Details Title: Chapter 14 Description: Marketing Final Total Flash Cards: 44 Created: 06/08/2009 21:34:34		New Users: To study from this flashcard set, or to create your own your own study flash cards, REGISTER HERE. Existing Users: CLICK HERE. Additional Marketing Flashcards
Cards in this set: Term Personal Selling Definition A company rep. interacts directly with a prospective customer -personal touch -selling/sales management jobs-great for college grads. offers a lot of mobility Term Personal selling is more important Definition -when a firm uses push strategy-focused on resellers, have to explain to the resellers the full value of the product. -In b2b contexts-buy a lot more customer are very important -with inexperienced customers -for products brought infrequently *cost per contact is very high Term Technology and Personal Selling Definition Customer relationship management (CRM) software and partner relationship management (PRM) Teleconferencing, videoconferencing,and improved corporate websites Voice over internet protocol Assorted wireless technologies Term Types of Sales Job Definition order taker Technical specialist Missionary Salesperson New business salesperson Team selling and cross-functional team Term Ordertaker Definition process transactions that are initiated by customers Term Technical Specialist Definition provides sale support through expertise Term Missionary Salesperson Definition stimulates clients to buy, by promoting the company and building demand. Do not take orders Term New-business salesperson Definition order getter finds new customers and presents the product Term Team selling and cross functional team Definition bringing together people from varies parts of the organization that work together to satisfy customer needs. Term Approaches to Personal selling Definition Transactional selling:Putting on the hard sell Relationship selling Term Transactional Selling:putting on the hard sell Definition high pressure process that focuses on making an immediate sale -with no concern for developing a relationship Term Relationship Selling Definition Process of building long-term customers -mutually satisfying -Securing -developing -maintaining Term Securing Definition converting an interested prospect into someone who sees the product holding value for him/her. -focus on promoting the benefits of the product Term Developing Definition ensuring that both parties find more ways to add value Term maintaining Definition building customer satisfactions and loyalty Term steps in the creative selling process Definition Prospecting and qualifying Preapproach Approach Sales presentation Handling Objections Closing the sale Follow up Term Prospecting Definition developing a list of potential customer also known as prospects or leads -two main sources -referrals and cold calling Term Qualifying Definition determining how likely they are to become customers by asking questions about interest allegiance to competition and etc. Term Preapproach Definition compiling background information about prospective customers and planning the sales interview -What information-purchase history, current needs, interests -Where from- CRM, Websites, Business Publications Term Approach Definition Contacting the prospect, learning even more about prospects needs -create a good impression -builds a rapport find a connection Term Sales Presentation Definition Laying out benefits and added value-product advantages over competitors Inviting customer involvement-should be a two way presentation Term Handling Objections Definition Anticipating- why the prospects maybe reluctant. expect some of their objections and welcome objections Term Closing the Sale Definition gaining the customer commitment in the decision stage -Last objection close -assumptive or minor points close -Standing room-only or buy now close Term Last Objection Close Definition ask for the purchase and any last objection and then address their concerns Term Assumptive or minor-points close Definition acts as if the purchase is inevitable with only a few small details to be settled Term Stay-standing-room-only or buy-now close Definition present that the opportunity might be missed if the customers hesitates Term Follow-Up Definition arranging for delivery, payment, and purchase terms making sure customer is satisfied bridging to next purchase Term The Sales Force Management Process Definition Setting sales force objectives, creating a sales force strategy, Recruiting, training,and rewarding the sale force, Evaluating the sale force. Term Setting Sale force Objectives Definition discuss what we want to accomplish and by when -satisfactions -retention -suggestions on new customers -training of sale force and their reporting Term Individual Objectives Definition Performances- are readily measurable total sales or profit Behavior- includes the sales person must accomplish certain # of sale calls contracts and follow up Term Creating a Sale Force Strategy Definition -Establishing structure and size of a firm's sales force -Sales Territory Term Sales Territory Definition *Geographic sales force structure-size according to the # of customers in a given area *Product-class sales territories-sales specialized on a particular product category doesn't sale all the company products. *Industry Specialization- sales person focused on a particular industry *Key/major accounts-large and important clients Term Recruiting, Training, and Rewarding the Sale force Definition Recruiting the right people Sales training- Paying Salespeople Call reports Term Recruiting the right people Definition -good listening -ability to adapt -Tenacity -Highly Organized Term Sales training Definition teaches people about the company its product and skills and knowledge required for success Term Paying Salespeople Definition will motivate them *straight commission-based on solely on a percentage of sales -high motivation but no loyalty to the company *Commission-with-draw plan-based on commission, but you can also charge against future commission *Straight Salary Plan- paid a set amount regardless of performance -high retention rate low motivation to work Term Call Reports Definition letting your manager know what customers you contacted and how the conversation went. Term Evaluating the Sale force Definition is it meeting it objectives Possible causes of failure- design of strategy flawed,uncontrollable factors Term Direct Marketing Definition Any direct communication to a consumer or business recipient designed to generate a response Term Types of Direct marketing Definition mail-order telemarketing direct response advertising M-Commerce Term Mail Order Definition *catalogs- is collection of products offered for sale in book form, usually consisting product descriptions accompanied by photos of the items *direct mail-a brochure or pamphlet offering a specific good and service at one point in time Term Telemarketing Definition the use of the telephone to sell directly to consumers and business customers -more profitable for business than consumer markets 2003 FTC created national do not call registry Term Direct response Marketing Definition a direct marketing approach that allows the consumer to respond to a message by immediately contacting the provider to ask questions or to order the product -Direct Response TV (DRTV) QVC, HSN Term M-Commerce Definition Promotional and other e-commerce activities transmitted over mobile phones and other mobile devices such as Personal digital Assistance (PDA) Short messaging systems- m-commerce through a text message Spim-instant message version of spam Adware- software that runs undetected, tracking your web habits and interests, presenting pop up advertisements, and resetting your homepage