Podcast
Questions and Answers
What is a primary characteristic of hybrid selling?
What is a primary characteristic of hybrid selling?
- It is applicable only to large organizations.
- It combines physical and digital sales methods. (correct)
- It uses only digital methods for sales.
- It focuses solely on customer preferences.
Which organizational model is likely to focus on balancing power dynamics and functional alignment?
Which organizational model is likely to focus on balancing power dynamics and functional alignment?
- Divisional model
- Flat structure
- Matrix model (correct)
- Hierarchical model
In the context of sales channels, when would a company prefer direct sales over indirect sales?
In the context of sales channels, when would a company prefer direct sales over indirect sales?
- When aiming for cost-effectiveness.
- When dealing with complex products and high bargaining power. (correct)
- When utilizing frequent intermediaries.
- When products are simple and widespread.
What is the primary focus of behavior-based control in sales management?
What is the primary focus of behavior-based control in sales management?
What compensation method is most suitable for a 'hunter' type salesperson?
What compensation method is most suitable for a 'hunter' type salesperson?
What is one of the main benefits of implementing process management in sales?
What is one of the main benefits of implementing process management in sales?
Which step of the selling process involves addressing customer concerns?
Which step of the selling process involves addressing customer concerns?
What is NOT an element of the lead generation process?
What is NOT an element of the lead generation process?
Which strategy is primarily focused on retaining and growing existing customers?
Which strategy is primarily focused on retaining and growing existing customers?
What is a key measure used in the lead generation process?
What is a key measure used in the lead generation process?
Which complaint management process element focuses on evaluating the resolution and feedback?
Which complaint management process element focuses on evaluating the resolution and feedback?
What can increase customer engagement and revenue through their products or services?
What can increase customer engagement and revenue through their products or services?
Which production approach is characterized by creating products only after receiving an order?
Which production approach is characterized by creating products only after receiving an order?
Flashcards
Hybrid Selling
Hybrid Selling
Combines elements of online and offline selling to cater to diverse customer preferences and boost efficiency.
Sales Organization Structures
Sales Organization Structures
A sales organization can be structured hierarchically (top-down), in a matrix (cross-functional), or modularly (specialized units). The best structure depends on the business's goals and power dynamics.
Structure/Processes Follow Strategy
Structure/Processes Follow Strategy
The organization's structure and processes should support its strategic goals. For example, a focus on customer satisfaction might mean restructuring teams into customer-centric units.
Direct vs. Indirect Sales Channels
Direct vs. Indirect Sales Channels
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Upsala Model of Internationalization
Upsala Model of Internationalization
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Sales Process
Sales Process
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Prospecting
Prospecting
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Pre-approach
Pre-approach
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Customer Relationship Management (CRM)
Customer Relationship Management (CRM)
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Sales Process Analysis
Sales Process Analysis
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Complaint Management
Complaint Management
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Lead Generation
Lead Generation
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Make-to-Stock
Make-to-Stock
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Study Notes
Process Management in Sales
- Process management ensures efficiency, effectiveness, and adaptability in sales.
- A structured process helps provide value to both the company and customers by managing resources, reducing waste, and improving outcomes.
Main Elements of the Selling Process
- The 7 steps in the selling process include prospecting, pre-approach, approach, presentation, overcoming objections, closing, and follow-up.
Lead Generation Process
- Involves inbound (marketing) and outbound (cold calling/emailing).
- Identifies, qualifies, nurtures, and converts leads.
- Sales and marketing teams collaborate, communicate, and share tools.
- Measured by lead number, conversion rate, and cost per lead.
Core and Farming Concept
- Focuses on retaining and growing existing customers.
- Farming emphasizes nurturing relationships to maximize customer loyalty and wallet share.
Increasing Frequency of Utilization
- Encourages customers to use a product/service more frequently.
- Strategies include promotions and rewards to increase engagement and revenue.
Sales Process Analysis
- Reviews and refines sales processes to boost efficiency, reduce costs, and improve customer satisfaction.
- Evaluates key performance indicators (KPIs) to identify bottlenecks.
Complaint Management Process
- Elements include complaint receipt, processing, response, control, and evaluation.
- Aims to enhance customer satisfaction, prevent negative reactions, improve products/services, and foster loyalty.
Benefits of Professional Complaint Management
- Improves customer satisfaction and retention.
- Enhances product quality and service.
- Reduces churn and cost management.
Four Production Approaches and Order Processing
- Make-to-stock (inventory-based)
- Assemble-to-order (customized assembly)
- Make-to-order (built per order)
- Engineer-to-order (custom solutions).
- Order processing aligns with pre-production, production, and post-production phases.
Face-to-Face Communication
- Necessary when the product is complex, high-stakes, or the customer demands personal interaction.
The Future of Selling
- Combines physical and digital sales methods.
- Addresses varied customer preferences, and enhances efficiency.
Designing a Sales Organization
- Organizations can choose models like hierarchical, matrix, or modular structures.
- Balances power dynamics and functional alignment.
Structure/Processes Follow Strategy
- Organizational design and processes should align with strategic goals.
- May involve restructuring teams to focus on customers.
Direct vs. Indirect Sales Channels
- Direct: Suitable for complex products with high bargaining power and limited intermediaries.
- Indirect: Effective for simple products with widespread customers and cost-effectiveness.
Upsala Model
- Provides a framework for international companies to expand incrementally.
- Starts with low-risk methods like exporting before moving to subsidiaries or joint ventures.
Behavior-Based vs. Outcome-Based Control
- Behavior-Based: Focus on sales activities (e.g., number of calls).
- Outcome-Based: Focus on results (e.g., sales revenue).
Compensation Methods
- Includes salary, commissions, expense reimbursements, and hybrid models.
- Plans are tailored to specific roles and organizational goals.
Motivating Different Types of Salespeople
- Hunters: Focus on performance-based incentives (bonuses).
- Farmers: Focus on customer retention and upselling.
- Supporters: Focus on recognition and role enrichment.
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