Marketing Chapter 1

Personal selling

involves person-to-person communication with a prospect. A process of developing relationships; discovering customer’s needs; matching appropriate products with these needs; and communicating benefits through informing, reminding, and persuading

Information asymmetry

a state in which 2 or more agents engaged in a shared activity have access to equal information

Product

should be broadly interpreted to encompass goods, services, and ideas

Personal selling philosophy

Adopt the marketing concept, value personal selling, assume the role of a problem solver or partner in helping customers make informed and intelligent buying decisions

Developments Affecting Selling

Major advances in information technology and electronic commerce. Strategic resource is information. Business is defined by customer relationships. sales success depends on creating and adding value.

Information economy

The economy began shifting from an emphasis on industrial activity to an emphasis on information processing

Selling 2.0

players in today’s information age use personal computers, mobile phones, smartphones, websites, customer relationship management (CRM) applications with cloud computing, e-mail, instant messaging, blogging, and social media such as Facebook, YouTube, Twitter, and others

Value added selling

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

Titles used in Selling

Account Executive (AE)Account Representative

Psychic Income

consists of factors that provide psychological rewards, helps satisfy these important needs and motivates persons to achieve higher levels of performance.

Inside Sales Person

Employed by a wholesaler who solicits orders over the telephone. In addition to extensive product knowledge, the inside salesperson must be skilled in customer relations, merchandising, and suggestion selling

Inbound inside sales

respond to calls initiated by the customer.

Outbound inside sales

Telemarketing is a common form of outbound inside sales that serves several purposes, including sales and service.

Outside sales Person

travel to meet prospects and customers in their places of business or residence.

Trade Selling

the sale of a product or service to another member of the supply chain.

“business-to-consumer,” or “B2C” sales

retail salespeople and, in some cases, service salespeople selling to consumers. (ex. missionary, or detail, sales

Field Salespeople

handle well-established products that require a minimum of creative selling

Direct salespeople

independent contractors who generally represent manufacturers.

Customer relationship management (CRM)

process of building/maintaining strong customer relationships by providing customer value

Nonsales selling

which involves persuading, influencing, and convincing others in ways that do not involve a purchase

Knowledge workers

Individuals whose work effort is centered around creating, using, sharing, and applying knowledge.

Four groups of knowledge workers

1. Managerial personnel, 2. Professionals 3. Entrepreneurs, 4. Marketing personnel

Four Sources of Sales Training

1. Corporate sponsored training, 2. Training provided by commercial vendors, 3. Certification programs, 4. and College and university courses

business/client development

Account/business development

Customer Service representative (CSR)

workers who process reservations, accept orders by phone or other means, deliver products, handle customer complaints, provide technical assistance, and assist full-time sales representatives.