Selling Building Partnerships

Front 1

Attitudinal Loyalty

Back 1

An emotional attachment to a brand, company, or salesperson.

Front 2

Awareness

Back 2

Phase where salespeople locate and qualify prospects, while buyers identify various sources of supply.

Front 3

Behavioral Loyalty

Back 3

The purchase of the same product from the same vendor over time.

Front 4

Boundary Spanning Employees

Back 4

Employees who cross the organizational boundary and interact with customers or vendors - the necessary support.

Front 5

Commitment

Back 5

Stage where the customer and seller have implicitly or explicitly pledged to continue the relationship for a period of time.

Front 6

Competence

Back 6

Salespeople demonstrate this when they can show that they know what they are talking about. Knowledge of the customer, the product, the industry, and the competition are all necessary to the success of the salesperson.

Front 7

Customer Lifetime Value

Back 7

The combined total of all future sales from a customer (typically discounted back into current dollars).

Front 8

Customer Orientation

Back 8

The degree to which the salesperson puts the customer's needs first.

Front 9

Customer Satisfaction

Back 9

Occurs when the buyer's expectations are met and needs are fulfilled.

Front 10

Dependability

Back 10

The buyer's perception that the salesperson, and the product and company he or she represents, all live up to promises made (is not something a salesperson can demonstrate immediately).

Front 11

Dissolution

Back 11

The process of terminating the relationship and can occur because of poor performance, clash in culture, change in needs, and other factors (Can occur at any time in the relationship process, though it doesn't necessarily have to occur at all).

Front 12

Expansion

Back 12

Involves efforts by both parties to investigate the benefits of a long-term relationship.

Front 13

Exploration

Back 13

A search and trial phase for both buyer and seller. Both parties may seek the potential benefits and costs of a partnership.

Front 14

Functional Relationship

Back 14

Long-term market exchanges characterized by behavioral loyalty; the buyer purchases the same product out of habit or routine.

Front 15

Honesty

Back 15

Both truthfulness AND sincerity (being candid and giving pros and cons can increase perceptions of this).

Front 16

Knowledge Management Technology

Back 16

Use of technology to help salespeople manage all the information required to be effective.

Front 17

Lead User

Back 17

Face and resolve needs months or years ahead of the rest of the marketplace.

Front 18

Likability

Back 18

Refers to behaving in a friendly manner and finding a common ground between buyer and seller.

Front 19

Market Exchange

Back 19

Transaction between a buyer and a seller in which each party is concerned only about its own benefit.

Front 20

Mutual Investment

Back 20

Tangible investments in the relationship by both parties. May involve spending money to improve the products and services sold to the other party.

Front 21

Relational Partnership

Back 21

Although both partners are striving to make enough money in the relationship, they are also trying to build a working relationship that will las a long time.

Front 22

Relationship Marketing

Back 22

Reflects companies' attempts to develop stronger relationships with their customers. Being that loyal customers will buy more, are willing to pay more, influence friends to buy, and are willing to help develop new products.

Front 23

Relationship Specific Assets

Back 23

Also called mutual investment, these are resources specific to the relationship and cannot be easily transferred to another relationship.

Front 24

Solo Exchange

Back 24

Because the parties in the transaction don't plan on doing business together again, buy buyer and seller pursue their own self-interests.

Front 25

Strategic Partnership

Back 25

Long-term business relationships in which the partner organizations make significant investments to improve the profitability of both parties. In this scenario, partners go beyond trust and "put their money where their mouths are".

Front 26

Win-Win Relationship

Back 26

By working together, both parties benefit because the size of the pie increases.

Front 27

Supplier Relationship Management

Back 27

The use of technology and statistics to identify important suppliers and opportunities for cost reduction, greater efficiency, and other benefits.

Front 28

Trust

Back 28

A belief by one party that the other party will fulfill its obligations in a relationship.