Podcast
Questions and Answers
What is a key advantage of the Delphi technique in forecasting?
What is a key advantage of the Delphi technique in forecasting?
- It allows for anonymous opinions to be gathered. (correct)
- It relies solely on sales figures from previous years.
- It encourages face-to-face discussions among executives.
- It requires unanimous agreement from participants.
Which of the following factors should a salesperson know about their industry?
Which of the following factors should a salesperson know about their industry?
- The latest marketing strategies in unrelated industries.
- The size and trends of the industry. (correct)
- The office hours of competitors.
- The personal preferences of the sales team members.
What is a disadvantage of the sales force composite method of forecasting?
What is a disadvantage of the sales force composite method of forecasting?
- It may be affected by individual bias from sales team members. (correct)
- It focuses solely on historical sales data.
- It incorporates the collective knowledge of the sales team.
- It relies on the opinion of a single executive.
What is a method to establish the uses of a product effectively during a sales pitch?
What is a method to establish the uses of a product effectively during a sales pitch?
What is a crucial element for ensuring a successful sales approach?
What is a crucial element for ensuring a successful sales approach?
Which advantage does the Delphi technique have over traditional opinion methods?
Which advantage does the Delphi technique have over traditional opinion methods?
Which approach involves beginning with a compliment to engage the prospect?
Which approach involves beginning with a compliment to engage the prospect?
Which of the following aspects is NOT essential for a salesperson to know?
Which of the following aspects is NOT essential for a salesperson to know?
Why is it important for a salesperson to pay attention to their appearance during an approach?
Why is it important for a salesperson to pay attention to their appearance during an approach?
In the sales forecasting methods, what is a core function of the sales force composite?
In the sales forecasting methods, what is a core function of the sales force composite?
What type of approach is used when prompting excitement about a product, such as a speaker?
What type of approach is used when prompting excitement about a product, such as a speaker?
What element influences the effectiveness of establishing uses for a product?
What element influences the effectiveness of establishing uses for a product?
What should a salesperson avoid when asking questions during the sales approach?
What should a salesperson avoid when asking questions during the sales approach?
Which of the following techniques is NOT advised for a salesperson to employ during the approach?
Which of the following techniques is NOT advised for a salesperson to employ during the approach?
What kind of information is important for a salesperson to gather before the approach?
What kind of information is important for a salesperson to gather before the approach?
What is the purpose of setting clear objectives for the sales approach?
What is the purpose of setting clear objectives for the sales approach?
What is one key activity to ensure customer satisfaction after a sale?
What is one key activity to ensure customer satisfaction after a sale?
Which of the following is NOT a guideline for retaining customer loyalty?
Which of the following is NOT a guideline for retaining customer loyalty?
What is a method a salesperson can use to prevent complaints?
What is a method a salesperson can use to prevent complaints?
Which mechanism is effective for obtaining feedback from customers?
Which mechanism is effective for obtaining feedback from customers?
Why is the salesperson typically responsible for complaints about the product sold?
Why is the salesperson typically responsible for complaints about the product sold?
What should a salesperson do to keep promises made to customers?
What should a salesperson do to keep promises made to customers?
Which of the following reflects a way to show gratitude towards customers?
Which of the following reflects a way to show gratitude towards customers?
What is a crucial step to avoid misunderstandings with customer orders?
What is a crucial step to avoid misunderstandings with customer orders?
What is an influence centre in the context of sales prospecting?
What is an influence centre in the context of sales prospecting?
What does cold canvassing imply about a salesperson's knowledge of a prospect?
What does cold canvassing imply about a salesperson's knowledge of a prospect?
Which of the following is a key advantage of the endless-chain technique in sales?
Which of the following is a key advantage of the endless-chain technique in sales?
How can direct mail and brochures be effectively utilized by a salesperson?
How can direct mail and brochures be effectively utilized by a salesperson?
What role does a spotter play in the sales process?
What role does a spotter play in the sales process?
In using social media for prospecting, what primary advantage does it provide?
