MKTG 308 Quiz 2

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The number of sales opportunities in each stage of a complex sale
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decreases
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The amount of time between first contact and start of service is called
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sales cycle time
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Stages of a sale and the contents in each stage are often referred to as:
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a sales funnel and a sales pipeline
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If you know the average % of sales opportunities that move from stage to stage of a sales cycle (known as ‘yields’) AND you know the number of opportunities in just the first stage of the sales cycle, you can:
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Estimate the number of remaining opportunities in each subsequent stage, Estimate the number of closed sales, and Compare your estimates with actual results to spot problems moving from stage to stage
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If you know the average number of days or weeks between each stage of the sales cycle (known as ‘delays’), you can:
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Estimate the total number of weeks it takes to close a sale and when a sale will close Compare your estimates with actual results to spot problems moving from stage to stage Together with knowing the number of sales opportunities at each stage, estimate the total number of sales you will close in the future
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On the other hand, if the objective of your sales team was to have produced only 10 Starts:
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Their yields from stage to stage were higher than planned The delays from stage to stage were shorter than planned They put more into the top of the sales funnel (more 1st meetings) than had been planned They were 30% above quota and succeeded!
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If you are a salesperson, are not receiving a base salary and are on 100% commission, you won’t see your first paycheck before:
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8-9 weeks
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Using the yields and delays in the example above, how many starts would result if the number of 1st meetings had been only 50?
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around 6 or 7
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In the example above, how many starts would result of the delay between Contract / P.O. and Start were 2 weeks, not 1?
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If the accounts payable department hasn’t made you an ‘approved vendor’ and/ or it hasn’t issued you a ‘purchase order’ (a P.O.) and
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If you provide a good of some kind, shipping and receiving will reject it If you provide a service, you may not be allowed into the building If you submit an invoice (a bill), you won’t be paid
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Which type(s) of sales offend more prospects than others and why?
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transactional sales
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Types of B2C transactional sales include (select all that apply):
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Products sold by street and mall vendors and by retailers Direct sales of products such as Amway, Mary Kay, etc. Sales of financial planning services and insurance products Residential (door-to-door) sales of magazine subscriptions, home security systems, vacuum cleaners, etc.
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The focus of this course is on (select all that apply):
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Complex, multistage, consultative sales with high values Business-to-business sales Professional sales that can create for practitioners significant opportunities for income and advancement Sales of products and services that increase businesses revenues and productivity, promote business continuity and improve business image.
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If you present solutions before you have a clear understanding of your Prospect’s needs,
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You may offer a solution that they have tried but that didn’t work You will demonstrate that you don’t understand their concerns or needs You will be forced into overcoming objections and a trial close You will be forced into a trial close and sound like a product pusher rather than a solution provider
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The terms “ABC” (always be closing) and “close early, close often”
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can result in higher closing rates in simple, B2C transactions signals apparent self interest which reduces trust levels results in lower closing rates in complex, consultative B2B sales in B2B sales often translates into ‘Always Be Crying’
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In the sales classic “SPIN Selling” (Situation, Problem, Implication, and Need-Payoff), a study of 35,000 B2B sales calls, written by industrial psychologist Neil Rackham, sales executives with the highest closing rates:
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exhibited almost no overt closing behaviors developed the costs and implications of doing nothing developed the personal consequences (pain) for decision makers of doing nothing
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When a strong outside sales person applies the skills s/he perfected in successful transactional B2C transactional sales to complex, consultative B2B sales, s/he will:
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have very low closing rates may be asked to leave the premises may ‘Always be Crying’
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Which elements of this scripted ‘cold call’ phone conversation should you use with this Business prospect?
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Hi, Ms. Smith, my name is Chris, and this is a sales call. I promise to take no more that three minutes of your time. If I can help you in any of the areas we specialize in, we may talk further, but if not, I’ll get you right back to work. Would that be OK? Thanks! We work with companies in the following industries (list 2 -3 and be sure they include the Prospect’s) and help them if they are having problems with A, B or C (select those that are most likely). Are any of these issues for you?
