Questions and Answers
What is the value of personal selling?
Interaction with buyer and seller is very important. It involves building rapport, credibility, and selling value not only as a product but also as a salesperson.
What does B2B stand for?
Which of the following describes unethical behavior in sales? (Select all that apply)
What behavior is considered unethical with clients?
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Identify unethical behavior with employers.
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Collusion among competitors is legal and ethical.
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What is derived demand?
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What is the goal of active listening?
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List the three parts that outbound emails should include.
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What is the selling method where salespeople adapt to the customer's desires?
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Describe cold calling.
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Which of the following are stages of a sales call? (Select all that apply)
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What is the difference between implied needs and explicit needs?
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What are the primary sales call objectives?
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Study Notes
Personal Selling
- Personal selling focuses on interaction between buyer and seller, emphasizing relationship-building.
- Importance of rapport and credibility in selling value beyond just the product.
B2B vs B2C
- B2B (business-to-business) involves sales between companies.
- B2C (business-to-consumer) is the direct sale of products or services to individual consumers.
Ethical vs Unethical Behavior
- Ethical concerns include deception, withholding information, and providing bribes or special treatment.
- Unethical behavior can damage trust and reputation in sales.
Unethical Behavior with Clients
- Exaggerating product benefits and lying about competition are common unethical practices.
- Making non-binding oral promises is misleading.
Unethical Behavior with Employers
- Misrepresenting deal status and falsifying expense accounts are signs of unethical behavior.
- Taking company data or equipment when leaving a job is unethical.
Unethical Behavior with Competitors
- Making false claims about competitor products is illegal and unethical.
- Criticism of competitor policies may not be strategically advisable.
Collusion
- Refers to agreements among competitors on managing customer relationships, which is unethical and often illegal.
Derived Demand
- Demand for a producer’s goods is influenced by the demand for what their customers sell.
Speaking-Listening Differential
- Salespeople should aim to listen 80% of the time and speak 20% to understand buyer needs effectively.
Listening Types
- Hearing: Passive awareness, often self-focused.
- Passive Listening: Minimal effort in understanding, focusing on content rather than meaning.
- Active Listening: Involves empathy and careful engagement with the speaker.
Writing Effective Emails
- Include reason for emailing, what's in it for the recipient, and clear calls to action, ideally within three sentences.
Adaptive Selling
- Salespeople should adjust their approach based on customer relationship desires and presentation effectiveness.
Feedback & Role Plays
- Diagnostic feedback offers insights on sales performance, highlighting strengths and areas for improvement.
Assertiveness
- Assertive individuals express their opinions confidently and clearly in discussions.
Responsiveness
- Reflects emotional expression in social situations; responsive people openly show feelings.
Salesperson Profiles
- Drivers: High assertiveness, low responsiveness; facts-oriented decision-makers.
- Amiables: Low assertiveness, high responsiveness; prioritize relationships and consensus.
- Analyticals: Low assertiveness, low responsiveness; value logic and evidence.
- Expressives: High assertiveness, high responsiveness; focus on future goals and recognition.
Adjustments for Assertiveness and Responsiveness
- Assertiveness: Balance between listening and taking charge; adjust to customer's conversational flow.
- Responsiveness: Tailor emotional expressions; engage in relationship building while maintaining professionalism.
Style Flexing
- Adapting behavior to mirror the customer's approach enhances communication and rapport.
Prospects vs Leads
- Lead: A potential customer showing interest; Prospect: A qualified lead considered likely to buy.
Prospecting Methods
- Center of Influence: Building relationships with influential individuals for lead generation.
- Endless-Chain Method: Gaining referrals from each person contacted.
- Networking: Utilizing personal connections to facilitate sales opportunities.
- Cold Calling: Challenging method with low connection rates, requiring strategic planning.
Cold Calling Essentials
- Focus on three C's: Company, Contact, Conversation.
Seeding
- Sharing valuable, non-sales related information with customers to cultivate relationships.
Sales Process Framework
- Steps include introduction, reasoning, upfront contracts, elevator pitch, pain funnel, and obtaining commitment.
Writing a Sales Letter
- Start with an engaging opener, discuss reasons for action, and provide clear call-to-action.
Blitz
- A coordinated canvassing effort by sales teams to contact businesses in a designated area.
Sales Call Objectives
- Establish primary, minimum, and optimistic goals for each sales interaction.
Pre-Qualifying Leads
- Assess potential leads based on financial capability, authority, willingness, and identified needs.
Question Types
- Open Questions: Encourage detailed responses; Closed Questions: Limited to yes/no answers.
SPIN Selling Techniques
- Situational: General inquiries about the buyer's current status.
- Problem: Identify specific buyer difficulties.
- Implication: Explore the effects of problems, revealing their significance.
- Need-Payoff: Emphasize the value of solving the buyer's issues.
Features vs Benefits
- Features: Facts or characteristics of a product.
- Benefits: How features meet the buyer's explicit needs, creating compelling arguments.
Feature Dumping
- Overloading clients with unnecessary feature details can impair engagement and interest.
Handouts
- Well-prepared handouts improve buyer retention and can reinforce key presentation points.
Testimonials
- Should be tailored to specific social styles; not universally effective for all buyers.
Opportunity Cost
- Refers to potential returns lost when capital is not invested differently.
Sunk Cost
- Comparison of current costs against the proposed solution's value and alternative options.
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Description
Test your knowledge on key concepts in personal selling with these flashcards, covering topics like B2B vs B2C sales and ethical considerations in sales practices. Perfect for students of BUS 347 preparing for their midterm exam.