In using social media for prospecting, what primary advantage does it provide?
What is the main purpose of gathering pre-approach information?
What is the main purpose of gathering pre-approach information?
Which of the following is NOT true about spotters?
Which of the following is NOT true about spotters?
What is one of the first steps a salesperson should take after an unsuccessful close?
What is one of the first steps a salesperson should take after an unsuccessful close?
Which of the following is a closing technique that focuses on the availability of a product?
Which of the following is a closing technique that focuses on the availability of a product?
Which of the following is NOT a reason for following up with customers?
Which of the following is NOT a reason for following up with customers?
What is a common verbal sign of a positive response from a prospect?
What is a common verbal sign of a positive response from a prospect?
Which closing technique involves asking the prospect to choose between options?
Which closing technique involves asking the prospect to choose between options?
Which of the following techniques addresses customer objections during the closing process?
Which of the following techniques addresses customer objections during the closing process?
What is a key benefit of maintaining contact with a prospect after a sale?
What is a key benefit of maintaining contact with a prospect after a sale?
Which closing technique provides an incentive to make a purchase by offering a bonus item?
Which closing technique provides an incentive to make a purchase by offering a bonus item?
What is a primary advantage of the sales force composite forecasting method?
What is a primary advantage of the sales force composite forecasting method?
Why is the Delphi technique preferred over the jury of executive opinion method?
Why is the Delphi technique preferred over the jury of executive opinion method?
Which of the following is an advantage of the Users’ Expectations approach to forecasting?
Which of the following is an advantage of the Users’ Expectations approach to forecasting?
What does market potential refer to in the context of product forecasting?
What does market potential refer to in the context of product forecasting?
What characterizes the jury of executive opinion method?
What characterizes the jury of executive opinion method?
Which statement accurately describes the sales potential of a company?
Which statement accurately describes the sales potential of a company?
What differentiates the Delphi technique from more conventional forecasting methods?
What differentiates the Delphi technique from more conventional forecasting methods?
In the Users’ Expectations approach, what type of information can management gather?
In the Users’ Expectations approach, what type of information can management gather?
Flashcards
Manufacturing Techniques
Manufacturing Techniques
Specific methods of producing a product, valuable for a buyer's impression.
Product Uses
Product Uses
Identifying diverse applications increases opportunities to satisfy buyer needs.
Company/Industry Knowledge
Company/Industry Knowledge
Salespeople need a deep understanding of the industry's history, growth potential, current events, size, trends, regulations, market share, and competitive advantages.
Market Size
Market Size
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Delphi Technique
Delphi Technique
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Sales Force Composite
Sales Force Composite
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Delphi Technique Advantages
Delphi Technique Advantages
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Sales Force Composite Advantages
Sales Force Composite Advantages
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Sales Force Composite
Sales Force Composite
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Delphi Technique
Delphi Technique
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Jury of Executive Opinion
Jury of Executive Opinion
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User's Expectations Approach
User's Expectations Approach
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Market Potential
Market Potential
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Sales Potential/Market Share
Sales Potential/Market Share
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Prospect Information
Prospect Information
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Sales Presentation Approach
Sales Presentation Approach
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Appointment Planning
Appointment Planning
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Product Approach (Sales)
Product Approach (Sales)
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Compliment Approach (Sales)
Compliment Approach (Sales)
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Premium Approach (Sales)
Premium Approach (Sales)
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Question Approach (Sales)
Question Approach (Sales)
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Stimulating Statement Approach (Sales)
Stimulating Statement Approach (Sales)
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Planning sales approach
Planning sales approach
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Exhibition Leads
Exhibition Leads
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Spotter
Spotter
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Influence Centre
Influence Centre
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Cold Canvassing
Cold Canvassing
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Influence Centre (OUTsurance Example)
Influence Centre (OUTsurance Example)
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Endless-Chain Technique
Endless-Chain Technique
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Direct Mail/Brochures (Prospecting)
