Sales Management Test #1 – Flashcards

Unlock all answers in this set

Unlock answers
question
Personal selling
answer
direct communications between paid representatives and prospects that lead to transactions, customer satisfaction, account development, and profitable relationships
question
sales management
answer
the planning, organizing, leading, and controlling of personal contact programs designed to achieve the sales and profit objectives of the firm
question
1. achieving/exceeding performance goals for current period 2. developing the people reporting to them
answer
sales managers' 2 responsibilities
question
solutions selling
answer
involves creating customer value by addressing important customer problems and opportunities through a supplier-customer relationship that is intimate
question
sales teams
answer
multiple contacts being established between supplier and customer. Allows for a broader transfer of capabilities and communication
question
1. Focusing on the big picture 2. Roles of sale force 3. Structuring the sales force 4. Building sales competencies 5. Leading the sales force
answer
Sales management process steps
question
sales management competencies
answer
sets of knowledge, skills, behaviors, and attitudes that a person needs to be effective in a wide range of industries and various types of organizations
question
1. strategic action competency 2. coaching competency 3. team-building competency 4. self-management competency 5. global perspective competency 6. technology competency
answer
sales management competencies
question
strategic action competency
answer
includes understanding the industry, understanding the organization, and taking strategic action
question
coaching
answer
a sequence of conversations and activities that provide ongoing feedback and encouragement to a salesperson or sales team member with eh goal of improving that person's performance
question
sales force automation
answer
the integration of communication technology
question
business strategy
answer
involves defining and articulating an overall business mission, developing specific business goals, and designing a strategy for achieving those goals
question
business mission
answer
provides a sense of direction to employees and helps guide them toward fulfillment of the firm's potential
question
business mission statement
answer
includes information regarding types of customers it wishes to serve, the specific needs to be fulfilled and the activities and technologies by which it will fulfill these needs
question
organizational goals
answer
specific objective by which performance can be measured stated in terms of profits, sales revenue, unit sales, market share, survival and social responsibility
question
strategy
answer
the means and organization uses to achieve its objectives
question
generic business strategies
answer
all successful businesses focus on creating superior customer value by achieving on of the following market positions: low cost, differentiation, or niche
question
low cost strategy
answer
vigorous pursuit of cost reductions from experience and tight cost control
question
differentiation strategy
answer
creating an offering perceived as being unique, leading to high brand loyalty and low price sensitivity
question
niche strategy
answer
servicing a traget market very well, focusing all decisions with the target market needs in mind, dominating sales with the segment
question
market strategy
answer
set of integrated decisions and actions a business undertakes to achieve its marketing objectives by addressing the value requirements of its customers
question
market segmentation
answer
involves aggregating customer into groups that have one or more common characteristics, have similar needs, and will respond similarly to a marketing program
question
target marketing
answer
the selection and prioritizing of segments to which the company will market
question
positioning
answer
occurs in the mind of the consumer and refers to how the consumer perceives the product, brand, company, and competition
question
marketing mix
answer
product, price, place, promotion
question
strategic implementation decisions
answer
a set of processes that organizations will develop to create customer value and achieve a competitive advantage
question
go-to market strategy
answer
defines who will perform the activities for which customer
question
sales process activities
answer
consist of the activities needed to serve the customer properly
question
1. interest creation activities 2. prepurchase phase 3. purchasing phase postpurchase phase
answer
types of sales process activities
question
interest creation activities
answer
include all the ways that customers can learn about the benefits of the product and company
question
prepurchase phase
answer
customers are actively considering and evaluating competitive product offerings
question
purchasing phase
answer
includes the set of activities culminating in a purchase
question
postpurchase phase
answer
include delivery, installation, servicing of product, providing information, collecting payment
question
telemarketing
answer
refers to customer contacts utilizing telecommunications technology for personal selling without direct face-to-face contact
question
independent sales agents
answer
not employees that perform the selling function to exclusive contracts within specified geographic areas
question
resellers
answer
channel members, retailers, and distributers who take title to the offering they sell to end users
question
integrators
answer
a service supplier unaffiliated with specific products, who advice end customers has sought to help them with a complex choice
question
alliances
answer
joint venture to sell products to specific markets
question
supply chain management
answer
the integration and organization of information and logistics activities across firms in a supply chain for the purpose of creating and delivering god and services that provide value to customers
question
customer relationship management
answer
a comprehensive set of processes and technologies for managing relationships with potential and current customers and business partners across marketing, sales, and service regardless of the communication channel
question
sales force program
answer
a tool for planning how the sales force will perform its role in achieving the firm's objectives
question
account relationship strategy
answer
they types of relationship it intends to develop with its customers
question
1. Transactional 2. Consultative 3. Enterprise
answer
Types of relationships
question
transactional relationship
answer
the relationship is based on the need for a product of acceptable quality, competitively priced, and a process and relationship convenient for the buyer
question
consultative relationship
answer
a relationship based on the customer's demand and willingness to pay for a sales effort that creates new value and provides additional benefits outside the product itself
question
enterprise relationship
answer
the primary function is to leverage any and all corporate assets of the supplier in order to contribute to the customer's strategic success
question
1. Transactional 2. Consultative 3. Enterprise
answer
Types of relationships
question
transactional relationship
answer
the relationship is based on the need for a product of acceptable quality, competitively priced, and a process and relationship convenient for the buyer
question
prospect profile
answer
a profile of what the best prospect looks like
question
cold canvassing
answer
involves contacting prospective customers without appointments i.e. calling/knocking on doors
question
1. direct mail 2. trade shows 3. directories 4. internet 5. referrals
answer
Ways to build a prospect list
question
referrals
answer
a satisfied customer is asked to provide the names of other who might be interested in a product
question
qualify prospects
answer
determine if the prospect is likely to be converted into a buying customer
question
cost per call
answer
a function of the number of calls you make per day, the number of days available to call on customers and your direct selling expenses
question
direct selling expenses
answer
include expenses such as compensation, travel, lodging, entertainment, and communication
question
breakeven sales volume
answer
the sales volume necessary to cover direct selling expenses
question
1. single factor model 2. portfolio model 3. decision model 4. sales process model
answer
4 methods for setting account priorities
question
single factor model
answer
examines a single customer characteristic often sales volume, to arrive an an initial allocation of sales calls
question
portfolio model
answer
considers multiple factors when determining the attractiveness of individual accounts within a territory
question
account opportunity
answer
portfolio model The magnitude of an account's present and future need for the salesperson's offering
question
Competitive position
answer
portfolio model The strength of the salesperson's present relationship with an account
question
decision model
answer
focusing on the response of each account to the number of sales calls made over a period of time
question
salesperson response function
answer
develops the relationship between the number of sales calls over a period of time and sales to a particular account
question
sales process model
answer
focuses on where the opportunity is in the selling process
question
1. unqualified opportunities 2. Qualified opportunities 3. Best few opportunities
answer
Sales funnel categories
question
unqualified opportunities
answer
possible need, but has not been verified with key people of the account
question
qualified opportunity
answer
1. need=verified 2. confirmed intention to buy 3. Funding=approved 4. Identified time frame
question
best sale opportunity
answer
all the buyers have been contacted and their needs identified, and in your judgment have been sufficiently developed to make the sale
question
customer lifetime value
answer
the value of a customer is the sum of the customer's discounted flow of profit contributions of profit contributions into the future
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New