Sales Chapter 1 Exam 1

units sold x price

revenue

revenue - expenses

profit

marketing

broad, one to many strategy

sales

more one to one strategy & personalized

promotion

Personal selling is a part of which 4 P’s?

two-way flow of communication between a buyer and a seller, paid for by the seller, to influence the buyer’s purchasing decisions

Personal selling

stated needs

directly specified by the customer

stated need

example of ___ “I need a laptop with a long battery life”

unstated needs

expected but not explicitly requested

unstated need

example of ___ “They expect the laptop to be easy to set up”

real needs

the deeper reason behind a stated need

real need

example of ____”They need reliability for long work days”

delight needs

an unexpected “wow” feature

delight need

example of ___ “free technical support/ surprise accessory”

secret needs

hidden motivation the customer may not express

secret need

example of ___ “They want a premium brand because it makes them feel successful”

one sale, short-term perspective, emphasizes product, features, benefits, price, goal is immediate revenue

Transactional sales

long-term relationships, long-term perspective, emphasizes customer needs, pain points, goals, customized solution, goal is trust, loyalty, and repeat business

Relationship sales

consultative or solutions-based selling

relationship selling is also know as

connect, ask, solve, help, unite

CASHU sales process steps

earn trust and build rapport

Connect

ask questions to understand needs

Ask

match product to need

Solve

Work through concerns

Help

Close the sale/ Agree on next steps

Unite

continuous

CASHU is a ___ process

true

T/F: You should ask questions during all stages of the CASHU process

feature + so you can + benefit

benefit statement format

ask, sell

salespeople should ___ first, then ___

customer relationship management (CRM)

technology that manages a company’s interactions and relationships with potential and current customers

customer lifetime value (CLV)

total value/ profit a customer brings to a company over the entire relationship

open ended question

example of “What challenges are you having”

open ended questions

encourages detail and explores facts

close ended questions

confirms facts; yes/no and one-word answers

close ended question

example of “Are you currently using a CRM?”

probing questions

dig deeper into motivations and consequences

probing question

example of “Why has that issue be difficult for your team?”

leading questions

pushes the buyer toward a viewpoint

leading question

example of “You want the cleanest option, right?”

virtual selling

using remote communication technology to engage; can be live or delayed

social selling

developing, nurturing, and leveraging relationships online to sell products and services

new business salesperson

finds new customers and secures their business

order takers

processes customer-initiated orders

delivery salesperson

delivers products and checks inventory

consultative seller

builds long-term relationships and solves complex problems

missionary salesperson

promotes the company but does not take orders

key account seller

manages partnership relationships with a small number or major accounts

sales manager

plans, directs, and controls selling activities; sets goals and quota

is the world a better place? Is the customer’s life better?

What are the two ethical questions of sales?