals are ordered, unless customer initiates o When leaving voice-mail messages, leave a clear, concise message Emails need to have a subject line o Avoid cell phone contempt Office phone is for business, cell phone is personal VI. Conversational Strategies that Enhance Relationships Become genuinely interested in other people Be a good listener and talk about interests of others o Taking notes is a good way to show you’re listening o Tell the customer (with either affirmations or facial gestures) that you are listening to what you’re saying Use the CARE model to add value o Customize o Appreciate o Respond o Execute VII. Steps for Self-Improvement Set goals Use visualization Use positive self-talk Reward your progress
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