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If you wait to reinforce a memory until it has been completely forgotten, it will take a greater number of impressions, more time and more effort to rebuild and strengthen it. It may never be consolidated into long term memory.
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TRUE
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If you repeatedly reinforce a memory before it has been completely forgotten, you can build its strength and consolidate it into long term memory
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TRUE
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The organ of the brain that is responsible for the 4 F’s (food, fear reproduction) and know by the Greek word for ‘almond’ is called the:
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Amygdala
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The collection of organs in the brain responsible for emotion is called the:
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Limbic system
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Must people buy emotionally and justify rationally
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TRUE
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You can create a lasting memory in a Prospect by attaching an emotional stamp to it, such as their realization of the fear or pain that will be caused by allowing a problem to persist and inaction (doing nothing).
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TRUE
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Firms that hire professionals such as accountants and engineers usually hire separate sales staff so the professionals do not have to sell.
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FALSE
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Salespeople today need to have more education and sales skills than salespeople did in the past.
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TRUE
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In consultative selling your goal is to become a Trusted Advisor and Problem Solver for Prospects and Clients
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TRUE
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Salespeople who are promoted to management make more money than do their coworkers who stay in sales.
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FALSE
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The highest compensation for salespeople generally goes to those focusing on transactional sales.
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FALSE
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A sales representative for Dell who is selling a new form of sophisticated routing-to-server software is engaged in a complex, consultative sale and would probably be classified as a sales engineer.
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TRUE
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Emily Warren is a doctor who practices with a group of other physicians with the same specialty. She is considering taking a course to develop her consultative selling skills. What is the most important way in which this will help her medical practice?
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Learning consultative selling skills will help Dr. Warren bring new patients to her practice.
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On Line Sales Simulation: Copy and paste this web site into your browser and practice your sales skills on Dr. Emily Warren: http://www.nexlearn.com/showcase/axiom/menuV1.html. The Key Points that you learned about consultative sales in the medical market are:
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Establishing and maintaining rapport are vital steps in being allowed to present solutions. Dr. Warren is open to evidence based selling. If you attempt to pressure Dr. Warren, she will disengage and walk out.
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The CEO of SwiftLink spends one week each month going to sales appointments with various salespeople in the company. In addition to assisting the salespeople with presentations, the likely reasons the CEO goes on sales calls are:
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to gather information on customer needs and preferences to mentor and develop less experienced sales executives to show members of the sales force that they are valued and important
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Helping potential donors understand why they should financially support your charity is an example of:
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using consultative selling skills to support philanthropy
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Which of the following trends in B2B sales has led to an increase in both the education and skills a salesperson needs?
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an increase in the number of features, benefits and configurations of products and services an increase in cost, value and risk to the buyer of goods and services a shift from “selling” to “consulting”
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What % of time to sales representatives spend on the following activities?
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26% 16% 26% 32%
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The % of time spent on Administrative activities should not exceed what % of the 40 business hours availoable Monday through Friday?
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15%
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If the number of hours spent on Adminstrative tasks is cutting into their selling hours and decreasing you sales productivity, you should do the following:
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Complete the administrative tasks at home in the evenings and on the weekends Work with your manager to see if some of the tasks can be eliminated or simplified If they cannot be eliminated or simplified and if everyone on your sales team is affected, see if a part time or full time sales administrator can be hired
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Some top-performing salespeople earn more than their managers. This compensation is made up of:
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base salary, commissions, and bonuses
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Salespeople have an advantage over workers in other positions when being considered for promotion to positions of greater responsibilities because:
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Salespeople have higher visibility within their own companies than other employees and can better take advantage of opportunities they discover.
