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29 Cards in this Set

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