Term
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Definition
80% of your profit comes from 20% of your products
80% of your sales are obtained by 20% of your sales force
80% of your time is spent dealing with 20% of your business
80% of your hassles are caused by 20% of your employees |
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Term
| Four Objectives of Marketing |
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Definition
1. Maximize the sales of existing products in existing markets.
2. Develop and sell new products.
3. Develop new markets for existing or new products.
4. Provide the quality of service necessary for customers to be satisfied with their transactions and to continue doing business with the organization. |
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Term
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Definition
| The creation of customer loyalty through a combination of products, prices, distribution, promotions, and service |
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Definition
| Customers are sold to and not contacted again |
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Definition
| The seller contacts customers after the purchase to determine if they are satisfied and have future needs |
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Definition
| The seller works continually to improve the customers’ operations, sales, and profits |
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Definition
| The process of helping the customer achieve strategic short- and long-term goals through the use of the sellers good and/or service |
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Definition
| The salesperson coordinates all of the information, resources, and activities needed to support customers before, during, and after the sale |
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Term
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Definition
| Composed of multifunctional specialists who ensure that their organizations accurately convey their complex needs to the seller and thoroughly assess the accuracy of the supplier’s recommendations |
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Definition
| : the salesperson gives advice and service. The salesperson uses internal and external resources to gain an understanding of the customer’s business and marketplace. |
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Definition
| the salesperson acts as a helper in meeting the customer’s needs. Salesperson’s goal is to create a win-win situation. |
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Term
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Definition
| The customer internalizes their buying decision so the seller can apply a stimulus and observe the behavior of the prospect but cannot witness the prospects actual decision-making process |
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Term
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Definition
| a stimulus is applied, resulting in a response (purchase decision). |
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Definition
| Buyers are fully aware of their needs and are easiest to sell to |
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Definition
| Buyers may not be fully aware of their needs and may not be fully developed in the conscious mind. |
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Term
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Definition
| People do not know whey they buy a product—only that they do buy |
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Term
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Definition
[Used to Determine buyers' needs]
Listen
Observe
Combine
Ask Questions
Talk to Others
Empathize |
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Term
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Definition
| A confirmation of acceptance of what has been covered |
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Term
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Definition
| Show the feature, explain the advantage, lead into the benefit, and then let the customer talk by asking a question about the benefit (trial close) (e.g. How does that sound?) |
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Term
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Definition
| The important central ability to feel as the other fellow does in order to be able to sell him a product or service, must be possessed in large measure |
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Term
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Definition
| akes the salesman/woman want and need to make the sale in a personal or ego way, not merely for the money to be gained |
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Term
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Definition
| The area around the self that a person will not allow another person to enter without consent |
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Term
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Definition
| The most sensitive zone, since it is reserved for loved ones and close friends (up to 2 feet) |
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Term
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Definition
| The closest zone a stranger or business acquaintance is allowed to enter (2 to 4 feet) |
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Term
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Definition
| The area normally used for a sales presentation (4 to 12 feet) |
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Term
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Definition
| Can be used by the salesperson making a presentation to a group of people (greater than 12 feet) |
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Term
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Definition
| Gathering information and uncovering customer needs sing one or more questions |
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Term
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Definition
| standard price charged to customers |
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Term
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Definition
| price after allowance for discounts |
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Term
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Definition
| buyer must pay transportation charges |
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Term
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Definition
| seller pays all shopping costs |
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Term
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Definition
| use of Internet to find potential buyers; fast and easy way to find information about individuals or businesses using technology |
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Term
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Definition
| satisfied customers are likely to buy again from the salesperson; customer often refers the salesperson to someone she knows |
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Definition
| customers whose salesperson has left the company |
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Term
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Definition
| involves finding and cultivating people in a community or territory who are willing to cooperate in helping to find prospects |
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Term
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Definition
| the direct type; usually in a hurry; blunt; act quickly |
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Term
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Definition
| friendly and animated; the interpersonal buyer; cannot focus on details; jumps from subject to subject |
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Term
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Definition
| usually appear calm/not easily excited; the safety or status quo type; listens carefully and asks specific questions |
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Definition
| very quiet; focus on details; the contemplative buyer |
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Definition
| Equal emphasis must be given to both the product sale and referral sale |
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Definition
| Refers to not wanting to contact a prospect or customer. |
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Definition
| Sales person is judged in first 12 seconds on how they dress and the first 12 words |
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Term
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Definition
Specific
Measurable
Achievable
Relational
Timed |
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Term
| Memorized Sales Presentation Method |
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Definition
| based on either of two assumptions: that a prospect’s needs can be stimulated by direct exposure to the product or that theses needs have already been stimulated because the prospect has made he effort to seek out the products |
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Term
| Formula Sales Presentation Method |
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Definition
| aka the persuasive selling presentation is akin to the memorized method; it is based on the assumption that similar prospects in similar situations can be approached with similar presentations |
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Term
| Need-Satisfaction Sales Presentation |
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Definition
| different from the memorized and formalized approach; designed as a flexible, interactive sales presentation |
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