Sales Management - Introduction and Personal Selling

This set of vocabulary flashcards covers the foundational concepts of Sales Management, personal selling definitions, various sales roles, and course administration details based on the lecture materials.

Personal Selling

The two-way flow of communication between a buyer and a seller, often used in complex purchase situations where salespeople act as a critical link between the firm and the customer.

Relationship Selling

Building and maintaining customer trust over a long period of time rather than just meeting periodic sales quotas.

Customer relationship management (CRM)

A technology for managing all of a company’s relationships and interactions with customers and potential customers, enabling salespeople to see history, orders, and service issues in one place.

Customer Lifetime Value (CLV)

The net present value of a customer’s business over the span of its relationship with the organization.

Sales Analytics

The practice of generating insights from sales data, trends, and metrics to set targets and forecast future sales performance.

Social Selling

Developing and leveraging relationships online to sell products or services by meeting buyers on social-network platforms and professional branding.

Social Listening

The monitoring of a brand’s social media channels for customer feedback and direct mentions, followed by an analysis to gain insights and act on opportunities.

Inside Salespeople

The most common sales role, routinely involving high-touch transactions conducted over the phone and through email.

Field Reps

Sales representatives who call on customers at the customers’ places of business.

New-business Salespeople

Sales professionals responsible for finding new customers and securing their business.

Account Executives

Salespeople who establish relationships with new clients and manage the needs of existing clients, also serving as order-takers.

Sales Support

Technical specialists in sales, often referred to as sales engineers.

Sales Analysts

Professionals responsible for collecting and analyzing sales data.

Dyson

A Singaporean multinational technology company founded by James Dyson in 1991, which serves as a case study for revenue of $US\$\,8.2\,\text{billion}$ (2020).

Professional Selling (Hunt, Deitz, Hansen definition)

A field requiring skills that can be learned, practiced, and perfected; based on the principle that 'Everyone is a salesperson.'

Grading Scheme (Exam)

A final online 'bring-your-own device' exam consisting of $70$ Multiple Choice/True-False questions worth $70\%$ of the final grade.

Graded Quiz

Two assessments consisting of $30$ questions each, where each correct answer is worth $0,5$ points, totaling $15\%$ of the final grade.