Direct Mail/Brochures (Prospecting)
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Social Media (OUTsurance)
Social Media (OUTsurance)
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Endless-Chain Technique Advantages
Endless-Chain Technique Advantages
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Pre-Approach Information
Pre-Approach Information
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Prospect Handling Article Interest
Prospect Handling Article Interest
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Post-Unsuccessful Close Steps
Post-Unsuccessful Close Steps
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Closing Techniques
Closing Techniques
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Closing on an Objection
Closing on an Objection
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Standing Room Only Technique
Standing Room Only Technique
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Inducement Technique
Inducement Technique
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Closing on a Choice
Closing on a Choice
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Assumptive Close Technique
Assumptive Close Technique
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Direct Approach Technique
Direct Approach Technique
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Customer Follow-up Reasons
Customer Follow-up Reasons
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Customer Follow-up Activities
Customer Follow-up Activities
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Customer Loyalty Retention
Customer Loyalty Retention
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Regular Customer Contact
Regular Customer Contact
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Customer Needs & Problems
Customer Needs & Problems
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Customer Importance
Customer Importance
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Pleasant Personality
Pleasant Personality
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Customer Knowledge
Customer Knowledge
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Maintaining Customer Enthusiasm
Maintaining Customer Enthusiasm
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Keeping Promises
Keeping Promises
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Reliable Salesperson
Reliable Salesperson
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Consistent Sales Approach
Consistent Sales Approach
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Preventing Complaints (Sales)
Preventing Complaints (Sales)
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Complaint Resolution Responsibility
Complaint Resolution Responsibility
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Customer Feedback Mechanisms
Customer Feedback Mechanisms
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Social Networks Feedback
Social Networks Feedback
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Questionnaires Feedback
Questionnaires Feedback
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Salespeople Feedback
Salespeople Feedback
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Live Chat Feedback
Live Chat Feedback
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Avoiding Unfulfilled Promises
Avoiding Unfulfilled Promises
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Customer Need Satisfaction
Customer Need Satisfaction
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Order Documentation
Order Documentation
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Order Execution Control
Order Execution Control
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Study Notes
Delphi Technique Advantage
- Reduced bias: The Delphi technique minimizes bias by having experts provide anonymous feedback, preventing individual influence.
Salesperson Industry Knowledge
- Customer needs: Understanding customer needs and how the product benefits them.
- Competitor analysis: Identifying competitors, their strengths and weaknesses, and their pricing strategies.
- Industry trends: Keeping abreast of market trends and changes that could affect the industry's future.
- Economic conditions: Understanding economic factors like inflation and recession that can impact sales.
Sales Force Composite Method Disadvantage
- Potential for optimistic bias: Salespeople may overestimate sales due to their own enthusiasm or desire for higher commissions.
Establishing Product Uses
- Benefit demonstration: Effectively demonstrating the product's benefits and how it solves customer problems.
Successful Sales Approach
- Building rapport: Establishing a positive connection with the prospect through active listening and showing genuine interest.
Delphi Over Traditional Opinion
- Reduced groupthink: The Delphi technique's anonymity encourages independent thinking and prevents group pressure.
Compliment-Based Approach
- Ingratiating approach: Beginning the sales conversation with a compliment to create a positive first impression.
Non-Essential Knowledge
- Personal details: Information about a prospect's personal life, such as hobbies or family, is generally not relevant.
Salesperson Appearance
- Professionalism: A well-groomed appearance conveys professionalism and builds confidence in the salesperson.
Sales Force Composite Function
- Gathering individual sales forecasts: Each salesperson predicts their own sales for a specific period.
Prompting Excitement
- Emotional appeal: Engaging the prospect emotionally through storytelling or vivid descriptions.
Product Use Effectiveness
- Clarity and relevance: The product's uses must be clearly explained and relevant to the prospect's needs.
Questioning Mistakes
- Leading questions: Avoid directing the prospect towards a specific answer.
Inappropriate Approach Techniques
- High-pressure tactics: Using forceful or aggressive techniques to close a deal can backfire.
