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Level 436
Personal Selling
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Direct, two0-way communication with byers and potential buyers.
planning the selling program and implementing and evaluating the personal selling effort of the firm.
the practice of building ties to customers based on a salesperson's attention and commitment to customer needs over time.
sometimes calledenterprise selling, buyers and sellers combine their expertise and resources to create customized solutions; commit to joint planning; and share customer, competitive, and company information for their mutual benefit and, ultimately, the benefit of the customer.
processes routine orders or reorders for products that were already sold by the company.
sells in a conventional sense and identifies prospective customers, provides customers with information, persuades customers to buy, closes sales, and follows up on customers' use of a product or service
the practice of using an entire team of professionals in selling to and servicing major customers
The personal selling process
consists of six stages: (1) prospecting, (2) preapproach, (3) approach, (4) presentation, (5) close, and (6) follow-up
the search for and qualification of potential customers. There are three types of prospects. A lead is the name of a person who may be a possible customer. A prospect is a customer who w…
stage involves obtaining further information on the prospect and deciding on the best method of approach
Initial Contact with the Customer/Prospect
Prospect's Needs are Assessed and Matched to the Company's Products
stimulus-response presentation
format assumes that given the appropriate stimulus by a salesperson, the prospect will buy
formula selling presentation
format is based on the view that a presentation consists of information that must be provided in an accurate, thorough, and step-by-step manner to inform the prospect. A popular version of this format is…
need-satisfaction presentation
format emphasizes probing and listening by the salesperson to identify the needs and interests of prospective buyers.
involves adjusting the presentation to fit the selling situation, such as knowing when to offer solutions and when to ask for more information
focuses on problem identification, where the salesperson serves as an expert on problem recognition and resolution
stage in the selling process involves obtaining a purchase commitment from the prospect. This stage is the most important and the most difficult because the salesperson must determine when the prospect is ready to buy
involves asking the prospect to make a decision on some aspect of the purchase
entails asking the prospect to consider choices concerning delivery, warranty, or financing terms under the assumption that a sale has been finalized
used to commit the prospect quickly by making reference to the timeliness of the purchase
stage includes making certain the customer's purchase has been properly delivered and installed and difficulties experienced with the use of the item are addressed. Attention to this stage of the selling process solidifies the buyer-seller relationship.
a statement describing what is to be achieved and where and how the selling effort of salespeople is to be deployed. Sales plan formulation involves three tasks: (1) setting objectives, (2) organizing the salesforce,…
the practice of using team selling to focus on important customers so as to build mutually beneficial, long-term, cooperative relationships.
This formula-based method integrates the number of customers served, call frequency, call length, and available selling time to arrive at a figure for the salesforce size
account management policies
specifying whom salespeople should contact, what kinds of selling and customer service activities should be engaged in, and how these activities should be carried out
ability to monitor ones own and others feelings and emotions to discriminate among them and to use this information to guide ones thinking and actions
contains specific goals assigned to a salesperson, sales team, branch sales office, or sales district for a stated time period.
the use of these technologies to make the sales function more effective and efficient.
Personal Selling includes:
Personal communication of information
Others' interest most important
(CCC GOMES) Customers, Community, Creditors, Government, Owners, Managers, Employees, Suppliers
What are the levels of moral development?
What does the Robinson-Patman Act prohibit?
Selling the same quantity of the same product to different buyers at different prices.
Buying a product form someone if the person or organizations agrees to buy from you.
In IB, US firms are subject to what laws?
A customer becomes increasingly committed to a particular course of action while going through the steps in the buying process.
A first-time or unique purchase decision that requires extensive effort.
A customer buys the same product from the original source
The customer has purchased the product in the past, but is looking for new information
Supplier Relationship Management
Strategy by which organizational buyers evaluate the relative importance of suppliers and use that information to determine with whom they want to develop partnerships
An auction, but instead of a seller offering a product and buyers bidding, a buyer offers a contract and sellers bid.
Salespeople should listen 80% of time and talk no more than 20% of the time.
Speaking-listening differential?
People can speak at a rate of 120-160 words per minute, but they can listen to more than 800 words per minute.
Means that you stop talking and concentrate on the customer's words, not on how to counter their arguments or respond to their claims. Helps you understand a customer's needs and the content of their messa…
Open hands are positive, intertwined fingers indicate power and authority, and fidgeting indicates underlying tension
Helpful hints on using English in IB?
A standard/memorized presentation
Effective and organized. Includes standard introduction, can answer any questions and standard method.
Swift, efficient decision makers. Focus on the present and appear to have little concern with past or future.
Focus on the future, directing their time and effort toward achieving their vision. Have little concern for practical details in present situations.
Achieve their objectives by working with people, developing an atmosphere of mutual respect.
Like facts, principles and logic. Suspicious of power and personal relationships.
The effort people make to increase the productivity of a relationships by adjuring to the needs of the other party.
Process of locating potential customers for a product or service; most important activity a salesperson does.
Resources to pay for the product.
A client is not a real prospect without what?
Gatherings designed to allow current customers to introduce prospects to the salesperson.
Additional sales to satisfied customers who provide leads.
Sales representative attempt to get at least one additional lead from each person they interview. Works best when the source is a satisfied customer and partner.
Developing and nurturing relationships with individuals and organizations with which mutually beneficial transactions can be carried out.
Salesperson cultivates well-known, influential people in the territory who are willing to supply lead information.
sift through info to uncover patterns and relationships that would elude an army of human researchers.
Selling products and services by using the telephone to contact prospective customers
Public speaking, writing journal articles, etc.
Salesperson writes personal letters to potential leads.
Examples of other sources of leads?