Sales and Marketing Video Notes - Vocabulary Flashcards

A set of vocabulary flashcards covering key sales and marketing concepts from the video notes.

Prospecting

The process of identifying and qualifying potential customers or leads.

Approach

The initial stage to build rapport and begin identifying customer needs.

Presentation

The stage where the salesperson presents the product or solution to the prospect.

Handling Objections

Addressing customer concerns and questions to resolve hesitations.

Close

The act of obtaining a purchase commitment from the customer.

Follow-up

Post-sale activities to ensure satisfaction and encourage future business.

BANT

A lead qualification framework: Budget, Authority, Need, Timeline.

Not Qualified

A lead lacking one or more BANT components; not ready to pursue.

Decision-making authority

The person who has the power to approve the purchase.

Timeframe

The customer's buying timeline or urgency.

FAB model

A sales framework with Feature, Advantage, and Benefit.

Feature

What the product or service does.

Advantage

The positive edge a feature provides.

Benefit

The value or payoff to the customer from a feature.

Open-ended question

A question that invites elaboration rather than a yes/no answer.

Referrals

Leads obtained from existing customers through recommendations.

Nonverbal buying signals

Body language cues indicating interest, such as leaning forward, nodding, and note-taking.

Timing objection

An objection based on timing or urgency.

Trust objection

An objection about trusting the seller or company.

Objection handling

The process of acknowledging, responding to, and confirming objections.

Assumptive close

A closing technique that assumes the sale and asks for delivery or next steps.

Direct close

A closing technique that explicitly asks for the sale.

Trial close

A check-in to gauge readiness to proceed and uncover objections.

Territory management

Assigning regions or customers to sales reps to optimize coverage.

Intrinsic motivation

Internal drivers such as achievement or personal growth.

Extrinsic motivator

External rewards like pay or recognition.

Recognition

External acknowledgment of achievement used as motivation.

Performance appraisal

Evaluation of a salesperson's quotas and results.

Unethical

Conduct that violates ethical standards.

Ethical behavior

Conducting sales with honesty, fairness, and integrity.

Code of ethics

Company guidelines for ethical decision-making and behavior.

Truth-in-Advertising Law

Law regulating deceptive advertising and requiring truthful claims.

Customer Lifetime Value (CLV)

Total profit from a customer over the entire relationship.

ROI

Return on Investment: (Gain − Cost) ÷ Cost.

Forecasting

Estimating future sales to plan production, staffing, and budgets.

Volume

The amount of data in Big Data; one of the three Vs.

Velocity

The speed at which data is generated and processed; one of the three Vs.

Variety

The diversity of data types and sources; one of the three Vs.

Analytical CRM

A CRM system that analyzes data to generate insights.

360° customer view

A comprehensive view of a customer from all touchpoints.

Modified rebuy

A repeat purchase with some changes from the previous order.

Manufacturing

Not a typical sales function; production of goods outside the sales process.

Sales forecasting

The practice of predicting future sales to inform planning and budgeting.

Alignment (Sales and Marketing)

Coordinate efforts between sales and marketing to move prospects through the purchasing process.