Ps Exam 2 Notes - Pt 2

Front 1

What are 5 characteristics of a strong presentation?

Back 1

1. keeps the buyer's attention
2. improves the buyer's understanding
3. helps the buyer remember what was said
4. offers proof of the salesperson's assertions
5. creates a sense of value

Front 2

Sales presentations should be tailored to the the buyer's unique style.

What kind of presentations are appropriate for each of the following:

-expressives
-analyticals
-amiables
-drivers

Back 2

-expressives: intense colors, positive images

-analyticals: clean, simple, detailed

-amiables: people-filled, slow-paced

-drivers: crisp, professional

Front 3

When using stories as verbal tools in your presentation, you should: (4)

Back 3

-use stories from your own life
-have a reason for telling the story
-"hook" your personal story directly back into your presentation
-be accurate and vivid with the words you choose

Front 4

Who is the safest person to make fun of?

Back 4

yourself

Front 5

When using graphics and charts as visual tools in your presentation, what are 4 things to do:

Back 5

-know the single point the visual should make
-use current, accurate information
-dont use too much info
-don't overload the buyer w numbers

Front 6

How can you overload analyticals?

Back 6

with irrelevant information

Front 7

What are 8 visual tools to use during your presentation?

Back 7

1. graphics and charts
2. models, samples and gifts,
3. catalogs and brochures
4. photos, illustrations, ads, and maps
5. testimonials
6. test results
7. media
8. product demonstrations

Front 8

Which visual tool is the best way to prove opinions?

Back 8

testimonials

Front 9

Statements written by satisfied users of a product or service are called what?

Back 9

testimonials

Front 10

Test results from what kind of organizations have more clout?

Back 10

third-party organizations

Front 11

T or F: when buyers are watching the screen, they are not listening and there is no interaction

Back 11

true

Front 12

The RFP process includes the customer's specifications for what?

Back 12

the desired product, including delivery schedules

Front 13

When should the RFP process be used?

Back 13

when the customer has a firm idea of the product needed

Front 14

What 4 things does an executive summary include?

Back 14

-the total cost minus the total savings
-a brief description of the problem
-a brief description of the proposed solution
-budget

Front 15

What is a value analysis?

Back 15

showing the prospect that the cost of the proposal is offset by the added value

Front 16

Explaining the way in which your product will meet the prospect's needs and how that is different from the offerings of competitors is referred to as what?

Back 16

a customer value proposition

Front 17

The 2 kinds of cost-benefit analysis are what?

Back 17

-simple cost-benefit analysis
-comparative cost-benefit analysis

Front 18

Net profits (or savings) / investments = ?

Back 18

return on investment (ROI)

Front 19

investments / savings (or profits) per year = ?

Back 19

payback period

Front 20

What is the purpose of the net present value?

Back 20

to assess the validity of an opportunity

Front 21

The return a buyer would have earned from a different use of the same capital is called what?

Back 21

the opportunity cost

Front 22

When selling value to resellers what 3 formulas are important?

Back 22

-profit margin
-inventory turnover
-return on space

Front 23

What is a profit margin?

Back 23

the net profit the reseller makes, expressed as a percentage of sales

Front 24

What is an inventory turnover?

Back 24

annual sales / average retail price of inventory on hand

Front 25

What is return on space?

Back 25

sales per square foot or sales per shelf foot

Front 26

What are 5 ways to deal with the jitters before a presentation?

Back 26

1. know your audience well
2. be yourself
3. psych yourself up
4. realize that everyone gets nervous
5. PRACTICE!

Front 27

What is your first immediate reaction when responding to objections?

Back 27

to argue

Front 28

When tempted to argue an objection, you should:

Back 28

resist the urge, scratch your head and smile :)

Front 29

Proper attitude is shown by: (3)

Back 29

-answering sincerely
-refraining from arguing or contradiction
-welcoming objections

Front 30

When faced with objections, the goal is to do what?

Back 30

build relationships and sell value

Front 31

T or F: objections are bad

Back 31

false, objections indicate that they are listening

Front 32

When do buyers raise objections? (4)

Back 32

-when setting up an initial appointment
-during the presentation
-when attempting to obtain commitment
-after the sale

Front 33

What are 5 common objectives?

objections related to:

Back 33

1. needs

2. product

3. source

4. price

5. time

Front 34

"I do not need the product" is an example of what kind of objection?

Back 34

need

Front 35

"I don't understand" or "I don't like the service features" are examples of what kind of objection?