Pre-Approach Information
- Prospect background: Understanding the prospect's business, industry, and challenges.
Sales Approach Objectives
- Clear goals: Setting specific, measurable, achievable, relevant, and time-bound goals.
Customer Satisfaction Activity
- Follow-up: Reaching out to the customer after the sale to ensure satisfaction and address any issues.
Customer Loyalty Guideline
- Product quality: Offering a high-quality product is a fundamental requirement for customer loyalty.
Complaint Prevention
- Proactive communication: Regularly communicating with customers to address concerns before they escalate.
Customer Feedback
- Customer surveys: Gathering feedback through surveys or questionnaires to understand customer satisfaction levels.
Salesperson Complaint Responsibility
- Point of contact: The salesperson typically serves as the primary contact for handling customer complaints.
Keeping Promises
- Follow-through: Ensuring that the salesperson follows through on all commitments made to customers.
Showing Gratitude
- Thank-you notes: Sending a personalized thank-you note after a sale demonstrates appreciation.
Misunderstanding Prevention
- Order confirmation: Carefully reviewing and confirming the details of customer orders.
Influence Center
- Decision-maker: Identifying the person within a company who holds influence over purchase decisions.
Cold Canvassing Knowledge
- Limited knowledge: A salesperson engaging in cold canvassing typically has minimal prior information about the prospect.
Endless-Chain Technique Advantage
- Networking opportunities: Each customer referral leads to potentially more customers.
Direct Mail and Brochures
- Targeted messaging: Utilizing direct mail and brochures to target specific prospects based on their needs.
Spotter Role
- Prospect identification: A spotter identifies potential prospects for the salesperson.
Social Media Prospecting Advantage
- Reaching a wider audience: Social media allows salespeople to connect with potential customers online.
Pre-Approach Information Purpose
- Personalized approach: Gathering information allows salespeople to tailor their approach to each individual prospect.
Spotter Fact
- Spotters may be associated with a specific niche: Spotters often focus on specific industries or markets.
Unsuccessful Close Action
- Follow-up: Contacting the prospect after a failed close to address any concerns and explore future possibilities.
Availability Closing Technique
- Scarcity: Emphasizing the limited availability of the product to create a sense of urgency.
Follow-Up Reasons
- Building relationships: Continuing to engage with customers to strengthen the relationship.
Positive Verbal Sign
- Questions: Prospects asking questions often indicates interest.
Option Choice Closing
- Alternative closing: Providing the prospect with two or more attractive options to encourage a decision.
Objection Handling During Closing
- Addressing concerns: Addressing customer doubts and objections before attempting to close the sale.
Post-Sale Contact Benefit
- Loyalty building: Maintaining contact reinforces the relationship and increases customer loyalty.
Bonus Item Closing
- Incentive: Offering an additional item or reward to encourage a purchase.
Sales Force Composite Advantage
- Real-world perspective: Incorporates the perspectives of salespeople who are closest to customers.
Delphi Over Jury of Executive Opinion
- Structured process: The Delphi technique uses a structured process for gathering and evaluating expert opinions.
Users’ Expectations Advantage
- Customer insight: Provides insights into customer demand based on their planned purchases.
Market Potential
- Total possible sales: The maximum achievable sales for a product within a specific market.
Jury of Executive Opinion Characteristics
- Senior management input: Relies on the opinions of senior management members.
Sales Potential
- Realistic achievable sales: A company's realistic sales potential based on market factors and company resources.
Delphi Distinguishing Factor
- Iterative feedback: Experts provide feedback anonymously, and their responses are iteratively shared to improve the quality of the forecast.
Users’ Expectations Information
- Purchasing plans: Management can gather information about customer intended purchases.
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Description
This quiz covers fundamental concepts of sales management, including the roles and benefits of effective sales strategies. It also highlights key personality traits of successful salespeople and addresses potential disadvantages in the field. Test your knowledge on the vital aspects of sales management and its impact on consumers and businesses.