ProSales Exam 2

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50 Terms

1

value

relationship between costs and benefits

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2

question

(technique for handling objections)

turn customer concern into question and refocus on strengths

  • get customer thinking in a new way

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3

direct denial

(technique for handling objections)

confrontational strategy

  • customers may react negatively

  • use when customers statement is clearly false

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4

indirect denial

(technique for handling objections)

agree, validate objection and explain why untrue

  • less threatening

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5

feel-felt-found

(technique for handling objections)

acknowledge customer’s feelings, extend feelings, counter

  • technique has been around for awhile

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6

3rd party endorsements

(technique for handling objections)

use of outside parties to bolster statements

  • using referrals, reference other companies

  • adds credibility

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7

bounce back

(technique for handling objections)

turns concern into reason for action

  • more aggressive

  • effective with objections about time or price

  • revisit something else in conversation

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8

defer

(technique for handling objections)

address later in agenda

  • postpone until later

  • suggest customer listen to entire presentation

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9

trial offer

(technique for handling objections)

calms objects by testing products

  • define terms

  • no commitment to purchase

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10

sales call planning

  • strongest tool is preparation

  • formalize your presentation

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11

closing

  • achievement of sales call goals

  • natural progression of dialogue

  • adopt buyer’s perspective to work towards solutions

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12

direct close

ask for order

  • straight forward

  • effective if buyer is driver

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13

assumptive close

assumes next steps

  • communicate like they will buy

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14

minor point close

something small that indicates a larger agreement

ex: What color do you prefer?

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15

alternative choice close

choosing between viable choices

  • ask multiple choice questions

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16

summary of benefits close

review benefits, ask direct close

  • formal method of closing

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17

buy now close

creates urgency

  • must be honest

  • "standing room” close

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18

common mistakes in closing

  1. bad attitude

  2. ineffective preapproach

  3. talking instead of listening

  4. “one size fits all”

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19

negotiation

  • occurs anytime two or people need to resolve a difference of opinion

  • need to come to agreement

  • does not mean conflict

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20

avoiding

(technique for negotiations)

postpone to win

  • low-low

  • emotionally charged situations

  • stronger alternative to consider

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21

compromising

(technique for negotiations)

split the difference

  • collaborating is not possible but goals must be achieved

  • use facets of different styles

  • start with small solutions

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22

accommodating

(technique for negotiations)

lose to win

  • relationship > outcome

  • good to let other party “win”

  • delay bigger negotiation

  • short term loss for long term gain

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23

competing

(technique for negotiations)

win-lose

  • outcome > relationship

  • need to win over expense of relationship

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24

collaborating

(technique for negotiations)

win-win

  • high-high

  • both parties must achieve goal

  • fairness, honest, creative

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25

negotiation matrix

knowt flashcard image
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26

business ethics

principles and standards that guide behavior in world of business

  • right-wrong

  • externally derived

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27

ethics

principles governing behavior of an individual or group

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28

morals

standards of behavior or beliefs concerning what is acceptable or not

  • internally derived

  • very personal

  • “good” or “bad” component

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29

laws

system of rules that a particular country or community recognizes as regulating actions, enforceable with penalties

  • not always right-wrong

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30

utilitarian theory

no act in itself is right or wrong, based on results they yield

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31

duty ethics

  • not concerned with consequences of act

  • morally obligated to act a certain way

    ex: child labor

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32

virtue ethics

  • desirable characteristics and promote in others

  • emphasize individual character

  • rightness or wrongness of individual actions

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33

market orientation

all actions taken by the firm are meant to maximize success in competitive market

  • ultimate focus on customer

  • relationship business model

  • retention, acquisition, profitability

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34

customer value

customer weighs the cost of relationship with the seller, benefits outweigh the cost

  • enhanced by CRM

  • 360 degree view of customer

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35

phases of relationship development

  1. awareness

  2. exploration

  3. expansion

  4. commitment

  5. dissolution

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36

prospecting- MAD

M- money

A- authority

D- desire

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37

initiator

starts buying process

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38

gatekeeper

controls flow of information

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39

users

influence steps, don’t have buying power

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40

influencers

directly or indirectly provide information

  • economic

  • technical

  • coach

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41

buyer

contacts seller to place order

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42

decider

makes final decision

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43

controller

sets budget

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44

two way communication

both parties are senders and receivers

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45

encoding

translation of thoughts into words

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46

decoding

interpreting meaning of message

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47

feedback

information given back to indicate understanding

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48

persuading

sales persons primary objective

  • influencing buyer’s decision

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49

manipulation

eliminating or reducing buyer’s choice

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50

key follow up

  1. customer satisfaction

  2. customer retention and loyalty

  3. reexamine value added

  4. reset customer expectations

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