marketing final exam

what are 3 times when an objection can occur?

1. when setting up an initial appointment

2. during the presentation

3. after the sale

what are the common objections types and an example of them?

• related to the source

• related to needs

• related to product

• related to price

• related to time

what are the 5 ways to successfully handle an objection?

1. anticipate objections

   1. prepare responses

2. forestall known concerns

   1. handle objections before buyers have a chance to ask

3. evaluate objections

4. relax and listen

5. always tell the truth

what is probing?

asking open-ended questions to uncover the root cause or why behind the buyers concerns

what is LAER stand for and mean?

• Listen - focus on what the customer is saying

• Acknowledge - let the customer know their concern is valid and understood

• Explore - ask targeted questions to uncover any deeper issues

• Respond - address the objection while emphasizing value

what is direct denial?

when the salesperson makes a strong statement to identify the error the prospect has made and states the truth. never used is the buyer is stating an opinion.

what is inderect denial?

when the salesperson denies the objection but attempts to soften the response.

compensation method

buyers may object because the salespersons product is less than perfect, the salesperson should acknowledge the validity of the objection and then show compensating advantages

feel-felt-found method

buyers may object because the salespersons product is less than perfect, the salesperson should acknowledge the validity of the objection and then show compensating advantages. this approach mentions the buyers feels as valid.

boomerang method

salesperson turns the objection into a reason for buying by turning a concern into a benefit

postpone method

buyer raises an objection that the salesperson will answer later in the presentation. salesperson asks for permission to answer the question at a later time.

question method

turn the customers concern into a question and refocus on the strengths of the products values

how should i handle an objections in groups?

• the seller should rephrase the question to understand if other buyers have the same concern

• the response should be directed to all the buyers

• ensure that all the buyers are satisfied with the answer

how to handle price objections?

• use up to date information

• establish the value of your product

• use communication tools effectively

what can getting the commitment mean?

getting the customer to do something that moves the relationship closer to a sale.

what are the reason that getting commitment matters:

• tells the salesperson what to do next

• informs the customer of whats next

• customer realizes the benefits

• company will profit

• financial rewards for the salesperson

why should the price be presented last?

• it is set after the competitors offers, the value, and total cost

• it is also not the focus of the presentation

what is a trial close?

checking the buyers reaction to information

how to successfully get commitment?

• have a positive attitude

• let the customer set the pace

• be assertive

what are the 4 sales personality styles

• driver

• amiable

• expressive

• analytical

qualities of a driver?

• fast decision makers

• focus on the present and appear to have little concern with past or future

qualities of expressives?

• focus on the future and dedicating their time to achieving their vision

• have little concerns for practical details

qualities of amiables?

• achieve their objectives by working with people and developing respect

• does not like conflict

qualities of analyticals?

• like the facts

• suspicious of power and relationships

• limited conversations

what are the different closing methods?

1. direct request

2. benefit summary

3. balance sheet method

4. probing method

what is a direct request closing?

ask directly if they want the sale

what is a benefit summary close?

reminds the buyer of the agreed benefits of the product

what is the balance sheet method?

list pros and cons of the product

what is the probing method closing?

• starts by using another method

• uses a serious of questions while considering cultural differences

• use spin method

what are reasons why commitment is not obtained

• failed sales campaigns

• find the cause

• most likely bad needs identification

what is win-lose negotiating

negotiator attempts to win all the important items - drivers like this

what is win-win negotiating?

negotiator wants an agreement that benefits both parties

what are the pros of team negotiation?

• more creative than one individual

• helps each other and reduces the chance of making a mistake

what are the cons of team negotiation?

• more participants = more time

• different opinions

• rogue members

how many members should the seller bring?

the same amount as the buying team

what is a concession?

a benefit offered by the selller

what is important about concession?

• dont make a concession until you know the buyers demands and unless you get one in return

• concessions should gradually decrease in size

• help the buyer see the value of a concession you agree to

what should you do if you make a mistake?

be honest and tell the buyer and begin to negotiate the issue

what are performance goals?

• related outcomes

• should be set first

• personal development goals

what are activity goals

• behavioral objectives

what are conversion goals?

conversion of key objectives important to your company

what the types of sales routing?

• circular routing

• leapfrog routing

• straight-line routing

• cloverleaf routing

what is circular routing?

salesperson follows a circle pattern

what is leapfrog routing?

salesperson skips around territories prioritizing high value or time sensitive customers

what is straight-line routing?

salesperson moves in a direct path

what is cloverleaf routing?

sales person comes back to a base while covering surrounding areas in loops

what is a straight salary?

the salesperson receives a fixed amount of money for work during a specific time

what is a straight commission?

pays a certain amount per sale and includes a base and rate but not salary

what is combination plans?

provides salary and commission