Marketing Chapter 17

Front 1

relationship selling (consultative selling)

Back 1

a sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships

Front 2

customer-centric

Back 2

a philosophy under which the company customizes its product and service offering based on data generated through interactions between the customer and the company

Front 3

learning

Back 3

an informal process of collecting customer data through customer comments and feedback on product or service performance

Front 4

knowledge management

Back 4

the process by which customer information is centralized and shared in order to enhance the relationship between customers and the organization

Front 5

interaction

Back 5

the point at which a customer and company representative exchange information and develop learning relationships

Front 6

tough points

Back 6

areas of a business where customers have contact with the company and data might be gathered

Front 7

point-of-sale interactions

Back 7

a touch point in stores or information kiosks that use software to enable customers to easily provide information about themselves without feeling violated

Front 8

campaign management

Back 8

developing product or service offerings customized for the appropriate customer segment and the pricing and communicating these offerings for the purpose of enhancing customer relationships

Front 9

sales process (sales cycle)

Back 9

the set of steps a salesperson goes though in a particular organization to sell a particular product or service

Front 10

lead generation (prospecting)

Back 10

identification of those forms and people most likely to buy the seller's offerings

Front 11

referral

Back 11

a recommendation to a salesperson from a customer or business associate

Front 12

networking

Back 12

a process of finding out about potential clients from friends, business contacts, coworkers, acquaintances, and fellow members in a professional and civic organizations

Front 13

cold calling

Back 13

a form of lead generation in which the salesperson approaches potential buyers without any prior knowledge of the prospects' needs or financial status

Front 14

lead qualification

Back 14

determination of a sales prospects's (1) recognized need, (2) buying power, and (3) receptivity and accessibilty

Front 15

preapproach

Back 15

a process that describes the "homework" that must be done by a salesperson before he or she contacts a prospect

Front 16

needs assessment

Back 16

a determination of the customer's specific needs and wants and the range of options the customer has for satisfying them

Front 17

sales proposal

Back 17

a formal written document or professional presentation that outlines how the salesperson's product or service will meet or exceed the prospect's needs

Front 18

sales presentation

Back 18

a formal meeting in which the salesperson presents a sales proposal to a prospective buyer

Front 19

negatiation

Back 19

the process during which both the salesperson and the prospect offer special concessions in an attempt to arrive at a sales agreement

Front 20

follow-up

Back 20

the final step of the selling process, in which the salesperson ensures delivery schedules are met, goods and services perform as promised, and the buyers' employees are properly trained to use the products

Front 21

quota

Back 21

a statement of the salesperson's sales goals, usually based on sales volume