Relationship Selling Exam 1

Front 1

What are 3 factors to remember when considering selling in today's environment?

Back 1

1- You can't bank on selling by having the best/lowest price.

2- Create customer value

3- Firms must focus on building customer relationships (customer loyalty).

Front 2

Define Customer Loyalty.

Back 2

Giving customers reasons not to switch to your competitors.

Front 3

Define Relationship Selling.

Back 3

Securing, building and maintaining relationships with customers.

Front 4

Define Sales Management.

Back 4

How aspects of relationship selling are managed by a firm.

Front 5

Define Customer Relationship Management (CRM).

Back 5

Uses technology to help a firm's ability to add value to customers and make lasting relationships.

Front 6

Define Customer Centric.

Back 6

Customers are the center of everything.

Front 7

Firms that are _________ have a high level of customer orientation.

Back 7

Customer centric.

Front 8

Define Value/Value Proposition.

Back 8

All the benefits the customer gets from the product you are selling.

Front 9

Define Transactional Selling.

Back 9

Doing business as a bunch of discrete transactions.

Makes value by stripping costs and making acquisitions easy.

Front 10

Define Consultative Selling.

Back 10

Skills and strategies buyers pay for.

Front 11

Define Enterprise Selling.

Back 11

Using sales organization's assets to contribute to customer's success.

Front 12

Define Value-Added Selling.

Back 12

Add value every way possible.

Front 13

Define Return on Customer Investment.

Back 13

Investment of a firms' time, money, and resources versus expected return on that investment.

Front 14

Define Lifetime Value of a Customer.

Back 14

A customer's long term value to a firm.

Front 15

List the 3 characteristics of Transactional Selling.

Back 15

1- Buyers interested in price and convience.

2- Suppliers bring no additional benefits.

3- Suppliers reduce resources allocated to selling.

Front 16

List the 3 characteristics of Relationship Selling.

Back 16

1- Requires cross functional teams to do.

2- Consultative- Buyers willing to pay for new value and more benefits.

3- Enterprise- Important customers demand great value creation.

Front 17

Define Ethics.

Back 17

Moral principles and standards that guide behavior.

Front 18

List the 5 characteristics of Relationship Selling.

Back 18

1- Prospecting and sales call planning.

2- Communicating the sales message.

3- Negotiating for win-win solutions.

4- Closing the sale and follow up.

5- Self-mangement.

Front 19

Define Prospects.

Back 19

Likely, potential customers.

Front 20

Define Solution Selling.

Back 20

Salesperson's role is to move buyer toward seeing a solution to their problem.

Front 21

Define Follow-Up.

Back 21

Service after sale.

Front 22

Define Customer Delight.

Back 22

Exceeding customer's expectations.

Front 23

Define Autonomy of Selling.

Back 23

Independence a salesperson has.

Front 24

List the 5 characteristics of Sales Management.

Back 24

1- Motivation

2- Recruiting and selection

3- Training and development

4- Compensation and incentives

5- Evaluating salesperson performance.

Front 25

Define Expectacy Theory.

Back 25

A salesperson's effort on a task results in a reward.

Front 26

List 5 rewarding aspects of sales jobs.

Back 26

1- Job autonomy

2- Job variety

3- Opportunities for rewards.

4- Favorable working conditions

5- Ability to move up in an organization.

Front 27

What are the 2 kinds of rewards from a sales job?

Back 27

1- Intrinsic- reward for doing the job itself.

2- Extrinsic- rewards given to a salesperson.

Front 28

What are the 6 Key Business Trends?

Back 28

1- Past success can hold you back.

2- Tech driven change will accelerate.

3- Times is increasing in value.

4- Shifting from information to communication age.

5- Solutions become obsolete faster.

6- Value you bring today is forgotten faster.

Front 29

Explain the Northwestern Mutual's Rationale.

Back 29

I^3
Independence
Income
Impact

Front 30

What 3 factors explain how to make remote leadership work?

