Shared Flashcard Set

Details

Chapter 1, Key Terms
Key Terms, Chapter 1
11
Business
Undergraduate 1
02/01/2012

Additional Business Flashcards

 


 

Cards

Term
Personal Selling
Definition
occurs when a company representative interacts directly with a customer or prospective customer to present information about a product or service.
Term
Product
Definition
Broadly interpreted to encompass information, services, ideas, and issues.
Term
Personal Selling Philosophy
Definition
3 steps:
1. Adopt the marketing concept.
2. Value personal selling.
3. Assume the role of a problem solver or partner in helping customers make buying decisions.
Term
Value-added selling
Definition
A series of creative improvements within the sales process that enhance the customer experience.
Value is also created when the salesperson provides excellent service after the sale.
Term
Marketing Concept
Definition
A principle that holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired products.
Term
Marketing Mix
Definition
A set of controllable, tactical marketing tools that consists of everything the firm can do to influence the demand for its product.
"Each of the elements that make up the marketing mix must be executed effectively for a marketing program to achieve the desired results."
For groups of variables: product, price, place and promotion.
Term
Consultative Selling
Definition
An extension of the marketing concept.
This approach emphasizes need identification, which is achieved through effective communication between the salesperson and the customer. Negotiation replaces maniuplation as the salesperson sets the stage for a long-term partnership. Demands a keen ability to listen, define the customer's problems, and offer one or more solutions.
Term
Transactional Selling
Definition
A sales process that mot effectively matches the needs of the value-conscious buyer who is primarily interested in price and convenience.
Term
Strategic Planning
Definition
The process that matches the firm's resources to its market opportunities.
Term
Tactics
Definition
Techniques, practices, or methods you use when you are face-to-face with a customer.
Term
Strategy
Definition
A selling strategy is a carefully conceived plan that is needed to accomplish a sales objective. Establish a dialogue to research and develop a client's profile, especially what and how she does for work and what specific challenges she faces. It may include
Supporting users have an ad free experience!