Selling And Sales Management Final Exam

Front 1

Management Social Responsibility

Back 1

Obligation to make choices and take actions that contribute to the welfare and interests of society as well as those of the organization

Front 2

Discretionary Responsibility

Back 2

Contribute to the community and quality of life

Front 3

Ethical Responsibility

Back 3

Doing what is right

Front 4

Economic Responsibility

Back 4

Be profitable

Front 5

Preconventional

Back 5

1st level of moral development
What can I get away with?

Front 6

Conventional

Back 6

2nd level of moral development
What am I legally required to do?
Most employees operate here

Front 7

Principled

Back 7

3rd level of moral development
What is the right thing to do?

Front 8

The Madoff Rule

Back 8

Where people become so accustomed to doing things unethically that they think nothing of it & it eventually becomes their truth

Front 9

Management Ethical Responsibility

Back 9

Ethics is the code of moral principles and values that govern the behaviors of a person or group with respect to what is right or wrong

Front 10

Ethical Dilemma

Back 10

A situation in which each alternative choice or behavior has some undesirable elements due to a potentially negative ethical or personal consequences

Front 11

Sales Puffery

Back 11

"This is the most beautiful jewelry you'll ever see"
If you inhibit competition, then it can be illegal

Front 12

Follow-Up

Back 12

Maintaining contact with a customer in order to evaluate the effectiveness of the product and satisfaction of the customer

Front 13

Product

Back 13

A bundle of tangible and intangible attributes, including packaging, color, and brand, plus the services and even the reputation of the seller

Front 14

Product Plus

Back 14

Refers to the other attributes of the product. You are the company and the product.

Front 15

Customer Satisfaction

Back 15

The customer's feelings towards the purchase

Front 16

Customer Retention

Back 16

If the customer is satisfied, they will buy again

Front 17

Approach

Back 17

The time from when the salesperson first sees the buyer to beginning of the discussion of the product

Front 18

Schmoozing

Back 18

Talking in a cozy or intimate manner to help persuade someone to buy your product

Front 19

Direct Question

Back 19

Open and close ended questions that can be answered with few words (Yes/No)

Front 20

Nondirective Question

Back 20

Open ended questions only. Begins with who,what,when,where,why,or how.

Front 21

Rephrasing Question

Back 21

Rephrasing the asked question so that you can better understand

Front 22

Redirect Question

Back 22

Used to change the direction of the conversation often from a negative to positive

Front 23

Plan

Back 23

A method to achieving an end

Front 24

SMART Call Objective

Back 24

Specific
Measurable
Achievable
Realistic

Time Bound

Front 25

Memorized Selling

Back 25

Structured.
Ensures well planned presentation, everyone gives the same information, gives confidence to the inexperienced, and effective when product type is non-technical

Front 26

Formula Selling

Back 26

Semi-Structured.
Works well with consumer goods and pharmaceutical goods. 1-2-3 step process

Front 27

Need Satisfaction Selling

Back 27

Unstructured.
When you need a flexible, interactive presentation, need more information, or need the prospect to talk about his needs.
Use this the first time you call a prospect

Front 28

Problem-Solution Selling

Back 28

Customized.
When you are selling a highly complex product

Front 29

Objections

Back 29

Oppositions or resistance to information or the salesperson's request

Front 30

Trial Close

Back 30

Use after a strong selling point, after presentation before the close, after answering an objection.

Front 31

Structured Interviews

Back 31

Direct Questions.
Individuals are asked the same questions. The questions tend to be closed ended and answered with a yes/no

Front 32

Unstructured Interviews

Back 32

Nondirective Questions.
Questions are free-flowing and open-ended.
Behavior Oriented

Front 33

Bonafide

Back 33

Asking questions legally such as age to fly a plane because it directly relates to the job or is job oriented

Front 34

Centralized

Back 34

People on staff to train organization's method of selling

Front 35

Decentralized

Back 35

Outsourcing;
Hiring another company to train the method of selling

Front 36

360 Evaluation

Back 36

Everyone you come in contact with can evaluate you

Front 37

Progressive Commission

Back 37

Pays you a higher commission rate as you sell more

Front 38

Regressive Commission

Back 38

The more you sell, the lower your commission rate

Front 39

Combination Plan

Back 39

The most common compensation plan. A mixture of the basic compensation plans + bonus

Front 40

Order Taker

Back 40

Wait for people to come to them

Front 41

Order Getter

Back 41

Goes out and finds someone to buy the product

Front 42

Task Behavior

Back 42

Describing the duties and responsibilities of an individual or group

Front 43

Telling Leadership Style

Back 43

Here is how to do it and what to do.
High task; low people

Front 44

Persuasive Leadership Style

Back 44

High task; High people

Front 45

Participants Leadership Style

Back 45

What do we need to do?
Low task; High people

Front 46

Delegate Leadership Style

Back 46

Get it done.
Low task; Low people

Front 47

Qualitative Performance Evaluative Criteria

Back 47

Sales skills, territory management planning, personal traits.
Do you know selling well?
Do you know your customers?

