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BUS 466 - Ch.1
Ch. 1
21
Marketing
Undergraduate 4
12/06/2012

Additional Marketing Flashcards

 


 

Cards

Term
Personal Selling
Definition
a person-to-person business activity in which a salesperson uncovers and satisifes the needs of a buyer to the mutual, long-term benefit of both parties
Term
Go-to-Market Strategies
Definition
  • Options firms have in how they can approach customers as they add value.
  • Selling through the Internet, field sales representatives, business partners, resellers, manufacturer agents, franchises, telemarketers
Term
Customer Value Proposition
Definition
The collection of buyer-specific benefits described by the seller to prospects - essentially, how the seller adds value (total benefit of a product or service to the buyer)
Term
Paid vs. Unpaid communication methods
Definition

Paid: Firms have more control. Includes advertising, sales promotions, personal selling, and emails. Personal selling (personal) allows more flexibility, but is the most costly method. Advertising, internet sales, and promotions (impersonal) give companies more control over content and timing.

 

Unpaid: Publicity (impersonal) and word of mouth (personal) usually are perceived as more credible. 

Term
INTEGRATED MARKETING COMMUNICATIONS
Definition

Communications programs that coordinate the use of various vehicles to maximize the total impact of the program on customers.


Look at Stouffer's example on slide 12, or page 8 of textbook

Term
Why do buyer's buy?
Definition
  1. to satisfy a need or want
  2. More importantly: to make a profit!!!! 
Term
Value formula
Definition
VALUE = BENEFITS RECEIVED - (SELLING PRICE + TIME AND EFFORT TO PURCHASE)
Term
ROLE OF SALESPEOPLE
Definition
  • Client Relationship Manager
  • Account team manager (coordinating activities within their firms to solve customer problems)
  • Vendor and Channel Manager (interacting with other partners and vendors to meet customer needs)
  • Information provider to the firm - eyes and ears of the company in the marketplace.
Term
Selling days remaining after vacations, weekends, training, meetings, conferences, admin work
Definition
122 (243 used up in nonselling)
Term
Distribution Channel
Definition

Set of people and organizations responsible for the flow of products and services from the producer to the ultimate user.

 

    • Business to business channels
    • Consumer channels
Term
Business to Business Channels
Definition

Manufacturer -> Business Consumer via a salesperson

 

Manufacturer -> Distributor via a trade salesperson -> Business consumer via a distributor salesperson

 

Manufacturer -> Business consumer via a missionary salesperson (work for manufacturer)

Term
Missionary Salespeople
Definition

Work for a manufacturer and promote the manufacturer's products to other firms. However, those firms buy the products from distributors or other manufacturers, NOT directly from the salesperson's firm.

 

Usually call on influencers, rather than actual deciders of the buyer's decision (see in later chapters)

Term
Trade Salespeople
Definition

sell to firms that resell the products, rather than using them within the firm.

 

basically: sell to resellers

Term
Manufacturer's Agents
Definition
  • Independent businesspeople who are paid a commission by a manufactuerer for all products or services sold.
  • Unlike distributors and retailers, agents never own the products
  • simply perform the selling activities and then transmit the orders to the manufacturers
Term
Sales job description (6 factors)
Definition
  1. The stage of the buyer-seller relationship  (new or continuing)
  2. Salesperson's role ( taking orders or creating new solutions)
  3. Importance of the purchase to the customer (less crucial or bigger decisions)
  4. Location of salesperson-customer contact (field salespeople, inside salespeople)
  5. The nature of the offering sold (products or services)
  6. The salesperson's role in securing customer commitment (giving information or placing the order)
Term
Characteristics of successful salespeople
Definition
  • self-motivated, dependable, ethical, knowledgeable about customer and product, use IT, analytical skills, communication skills, flexibility, agility, creativity, confident, optimistic, emotionally intelligent
Term
Salespeople: Born or made???
Definition
Skills can be learned through training and hard work!
Term
Emotional Intelligence
Definition
Ability to effectively understand and regulate one's own emotions, and to read and respond to the emotions of others - one of the most important characterstics of salespeople
Term
Rewards in Selling
Definition

Independence and responsibility (freedom and flexibility, not tied to an office chair)


financial rewards (more $ the more and longer they sell)


management opportunities (provide a base for launching business careers)

Term
The Building Partnerships Model
Definition

~50% The salesperson as a manager

~15% Knowledge and skills needed for partnerships

~35% the partnership development process

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