Sales, Marketing, and Professional Selling

Vocabulary flashcards created to encapsulate key concepts in Sales, Marketing, and Professional Selling.

Sales

The exchange of goods or services for money.

Marketing

The process of promoting, selling, and distributing a product or service.

Conflict

A serious disagreement or argument, typically a protracted one.

Collaboration

The action of working with someone to produce or create something.

Leads

Potential customers or clients who have shown interest in a product or service.

Cold Lead

A potential customer who fits the target market but hasn't expressed interest yet.

Warm Lead

A potential customer who has shown some interest or interacted but isn’t ready to buy yet.

Consultative Selling

A sales approach that focuses on building relationships and providing solutions to customer needs.

Empathy

The ability to understand and share the feelings of another.

Prospecting

The process of searching for potential customers.

Customer Relationship Management (CRM)

A technology for managing a company’s relationships and interactions with customers and potential customers.

Value Proposition

The promise of value to be delivered to the customer; a reason for a customer to buy your product.

Automation

The use of technology to perform tasks without human assistance.

Artificial Intelligence (AI)

The simulation of human intelligence in machines programmed to think and learn.

Direct Selling

A method of selling products or services directly to consumers without retail stores.

Multilevel Marketing (MLM)

A marketing strategy where salespersons earn income through their own sales and by recruiting new members.

Sales Process

The series of steps that a salesperson follows to convert a prospect into a customer.

Handling Objections

Addressing and overcoming customer resistance to a proposed sale.

TQM (Total Quality Management)

A management approach focused on continuous improvement in quality across the organization.

Team Selling

A sales strategy where multiple employees work together to sell complex products or services.

Customer-Centric Approach

A business strategy that prioritizes the needs and preferences of customers.

Behavioral Styles (DISC)

A model that categorizes human behavior into four types: Dominance, Influence, Steadiness, and Conscientiousness.

Dominance (D) Style

A DISC personality type that is assertive, results-driven, and swift in decision-making.

Influence (I) Style

A DISC personality type that is outgoing, persuasive, and focuses on relationships.

Steadiness (S) Style

A DISC personality type characterized as calm, patient, and relationship-driven.

Conscientiousness (C) Style

A DISC personality type marked by a focus on detail, accuracy, and logical reasoning.

Communication

The imparting or exchanging of information by speaking, writing, or using some other medium.

Soft Skills

Interpersonal skills such as communication, teamwork, and problem-solving.

Hard Skills

Specific, teachable abilities or knowledge sets such as data analysis or mathematics.

Psychological Reciprocity

The phenomenon where adjusting your communication style prompts the other person to mirror you.

Cognitive Dissonance

The mental discomfort experienced by a person who holds contradictory beliefs or values.

Buyer’s Remorse

The feeling of regret after making a purchase.

Sales Techniques

Methods used by sales professionals to persuade customers to make a purchase.

Referral

A recommendation of a potential customer from an existing customer.

Trust

A firm belief in the reliability, truth, or ability of someone or something.

Networking

Interacting with others to exchange information and develop professional or social contacts.

Negotiation

The process of discussing something with someone in order to reach an agreement.

Expected Value

The predicted value of a time-discounted return on sales or investment.

Performance Management

The process of ensuring employees perform to the best of their abilities.

Customer Churn

The rate at which customers stop doing business with an entity.

External Market Research

The collection and analysis of data regarding the external market to inform business decisions.

Resistance Management

Strategies to overcome objections and concerns from potential customers.

Customized Solutions

Tailored products or services specifically designed to meet individual customer needs.

Sales Quota

A sales goal set for a sales representative to achieve in a particular timeframe.

Cross-Selling

The practice of selling an additional product or service to an existing customer.

Upselling

Encouraging customers to purchase a more expensive or upgraded version of a product.

Market Penetration

The percentage of your target market that consumes your product or service.

Competitive Advantage

An attribute that allows an organization to outperform its competitors.

Brand Loyalty

The tendency of consumers to continue buying the same brand of goods rather than competing brands.

Database Marketing

Using a database of customers to develop personalized marketing strategies.

Digital Literacy

The ability to effectively find, evaluate, and communicate information in digital environments.

Psychographic Segmentation

The process of dividing consumers based on their psychological attributes.

Geographic Segmentation

Dividing a market into segments based on geographic location.

Sales Funnel

The marketing term for the journey potential customers take on the way to purchase.

Conversion Rate

The percentage of potential customers who take a specific action.”},{