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“Alan Karbashian spends all day driving from customer site to customer site for sales meetings in his job with a national medical parts manufacturer. Alan is considered:
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an outside sales rep
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In a well-structured sales department, inside and outside salespeople often:
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work together to generate leads, close sales, and provide service
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“Sales engineers (and technical sales reps) are salespeople with extensive knowledge of their product who also:
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Provide service for the product or service after the sale Communicate the features and benefits of their products and services to the technical counterparts of their prospects and clients Dispel the concerns and overcome objections about their products and services from the technical counterparts of Prospects Provide essential support in the closing of most technical sales
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Terri Milano, employed by a manufacturer of home electronics, offers assistance to retailers in such areas as credit policies, pricing display and store layout. She also collects information regarding acceptance of her firm’s products. She is performing the duties of a(n):
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detail salesperson
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Network (multilevel) marketing is different from B2B sales in that it:
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Depends primarily upon indendepent, 1099 representatives who are not employees selling to consumers (a B2C sale) Provides no base salary or benefits, only commissions and occasional bonuses and prizes Encourages salespeople to divide their efforts between selling the product or service and recruiting downstream salespeople who, in turn, generate commissions for their upstream managers Generally doesn’t require a college education and leads to part-time employment and limited income
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A training and education initiative with specific requirements delivered by an industry oversight organization to salespeople in that industry is an example of a(n):
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certification program
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To become a successful salesperson, Sanchez had to adopt a personal selling philosophy. Which of the three prescriptions of that philosophy is not only a mindset but a skill that he has practiced and honed to become successful?
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assume the role of problem solver, partner and trusted advisor in helping customers make informed and intelligent buying decisions
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Sanchez and his department are using which of the following sales methods?
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consultative (value-added) selling
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Which of the following would be a reason for Sanchez to remain in his Senior Regional Sales Director position instead of moving to executive management?
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He has more freedom to direct his own business strategy in sales than he does in upper management.
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Sanchez decides to try something new in the Southwest Region. He had been following the model of sending outside sales reps to follow up with prospects who expressed interest in the product by various prospecting methods. Now he will augment those efforts by hiring teams of sales reps to show the product to managers and buyers at stores that do not carry the DECA line but sell complimentary products, and to call these managers on the phone based on qualifying work the sales reps in the store have done. What two types of sales reps will Sanchez be hiring to comprise these teams?
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missionary salespeople and inside salespeople
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Considering the product and the target market, what would be the best sales model for the company to use?
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Start by having the CEO and founder of the company sell the product to prospects because he understands the features and benefits of the product as well as the best Prospects to call on. Once the CEO has developed effective procedures, hire and train a salesperson with some experience understanding and selling technology products to sell the product.
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To effectively and efficiently sell the product, what type of salespeople should the company hire?
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outside sales reps
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To train the sales reps, the company should:
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develop an in-house training course focused on product knowledge supplemented by a refresher in sales techniques delivered by a hired company
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The customer service representatives employed by the company for after-sales support are likely to need:
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to be instructed in basic telephone manners and standards of politeness specialized technical skills to assist customer companies in installing and implementing the software
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When measured by either the number of people employed or expenses as a percentage of sales, personal selling is often the major promotional method (exceeding advertising expenditures) used by American businesses.
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TRUE
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Consultative-style selling practices have become popular because they can be easily mastered.
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FALSE
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The term ‘show up and throw up’ refers to an outmoded sales technique of presenting the features and benefits of one’s product or services before obtaining a clear understanding of whether a Suspect is qualified or what the Suspect’s needs are.
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TRUE
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A ‘Suspect’ is a sales opportunity that hasn’t yet been qualified for pain, budget or decision.
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TRUE
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A ‘Suspect’ becomes a “Prospect’ once it has been qualified for pain, budget and decision.
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TRUE
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In consultative selling, the customer is seen as:
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a person to be served
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Sales departments and marketing departments are often ‘at war’ with each other because:
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They compete for financial resources and budgets Marketing believes that sales people can’t execute programs because they are lazy and stupid Salespeople believe that marketing people don’t understand what prospects and customers need
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The marketing mix consists of
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Product, promotion, place and price
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The ‘Promotion’ element of a marketing program can be subdivided into the areas of:
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sales promotion, public relations, personal selling, and advertising
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In a market characterized by vigorous competition, look-alike products (commodities) and customer loyalty that depends on quality relationships as well as quality products, the salesperson should fully utilize the:
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relationship strategy
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A well-thought-out plan for establishing, building, and maintaining quality relationships is called a Relationship Stragegy. Key elements are:
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Knowing the DISC attributes of your Prospects and Clients Knowing their needs and pains Frequently touching bases with them
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Jenny is working on her sales strategy for a mid-sized town in her territory. One of her ideas is to stretch out of the traditional prospect pool of traveling performers, who are not headquartered in the Upper Midwest, and open up new markets with corporations that need customized buses for executives.
