UCF MAR 3391 Exam 1

Creativity

the trait of having imagination and inventiveness and using them to come up with new solutions and ideas

Customer-centric

process of making the customer the center of everything that the selling firm does

Customer lifetime value

the sum of the customer's purchase over its entire life

Customer relationship management

a system to organize information about customers, their needs, company information, and sales information

Customer value proposition

the way in which a salesperson's product or service will meet the prospect's needs and how that is different from the offerings of competitors, especially the next-best-alternative

Distribution channel

set of people and organizations responsible for the flow of products and services from the producer to the ultimate user

Emotional intelligence

the ability to effectively understand and use your own emotions and those of people with whom you interact.

Field salespeople

salespeople who spend considerable time in the customer's place of business, communicating with the customer's face-to-face

Go-to-market strategies

the various options that firms have to sell their products. Example: internet, franchises, telemarketers

Inside salespeople

salespeople who work at their employer's location and interact with customers by telephone or letter

Integrated marketing communications

coordinated communications programs that exploit the strengths of various communication vehicles to maximize the total impact on customers

Four aspects of Emotional Intelligence

1. knowing your own feelings and emotions as they are happening, 2. controlling your emotions so you do not act impulsively 3. recognizing your customer's emotions (empathy) 4. using your emotions to interact effectively with customers

Manufacturers' agents

independent businesspeople who are paid a commission by a manufacturer for all products and services the agents sell

Missionary salespeople

salespeople who work for a manufacturer and promote the manufacturer's products to other firms. Those firms buy products from distributors or other manufacturers, not directly from the salesperson's firm

Multichannel strategy

the process of a firm using various go-to-market strategies at the same time

Personal selling

interpersonal communication process in which a seller uncovers and satisfies the needs of a buyer to the mutual, long-term benefit of both parties

Sales force-intensive organization

firms whose go-to-market strategy relies heavily on salespeople

Six sigma selling programs

programs designed to reduce errors introduced by the selling system

Trade salespeople

salespeople who sell to firms that resell the products rather than using them within their own firms

24/7 service

a selling firm that is available 24 hours a day, 7 days a week

Value

the total benefit that the seller's products and services provide to the buyer. Also, the customer's perceived benefit received minus the selling price and minus the costs and hassles of buyting

Administrative law

laws established by local, state, or federal regulatory agencies, such as the Federal Trade Commission or the Food and Drug Administration

Agent

person who acts in place of his or her company

Backdoor selling

actions by one salesperson that go behind the back of a purchaser to directly contact other members of the buying center

Bribes

payments made to buyers to influence their purchase decisions

Business defamation

making unfair or untrue statements to customers about a competitor, its products, or its salespeople

Canned sales pitch

a scripted sales pitch to follow without deviation

Collusion

agreement among competitors, made after contacting customers, concerning their relationship with customers

Common law

legal precedent that arise out of court decisions

Conspiracy

agreement among competitors, made prior to contacting customers, concerning their relationships with customers

Contract to sell

offer made by a salesperson that received an unqualified acceptance by a buyer

Credulous person standard

Canadian law stating that a company is liable to pay damages if advertising and sale presentation claims and statements about comparison with competitive products could be misunderstood by a reasonable person

Cultural relativism

a view that no culture's ethics are superior to those of another culture's

Deception

unethical practice of withholding information or telling white lies

Ethical imperialism

the view that the ethical standards that apply locally or in one's home country should be applied to everyone's behavior around the world

Ethics

principles governing the behavior of an individual or a group

Expressed warranty

warranty specified through oral or written communications

False Claims Act

1863 law encouraging citizens to press claims against vendors that sell fraudulently

Free on board (FOB) destination

the seller has title until the goods are received at the destination

FOB factory

the buyer has title when the goods leave the seller's facility

Foreign Corrupt Practices Act

law that governs the behavior of U.S. business in foreign countries; restricts the bribing of foreign officials

Implied warranty

warranty that is not expressly stated through oral or written communication but is still an obligation defined by law

Invitation to negotiate

the initiation of an interaction, usually a sales presentation, that results in an offer

Kickbacks

payments made to buyers based on the amount of orders they place for a salesperson's products or services

Lubrication

small sums of money or gifts, typically paid to officials in foreign countries, to get the officials to do their jobs more rapidly

Manipulation

practice by a salesperson to eliminate or reduce the buyer's choice unfairly

Offer

specific statement by a seller outlining what the seller will provide and what is expected from the buyer

Orders

written orders that become contracts when they are signed by an authorized representative of a salesperson's company

Persuasion

practice by a salesperson designed to influence the buyer's decision, not manipulate it.

