Personal Selling Exam Review Flashcards

Vocabulary flashcards for Personal Selling exam review.

Personal Selling

Interpersonal interactions between buyer and seller to initiate, develop, and enhance customer relationships.

Transaction-focused selling

Focus on solving customer problems and value-adding activities; emphasizes prospecting, persuasion, and closing sales.

Relational-based selling

Focus on earning trust and using sales strategies that meet customer needs; emphasizes information gathering, listening, and problem-solving.

Adaptive selling

An alternative sales approach that adjusts to the needs and situation of the customer.

Trust-based sales process

A series of interrelated steps starting with locating qualified prospects and building trust, culminating in enhancing customer relationships.

Trust

A person's confidence in another person's reliability and integrity.

Consumer market (B2C)

A market where consumers purchase goods and services for their own use or consumption.

Business market (B2B)

Composed of firms, institutions, and governments that acquire goods and services for use as inputs, day-to-day operations, or resale.

Derived demand

Demand in the business market that is directly related to demand for consumer goods.

Strategic prospecting

A process to identify, qualify, and prioritize sales opportunities from new or existing customers.

Sales dialogue

Conversations between buyers and sellers to advance the sales process.

Active listening

The cognitive process of actively sensing, interpreting, evaluating, and responding to verbal and nonverbal messages.

Need Objection

Buyer does not feel a need for the product category.

Price Objection

Buyer has a limited budget.

LAARC

Listen, Acknowledge, Assess, Respond, Confirm - a process for handling buyer resistance.

S.M.A.R.T. Goals

Specific, Measurable, Achievable, Relevant, Time-bound goals.

Account classification

The process of placing existing customers and prospects into categories based on their potential as a customer.