Podcast
Questions and Answers
What type of knowledge refers to understanding pricing policies to quote prices and offer discounts?
What type of knowledge refers to understanding pricing policies to quote prices and offer discounts?
What does customer orientation emphasize in a sales relationship?
What does customer orientation emphasize in a sales relationship?
Which knowledge is necessary for salespeople to tailor their sales presentations based on distinct markets?
Which knowledge is necessary for salespeople to tailor their sales presentations based on distinct markets?
Which of the following enhances the likelihood of earning a buyer's trust?
Which of the following enhances the likelihood of earning a buyer's trust?
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What factor contributes to compatibility or likability in a buyer-seller relationship?
What factor contributes to compatibility or likability in a buyer-seller relationship?
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What does customer knowledge primarily help salespeople determine?
What does customer knowledge primarily help salespeople determine?
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Which type of knowledge is essential for addressing service issues a buyer may have?
Which type of knowledge is essential for addressing service issues a buyer may have?
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Which dimension of service superiority focuses on whether a company can demonstrate speed in delivery?
Which dimension of service superiority focuses on whether a company can demonstrate speed in delivery?
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Which of the following is NOT a factor in service superiority relevant to a salesperson?
Which of the following is NOT a factor in service superiority relevant to a salesperson?
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What is the significance of trust in the purchase process?
What is the significance of trust in the purchase process?
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What is a critical aspect of relationship marketing in the selling process?
What is a critical aspect of relationship marketing in the selling process?
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How can technology facilitate communication between buyers and salespeople?
How can technology facilitate communication between buyers and salespeople?
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What is a potential advantage of offering training at a customer’s site?
What is a potential advantage of offering training at a customer’s site?
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What type of technology allows for the posting of price updates and new product information online?
What type of technology allows for the posting of price updates and new product information online?
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What does trust represent in the relationship between a buyer and a salesperson?
What does trust represent in the relationship between a buyer and a salesperson?
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Which of the following is NOT considered a key term in defining trust?
Which of the following is NOT considered a key term in defining trust?
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Why is developing trust and rapport important before any selling activity?
Why is developing trust and rapport important before any selling activity?
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What is the significance of ethics in selling according to the principles discussed?
What is the significance of ethics in selling according to the principles discussed?
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Which question helps to evaluate a salesperson's competence in building trust?
Which question helps to evaluate a salesperson's competence in building trust?
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What is meant by the concept of 'closing' in a sales context?
What is meant by the concept of 'closing' in a sales context?
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What factor is emphasized as crucial for preventing manipulation during negotiation?
What factor is emphasized as crucial for preventing manipulation during negotiation?
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Which of the following best describes the foundation upon which trust is built?
Which of the following best describes the foundation upon which trust is built?
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What is a potential consequence of providing a false claim about a product or service during a sale?
What is a potential consequence of providing a false claim about a product or service during a sale?
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Which unethical behavior is exhibited when a salesperson exaggerates the benefits of a product?
Which unethical behavior is exhibited when a salesperson exaggerates the benefits of a product?
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What is an express warranty?
What is an express warranty?
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How can a salesperson create product liabilities for their company through negligence?
How can a salesperson create product liabilities for their company through negligence?
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What behavior might indicate a salesperson is acting in their own interest rather than the client's?
What behavior might indicate a salesperson is acting in their own interest rather than the client's?
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What unethical practice is involved when a salesperson pretends to be a market researcher during a sales call?
What unethical practice is involved when a salesperson pretends to be a market researcher during a sales call?
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Which action is considered unethical when it involves withholding crucial information from a customer?
Which action is considered unethical when it involves withholding crucial information from a customer?
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What could be a result of a salesperson lying about a competitor during a sales pitch?
What could be a result of a salesperson lying about a competitor during a sales pitch?
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What is one appropriate action a salesperson can take to build trust with customers?
What is one appropriate action a salesperson can take to build trust with customers?
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Which of the following topics should be included in sales training to address ethical concerns?
Which of the following topics should be included in sales training to address ethical concerns?
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What should Antonia do to address her ethical dilemma regarding the discount offer?
What should Antonia do to address her ethical dilemma regarding the discount offer?
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Which knowledge base involves understanding ethical considerations in sales?
Which knowledge base involves understanding ethical considerations in sales?
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What is a potential consequence of not addressing a prospect's unethical demands?
What is a potential consequence of not addressing a prospect's unethical demands?
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What is a reason for a salesperson to be concerned with the legal system of other countries?
What is a reason for a salesperson to be concerned with the legal system of other countries?
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What action is NOT recommended for building trust with customers?
