Sales Management N5 Practice Flashcards

Comprehensive vocabulary flashcards covering the Nature of Personal Selling, Knowledge Requirements, Forecasting, Territories, Quotas, and the Sales Process modules from the Sales Management N5 study guide.

Personal selling

The oral and physical offering of a product by a salesperson, to one or more prospective buyers with the purpose of identifying a problem or problems.

Marketing mix

Consists of the so-called four ($4$) Ps: Product, Price, Place, Promotion.

Job analysis

A process done to enable management to answer questions about a specific position or job, used to compile a job description.

Job specification

An explanation of the minimum personal characteristics, such as skills, knowledge, experience, qualifications and abilities, required by the incumbent to be able to fill the position successfully.

Product knowledge

Information that allows a salesperson to answer a prospect's questions or prove that a product satisfies needs, solves problems, or fulfils desires.

Sales forecast

An estimate of sales at some point in the future, providing a basis for organisational planning and budgeting.

Market potential

The total expected sales for a given product or service for the entire industry, in a specific market over a specific period of time.

Sales potential

Also known as market share, it refers to the share of the market potential that an individual business can reasonably expect to achieve.

Quotas

Quantitative objectives assigned to sales organisational units, such as individual sales personnel, to control and motivate sales effort.

Users

Members of a buying team who will in fact use the product when it is received.

Initiators

The person in a buying team who is first to recognise a need or problem.

Influencers

Individuals who have a direct or indirect influence on the purchasing decision within a buying team.

Final decision makers

The individuals in a buying team who make the actual buying decision.

Buyers

Members of a buying team responsible for selecting suppliers.

Gatekeepers

Individuals who control the flow of information in and out of the business to persons in the buying team.

Prospecting

The first step in the personal selling process, involving the identification of a person or business that has a need, authority and the means to pay for the product.

Qualification

Evaluation of possible consumers to determine if they have an immediate need for the product, the authority to buy, and the means to pay.

Pre-approach information

Background facts gathered to plan a presentation, save time by distinguishing prospects from leads, and indicate buying motives.

Approach technique

A method to get a prospect’s attention and interest to smoothly transition into finding out what the prospect’s needs are.

Demonstration

A visual sales technique used to draw attention, involve the prospect's senses, and let the product sell itself.

Objections

Opportunities to solve problems and close a deal, classified into two ($2$) main types: physical and psychological.

Assumptive close

A sales closing technique where the salesperson assumes the prospect has already decided to buy.

After-sales service

A vital tool for building long-term customer relationships, ensuring loyalty, and encouraging referrals.

Inactive customer

A customer who has stopped buying from the business.

Routing

A travel plan or pattern used by a salesperson for visiting customers in their specific sales area to reduce travel time and costs.