Marketing Principles - Chapter 16

1.         The best source of leads is ___referrals__________.

2.         Prospects can be _________qualified_______ by looking at their financial ability, volume of business, special needs, location, and possibilities for growth.

3.         ________prospecting__________is the stage when salespeople identify qualified potential customers.

4.         A salesperson has qualified a number of leads. Which of the following is most likely the next step in the selling process? _______learning as much as possible about qualified prospects__________

5.         Before calling on a prospect, the salesperson should learn as much as possible about the organization and its buyers. This second step is known as ________Preapproach_________

6.         Once determining the method of approach and timing, call objectives in preapproach include:

  • Qualify the prospect

  • gather information

  • Make the immediate sale

  • 7.         The __________approach_____________ is when the salesperson has researched the prospect and shifts to how to open the first meeting with a prospective customer.

8.         During the ________presentation and demonstration________, the goal should be to show how the company's products fit the customer's needs buyers want insights and solutions. They want to know how these products will add value to their businesses.

9.         As you can imagine, the qualities that buyers like most in salespeople include ________listening_________

10.   A strong close:

a.         ______Ask for the order, review points of agreement, or write up the order______________

b.         _______gain clarity on chosen model, encourage the deal now_____________

c.         ________offer special reasons (lower price, value-add, additional service)____________

11.   Asking for the order is ________closing_____________ the deal.

12.   After closing the sale, the sales manager calls to ensure they are satisfied and to ensure repeat business. This is the __________follow-up________stage of the selling process.

13.   Companies want their salespeople to practice _____value selling_______, delivering superior customer value and capturing a fair return on that value.

Section 4

1.         _______sales promotion_____________ consists of short-term incentives to encourage the purchase or sale of a product or service.

2.         Some examples of ______sales promotions___________, include email blasts, flash sales, BOGOs, door-buster sales, price packs, and loyalty bonuses.

3.         What has most likely contributed to the rapid growth of sales promotion, particularly in consumer markets?

  • Internal pressure to increase current sales

  • More competition and increasingly less differentiated

  • Reduced advertising efficiency from rising costs, media clutter and legal considerations

  • Consumers have become deal oriented

4.         While product managers may feel pressure to increase sales, and because of promotional discounts, there is not an increase in __________profit margins_________________.

5.         The influx of promotional offers has reduced or removed the urgency to buy. This _____promotion pressure/ clutter_________ weakens a given promotion's ability to trigger an immediate purchase.

6.         Manufacturers are looking for ways to rise above the clutter through:

  • Larger coupon values

  • enhanced point of purchase displays

  • promotions through digital

7.         Sales promotions are targeted toward members of the sales force, business customers, retailers, wholesalers, and ________final buyers____________.

8.         _______price packs_______ offer consumers savings off the regular price of a product. These include markdowns on the package, single packages sold at a reduced price (2-for-1) or bundling two products together like toothbrush and toothpaste.

9.         _________premiums_________ are goods offered either free or at low cost as an incentive to buy the main product. We enhance the value without discounting.

10.   A ______sweepstakes_____________ calls for consumers to submit their names for a drawing.

11.   _______point of persons promotions____ are displays, signs, or product setups placed right where the buying happens—in-store aisles, end caps, checkout areas—to grab attention and trigger impulse buying at the moment of decision.

12.   _________________Trade promotions_______________________ are targeted toward retailers and wholesalers.

13.   Objectives for trade promotions include getting retailers to:

  • Stock new items

  • Carry more inventory

  • promote manufactures productsd.        

  • buy sooner

  • gain more shelf space

14.   ____________frequency marketing programs_____________ are structured loyalty programs that reward customers for repeat purchases, encouraging ongoing engagement rather than one-time deals.

15.   To measure the returns on their sales promotion, marketers should ask the following questions:

a.         Can we hold onto these new customers and purchases?

b.         Did the promotion attract new customers or more purchasing from current customers?

c.         Did the promotion engage consumers and enhance our brand's positioning?

d.         Will the long-run customer relationship and sales gains from the promotion justify its costs?