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29 Cards in this Set
- Front
- Back
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4.5 Market
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Collection of potential clients that can be subdivided into distinct groups on the basis of criteria established by the producer.
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4.5 Market segment
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Specifically defined portion of a market.
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4.5 Market segmentation
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Process of dividing a market into small groups of similar prospects.
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4.5 Product targeting
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Designing a specific product for a market, a specific approach to a market, or both.
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4.5 Suspect
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Member of a market.
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4.5 Prospect
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A suspect the producer intents to approach.
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4.5 Sales strategy
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A way to achieve the producer’s goal.
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4.7 Order processing
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The producer identifies a need, points out he need, and takes the order.
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4.8 Missionary selling
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Indirect selling that establishes the goodwill and competence of an organization through technical services to clients and potential clients.
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4.8 Creative selling
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Persuasion—bringing the needs to the customer’s attention in a logical way.
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4.8 Cold calling
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A call on a prospect without an appointment.
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4.8 Joint calls
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Sending a new producer with a successful, experienced producer as part of the training process.
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4.10 Product feature
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When a produce known to satisfy the customer’s need is pointed out by the salesperson.
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4.10 Product benefit
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When the produce feature can be applied to the customer’s need.
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4.13 Nonleading question
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Allows the prospect to respond in a manner, encouraging the prospect to talk.
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4.14 Leading question
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Calls for a specific, limited response from the customer.
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4.15 Agreement
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When the prospect agrees that the features presented are suitable for the needs.
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4.15 Disbelief
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The prospect doubts that the policy can perform as indicated.
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4.16 Indifference
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The prospect does not see the need or is satisfied with the current producer.
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4.17 Objections
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The prospect’s reaction caused by misunderstandings or a read disadvantage or products or services.
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4.17 Delay
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Expression of undisclosed underlying attitude.
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4.17 Closing
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When the objective of the sales call has been met.
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4.19 Controlled sources of additional premium
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Three sources: (1) Account development, (2) account acquisition, and (3) merger.
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4.19 Account development
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Making additional sales to existing accounts.
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4.19 Account acquisition
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Making sales to new customers.
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4.20 Produce-customer marketing matrix
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A chart showing two types of clients—current and those new to the agency—and two types of products—those that exist in a clients account and those that are new to the client’s account.
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4.20 Account upgrading
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Sales activities such as increasing an account’s limits or adding coverage to existing policies to better cover the client’s needs.
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4.20 Account selling
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Selling new types of insurance products to existing clients.
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4.21 Temporary monopoly
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A situation in which an agency is currently the exclusive provider of a product/service that clients want/need. It is temporary because other agencies/companies will copy the idea, restoring competition to the market.
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