Test Answers on Sales Flashcards

Sales and operations planning (S&OP) A process for coordinating supply and demand. Aggregate refers to? Sales and operations planning for product lines or families. For services, capacity is often limited by? Space Ex: hotel room, Seats on an airplane. What are the two objectives to sales and operations planning? 1. To establish a company-wide game […]

Significance of UCC clarifies sales law and makes this area of law more predictable to businesses that engage in transactions in more than one state Article 2 focuses on contracts for the sale of goods Article 2(A) focuses on contracts for the lease of goods 3 categories that can be bought and sold according to […]

Review of the Sales Cycle Prospecting Preapproach Approach Needs Discovery Presentation Handling Objections Closing the Sale Customer Service After the Sale Needs Discovery (Identifying Needs) Selecting possible solution(s) Asking Questions Listening Probing Need discovery is more important than any other step in the sales cycle Plan your questions in sequence to gain information in a […]

Contracts for the sale or lease of goods is governed by . . . Statutory law and the UCC article 2 of UCC sets forth requirements for sales contracts or the sales of goods Article 2A covers issues for lease contracts Sale and Goods To constitute as a sale it is passing of title from […]

Customer Centric placing the customer first in everything inside and outside the firm. Customer Orientation is done by having a customer centric firm. Involves three things (1) Understanding your customer requirements (2) Getting knowledge from the marketplace and disseminating to employees within the firm (3) Align system capabilities internally so the organization responds with satisfaction […]

A process to develop tactical plans by integrating marketing plans for new and existing products with the management of the supply chain; brings together all the plans for the business into one set of integrated plans. Sales & Operations Planning Sales and operations planning is a _____________ plan, residing between the detailed and strategic. tactical […]

Auction Buyer bids on item Barter exchange of goods. Bulk Transfer All or a major part of a business is sold. Cash and Carry Sales Pay cash and take immediate delivery COD Sales Collect on delivery Delivery Buyer possesses or has control of the item Existing Goods Goods that physically exist and are owned by […]

Goods Any moveable physical object. Merchant Someone who routinely deals in the particular goods involved. UCC Statute of Frauds The UCC requires a writing for any sales of goods priced $500 or more. Additional Terms Raise issues not covered in the offer. Different Terms Contradict those in the offer. Gap-Fillers UCC rules for supplying missing […]

Purchase Order This document is sent by the a buyer to the seller. this document sets out the details goods or services required by the buyer. Sales invoice Central document involved in a credit sale prepared by the seller for the buyer. This document sets out the details of the goods sold, the price charged […]

Market Comparison (Market Data) In the sales comparison approach the appraiser analyzes data from actual market transactions involving properties similar to the subject property (referred to as comparable sales). First, the appraiser chooses appropriate transactions, then she identifies the differences that exist between the subject property and the comparable properties, and finally, she makes price […]

A simple definition of a “good” is movable, tangible property A good not yet manufactured is called A future good A contract to sell involves future transaction In performance of a contract, good faith: 1. Means honesty in fact 2. if lacking, breaches the contract A merchant: 1. Deals in goods of the kind 2. […]

When is the Installment Method of Revenue Recognition used? The installment method of revenue recognition is used when there is no reasonable basis for estimating the degree of collectivility. Under the installment method, when is revenue recognized? Under installment accounting, revenue is not recognized at the time a sale is made, but rather when cash […]

Changes Since the Mid-1950s Affecting the U.S. Hospitality Industry Population growth; Longer life span; Improved incomes; Increased leisure time; Expanded highway system; Development of suburbs; Increased air travel; Convention center expansion Sales Field work and desk work to sell to consumers; Short-term considerations, such as today’s products, markets, consumers, and strategies; Volumes and quotas, current […]

consultative selling an approach to personal selling that is an extension of the marketing concept. Emphasis is placed on need identification, need satisfaction, and the building of relationship that results in repeat business. integrity the quality of being honest and having good moral principles. psychic income consists of factors that provide psychological rewards, help satisfy […]

Customer Relationship Management (CRM) finding customers and keeping them satisfied Communication between companies and their customers can be quick and efficient, which helps to __ relationships even after a sale is made solidify Mobile devices or laptops can be programmed into __ with the company’s computer system. interface call report written report that documents a […]

Sales and operations planning is an aggregate planning process that determines the capacity needed to meet immediate demand. Ans: False Implementing a companywide game plan for allocating resources addresses the long-standing battle between operations and finance. Ans: False An economic strategy for adjusting demand can include adjusting capacity or managing demand. Ans: True An aggregate […]

EAT Encourage Accountable (Hold) Train Begin with… The end in mind People hate being…. but love… sold, buying Business is all about successfully building and maintaining: Relationships Who is the most important person in your life? Self The 3 keys to personal selling are the right ____, the right ______, the right ______ Mindset, skill-set, […]

Steps in Sales Process 1. Prospecting 2. Preapproach 3. Approach 4. Needs Discovery 5. Presentation 6. Handling Objections 7. Close the Sale 8. Post-Sale Customer Service Approach First initial contact with prospect (Potential Customer) **Not always face-face contact Approach Objectives 1. Make a good first impression 2. Secure Attention 3. Develop Interest 4. Establish Credibility […]

Which function or department records a sale in the sales journal? A. Warehouse B. Sales department C. Billing department D. Inventory control Billing department Which functions should be segregated? A. Picking goods from the warehouse shelves and updating the inventory subsidiary ledger B. Authorized credit and determining reorder quantities C. Billing customers and posting the […]

Explain how a shift in the sales mix could result in both a higher break-even point and a lower net income if sales mix shifted from high contribution margin products to low contribution margin products. Such a shift would cause the average contribution margin ratio in the company to decline, resulting in less total contribution […]

On May 2, Mason orally contracted with Acme Appliances to buy for $480 a washer and dryer for household use. Mason and the Acme salesperson agreed that delivery would be made on July 2. On May 5, Mason telephoned Acme and requested that the delivery date be moved to June 2. The Acme salesperson agreed […]