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MKT 352 Test 2
asdfil j
62
Anthropology
9th Grade
10/21/2014

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Cards

Term
What is prospecting?
Definition
Searching the market for potential people and customers
o Most important activity of sales person
o No salesperson can ignore leads, always need to gain new contacts
Term
8 steps of the buying process
Definition
1. Prospecting
2. Collecting pre-call information
3. Making the approach
4. Discovering needs
5. Making the presentation
6. Responding to objections
7. Obtaining Commitment
8. Follow-up
Term
Lead
Definition
Someone you might potentially do business with but have not contacted yet
Term
Prospect
Definition
a lead whose potential has been evaluated and deemed worthy of pursing, has an interest in the product, is eligible to purchase it
Term
Customer
Definition
Someone who is an actual purchaser of your product, made a sale
Term
High account opportunity/ strong competitive strength
Definition
o Most effective
o Opportunity: Account offers good opportunity, high potential and sales organization has differential advantage in serving it
o Strategy: Commit high level of sales resources to take advantage of the opportunity
Term
Low account potential/Strong Competitive strength
Definition
o Opportunity: account offers stable opportunity since sales organization has differential advantage in serving
o Strategy: Allocate MODERATE level of sales resources to maintain current advantage
Term
High account potential/Weak competitive advantage
Definition
o Opportunity: Account may represent good opportunity, sales organization needs to overcome its competitive disadvantage and strengthen its position to capitalize on opportunity
o Strategy: Either direct a high level of resources to improve position and to take advantage of the opportunity/shift resources to other accounts
Term
Low account potential/Weak competitive strategy
Definition
o Worst case scenario
o Opportunity: Account offers little opportunity, small potential and the sales organization is at a competitive advantage
o Strategy: Devote minimal level of resources to the account or consider abandoning
Term
Why do we make sales calls?
Definition
- Buyer’s and Seller’s time is valuable
- Make it worth the time and effort
- Planning must fit into the salesperson’s goal for the account, some require more planning than others
Term
What is the criteria for effective sales call objectives?
Definition
- Set objectives/questions that require a response from the buyer - SMART (specific, measurable, achievable, realistic, time-based)
Term
4 types of objectives
Definition
1. Primary
2. Optimistic
3. Minimum
4. Secondary
Term
Primary objective
Definition
The actual goal the salesperson hopes to achieve
Term
Optimistic objective
Definition
Most optimistic/best outcome the salesperson thinks could occur
Term
Minimum objective
Definition
Minimum a salesperson hopes to achieve
Term
Secondary objective
Definition
the remaining objectives after the primary objective
Term
Know the right person, time, and place for a sales call
Definition
- Focus on the person who will be most receptive, have the power and focus of the dissatisfaction
- Know the right time and meeting place (Quiet, focused)
Term
What are the 4 essential elements of a sales call?
Definition
- Making a good impression
- Identifying or reiterating the needs of a company (ADJUST)
- Offering the solution the buyer needs
- Add credibility and trust
Term
What is the 15-minute rule?
Definition
- If you/the buyer will be 15 minutes late reschedule
- If your presentation will go over time, re-schedule to continue
Term
6 types of presentation openings
Definition
1. Introduction
2. Referral
3. Benefit
4. Product
5. Compliment
6. Question
Term
Introduction Opening
Definition
Simply introduce yourself
Term
Referral Opening
Definition
Tell about someone who referred you to the buyer
Term
Benefit Opening
Definition
Start by telling the benefits of the product
Term
Product Opening
Definition
Demonstrate a product feature and benefit as soon as you walk up to the prospect
Term
Compliment Opening
Definition
Start by complimenting the buyer/buyers firm
Term
Question Opening
Definition
Start with a question
Term
Rapport
Definition
Selling is a close, harmonious relationship founded on mutual trust
o Goal of every salesperson, small talk, scan the office
Term
Most Powerful question in Marketing?
Definition
Why
Term
Digging for the root cause/Need behind it
Definition
Need (need computers) → Need behind the need (to improve our performance) → Need behind the need (Our competition is gaining on us, need to be more responsive than them)
Term
4 Categories of questions in SPIN Sequence
Definition
1. Situation
2. Problem
3. Implication
4. Need pay off
Term
Situational questions
Definition
- General data-gathering questions
- Many situation-type questions can be answered through precall information gathering and planning