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strategic planning
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During her presentation, when communicating the value proposition to the customer, Jenny should focus on:
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how the bus will solve problems for the customer
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While making a sales presentation to the CEO of a local company, Jenny discovers that the CEO is routinely stopped and delayed at airport security because of a joint replacement that sets off alarms but doesn’t show up easily in the x-ray machines. This adds another 3-4 hours to some trips, and has caused him to miss 10 flights in the previous year. This conversation is:
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need identification
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Adapting to the customer’s preferred communication style can enhance sales performance.
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TRUE
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Style flexing is the deliberate attempt to accommodate the needs of your customer.
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TRUE
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Tone of voice and pace of speech can provide clues to identifying a customer’s communication style.
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TRUE
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Which of the following is a major principle supporting communication style theory?
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A communication style is a way of thinking and behaving.
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A customer who is higher in dominance tends to do which of the following?
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likes to control things
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A customer who is lower in dominance would most likely be:
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decisive
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The Platinum Rule is:
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Do Unto Others As They Would Have You Do Unto Them
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Recording a customer’s communication style in CRM software can help a salesperson:
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remember to adapt his or her style when calling the customer
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There are three types of organizational buying situations: new-task buy, straight rebuy, and modified rebuy.
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TRUE
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“Patronage buying motives” are particularly important when product offerings from several companies are very similar.
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TRUE
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Transactional buyers are well aware of their needs and usually know a great deal about the products or services they intend to purchase.
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TRUE
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In order for a customer to arrive at a buying decision the salesperson should present the product according to:
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the individual customer’s needs
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The three major types of organizational buying situations are:
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new task buy, straight rebuy, and modified rebuy
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Justin Bremer of Wealth Designs needs to do which of the following before meeting with customers?
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research to determine each customer’s specific needs
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A customer will tend to screen out or modify stimuli. This process is known as:
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selective attention
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In Maslow’s theory, after physiological needs have been satisfied the next need level is likely to be:
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a freedom danger
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The Three Wise Men, their Little Sister and their Dog Spot are:
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Increase revenues, decrease costs and increase productivity, improve image and insure business continuity
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A careful study of buying behavior reveals that people make buying decisions based on:
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a combination of emotional and rational buying motives
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Which is true regarding the differences between consumer (B2C) and organizational (B2B) buyers?
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Consumer decisions are usually made by individuals, while organizational decisions are frequently made by several people.
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Each team member in a B2B buying center:
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must be courted by the salesperson
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Which of the following steps in the buying process can cement the relationship after the sale is over?
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implementation
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On a customer satisfaction survey, which answer indicates a need for more focus on needs awareness?
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“The product did not solve my problems.”
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The salesperson has noticed that customers do not buy when she expects them to, and seem to want more stages of information-gathering and less time for the actual purchase than her sales manager trained her in. She approaches her sales manager about this and together they decide to:
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study the customer’s buying process to align their selling process to it more closely
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Executive management has decided that, to ensure quality and maximum value per cost, the purchasing department must change its regular straight rebuy situations to modified rebuys. How does having sold to the company previously help the supplier during the rebuy process?
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The supplier knows the buying process so they understand the company’s needs and can make adjustments to meet their needs without losing money.
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A sales representative is selling a product that is superior to the product the prospect currently buys. If the prospect has a patronage buying motive, the sales representative has almost no chance of making the sale unless:
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she can convince the prospect that her company is superior to the company that makes the product the prospect currently buys

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