Front 48

Quantitative Performance Evaluative Criteria

Back 48

Total sales, sales per hour, sales volume, gross profit

Front 49

Black Box Approach

Back 49

Internalization process in consumer because we cannot see into their mind.
Stimulus - Response Model of Buyer Behavior

Front 50

Mental Process

Back 50

People buy for practical (rational) and psychological (emotional) reasons

Front 51

Benefit

Back 51

WIIFM
(What's in it for me?)

Front 52

FAB Selling Technique

Back 52

F = Feature (physical characteristic)
A = Advantage (performance characteristic)

B = Benefit (result from advantage)

Front 53

Feature

Back 53

A physical characteristic of the product (size,color,price,shape).

Front 54

Advantage

Back 54

Performance Characteristic

Front 55

Benefit

Back 55

Result of advantage
(WIIFM)

Front 56

Sell Sequence

Back 56

S = Show Feature

E = Explain Advantage

L = Lead into Benefit

L = Let Customer Talk

Front 57

Thinker

Back 57

Logic, data, systematic inquiry
Likes facts & figures

Front 58

Intuitor

Back 58

Ideas, innovation, theory, concepts
Likes big picture objectives

Front 59

Feeler

Back 59

People - Oriented and in tune with people's needs
Likes emotional terminology

Front 60

Senser

Back 60

Action, staying on point, brief
Likes when you start with the conclusion first

Front 61

Analyticals

Back 61

Need practical suggestions, facts & logic, do the task

Front 62

Drivers

Back 62

Show me bottom - line results, efficient, no chit-chat, get to the point

Front 63

Amiables

Back 63

Shows concern for me and my problems, dislikes conflict

Front 64

Expressive

Back 64

Be excited, competent & imaginative people to help me

Front 65

Personal Influences

Back 65

Income, age, gender, situation

Front 66

Psychological Influences

Back 66

Past experiences, personality, attitudes & beliefs

Front 67

Social Influences

Back 67

Culture, social class, friends, family

Front 68

Personal Selling

Back 68

Refers to the personal communication of information, persuasion, and helping others buy something that satisfies their individual needs

Front 69

Golden Rule

Back 69

Treat others how you want to be treated
Don't expect returns
Do it right & do the right thing

Front 70

Platinum Rule

Back 70

Treat others better than you want to be treated

Front 71

Traditional Salesperson

Back 71

Guided by self-interests

Front 72

Professional Salesperson

Back 72

Takes care of customers

Front 73

Non - Financial Reward

Back 73

Intrinsic reward of doing a job well and helping others

Front 74

Financial Reward

Back 74

Higher average salaries, income and promotions based on actions/results not tenure

Front 75

Prospecting

Back 75

Locating and qualifying prospects

Front 76

Pre - Approach

Back 76

Planning, obtaining interview, developing customer profile

Front 77

Approach

Back 77

Meeting the prospect and beginning customized presentation

Front 78

Networking

Back 78

People helping other people become more successful.
Personalize your brand
Expand your network
Keep up with your network

Front 79

Production Concept

Back 79

Companies are production oriented. We know what people want, they want our product

Front 80

Selling Concept

Back 80

Characterized by product demonstrations and unsophisticated selling techniques
Stresses NEEDS of SELLER

Front 81

Marketing Concept

Back 81

Emphasis on what the customer wants
Stresses WANTS of BUYERS

Front 82

Household

Back 82

A decision making unit that buys for personal use

Front 83

Firm

Back 83

An organization that produces goods and services

Front 84

Government

Back 84

The provision of goods and services to households & firms
The redistribution of income & wealth

Front 85

Promotional Effort

Back 85

PAPS

Personal Selling
Advertising
Publicity
Sales Promotion

Front 86

Transaction Selling

Back 86

Sold to customer once

Front 87

Relationship Selling

Back 87

Occasionally sells to customer

Front 88

Partnering

Back 88

Seller works with customer continuously

Front 89

Consultative Selling

Back 89

The process of helping the customer achieve strategic short and long-term goals through the use of seller's goods and/or services

