Power of Professional Selling - Midterm

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74 Terms

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Personal Selling

company representative interacts directly with a customer to present info about a product or service

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4 P’s of Marketing

Product, Price, Place, Promotion

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Developments affecting selling

advances in information technology, ecommerce, strategic resource is info, business is defined by customer relationships sales success depends on creating/adding value

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ABC’s

attunement, buoyancy, clarity

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Non-sales selling

persuading, influencing and convincing others in ways that don’t involve anyone making a purchase

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Inside salespeople

perform selling activities at the employer’s location or remotely

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Outside salespeople

travel to meet prospects and customers in person at their place of business

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Psychic income

psychological rewards helps satisfy needs and motivates people to achieve higher performance

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Field salespeople

interact with new customers and current customers

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Knowledge workers

individuals whose work effort is centers around creating, using, sharing and applying knowledge

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4 key groups of knowledge workers

managerial personnel, professionals, entrepreneurs and SBOs, marketing

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Information economy

emphasis shift from industrial activity to information processing

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Marketing concept

achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired product

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Consultive/strategic selling

emphasizes need identification which is achieved through effective communication between salesperson and customer

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Consultive salespeople solve problems by

listening, defining the customer’s problem, collaborating on solutions

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Emotional Intelligence (EI/EQ)

capacity for monitoring our own feelings and those of others

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Key elements of EI in sales

  • Self-awareness

  • Self-confidence

  • Trustworthiness

  • Adaptability

  • Initiative

  • Optimism

  • Empathy

  • Social skills

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Why is EI important

greater predictor of success in business and leadership

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Top qualities of leaders

create, manage, motivate, build and coach

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3 C’s of EI

consciousness, confidence, compassion

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Business ethics

the principles and standards that guide behavior in the business world

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key influences on partner relationships

character, integrity

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Character

personal standards such as honesty and moral strength. Based on internal values and the resulting judgements you make about right and wrong

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Integrity

congruence between what you know, what you say, and what you do

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What is the most important precondition of partnering relationships?

trust

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Value-added selling

a series of creative improvements in the sales process that enhance the customer experience

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Partnering

strategically developed, high-quality, long-term relationship that focuses on solving the customer’s buying problem

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3 keys to partnering relationship

  • Shared values

  • Understanding of purpose and committed to the vision

  • Salesperson must move from selling to supporting

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Key groups for relationship strategies

  • Customers

  • Secondary decision makers

  • Company support staff

  • Management personnel

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Self-concept

bundle of facts, opinions, beliefs, and perceptions about yourself that are present in your life every moment of every day

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Win-win philosophy

both buyer and seller come out of the sale understanding that their best interests have been served

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Ego-drive

an inner force that makes the salesperson want and need to make the sale

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Nonverbal messages

“messages without words” or “silent messages” that we communicate through facial expressions, voice tone, gestures, etc.

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Platinum Rule

Do unto others as the want done unto them

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Communication style

pattern of behavior that others observe

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Adaptive selling

altering sales behaviors in order to improve communication with the customer

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Communication style bias

when we have contacted with another person whose communication style is different from our own

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Dominance

tendency to control or prevail over others

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Sociability

amount of control we exert over our emotional expressiveness

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Emotive

•Appear quite active

•Take social initiative

•Encourage informality

•Express emotional opinions

Upper right quadrant

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Directive

•Appears to be quite busy

•May give impression of not listening

•Displays a serious attitude

•Likes to maintain control

Lower right quadrant

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Reflective

•Controls emotional expression

•Displays a preference
for orderliness

•Tends to express measured opinions

•Seems difficult to get to know

Lower left quadrant

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Supportive

•Appearance of being quiet

•Listens attentively to other people

•Tends to avoid use of power

•Makes decisions in a thoughtful and deliberate manner

Upper left quadrant

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Versatility

a salesperson's ability to minimize communication style bias

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Style flexing

the deliberate attempt to adapt one’s communication style to accommodate the needs of the other person

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Zone 1

less intensity

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Zone 2

higher intensity

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Excess zone

highest intensity and rigidity

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Today’s customers

internet empowered and aggressive

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Customer strategy

a carefully conceived plan that results in understanding the customer’s perceptions and maximizing customer satisfactions and responsiveness

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Consultive process buyer

focus on needs awareness and evaluate solutions

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5 w’s

why should I buy? what should I buy? where should I buy? what is a fair price? when should I buy?

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Buying process model

strategic initiatives identified, need awareness, evaluation of solutions, resolution of problems, purchase, implementation

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Group influences that affect buying

roles, reference groups, social class, culture and subculture

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Lead generation

blends sales and marketing to attract people to a brand and what it offers. goals: nurture interests, convert to paying customers

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Customer journey

all the interactions that take place between a business and a customer as the latter moves through the funnel

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Sales funnel

the path your prospects take to become a customer. It describes discrete stages of the customer journey, from first touch to closed deal

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Lead

someone who may be interested in your brand and its offerings but who hasn't yet been qualified

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Prospect

a lead who matches your ideal customer profile and who has been qualified as a good fit for making a purchase

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Benefit of lead gen

growth

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Product

information, services, ideas, tangible products, or some combination of these that satisfy the customer’s needs with the right solution

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Product strategy

well-conceived plan that emphasizes becoming a product expert, selling specific benefits, and configuring value-added solutions

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Solution

a mutually shared answer to a recognized customer problem

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Sales solution process

uncover and clarify problem, work with customer to create better vision, collaborate to develop implementation of plan

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Product configuration

the salesperson may develop a custom-fitted solution that brings together different parts of the marketing mix

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Sources of info

web, plant tours, sales support team, using the products, read and study

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Feature

data, facts, and characteristics of a product or service

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Advantage

what the features do better than the competition

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Benefits

whatever provides a customer with a personal advantage or gain

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Positioning

decisions and activities intended to create and maintain a certain concept of the product in the customer’s mind

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differentiation

refers to your ability to separate yourself, your product, and/or your company from that of your competitors

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value proposition

the set of benefits and values the salesperson configures to meet and exceed customers’ specific needs

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Dimensions of quality service

tangibles, reliability, responsiveness, assurance, empathy

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Buying center/team

involved in making purchase decision