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128 Cards in this Set

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Management Social Responsibility

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

Discretionary Responsibility

Contribute to the community and quality of life



Ethical Responsibility

Doing what is right

Economic Responsibility

Be profitable

Preconventional

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

Conventional

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

Principled

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

The Madoff Rule

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

Management Ethical Responsibility

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

Ethical Dilemma

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

Sales Puffery

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

Follow-Up

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

Product

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

Product Plus

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

Customer Satisfaction

The customer's feelings towards the purchase

Customer Retention

If the customer is satisfied, they will buy again

Approach

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

Schmoozing

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

Direct Question

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

Nondirective Question

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

Rephrasing Question

Rephrasing the asked question so that you can better understand

Redirect Question

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

Plan

A method to achieving an end

SMART Call Objective

Specific
Measurable
Achievable
Realistic


Time Bound

Memorized Selling

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

Formula Selling

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

Need Satisfaction Selling

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

Problem-Solution Selling

Customized.
When you are selling a highly complex product

Objections

Oppositions or resistance to information or the salesperson's request

Trial Close

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

Structured Interviews

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

Unstructured Interviews

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

Bonafide

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

Centralized

People on staff to train organization's method of selling

Decentralized

Outsourcing;
Hiring another company to train the method of selling

360 Evaluation

Everyone you come in contact with can evaluate you

Progressive Commission

Pays you a higher commission rate as you sell more

Regressive Commission

The more you sell, the lower your commission rate

Combination Plan

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

Order Taker

Wait for people to come to them

Order Getter

Goes out and finds someone to buy the product

Task Behavior

Describing the duties and responsibilities of an individual or group

Telling Leadership Style

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

Persuasive Leadership Style

High task; High people

Participants Leadership Style

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

Delegate Leadership Style

Get it done.
Low task; Low people

Qualitative Performance Evaluative Criteria

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

Quantitative Performance Evaluative Criteria

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

Black Box Approach

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

Mental Process

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

Benefit

WIIFM
(What's in it for me?)

FAB Selling Technique

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


B = Benefit (result from advantage)

Feature

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

Advantage

Performance Characteristic

Benefit

Result of advantage
(WIIFM)

Sell Sequence

S = Show Feature


E = Explain Advantage


L = Lead into Benefit


L = Let Customer Talk

Thinker

Logic, data, systematic inquiry
Likes facts & figures

Intuitor

Ideas, innovation, theory, concepts
Likes big picture objectives

Feeler

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

Senser

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

Analyticals

Need practical suggestions, facts & logic, do the task

Drivers

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

Amiables

Shows concern for me and my problems, dislikes conflict

Expressive

Be excited, competent & imaginative people to help me

Personal Influences

Income, age, gender, situation

Psychological Influences

Past experiences, personality, attitudes & beliefs

Social Influences

Culture, social class, friends, family

Personal Selling

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


Golden Rule

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

Platinum Rule

Treat others better than you want to be treated

Traditional Salesperson

Guided by self-interests

Professional Salesperson

Takes care of customers

Non - Financial Reward

Intrinsic reward of doing a job well and helping others

Financial Reward

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

Prospecting

Locating and qualifying prospects

Pre - Approach

Planning, obtaining interview, developing customer profile

Approach

Meeting the prospect and beginning customized presentation

Networking

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

Production Concept

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

Selling Concept

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

Marketing Concept

Emphasis on what the customer wants
Stresses WANTS of BUYERS

Household

A decision making unit that buys for personal use

Firm

An organization that produces goods and services

Government

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

Promotional Effort

PAPS


Personal Selling
Advertising
Publicity
Sales Promotion

Transaction Selling

Sold to customer once

Relationship Selling

Occasionally sells to customer

Partnering

Seller works with customer continuously

Consultative Selling

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

Service

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

Customer Service

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

Price

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

The Leaking Bucket Concept

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

Call Reluctance

Refers to not wanting to contact or prospect a customer

Value Proposition

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

Pre - Approach Planning

We want to gain the opportunity to sell the prospect something

Purpose

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

5 Mental Steps in Buying

Attention
Interest
Desire
Conviction
Purchase

Sales Presentation

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

Need Development Phase

Showing that there is a need

Need Awareness Phase

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

Need Fulfillment Phase

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

Alternative Choice

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

Assumptive

Assuming that the customer is going to buy

Compliment

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

Summary of Benefits

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

Continuous Yes

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

Minor Points

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

Balance Sheet

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

Probability

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

SRO (Standing Room Only)

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


Direct

Typically has some kind of physical action associated with it

Introductory Approach

Introduction of yourself and what you could do for them

Complimentary Approach

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

Referral Approach

A referral from someone they knew

Multiple - Question Approach

SPIN
Situation
Problem
Implication
Need Payoff

Rephrase as a question

Technique for meeting objection.


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

Postpone

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

Boomerang

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

Ask Questions

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

Denial

Technique for meeting objection.


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

Hidden Objections

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

Staling Objections

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

No - Need Objections

They don't need what you're selling

Money Objections

The product is either too expensive or not expensive enough

Production Objections

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

Source Objections

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

Trial Close

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