Podcast
Questions and Answers
A company aims to increase sales of its existing energy drink in its current market. Which sales strategy is MOST suitable?
A company aims to increase sales of its existing energy drink in its current market. Which sales strategy is MOST suitable?
- Product Development
- Market Penetration (correct)
- Market Development
- Diversification
A software company identifies a new market segment for its project management tool. Which sales strategy aligns BEST with this expansion?
A software company identifies a new market segment for its project management tool. Which sales strategy aligns BEST with this expansion?
- Market Penetration
- Market Development (correct)
- Cost Leadership
- Product Development
A luxury car manufacturer decides to focus its sales efforts on high-net-worth individuals seeking exclusivity. Which strategy does this BEST exemplify?
A luxury car manufacturer decides to focus its sales efforts on high-net-worth individuals seeking exclusivity. Which strategy does this BEST exemplify?
- Diversification
- Niche Strategy (correct)
- Market Penetration
- Cost Leadership
Which of the following is the PRIMARY benefit of using a CRM system for a business?
Which of the following is the PRIMARY benefit of using a CRM system for a business?
Dividing customers into groups based on their purchasing behavior, demographics, or preferences is known as:
Dividing customers into groups based on their purchasing behavior, demographics, or preferences is known as:
What is the MOST important aspect of active listening in sales?
What is the MOST important aspect of active listening in sales?
Which sales technique involves asking questions related to Situation, Problem, Implication, and Need-payoff?
Which sales technique involves asking questions related to Situation, Problem, Implication, and Need-payoff?
What is the PRIMARY goal of building rapport with customers?
What is the PRIMARY goal of building rapport with customers?
In the AIDA model, what does the 'I' stand for?
In the AIDA model, what does the 'I' stand for?
What does 'upselling' typically involve in sales?
What does 'upselling' typically involve in sales?
Flashcards
Sales Strategies
Sales Strategies
Plans to increase a company's sales and gain a competitive advantage.
Market Penetration
Market Penetration
Selling more existing products in existing markets.
Market Development
Market Development
Selling existing products in new markets.
Product Development
Product Development
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Diversification Strategies
Diversification Strategies
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CRM (Customer Relationship Management)
CRM (Customer Relationship Management)
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Customer Segmentation
Customer Segmentation
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Active Listening
Active Listening
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SPIN Selling
SPIN Selling
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AIDA Model
AIDA Model
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Study Notes
- Sales encompass activities related to selling or the amount of goods or services sold in a given time period.
Sales Strategies
- Sales strategies are plans to increase a company's sales and gain a competitive advantage.
- Market penetration strategies focus on selling more existing products in existing markets, often through increased marketing or promotional efforts.
- Market development strategies involve selling existing products in new markets, which may require adjustments to marketing or distribution.
- Product development strategies introduce new products to existing markets, leveraging the company's current customer base.
- Diversification strategies involve introducing new products to new markets, being the riskiest strategy.
- Understanding the target market is crucial for tailoring sales efforts effectively.
- Differentiation strategies emphasize unique product features or benefits to stand out from competitors.
- Cost leadership strategies focus on offering products/services at the lowest price.
- Niche strategies target a specific segment of the market.
- Value-based selling focuses on demonstrating the value and benefits.
Customer Relationship Management (CRM)
- CRM is a technology and strategy for managing a company's interactions and relationships with customers and prospects.
- CRM systems help businesses organize and access customer data, such as contact information, interactions, and purchase history.
- CRM platforms streamline communication and personalize interactions.
- Customer segmentation involves dividing customers into groups based on shared characteristics to tailor marketing and sales efforts.
- CRM tools can automate tasks such as email marketing, lead nurturing, and customer service requests.
- CRM analytics provide insights into customer behavior, preferences, and trends, that help improve decision-making.
- Measuring customer satisfaction and loyalty is a key component of CRM, using metrics like Net Promoter Score (NPS).
- Effective CRM implementation can lead to improved customer retention, increased sales, and enhanced customer satisfaction.
Sales Techniques
- Sales techniques are methods used to persuade prospects to make a purchase.
- Active listening involves fully concentrating, understanding, responding, and remembering what is being said.
- Asking open questions encourages detailed responses.
- The SPIN selling technique focuses on Situation, Problem, Implication, and Need-payoff questions to uncover customer needs.
- The AIDA model (Attention, Interest, Desire, Action) outlines the stages a customer goes through during the sales process.
- Building rapport with customers can lead to trust and long-term relationships.
- Feature-benefit selling involves presenting product features and linking them to specific customer benefits.
- Overcoming objections requires addressing concerns and providing solutions.
- The "closing" involves asking for the sale and finalizing the transaction.
- Follow-up after the sale can improve customer satisfaction and encourage repeat business.
- Adaptability and flexibility in sales techniques are essential for success.
- Upselling involves persuading customers to purchase a more expensive item or upgrade, whereas cross-selling invites customers to buy related or complementary items.
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