Principles of Marketing 16-20

Sales force management

is the analysis, planning, implementation, and control of sales force activities.

Territorial sales force structure

each salesperson is assigned an exclusive geographic area and sells the company’s full line of products and services to all customers in that territory.

Product sales force structure

each salesperson sells along product lines.

Customer sales force structure

each salesperson sells along customer or industry lines.

Outside sales force

are salespeople who travel to call on customers in the field.

Inside sales force

are salespeople who conduct business from interactions, or visits from prospective buyers.

Team selling

involves using teams of people from sales, marketing, engineering, finance, technical support, and even upper management to service large, complex accounts via telephone, online and social media.

Sales quotas

are standards stating the amount salespeople should sell and how sales should be divided among the company’s products.

Social selling

is the use of online, mobile, and social media to engage customers, build stronger customer relationships, and augment sales performance.

Prospecting

identifies qualified potential customers through referrals from:

• Customers

• Suppliers

• Dealers

• Internet

Preapproach

is the process of learning as much as possible about a prospect, including needs, who is involved in the buying, and the characteristics and styles of the buyers.

Approach

is the process where the salesperson meets and greets the buyer and gets the relationship off to a good start and involves the salesperson’s:

• Appearance

• Opening lines

• Follow-up remarks

Presentation

is when the salesperson tells the product story to the buyer, presenting customer benefits, and showing how the product solves the customer’s problems.

Handling objections

is the process where salespeople resolve problems that are logical, psychological, or unspoken.

Closing

is the process where salespeople should recognize signals from the buyer—including physical actions, comments, and questions—to ask for a order and finalize the sale.

Follow-up

is the last step in which the salesperson follows up after the sale to ensure customer satisfaction and repeat business.

Sales promotion

refers to the short-term incentives to encourage purchases or sales of a product or service now.

Event marketing/sponsorship

is creating a brand-marketing event or serving as a sole or participating sponsor of events created by others.

Digital consumer personas

detailed, nuanced, and tangible representations of prototypical consumers to be targeted by the digital campaign.

Consumer omni-channel navigation behavior

The consumer’s use of multiple marketing channels, both digital and nondigital, across stages of the consumer buying decision process.

Branded Community websites

present brand content that engages consumers and creates customer community around a brand.

Online advertising

advertising that appears while consumers are browsing online and includes display ads, search-related ads, online classifieds, and other forms.

Online display ads

are digital ads that appear anywhere on an internet or mobile user’s screen and are often related to the information being viewed.

Viral marketing

is the digital version of word-of-mouth marketing: videos, ads, and other marketing content that are so infectious that customers will seek them out and pass them along to friends.

Mobile marketing

delivers messages, promotions, and other content to on-the-go consumers through mobile phones, smartphones, tablets, and other mobile devices.

Competitive advantage

require delivering more value and satisfaction to target consumers than competitors.

Competitor analysis

is the process of identifying, assessing, and selecting key competitors.

Competitive marketing strategies

are how companies analyze their competitors and develop value-based strategies for profitable customer relationships.

Strategic group

a set of firms in an industry following the same or a similar strategy, such as pursuing similar quality levels, pricing, or product lines

benchmarking

the process of comparing a company’s products, processes, and marketing strategies against competitors or industry leaders to identify best practices and improve quality and performance.

Customer value analysis

determines the benefits that target customers’ value and how customers rate the relative value of various competitors’ offers.

Competitor-centered company

spends most of its time tracking competitors’ moves and market shares and trying to find ways to counter them.

Customer-centered company

spends most of its time focusing on customer developments in designing strategies.

market-centered company

spends most of its time focusing on both competitor and customer developments in designing strategies.

Entrepreneurial marketing

involves visualizing an opportunity and constructing and implementing flexible strategies.

Formulated marketing

involves developing formal marketing strategies and following them closely.

Intrapreneurial marketing

involves the attempt to reestablish an internal entrepreneurial spirit and refresh marketing strategies and approaches.

Overall cost leadership strategy

A company achieves the lowest production and distribution costs and allows it to lower its prices and gain market share.

Exporting

occurs when the company produces its goods in the home country and sells them in a foreign market. It is the simplest means involving the least change in the company’s product lines, organization, investments, or mission.

Joint venturing

takes place when a firm joins with foreign companies to produce or market products or services.

Licensing

when a firm enters into an agreement with a licensee in a foreign market. For a fee or royalty, the licensee buys the right to use the company’s process, trademark, patent, trade secret, or other item of value.

Contract manufacturing

is when a firm contracts with manufacturers in the foreign market to produce its product or provide its service. Benefits include faster startup, less risk, and the opportunity to form a partnership or to buy out the local manufacturer.

management contracting

when the domestic firm supplies management skill to a foreign company that supplies capital. The domestic firm is exporting management services rather than products.

Joint ownership

when one company joins forces with foreign investors to create a local business in which they share joint ownership and control. Joint ownership is sometimes required for economic or political reasons.

Direct investment

the development of foreign-based assembly or manufacturing facilities.

Standardized global marketing

a global marketing strategy that basically uses the same marketing strategy and mix in all of the company’s global markets.

Adapted global marketing

a global marketing approach that adjusts the marketing strategy and mix elements to each global target market, which increases costs but hopefully yields larger market shares and financial returns.

Straight product extension

means marketing a product in a foreign market without any change.

Product adaptation

involves changing the product to meet local conditions or wants.

Product invention

consists of creating something new for a specific country market.

Uniform pricing

charges the same price in all markets but does not consider income or wealth where the price may be too high in some or not high enough in other markets.

Standard markup pricing

is a price based on a percentage of cost but can cause problems in countries with high costs.

Sustainable marketing

is socially and environmentally responsible marketing that meets the present needs of consumers and businesses while also preserving or enhancing the ability of future generations to meet their needs.

Environmentalism

is an organized movement of concerned citizens, businesses, and government agencies to protect and improve people’s living environment.

Product stweardship

involves minimizing the pollution from production and all environmental Impact throughout the full product life cycle.