What action is NOT recommended for building trust with customers?
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Which aspect is NOT a part of effective sales training?
Which aspect is NOT a part of effective sales training?
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Study Notes
Go to Market Strategies - Chapter 2 - Building Trust
-
Learning Objectives:
- Explain what trust is
- Understand why trust is important
- Explain how to earn trust
- Discuss the knowledge bases that build trust and relationships
- Explain the role of ethics in sales
Integrity Selling Values and Ethics
- Selling is a mutual exchange of value
- Selling is about doing for and with people, not to them
- Develop trust and rapport before the selling activity begins
- Pressure comes from customers, not the seller, when they recognize needs.
- Effective selling is driven by value-based principles, not just techniques
Integrity Selling Values and Ethics: Basis for Long-Term Success
- Truth, respect, and honesty are fundamental to long-term success.
- Ethics are more significant to success compared to techniques
- Understanding buyer needs/wants is crucial before trying to sell
- Buyer-seller negotiation is a collaborative strategy.
- Successful closing is a partnership, not a one-sided approach.
2-1 What is Trust?
- Trust is the extent of the buyer's confidence in the salesperson's integrity.
- Trust is key to successful relationships between customers and suppliers
- Trust leads to improved long-term revenues and profits
- Trust characteristics include:
- Openness
- Dependability/Predictability
- Candor/Honesty
- Fairness
- Reliability
- Security
- Predictability
- Confidentiality
2-1 Trust Builders
- Trust is built upon:
- Expertise
- Compatibility
- Customer Orientation
- Dependability
- Candor
2-1 What is Trust? (Continued)
- Trust is about answering specific questions:
- Does the salesperson have the relevant knowledge and expertise needed?
- Will the salesperson act in a way that is consistent with promises?
- Is the salesperson honest and straightforward?
- Does the salesperson demonstrate care for customer needs?
- Will the salesperson protect the confidentiality of shared information?
2-2 Why is Trust Important?
- Buyers need unique solutions.
- Long-term relationships lead to mutually beneficial outcomes.
- These relationships are characterized by:
- Trust
- Open Communication
- Shared goals
- Mutual gain
- Organizational support
2-2 Why is Trust Important? (Con't)
- Trust is directly related to purchase intentions
- Relationship selling is now paramount.
- Relationship selling (paradigm) emphasizes creating long-term buyer-supplier relationships.
- This paradigm requires collaborative efforts from both parties.
2-3 How to Earn Trust
- Expertise: Possessing the necessary knowledge, skills, and resources to meet customer expectations.
- Dependability: Demonstrating predictable actions and keeping commitments.
- Candor: Displaying honesty and transparency in communication.
- Customer Orientation: Prioritizing customer needs and interests.
- Compatibility: Finding commonalities and building rapport with the customer.
2-4 Knowledge Bases Help Build Trust and Relationships
- Competitor Knowledge: Understanding a competitor's strengths and weaknesses.
- Product Knowledge: Having detailed knowledge of the product's manufacturing and quality.
- Service Issues: Understanding customer concerns and issues with services.
- Promotion Knowledge: Understanding details of the company's promotional programs and offering strategies.
2-4 Knowledge Bases Help Build Trust and Relationships (Continued)
- Price Knowledge: Knowing pricing policies and discounts.
- Market Knowledge: Understanding different market segments and tailoring strategies accordingly.
- Customer Knowledge: Accumulating information about customers over time to meet their particular needs.
- Technology Knowledge: Utilizing tools and technology to effectively communicate and provide information.
2-5 Sales Ethics
-
Ways a seller can create product liabilities:
- Express Warranty: providing guarantees that the seller isn't responsible for
- Misrepresentation: false claims
- Negligence: false reporting
- Basis of the Bargain: When a buyer relies on the seller's statements/claims
- Important Training Topics:
- Appropriateness of gift-giving
- Proper Use of expense accounts/per diem
- Dealing with unethical demands
- Importance of observing legal systems where sales activities are conducted
Exhibit 2.7: Areas of Unethical Behavior
- Unethical behavior is a function of:
- Deceptive Practices: deceiving, scamming, exaggerating, high-pressure tactics.
- Non-Customer-Oriented Behavior: pushy tactics, hard sell, fast-talking communication
- Illegal activities: fraud, misusing company assets
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Description
This quiz covers Chapter 2 of Go to Market Strategies, focusing on the essential aspects of building trust in sales. You'll learn about the importance of trust, how to earn it, and the ethical considerations involved in effective selling. Understanding these concepts is crucial for successful, value-driven relationships in the marketplace.
