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10 Cards in this Set

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Personal Selling

paid personal communication that attempts to inform customers and persuade them. Use for: cars

6 general steps in the personal selling process

1. prospecting: identify potential buyers


2. Preapproach: research prospects


3. Get to know them


4. Making the presentation: be professional


5. Overcoming objections: anticipate why they might say no


6. Closing the sale: ask for the buy


7. Follow up

Sales Promotion

The use of incentive techniques that create a perception of greater brand value among consumers, the trade, and business buyers

What is the intent of sales promotion?

Create a short-term increase in sales. Stimulate demand. Move goods quickly.

3 components of stimulating demand

extra incentive


price-value relationship


limited time offer

Limited Time Factor

Why sales promotions work. Reactance theory.


Customers have freedom, the freedom is taken away, then they want it more.

Why should one switch from advertising to sales promotion?

Demand for greater accountability. Proliferation of brands. Increased power of retailers.

Strengths of sales promotion

-Stimulate demand


-Flexibility


-Motivates

Weaknesses

-clutter


-classical conditioning


-forward buying


-promo wars


-easily duplicated


-waste

What is classical conditioning?

Consumer will wait to buy your product because they are expecting the sale to come eventually. They will only respond to deals.