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Chapter 14
Marketing Final
44
Marketing
Undergraduate 2
06/08/2009

Additional Marketing Flashcards

 


 

Cards

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
Supporting users have an ad free experience!