MKT 315 Exam 2

Chapters 7,8,9,11 & Building Relationships Materials

Sales Call Planning

The process of preparing in advance for a meeting with a potential buyer, including gathering information, setting objectives, and developing a strategy.

Precall Information

Data collected about the prospect, their business, and their needs prior to the sales call.

Customer Value Proposition (CVP)

A clear statement of how the product or service solves the customer’s problem or improves their situation.

Call Objectives

Specific, measurable goals the salesperson hopes to achieve during the call.

Primary Call Objective

The main outcome the salesperson hopes to accomplish during the sales visit.

Secondary Call Objective

Additional smaller goals that support the primary objective.

Minimum Call Objective

The least favorable result the salesperson is willing to accept from the call.

Optimistic Call Objective

The best possible outcome that could realistically be achieved in a call.

SMART Objectives

Goals that are Specific, Measurable, Achievable, Realistic, and Time-based.

Seeding

Providing the prospect with valuable information or insights before the meeting.

Sales Call Strategy

The overall approach for engaging the customer during the call.

Customer Benefit Plan

A written plan identifying how the salesperson’s products meet the prospect’s needs.

Agenda Approach

A method of beginning a sales call by reviewing what will be covered during the meeting.

SMART Planning

The disciplined process of defining what success looks like for each call.

Competitive Intelligence

Information about competitors’ offerings gathered before a sales call.

Sales Portfolios

Collections of sales materials used to support credibility during presentations.

Gatekeepers

Individuals who control access to key decision-makers within an organization.

Influencers / Decision-Makers

Key individuals who affect or make the final purchasing decision.

Customer Mapping

Identifying and understanding all people involved in the buying process.

Strategic Prospecting

A planned process of identifying, qualifying, and prioritizing potential customers.

Approach

The initial phase of the sales call where rapport is established.

Rapport

A close, harmonious relationship built on trust between buyer and seller.

Small Talk

Casual conversation at the beginning of the sales call.

Benefit Opening

A sales call opening that states a benefit of the product or service.

Product Opening

Demonstrating or offering a product sample early in the sales call.

Referral Opening

Using the name of a satisfied customer to gain the prospect’s interest.

Question Opening

Beginning the call with a question designed to engage the buyer quickly.

Agenda Opening

Explaining what will be covered during the sales call.

Survey Questions

General questions used to discover the prospect’s basic needs.

Probing Questions

Targeted questions uncovering deeper needs and motivations.

SPIN Technique

A questioning strategy that uses Situation, Problem, Implication, and Need-payoff questions.

Situation Questions

Questions that gather facts about the buyer’s current processes.

Problem Questions

Questions that identify and explore specific difficulties the buyer is experiencing.

Implication Questions

Questions that help the buyer recognize the consequences of their problems.

Need-Payoff Questions

Questions encouraging the buyer to articulate the value of solving their problem.

Active Listening

The process of fully concentrating and responding thoughtfully to what the buyer says.

Nonverbal Communication

The use of body language and tone of voice in communication.

Transition

The point in the sales call moving from questioning to presenting solutions.

Adaptive Selling

Adjusting sales behaviors based on the buyer's personality and responses.

Listening for Buying Signals

Paying attention to cues indicating the buyer’s readiness to move forward.

FAB Approach

Communicating product Features, Advantages, and Benefits.

Trial Close

A question used during the sales call to gauge the buyer’s attitude.

Objection Handling

Addressing buyer concerns effectively to maintain trust and progress.

Two-Way Communication

A balanced dialogue where both buyer and seller exchange information.

Credibility Statement

A brief statement establishing the salesperson’s qualifications.

Positional Selling

A sales approach where the salesperson emphasizes distinct value within the customer’s decision framework.

Preferred Position

The state where the salesperson or company is viewed as the best choice.

Negative Position

When the buyer perceives the salesperson unfavorably.

Unique Value Proposition (UVP)

A statement explaining how a product or service is better than competitors.

Competitive Positioning

Defining how a company or product is perceived relative to competitors.

Dependency Relationship

A relationship where one party heavily relies on the other.

Interdependent Relationship

A collaborative relationship where both parties rely on each other.

Opportunity Gap

The measurable difference between a buyer’s current and desired situation.

Selective Perception

The tendency to interpret information based on existing beliefs.

Objective Perception

Viewing information without bias, focusing on facts.

LAARC

A structured method for handling objections with five steps.

Commitment

The prospect’s agreement to move forward in the sales process.

Closing the Sale

The process of asking for and obtaining the buyer’s agreement to purchase.

Buying Signals

Verbal or nonverbal cues indicating the buyer’s readiness to commit.

Trial Close

A question or statement to gauge the buyer’s interest before the actual close.

Direct Request Close

Simply asking for the order in a straightforward manner.

Benefit Summary Close

Summarizing key benefits before asking for the order.

Balance Sheet Close

Listing reasons for and against buying to help the buyer evaluate.

Alternative Choice Close

Offering the buyer two positive options to guide decision-making.

Assumptive Close

Acting as if the buyer has already decided to purchase.

Standing-Room-Only (SRO) Close

Creating urgency by emphasizing limited availability.

Benefit-in-Reserve Close

Holding back a key benefit until the end of the sales call.

Emotional Close

Appealing to the buyer’s emotions to encourage commitment.

Summary-of-Benefits Close

Reviewing key features and benefits before asking for the sale.

Minor-Points Close

Getting the buyer to agree to small points throughout the call.

Buying Conditions

Specific elements that must be fulfilled before the customer agrees to make a purchase.

Closing Cue

Any signal indicating the buyer’s desire to move forward.

Commitment Objective

The specific goal the salesperson aims to achieve by the end of the sales call.

Incremental Commitment

Gaining agreement step-by-step throughout the sales process.

Defer Commitment

When the buyer is not ready to purchase; may require follow-up actions.

Buyer’s Remorse

Post-purchase anxiety or doubt the customer feels after making a decision.

Confirming the Sale

Reinforcing the buyer’s decision by reviewing what was agreed upon.

Follow-Up

The actions taken after the sale to ensure satisfaction and build loyalty.

Relationship Commitment

The buyer’s willingness to engage in a long-term relationship.

Ethical Closing

Ensuring that commitment is gained honestly and without pressure.

Closing Ratio

The percentage of sales calls that result in a successful close.

Sales Presentation

A planned communication designed to persuade the buyer.

Feature–Benefit Selling

Translating product features into benefits for the buyer.

FAB Approach

A framework emphasizing Features, Advantages, and Benefits.

Quantifying the Solution

Using measurable data to demonstrate financial value.

Return on Investment (ROI)

A financial metric showing the profitability of the purchase.

Payback Period

The time it takes for the buyer’s investment to be recovered.

Profit Margin

The difference between a product’s selling price and its cost.

Value Analysis

Demonstrating how benefits outweigh costs.

Visual Aids

Tools used to support and clarify the salesperson’s message.

Net Present Value (NPV)

A metric measuring the difference between cash inflows and outflows.

Product Demonstration

Showing how the product works to build confidence.

Portfolio

A collection of documents and visuals used to enhance credibility.

Testimonials

Statements from satisfied customers validating product performance.

Case History

A detailed example showing how the product solved a problem.

Product Literature

Materials that support the sales message and provide details.

Credibility

The buyer’s perception of the salesperson’s trustworthiness.

Balanced Presentation

Presenting both strengths and limitations of the product.

Voice Characteristics

The tone, pitch, and pace of speech influencing persuasion.

Verbal and Nonverbal Communication

Coordinating spoken words with body language to convey confidence.