Basic Marketing — Personal Selling (Quizlet)

Personal Selling

Direct interaction with customers to explain products and make sales. KEY: One-on-one selling.

B2B Sales

A business selling to another business. KEY: Business-to-business, large transactions.

Transactional Selling

Focuses on making a quick sale instead of building relationships. KEY: Short-term, win–lose.

Relationship Selling (Consultative Selling)

Building long-term customer relationships that benefit both sides. KEY: Trust, win–win.

Lead Generation (Prospecting)

Finding people or businesses likely to buy a product. KEY: FIND customers.

Cold Calling

Contacting potential buyers without knowing their needs or finances. KEY: No prior knowledge.

Referral

A customer or business associate recommends a potential buyer. KEY: Recommendation.

Networking

Finding potential customers through friends or professional connections. KEY: Connections.

Lead Qualification

Checking a buyer's need, buying power, and willingness to meet. KEY: CHECK buyers.

Recognized Need

A potential customer's awareness of a need or problem. KEY: Need exists or is identified.

Buying Power

Having both the money and authority to purchase. KEY: Funds + decision authority.

Receptivity and Accessibility

A potential buyer is willing and available to meet. KEY: Willing and reachable.

Preapproach

Researching a potential buyer before contacting them. KEY: Homework BEFORE contact.

Needs Assessment

Determining a customer's specific needs and wants. KEY: Identify problems.

Sales Proposal

A formal document or professional presentation outlining a solution. KEY: Proposed solution.

Sales Presentation

A meeting where the salesperson presents the proposal. KEY: Present solution to buyer.

Handling Objections

Responding to customer questions or concerns. KEY: Address doubts.

Closing the Sale

Asking the customer to make the purchase. KEY: Finalize sale.

Negotiation

Buyer and seller offer concessions to reach an agreement. KEY: Concessions, compromise.

Follow-Up

Checking delivery, product performance, and support after purchase. KEY: AFTER sale.

Cognitive Dissonance

Doubts or discomfort that aggressive selling can increase. KEY: Buyer regret.

Customer Retention

Keeping existing customers over time. KEY: Repeat business.

Win–Win Outcome

Both buyer and seller benefit. KEY: Relationship selling.

Win–Lose Outcome

One party benefits at the other's expense. KEY: Transactional selling.

Cost per Contact

The expense of reaching one customer. KEY: Personal selling has higher cost per contact.

Personal Selling vs. Advertising

Personal selling fits expensive, complex, custom products; advertising fits simple, low-cost products.

Transactional Sales Techniques

Repetitive, inflexible sales pitches. KEY: Same presentation for everyone.

Relationship Sales Techniques

Flexible sales pitches tailored to buyer needs. KEY: Personalized solutions.

Transactional Performance Assessment

Mainly evaluates sales volume and profit. KEY: Amount sold.

Relationship Performance Assessment

Evaluates sales plus customer satisfaction and support. KEY: Satisfaction.

Automated Email Follow-Up Marketing

Software sends personalized emails after initial contact. KEY: Automatic follow-up emails.

7 Steps to memorize in order

Step 1: Generating Leads

Step 2: Qualifying Leads

Step 3: Approaching & Probing Needs

Step 4: Developing & Proposing Solutions

Step 5: Handling Objections

Step 6: Closing the Sale

Step 7: Following Up

Step 1: Generating Leads

FIND potential customers.

Step 2: Qualifying Leads

CHECK if customers have a need, buying power, and willingness.

Step 3: Approaching & Probing Needs

RESEARCH and identify customer needs.

Step 4: Developing & Proposing Solutions

CREATE and PRESENT a solution.

Step 5: Handling Objections

ANSWER customer concerns.

Step 6: Closing the Sale

ASK the customer to buy.

Step 7: Following Up

CHECK satisfaction and delivery AFTER purchase.