PROF SELLING EXAM 2

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58 Terms

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Product strategy, p. 117: Product strategy

is a well-conceived plan that emphasizes becoming a product expert, selling specific benefits, and configuring value-added solutions (Figure 6.1).

 

 

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Solution, p. 117: A solution

is a mutually shared answer to a recognized customer problem.

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Solution selling, p. 117: Solution selling

is thought of as a process by which the salesperson uncovers and clarifies a customer’s problem, works with the customer to create a vision of how things could be better, and then develops a plan for implementing the vision.

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Product configuration,

p. 118: The product selection process

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Written proposals, p. 119: “Written proposals”

can be defined as a specific plan of action based on the facts, assumptions, and supporting documentation included in the sales presentation.

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Quality control, p. 120: Quality control,

which involves measuring products and services against established standards, is one dimension of the typical quality improvement process.

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Quantifying the solution, p. 122:

The process of determining whether or not the proposal adds value is often called .

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Return on investment (ROI), p. 122:

Another way to quantify the solution is to calculate the ROI. As products and services become more complex, customers look at the financial reasons for buying. Sales proposals containing ROI are more likely to get a favorable response from decision makers.

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Organizational culture, p. 123: Organizational culture

is a collection of beliefs, behaviors, and work patterns held in common by people employed by a specific firm.

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Product information management (PIM), p. 127: Product information management (PIM)

helps manage digital assets such as images.

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Feature, p. 128: A feature

is data, facts, or characteristics of your product or service. Features often relate to craftsmanship, design, durability, and economy of operation.

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Feature dump, p. 128: A feature dump

consists of talking about the great things product X or service Y has without enabling a customer to see what it means to him or her.

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Benefit, p. 128: A benefit is

whatever provides the customer with a personal advantage or gain.

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Bridge statement, p. 129: A bridge statement

is a transitional phrase that connects a statement of features with a statement of benefits.

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CHAPTER 7

CHAPTER 7

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Positioning, p. 135: Positioning

involves those decisions and activities intended to create and maintain a certain concept of the product in the customer’s mind.

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Differentiation, p. 136: Differentiation

refers to your ability to separate yourself, your product, and/or your company from that of your competitors. It is the key to building and maintaining a competitive advantage.

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Value proposition, p. 136: A value proposition

is the set of benefits and values the salesperson configures to meet and exceed their customers’ specific needs.

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Satisfactions, p. 137: Satisfactions

arise from the product itself, from the company that makes or distributes the product, and from the salesperson that sells and services the product

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3D Product Solutions Selling Model, p. 137: The 3D Product Solutions Selling Model

illustrates the product, company, and salesperson features available to satisfy the customer’s potential 3D cluster of satisfactions.

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Product life cycle, p. 139: The product life cycle

includes the stages a product goes through from the time it is first introduced to the market until it is discontinued.

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Quantity discount, p. 142: The quantity discount

allows the buyer a lower price for purchasing in multiple units or above a specified dollar amount.

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Seasonal discount, p. 142: With seasonal pricing,

the salesperson adjusts the price up or down during specific times to spur or acknowledge changes in demand.

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Promotional allowance, p. 142: A promotional allowance

is a price reduction given to a customer who participates in an advertising or a sales support program.

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Trade or functional discount, p. 142: Trade or functional discounts

cover the cost of services such as perform credit, storage, or transportation services provided by channel intermediaries.

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Value-Added Product-Selling Model, p. 144: The Value-Added Product-Selling Model

is made up of four “possible” products: the generic product, the expected product, the value-added product, and the potential product (Figure 7.3).

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Generic product, p. 145: The generic product

is the basic, substantive product you are selling.

 

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Expected product, p. 145: The expected product

is everything that represents the customer’s minimal expectations.

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Value-added product, p. 146: The value-added product

exists when salespeople offer customers more than they expect and may not even know exists.

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Potential product, p. 146: The potential product

refers to what may remain to be done, that is, what is possible.

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CHAPTER 8

CHAPTER 8

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Customer strategy, p. 155: A customer strategy

is a carefully conceived plan that results in understanding the customer’s perceptions and maximizing customer satisfaction and responsiveness.

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Consumer buyer behavior, p. 156: Consumer buyer behavior

refers to the buying behavior of individuals and households who buy goods and services for personal consumption.

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New-task buy, p. 157:

A first-time purchase of a product or service is a

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Straight rebuy, p. 158: A straight rebuy

is a routine purchase of items needed by a business-to-business customer.

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Modified rebuy, p. 158:

From time to time, customers may wish to modify product specifications, change delivery schedules, or renegotiate prices, and then re-purchase.

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Habitual buying decisions, p. 158: Habitual buying decisions

usually require very little consumer involvement, and brand differences are usually insignificant.

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Variety-seeking buying decisions, p. 158: Variety-seeking buying decisions

are characterized by low customer involvement, but important perceived brand differences.

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Complex buying decisions, p. 158: Complex buying decisions

are characterized by a high degree of involvement by the consumer. Consumers are likely to be highly involved when the product is expensive, purchased infrequently, and highly self-expressive.

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Buying process, p. 159: The buying process

is a systematic series of actions or a series of defined, repeatable steps intended to achieve a result.

 

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Buyer resolution theory, p. 163

: One traditional point of view is based on the assumption that a final buying decision is possible only after the prospect has answered five logical questions (see Figure 8.4).

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Self-actualization, p. 165:

Maslow defined the term self-actualization as a need for self-fulfillment, a full tapping of one’s potential. It is the need to “be all that you can be,” to have mastery over what you are doing.

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Group influences, p. 166:

The people around us also influence our buying decisions. These group influences can be grouped into four major areas: (1) role influences, (2) reference groups, (3) social class, and (4) culture and subculture.

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Culture, p. 167: Culture

can be defined as the accumulation of values, rules of behavior, forms of expression, religious beliefs, transmitted behavior patterns, and the like for a group of people who share a common language and environment.

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Buying motive, p. 168: A buying motive

can be thought of as an aroused need, drive, or desire

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Emotional buying motive, p. 169: An emotional buying motive

is one that prompts the prospect to act because of an appeal to some sentiment or passion.

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Rational buying motive, p. 169: A rational buying motive

usually appeals to the prospect’s reason or judgment based on objective thought processes.

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Patronage buying motive, p. 170: A patronage buying motive

is one that causes the prospect to buy products from one particular business.

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Product buying motive, p. 170: A product buying motive

is one that leads a prospect to purchase one product in preference to another.

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CHAPTER 9

CHAPTER 9

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Prospecting, p. 176:

Identifying and developing potential customers is an important aspect of the customer strategy is called

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Account or business development, p. 176:

Prospecting and account development are the systematic processes of locating potential customers. In business-to-business sales (B2B), the process of prospecting is often referred to as

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Prospect, p. 176: A potential prospect or account

is an individual or business that meets the qualification criteria established by you or your company.

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Prospect base p. 177:

The goal of prospecting is to build a qualified prospect base made up of current customers and potential customers.

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Referral, p. 179: A referral

is a prospect that has been recommended by a current customer or by someone who is familiar with the product.

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Digital Sales, p. 182:

the practice of marketing goods and services through telephone contact.

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Cold calling, p. 184: In cold calling,

salespeople select a group of people they anticipate may become actual prospects and then call (by phone or personal visit) on each one.

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