Front 90

Service

Back 90

A product (insurance, advertisement) that is sold by someone

Front 91

Customer Service

Back 91

An activity ordered by a seller in conjunction with the purchase of the product, such as delivery, repair, credit cards accepted, web site, salesperson available to help customer

Front 92

Price

Back 92

The value or worth of a product that attracts the buyer to exchange money or something of value for the product

Front 93

The Leaking Bucket Concept

Back 93

All salespeople lose X amount of sales per year. Customers come into the top and leave through a hole in the bottom

Front 94

Call Reluctance

Back 94

Refers to not wanting to contact or prospect a customer

Front 95

Value Proposition

Back 95

What are we going to offer to out potential client? Here is what we can do for your company, what we suggest as a buyer and here is why

Front 96

Pre - Approach Planning

Back 96

We want to gain the opportunity to sell the prospect something

Front 97

Purpose

Back 97

Directs how you approach each sales call. Your purpose for every sales call should be to make a contribution to the welfare of the person

Front 98

5 Mental Steps in Buying

Back 98

Attention
Interest
Desire
Conviction
Purchase

Front 99

Sales Presentation

Back 99

Completely and clearly explains all aspects of the salesperson's value proposition as it relates to buyers needs

Front 100

Need Development Phase

Back 100

Showing that there is a need

Front 101

Need Awareness Phase

Back 101

Making them aware of what you can do to fix that need/problem

Front 102

Need Fulfillment Phase

Back 102

Fully showing the client what they should do and helping them make it happen

Front 103

Alternative Choice

Back 103

Which one would you like, this one or that one? Don't give them an option to say no

Front 104

Assumptive

Back 104

Assuming that the customer is going to buy

Front 105

Compliment

Back 105

Complementing the person while you're closing (don't use it if you don't mean it)

Front 106

Summary of Benefits

Back 106

FAB
Here is what you will get if you buy from us today

Front 107

Continuous Yes

Back 107

Ask questions that will make the customer say yes, and then lead into how your product will make them say yes as well

Front 108

Minor Points

Back 108

Get the customer to agree to some minor things before the customer agrees on the big thing

Front 109

Balance Sheet

Back 109

Here is what you're going to get if you buy from us, but here is what happens if you don't

Front 110

Probability

Back 110

Asking the customer what the probability of them doing something to decide if you want to move on with the customer

Front 111

SRO (Standing Room Only)

Back 111

You better get it today because they are going fast (only use if its the truth)

Front 112

Direct

Back 112

Typically has some kind of physical action associated with it

Front 113

Introductory Approach

Back 113

Introduction of yourself and what you could do for them

Front 114

Complimentary Approach

Back 114

A compliment to the person you are talking to. Try to make them feel good

Front 115

Referral Approach

Back 115

A referral from someone they knew

Front 116

Multiple - Question Approach

Back 116

SPIN
Situation
Problem
Implication
Need Payoff

Front 117

Rephrase as a question

Back 117

Technique for meeting objection.

When you rephrase their objection as a question to get the reason

Front 118

Postpone

Back 118

Technique for meeting objection.
Some objections you want to put off for a little bit. You will build the value of the product before you discuss price even it that is/was brought up

Front 119

Boomerang

Back 119

Technique for meeting objection.

When you take a negative and turn it into a positive. Tell the customer why you are showing them this product according to the needs they have expressed

Front 120

Ask Questions

Back 120

Technique for meeting objection.
Ask questions about the certain objection and maybe you can get to the bottom of it

Front 121

Denial

Back 121

Technique for meeting objection.

Where you directly show the consumer that the negative perception they have is incorrect by showing data or examples

Front 122

Hidden Objections

Back 122

You have to drill down into the details in order to discover it

Front 123

Staling Objections

Back 123

Where they are making the decision take longer than it probably needs to take

Front 124

No - Need Objections

Back 124

They don't need what you're selling

Front 125

Money Objections

Back 125

The product is either too expensive or not expensive enough

Front 126

Production Objections

Back 126

The product won't do what we need it to do, it isn't the right color, style, etc.

Front 127

Source Objections

Back 127

The person doesn't like you or doesn't like your company for some reason

Front 128

Trial Close

Back 128

Used in normal conversation to improve your communication and to stimulate others to participate in the conversation.
Use a trial close after answering an objection to see if you answered their question