Price discrimination

situation in which a seller gives unjustified special prices, discounts, or special services to some customers and not to others

Privacy laws

laws that limit the amount of information that a firm can obtain about a consumer and specify how the information can be used or shared

Reciprocity

special relationship in which two companies agree to buy products from each other

Resale price maintenance

contractual term in which a producer establishes a minimum price below which distributors or retailers cannot sell their products

Sale

the transfer of title to goods and services by the seller to the buyer in exchange for money

Sales puffery

exaggerated statements about the performance of products or services

Sexual harassment

unwelcome sexual advances, requests for sexual favors, and other, similar verbal (jokes) and nonverbal (graffiti) behaviors

Spiffs (push money)

payments made by a producer to a reseller's salespeople to motivate the salespeople to sell the producer's products or services

Statutory Law

laws based on legislation passed by either state legislatures or Congress

Subordination

payment of large sums of money to officials to get them to do something that is illegal

Trade Secret

information owned by a company that gives it a competitive advantage

Tying agreement

agreement between a buyer and a seller in which the buyer is required to purchase one product to get another

Uniform Commerical Code (UCC)

legal guide to commerical practice in the US

Warranty

assurance by the seller that the goods will perform as represented

Active listening

process in which the listener attempts to draw out as much information as possible by actively processing information received and stimulating the communication of additional information

Analogy

drawing a parallel between one thing and another

Articulation

the production of recognizable speech

Body language

nonverbal signals communicated through facial expressions, arms, hands, and legs.

Decoding

communication activity undertaken by a receiver interpreting the meaning of the received message

80-20 listening rule

a guideline that suggests salespeople should listen 80 percent of the time and talk 20 percent of the time

Encoding

communication activity undertaken by a sender translating his or her thought into a message

Feedback

information given to salesperson indicating how he or she is performing

Inflection

tone of voice

Intimate zone

that physical space around a buyer that is reserved primarily for a person's closest relationships.

Loudness

speech characterized by high volumes and intensity

Noises

sounds unrelated to the message being exchanged between a salesperson and a customer

Nonverbal communication

nonspoken forms of expression-body language, space, and appearance-that communicate thoughts and emotions

Personal zone

that physical space around a buyer that is reserved for close friends and those who share special interests

Public zone

that physical space around a person in which listening to speeches and interacting with passersby is comfortable for that person

Response time

the time between sending a message and getting a response to it

Adaptive selling

approach to personal selling in which selling behaviors and approaches are altered during a sales interaction or across customer interactions, based on information about the nature of the selling situation

Amiable

describes people who like cooperation and close relationships. Low on assertiveness and high on responsiveness

Analytical

describes people who emphasize facts and logic. Low on assertiveness and responsiveness

Assertiveness

the degree to which people have opinions on issues and publicly make their position clear to others

Customized presentation

presentation developed from a detailed and comprehensive analysis or survey of the prospect's needs that is not canned or memorized in any fashion

Diagnostic feedback

information given to a salesperson indicating how he or she is performing

Driver

describes taskoriented people who are high on assertiveness and low on responsivess

Expert system

computer program that mimics a human expeert

Expressive

describes people who are both competitive and approachable. Hign on assertiveness and responsiveness

Outlined presentation

systematically arranged presentation that outlines the most important sales points. Often includes the necessary steps for determining the prospect's needs and for building goodwill at the close of the sale

Performance feedback

a type of feedback that salespeople often get from thier supervisors that focuses on the seller's actual performance during a sales call

Responsiveness

the degree to which people react emotionally when they are in social situations

Social style matrix

method for classifying customers based on their preferred communication style

Standard memorized presentation

carefully prepared sales story that includes all the key selling points arranged in the most effective order; often called a canned sales presentation

Versatility

a characteristics, associated with the social style matrix, of people who increase the productivity of social relationships by adjusting to the needs of the other party

Application form

preprinted form completely by a job applicant

Assessment center

central location for evaluating job candidates

Conventional resume

form of life history organized by type of work experience

Disguised interview

discussion between an applicant and an interviewer in which that applicant is unaware that the interviewer is evaluating the applicant for the position

Felt stress

persistent and enduring psychological distress brought about by job demands or constraints encountered in the work environment

Functional resume

life history that reverses the content and titles of a conventional resume and is organized by what a candidate can do or has learned rather than by types of experience