MARK Chapter 19 Notes
MARK Chapter 19 Notes MARK 3001
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This 7 page Class Notes was uploaded by Kyla Brinkley on Sunday October 25, 2015. The Class Notes belongs to MARK 3001 at University of Georgia taught by Kimberly Grantham in Summer 2015. Since its upload, it has received 45 views. For similar materials see Principles of Marketing in Marketing at University of Georgia.
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Date Created: 10/25/15
Kyla Brinkley MARK 3001 Notes Fall 2015 Chapter 19 Personal Selling and Sales Management a almost everyone is engaged in some form of selling b The Scope and Nature of Personal Selling i Personal selling the 2way flow of communication between a buyer and a seller that is designed to influence the buyer s purchase decision 1 Face to face 2 Video teleconferencing 3Phone 4 Internet 5 B2B and 82C 6 most professions rely on it to some degree ii Personal Selling as a Career 1 Very independent a Not officebound balance between work and life b Virtual offices c Little daytoday supervision 2 Variety a Creativity 3 Lucrative a High paying for college grads b Perks company car or bonuses 4 Visible to management a Ability to be promoted because of straightforward management of the work iii The Value Added by Personal Selling 1 Expensive for firms a Use internettechnology to lower costs of personal selling b Some firms have eliminated the position c But many see it as worth more than the cost i Ads value educating customers providing advice saving customer time making things easier building long term relationships 2 Salespeople provide Information and Advice 3 a Most customers find value inare willing to pay for the education amp advice provided by salespeople Salespeople Save Time and Simplify Buying a Time is money b Salespeople straighten stock assess inventory levels write orders stock shelves c Might give out free samplesgive demonstrations 4 Salespeople Build Relationships a Building strong marketing channel relationships is critical success factor b Relationship selling a sales philosophy and process that emphasizes a commitment to maintaining the relationship over the long term and investing in opportunities that are mutually beneficial to all parties i Ex uga partnering with Nike to support its sports teams c The Personal Selling Process i Successful salespeople must follow several steps ii Step 1 Generate amp Qualify Leads 1 3 01h Leads a list of potential customers 2 Quality the process of assessing the potential of sales leads Salespeople who have already established a relationship with a customer skip this step Not used much in retail more common in B2B Ways to discover potential leads a Talk to current customers b Internet research c Networking at events d Cold calls Trade shows major events attended by buyers who choose to be exposed to products amp services offered by potential suppliers in an industry a International Consumer Electronics Show CES annually in Las Vegas 7 Cold calls a method of prospecting in which salespeople telephone or go see potential customers without appointments 8 Telemarketing a method of prospecting in which salespeople telephone potential customers a Unlike cold calls always done over the phone b Sometimes done by professional telemarketing firms rather than firm s salespeople 9 Cold callstelemarketing are becoming less popular low success rate a Can t establish customer s needs beforehand b Expensive c Government regulates them i National DoNotCall list FTC ii Can t call before 8am or after 9pm or when consumer told them not to call iii Unsolicited calls faxes emails prohibited 10 after generating leads salespeople have to decide if they should pursue them a Can they afford it b however in retail bad to assume pe0pe don t fit the store s image iii Step 2 Preapproach and the Use of CRM Systems 1 Preapproach in the personal selling process occurs prior to meeting the customer for the first time and extends the qualification of leads procedure in this step the salesperson conducts additional research and develops plans for meeting with the customer 2 Basis for establishing value for customer 3 In past customer info was included in a manual system notebookcards Today salespeople can find the info in their firm s CRM system a Data warehouse i Records transaction info customer contact info customer preferences market segment info about customer 4 Info is used to implement programsestablish goals 5 Role playing a good technique for practicing the sales presentation prior to meeting with a customer the salesperson acts out a simulated buying situation while a colleague or manager acts as the buyer iv Step 3 Sales Presentation and Overcoming Reservations 1 The Presentation a Persontoperson meeting after background info is collected and objectives are set b Beginning of presentation is most important because salesperson is establishing exactly where customer is in their buying process i So they can assess need and customize presentation to match need and stage in decision process c Listening to feedback very important i Understand customer needs ii Apply knowledge to help customer solve problemsatisfy needs d Must clarify products advantages i Explain using statisticspredictions 2 Handling Reservations a Objections that buyer might have about product b Can occur in any stage of selling process but most likely during sales presentation c usually related to value price d effective salespeople anticipate these reservations e key is to listenask questions to clarify reservations i questions are more effective than trying to prove customers reservations as wrong ii shows that salesperson is listening and avoids argument v Step 4 Closing the Sale 1 Closing the sale obtaining a commitment from the customer to make a purchase 2 Stressful 3 Without this step salesperson leaves empty handed 4 However losing a sale prepares salesperson for the next successful close 5 Rarely follows up neatly 6 Must read signals body language listen to customer to achieve earlier close vi Step 5 FollowUp 1 Attitude customer develops after sale is basis for how they purchase in the future 2 Follow upprime opportunity to solidify relationship w great service a b C Reliability salesperson delivers right product at right time Responsiveness salespersonsupport group ready to deal with any issue Assurance customers assured w adequate guarantees purchase will perform as expected Empathy salespersonsupport group has good understanding of problems faced by customers Otherwise they can t give them what they want Tangibles reflect physical characteristics of seller s business Website delivery materials etc purchase should look nice and of high quality even though packaging has nothing to do w it s performance 3 Customers complain when their expectations aren t met a Salesperson must handle complaints effectively b Listen to customer provide fair solution and C resolve it quickly Check with customer right after purchase to resolve complaints faster i Shows responsiveness empathy 4 Post sale followup calls emails letters sustain relationship and initiate new purchase d Ethical and Legal Issues in Personal Selling i Seller s actions are highly visible to customers and other stakeholders ii To maintain trustworthy customer relationships companies must respect customer privacy and information comfort zone amount of info a customer wants to give iii Ethical and legal issues arise in 3 main areas 1 The Sales Manager and the Sales Force a Sales manager must treat people fairly and equally b Includes hiring promotion supervision training assigning dutiesquotas compensationincentives firing c Ex antidiscrimination laws 2 The Sales Force and Corporate Policy a Conflict between ethical selling and what company asks them to do to make a sale b Salespeople must live within own ethical comfort zone c Salespeople can also be held accountable for illegal actions sanctioned by the employer 3 The Salesperson and the Customer a Salespeople have duty to be ethicallylegally correct in all dealings with customers b Means good business and promote long term relationships c Formal guidelines help d Sales managers should lead by example For review The Personal Selling Process 1 Generate and qualify leads 2 Preapproach 3 Sales presentation amp overcoming reservations 4 Closing the sale 5 Followup BZB buying process 1 Need recognition 2 Product specification 3 RFP process 4 Proposal analysis and supplier selection 5 Order specification 6 Performance assessment
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