Term
Problem questions
Definition
Questions about specific difficulties, problems, or dissatisfactions
Term
Implications questions
Definition
- Help the prospect recognize the true ramifications of the problem
- Motivate the prospect to search for a solution to the problem
- Problem centered
Term
Need payoff questions
Definition
- Questions about the usefulness of solving a problem
- Solution centered
Term
Feature
Definition
Quality or characteristic of the product or service
Term
Benefits
Definition
The way in which a specific feature will help a particular buyer
Term
Ego Involvement
Definition
Used only to directly benefit an individual
Term
Issue Involvement
Definition
Directly effects co=workers and company
Term
Characteristics of a strong presentation
Definition
- Keeps buyers attention
- Improves the buyers understanding
- Helps buyer remember what was said
- Offers proof of the salespersons assertion
- Creates a sense of value
Term
Know how we learn and remember
Definition
- We retain 20% of what we hear
- We retain 50% of what we hear and see
Term
Testimonials
Definition
Statements written by satisfied users of a product or service
Term
Number 1 fear of the average person?
Definition
Public Speaking
o Visualize audience as friends, reduce stress, practice
Term
Value
Definition
- Establish product value before discussing the price
- Sell value/quality not the price
o Discuss intangible features
- Show the customer the value and quality
- Value shouldn’t exceed the cost!
Term
How do successful salespeople handle objections?
Definition
- Anticipate for objections
o Prepare helpful response
- Forestall known concerns
o Raise objections before the buyer has time to raise them
- Relax and listen, evaluate objections, always tell the truth
Term
6 methods to deal with objection
Definition
1. direct denial
2. indirect denial
3. compensation method
4. referral method
5. revisit method
6. acknowledge method
Term
Direct Denial
Definition
- The salesperson makes a relatively strong statement using factual information to indicate the error the prospect has made
- Appropriate only when the objection is blatantly inaccurate
- Should never be used if the prospect is merely stating an opinion
Term
Indirect Denial
Definition
- The salesperson denies the objection but attempts to soften the response
- The salesperson must recognize the position of the customer who makes the objection and then continue by introducing substantial evidence
Term
Compensation Method
Definition
- Buyers may object because the salesperson’s product is less than perfect
- The salesperson should acknowledge the validity of the objection and then proceed to show any compensating advantages
- Also use when the prospect tries to put off closing the sale
Term
Referral Method
Definition
- Feel-felt-found method
Term
Revisit Method
Definition
- Salesperson turns the objection into a reason for buying (boomerang method)
- Works with most personality types
Term
Acknowledge Method
Definition
- Buyer voices opinions or concerns to vent frustration
- Salesperson listens, acknowledges, pauses, then moves on
- Should not be used if the objection is factually false
Term
How to handle a price objection
Definition
- Use up-to-date information  - Establish the value o Establish product value before discussing price  o Sell value and quality rather than price o Intangible features - Use communication tools effectively o Show customers quality and value
Term
How to successfully obtain commitment
Definition

- Part of the process o Salespeople actually gain commitment repeatedly o Important in moving the account through the relationship process - The importance of securing commitment o  o Customer realization of benefits o Financial rewards for the salesperson/Companh

Term
Agressor Salesperson
Definition
o Believe they are the best judge of a customers needs o Minimize participation by customer o Overwhelm customer, respond to objectives without understanding
Term
Submissive Salesperson
Definition
o Accepts customers definition of needs and permits the customer all control o Assumes customer will buy when ready
Term
Assertive Salesperson
Definition
o Probe for need-related info that customers may not volunteer o Encourage 2 way communication o Respond to objections, leading to somewhat automatic close
Term
6 effective methods for closing a sale
Definition
1. Direct Request
2. Benefit Summary
3. Balance sheet method
4. Probing method
5. Alternative choice
6. Other method
Term
Direct Request
Definition
Simply ask for it
Term
Benefit Summary
Definition
Reminds the buyers of the agreed-on benefits of the propsals
Term
Balance Sheet method
Definition
List pros and cons
Term
Probing method
Definition
o Initially uses another method
o Uses a series of probing questions
o Consider cultural differences
Term
Alternative Choice
Definition
Limit choices
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