Back 35

product

Front 36

"I don't like your company / you" is an example of what kind of objection?

Back 36

source

Front 37

"The value does not exceed the cost" is an example of what kind of objection?

Back 37

price

Front 38

"I'm just not interested today" is an example of what kind of objection?

Back 38

time

Front 39

Forestalling objections is what kind of strategy?

Back 39

a preemptive strategy

Front 40

T or F: preemptive strategies will always work

Back 40

false

Front 41

What are 8 effective response methods?

Back 41

1. probing method
2. direct denial
3. indirect denial
4. compensation method
5. referral method
6. revisit method
7. acknowledge method
8. postpone method

Front 42

What methods should be used if the objection is factually untrue?

Back 42

direct denial or indirect denial

Front 43

What methods should be used if the objection raises a valid concern or is an opinion?

Back 43

compensation method
referral method
revisit method
acknowledge method
postpone method

Front 44

Which method acknowledges objections and then shows any compensations?

Back 44

the compensation method

Front 45

Which method is most important?

Back 45

the referral method

Front 46

Feel-felt-found is which method?

Back 46

the referral method

Front 47

In what objection does the salesperson turn the objection into a reason for buying? also called the boomerang method

Back 47

the revisit method

Front 48

In what method does the salesperson listen, acknowledge, pause, then move on to another topic?

Back 48

the acknowledge method

Front 49

In which method does the salesperson ask permission to answer the question at a later time?

Back 49

the postpone method

Front 50

What should you try to sell first?

Back 50

value

Front 51

When faced with a price objection:

Back 51

- use up-to-date information
- establish the value
- use communication tools effectively

Front 52

Blount says if you've done all other steps, commitment is what?

Back 52

easy

Front 53

buyers want to ....., not .....

Back 53

buy, not be sold

Front 54

Gaining commitment is a series of what?

Back 54

yes's

Front 55

Part of the commitment process is what?

Back 55

gaining commitment repeatedly

Front 56

What does commitment give you?

Back 56

the next step

Front 57

The importance of securing commitment: (6)

Back 57

-tells the salesperson what to do next
-defines the status of a client
-time to make a sale
-customer realization of benefits
-company good will and profit
-financial rewards for the salesperson

Front 58

What are three examples of financial terms and conditions?

Back 58

-discounts
-credit terms
-shipping costs

Front 59

Price is carefully set after studying what? (3)

Back 59

- the competitors offerings
- the value delivered by the product or service
- the cost of providing the product or service

Front 60

When should you discuss price?

Back 60

at the end

Front 61

Buyer comments and nonverbals cue help the salesperson to determine what?

Back 61

when to attempt to obtain commitment

Front 62

The conditions that have to be met before a purchase can take place are called what?

Back 62

requirements

Front 63

What are four ways to successfully obtain commitment?

Back 63

1) maintain a positive attitude
2) let the customer set the pace
3) Be assertive not aggressive
4) sell the right item in the right amount

Front 64

What are three selling styles?

Back 64

1. aggressive
2. submissive
3. assertive

Front 65

What is an example of a trial close?

Back 65

"do you have any other questions?"

Front 66

The salesperson's purpose is to...

Back 66

sell the right product in the right amounts

Front 67

What are five effective methods of obtaining commitment?

Back 67

1. direct request
2. benefit summary
3. balance sheet method
4. probing method
5. alternative choice

Front 68

The direct request method means what?

Back 68

simply ask for it

Front 69

What does the benefits summary request message do?

Back 69

remind the buyer of the agreed on benefits of the proposal

Front 70

The balance sheet method or Ben Franklin method does what?

Back 70

lists the pros and cons

Front 71

What does the probing method do?

Back 71

uses a series of probing questions

Front 72

The method of obtaining commitment that limits choices is what?

Back 72

alternative choice

Front 73

If commitment is obtained, what six things will happen?

Back 73

1. no surprises
2. confirm the customers choice
3. get the signature
4. show appreciation
5. cultivate for future calls
6. review the actions to be taken

Front 74

If commitment is not obtained, what are three reasons for lost opportunities?

Back 74

1. wrong attitude
2. poor presentation
3. poor habits and skills

Front 75

True or false: its commitment is not obtained you should discover the cause

Back 75

True

Front 76

What are suggestions for dealing with rejection if commitment is not obtained?

Back 76

-maintain a proper perspective
-recommend other sources
-good manners are important

Front 77

What should your clear plan include when bringing the interview to a close?

Back 77

-review what you will do next
-what the customer will do next
-when you will meet again