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83 Cards in this Set
- Front
- Back
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Ethics |
The moral content of behavior |
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Business ethics |
How business people behave when facing a situation with moral consequences |
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Sales Management Ethics |
Business ethics that deals with ethically managing the sales function |
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Individual ethics: |
Personal integrity Moral Values Social Influences |
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Organizational ethics |
Profit Growth Survival |
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Professional Ethics |
Professional standards Group goals Prestige |
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Vulnerability |
Lack of some vital knowledge needed to participate in a fair exchange |
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Powerlessness |
Lack of either competition within a marketplace or sufficient assets with which to be persuasive |
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Ignorance |
Lack of experience or the ability to conduct a transaction or negotiate terms of a fair deal |
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Company codes of ethics |
Ethical boundaries for employees |
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Professional codes of ethics |
Ethical boundaries for occupational groups, such as doctors, lawyers, accountants so on |
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Business association code of ethics |
Ethical boundaries for people engaged in the same line of business |
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Advisory group code of ethics |
Suggested by government agencies or other special interest groups |
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Idealism |
Set of principles by which individuals determine morality |
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Relativism |
People reach moral decisions based more on the actions they perceive to be acceptable given the situation |
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Teleology |
Based on the consequences of the behavior that allows some indiscretion based on the argument that the "good" is more important than the harm caused |
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Moral equity |
The fairness/justice in a situation |
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Acceptability |
How culturally/socially acceptable we perceive an action to be |
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Contractualism |
The extent to which an act is consistent with stated contracts and/or laws |
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Ethical Issues: Marketing Mix |
1. Product quality and service 2. Pricing 3. Distribution 4. Promotion
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Policies and Rules |
Standard business norms and regulations defined by senior management |
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Tust and Responsibility |
How far people are trusted to behave in a responsible way and are held personally responsible for their actions |
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Peer behavior |
How employees view coworkers as having high moral standards |
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Bottom-line sales emphasis |
Pressure employees feel to prioritize financial returns over all other concerns |
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Laws that ensure a competitive marketplace exists... |
Robinson-Patman Act Sherman Antitrust Act Clayton Act |
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Price Discrimination |
Favoriting different customers on price or terms of sale, which has a harmful effect on competition |
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Collusion |
When competitors conspire together to act to the detriment of another competitor |
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Price fixing |
Competitors who conspire to set or maintain uniform prices and profit margins |
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Tie-in sales |
Occur when purchasers are forced to buy an unwanted item in order to purchase a product in heavy demand |
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Exclusive dealing |
An agreement between a manufacturer or wholesaler grants one dealer exclusive rights to sell a product in a certain area or that they can't carry competing lines |
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Restraint of trade |
Competitors try to divide a market into noncompetitive territories |
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Reciprocity |
Selecting only suppliers who will also purchase from the buyer
"Buy from me and I'll buy from you." |
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Unordered goods |
Goods that weren't ordered but shipped along with goods that were, in hopes the buyer will pay for them |
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Inaccurate orders/terms of sale |
Companies can't misrepresent delivery dates, fail to fill an order or not fill in order at a reasonable time. |
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False business descriptions |
Salespeople can never misrepresent the company's information |
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False product descriptions |
Salespeople can't misrepresent the way a product is produced |
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Business Defamation |
Speaking badly about another company |
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Customer coercion |
Placing undue pressure, intimidation or fear on the buyer into a sale |
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Ethical maturity |
When salespeople place the moral treatment of others ahead of short-term personal gain |
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Customer Relationship Management (CRM) |
Information technology & human resources designed to provide maximum value to customers and to obtain maximum value from customers |
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Mass marketing |
A way of dealing with customers by offering the same product to the entire market |
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Differentiated marketing |
Selling to different groups of customers by offering a unique product for each group |
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Niche marketing |
Offering a specialized product to an individual customer segment |
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One-to-one marketing |
Matching individual products with individual customers |
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Production orientation |
Focus on process, allowing large-scale, efficient and economic production |
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Marketing orientation |
Focus on making what could be sole, not selling what is made |
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Transactional selling |
Short-term customer, more frequent sales |
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Relationship selling |
Profitable, ongoing relationships with customers, no long-term commitment or loyalty |
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Strategic Partnerships |
When goals, strategies and resources of buyers and sellers become to connected the become a symbiotic relationship although still independent |
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Governance |
The mechanism that helps ensure the exchange is fair to all parties involved |
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Transactional exchanges are controlled by.. |
Market forces |
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Relational exchanges are governed by.. |
Contracts |
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Strategic partnerships are governed by.. |
Relational governance |
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Customer share |
The proportion of resources a customer spends with one among a set of competing suppliers |
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Customer commitment |
The bond between a customer and a sales firm |
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Customer lifetime value |
The worth of a customer to a firm over the foreseeable like of a relationship |
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Risk of relational selling |
Dependency on a major buyer
Unable to freely capitalize on future business with new customers
Decreased creativity |
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Value |
An individuals perception of the worth of something |
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Product portfolio |
A set of productions a salesperson in responsible for selling |
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Customer portfolio |
Sets of customers that have common traits |
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Analytical CRM |
Aggregating customer information electronically
- helps company better identify target markets& opportunities for cross-selling |
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Operational CRM |
Focused on using information to improve internal efficiencies
- scheduling logistical and production operations |
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Push technology |
E-mail can be sent to a particular customer or group |
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Sales Force Automation (SFA) |
An integrated system on computer software & hardware that performs routine sales functions |
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Database marketing |
A computerized process for analyzing customer database to allow more effective selling |
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Data warehouse |
An electronic storage center containing data records that are shared across all functional departments |
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Data mining |
Going through the data warehouse to identify relationships that allow customers to be targeted more accurately |
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CRM Software |
1. Cluster analysis 2. Discriminant analysis 3. Multiple regression 4. Automatica interaction detection |
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Sales management |
Shapes and determines firms interactions with customers, oversee the sales force |
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Sales Forecasting and Budgeting |
Estimate market potential, estimate sales potential, develop a final sales forecast |
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Sales Force Planning and Organizing |
Provides guidelines and direction for most other sales decisions and activities |
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Time and Territory Management |
Helps sales managers determine which accountants their salespeople should call on, when and how often |
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Recruiting and Selecting the Sales Force |
Identifying sources of potential sales recruited, measures candidates against predetermined job requirements, decide whether to hire or reject an applicant |
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Training the Sales Force |
Deals with designing programs to train salespeople |
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Sales Force Leadership |
The emotional process of exercising psychological, social and inspirational influence on salespeople toward the achievement of objective, goals and values |
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Sales Force Motivation |
Deals with stimulating the direction, intensity and persistence of work-related behaviors of salespeople toward goals |
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Sales Force Compensation |
Deals with all monetary payments and benefits used to remunerate & influence the performance of salespeople |
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Sales Volume, Costs, and Profitability Analysis |
Essential to assure the organization's bottom-line goal of improving profitability |
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Sales Force Performance Evaluation |
Determine commissions and bonuses for salespeople and to make promotion decisions |
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Behavioral Megatrends |
Buyers' attitudes, preferences and behaviors are changing, modifying sale strategies and approaches are necessary |
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Technological Megatrends |
Sales managers make efficient use of technology to increase efficiency and productivity |
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Managerial Megatrends |
Efforts to reduce selling cost, shift to direct marketing alternatives, developments in information management |
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Four key trends in the management of information: |
1. Database marketing 2. Data warehousing 3. Push technology 4. Data mining |
