Sales Mastery: Chapters 1-12 Review

Comprehensive vocabulary flashcards covering the core concepts of professional selling, marketing strategies, and leadership styles from Chapters 1 through 12.

Value bundle

A combination consisting of products, services, and information provided to a customer.

Customer-driven

The direction in which the evolution of business suggests the industry is moving.

Influencers

Individuals, such as a general manager or finance manager, who impact the purchasing decisions of a retailer.

Learn

The second step in the professional selling process.

Communicate

The stage of the professional selling process involving presenting solutions, overcoming objections, and obtaining an agreement.

Prepare

The stage of the professional selling process focused on understanding marketing strategy, allocating resources, and prioritizing prospects.

Personal selling

The type of selling practiced by employees like bank tellers who manage relationships and sell services to potential customers.

Segmenting

The process of identifying groups of customers who have similar sets of needs.

People strategy

A marketing approach focused on ensuring employees follow through with a specific message.

Internal analysis

An examination of a company's strengths and weaknesses relative to other companies.

Psychographics

A segmenting method that categorizes customers according to types such as business buyer versus relationship buyer.

Economic situation

An external market analysis that includes factors like changes in farm policy, farm bills, and impacts from the phase-out of subsidies.

Vision statement

A company statement declaring a long-term goal, such as making patients more healthful and contributing to their quality of life.

Push strategy

A promotion strategy where a company promotes products through re-sellers using incentives, marketing programs, and discounts.

Social demographics

The type of external market analysis used to study marketplaces like the United States agricultural marketplace.

GAME Planning

A strategy involving setting goals, managing activity flow, and measuring accomplishments.

Product goals

Goals set to encourage the selling of more of a specific product line.

Concentration goal

A goal aimed at increasing the share of a customer's spend, such as moving a contractor's spend from $55\%$ to $$57.5\%.

Objective

A specific target or milestone within a sales plan, such as obtaining a customer's cell phone number.

80/20 rule

The principle stating that $80\%$ of your business comes from $20\%$ of your customers.

Strategy

A plan for assembling and using your resources to achieve goals.

Prospect

A person or entity that is not currently doing business with you.

Qualified prospect

A prospect who possesses both the need for a product and the ability to purchase it.

Cold Calls

A prospecting method involving going door to door with no prior knowledge of the potential customer.

DISC

A behavioral model representing Dominance, Influence, Steadiness, and Compliance.

Straight rebuy

A routine buying situation where a customer repurchases a product without modification.

Economic exchange model

A model suggesting customers buy because they believe the value of what they get exceeds the value of what they give up.

The opening

The first moments of a sales call through the transition to discussing the customer's business.

Direct approach

A sales call opener where the salesperson immediately introduces the product and asks about current usage.

Mirroring

The positioning and movement of one's own body in response to external and internal influences (Note: The transcript identifies the specific definition provided as False).

Business resource need

A need related to the operations of a business, such as hiring more people to track inventory.

Implication question

A questioning technique that makes a customer consider the cost or impact of a specific problem.

Cash flow

The movement of cash through a business from selling products, receiving payment, and purchasing/using new products.

Personal need

A human-centric need, such as a time commitment or personal goal, distinct from organizational resource needs.

FAB

An acronym standing for Feature, Advantage, and Benefit.

Selling point

An idea that incorporates the transfer of product features into customer benefits.

Value Equation

$$\text{Value} = \frac{\text{benefits}}{\text{cost}}$$

Total Value Proposition

A method of selling against competition by being honest about differences and highlighting unique value.

Misinformation

A type of objection based on incorrect information the prospect has heard about the company or product.

Trial close

A question asked throughout the sales call to determine where the prospect is in their buying decision.

Direct close

A closing technique where the salesperson explicitly asks for the business or the first order.

Summary close

A closing technique used for complex purchases that summarizes the proposed solution to a business problem.

Action assumption close

A closing technique that paints a positive picture of the future solution to assume the sale is moving forward.

Recognize, Respond, and Resolve

The three steps used to manage a customer complaint.

Level III Satisfaction

The implementation of a collaboratively-developed solution between salesperson and customer.

Touchpoints

Various points of interaction with a customer, including selling, customer service, and marketing images.

Competitive advantage

A unique value offered compared to a competitor that is valued enough by buyers to incline them toward the company.

Best of the Best traits

The three fundamental traits consisting of technical knowledge, business savvy, and selling skills.

Elevator speech

A concise impression-making tool used when a salesperson has very limited time with a contact.

Profile

A tool for salespeople to recall important details about a customer, past calls, and future actions.

Customer Relationship Management

A system used to record customer information, addresses, and historical sales data to build relationships.

Democratic leader

A leader who has frequent personal contact with employees and encourages them to voice their opinions.

Laissez-faire leader

A leader who does not usually interfere with how colleagues work together, despite group complexity.

Charismatic leader

A leader who achieves power and influence on the basis of their values and ideals.