Back 30

- Choose right mode of communication

- Find ways to check in

- Assume responsibility for the relationship

Front 31

How much does an average sales call cost?

Back 31

$450

Front 32

What are the 10 Key Success Factors in Relationship Selling?

Back 32

1- Listening skills
2- Follow-up skills
3- Ability to adapt sales style to situation
4- Tenacity
5- Organization
6- Verbal Skills
7- People Interaction
8- Overcome objections
9- Closing skills
10- Personal planning and time management skills.

Front 33

Name the 4 types of B2B sales jobs?

Back 33

1- Trade servicer

2- Missionary seller

3- Technical seller

4- New-business seller

Front 34

Explain what a Trade Servicer does.

Back 34

Deals with resellers (retailers and distributors).

Ex. sells soap to chain store.

Front 35

Explain what a Missionary Seller does.

Back 35

Provides product information and selling assistance.
Ex. Drug sales people call up doctors and explain the benefits of the drug so that they will prescribe it to their patients.

Front 36

Explain what a Technical Seller does.

Back 36

Provides technical and engineering information.

Front 37

Explain what a New-Business Seller does.

Back 37

They identify and get business from new customers. Securing customer relationships.

Front 38

List the 7 people involved in the Organizational Buying Process and explain what they do.

Back 38

1- Initiators (states problen to solve, some times leader)

2- Users (use or work with product)

3- Influencers (expert to refer to)

4- Gatekeepers (meet sellers so sellers can't meet leader, decides on initiation)

5- Buyer (does actual buying)

6- Decider (says y/n to it, sometimes leader)

7- Controller (budget approval person)

Front 39

Name the 7 stages of the Organizational Buying Decision Stage.

Back 39

1- Recognize a problem.

2- Determination and description of needed items.

3- Search/qualification of potential suppliers.

4- Acquisition and analysis of proposals or bids.

5- Evaluations of proposals and selection of suppliers.

6- Select order routine.

7- Performance evaluation and feedback.

Front 40

Name the 3 types of Organizational Buying Situations.

Back 40

1- New task purchase (1st time purchase).

2- Straight rebuy (product is always the same).

3- Modified rebuy ( varied $ amounts by consumption, same product) ex. cell phone plan/buy.

Front 41

Name the 4 parts of the Process Cycle for CRM (Customer Relationship Management).

Back 41

1- Knowledge discovery

2- Market planning

3- Customer interaction

4- Analysis and refinement

Front 42

Define Perceived Value.

Back 42

If something has value in the eyes if the customer.

Front 43

Define Integrated Marketing Communications.

Back 43

Advertising, publicity, sales programs.

Front 44

Name the 5 characteristics of Integrated Marketing Programs.

Back 44

1- Comprehensive

2- Unified

3-Targeted

4-Coordinated execution

5-Productivity

Front 45

What is the most expensive way to contact a customer.

Back 45

Face to face.

Front 46

What is the value equation.

Back 46

Value is Quality / Price

Front 47

Define Utility.

Back 47

Satisfying power.

Front 48

Define Margin.

Back 48

Profit the firm makes.

Front 49

Define Lifetime Value of a Customer.

Back 49

Present and future profits expected over a customer's lifetime of purchases.

Front 50

Define Customer Expectations Management.

Back 50

Under-promise and over deliever to create customer delight.

Front 51

Define Customer Delight.

Back 51

Exceeding customer expectations to a surprising degree. Way to gain customer loyalty.

Front 52

Define Supply Chain.

Back 52

Involves every element in the distribution channel.

Front 53

Explain the Quality of Buyer-Seller Relationship.

Back 53

-Trust
-Conflict resolution
-Shared experiences
-Outcome of trust (how committed am I to the relationship?)

Front 54

Name the 4 characteristics of Services.

Back 54

1- Intangible.

2- Inseparable

3- Variability

4- Perishability