Podcast
Questions and Answers
Which of the following scenarios best demonstrates the use of CRM software in enhancing customer relationships?
Which of the following scenarios best demonstrates the use of CRM software in enhancing customer relationships?
- A sales team uses CRM data to send targeted birthday discounts to customers, increasing customer satisfaction and repeat purchases. (correct)
- A company uses CRM to automate email campaigns, sending out generic promotional emails to a large list of contacts.
- A logistics company uses CRM to manage delivery schedules and track shipment statuses, improving operational efficiency.
- A marketing department uses CRM to track website visits and optimize ad spending based on the most frequently visited pages.
A manufacturing company is looking to upgrade its machinery. According to the content, which type of market does this represent, and what is the company's primary motive?
A manufacturing company is looking to upgrade its machinery. According to the content, which type of market does this represent, and what is the company's primary motive?
- Consumer market; for resale to individual consumers.
- Consumer market; for use in their day-to-day operations.
- Business market; for direct consumption by employees.
- Business market; to use as inputs into their own manufacturing process. (correct)
A sales representative is struggling to identify new potential customers. Based on the information provided, which combination of sources would be most effective for them to utilize?
A sales representative is struggling to identify new potential customers. Based on the information provided, which combination of sources would be most effective for them to utilize?
- Public library records and government census data.
- Trade associations, trade shows, and product source directories. (correct)
- Competitor websites and internal employee surveys.
- Random online searches and personal opinions.
How can a sales team leverage social media and CRM systems to gain a more comprehensive understanding of their potential buyers?
How can a sales team leverage social media and CRM systems to gain a more comprehensive understanding of their potential buyers?
A local bakery sells pastries to individual customers for their personal consumption. What type of market does this exemplify, and what characterizes this market?
A local bakery sells pastries to individual customers for their personal consumption. What type of market does this exemplify, and what characterizes this market?
Which of the following scenarios best exemplifies a purchase driven primarily by social needs in a business market?
Which of the following scenarios best exemplifies a purchase driven primarily by social needs in a business market?
A business buyer is evaluating proposals for a new software system. They prioritize understanding how this system uniquely outperforms competitors. Which type of buyer need is most evident in this scenario?
A business buyer is evaluating proposals for a new software system. They prioritize understanding how this system uniquely outperforms competitors. Which type of buyer need is most evident in this scenario?
In the business buying process, after a need is recognized, what is the subsequent step a buyer typically undertakes?
In the business buying process, after a need is recognized, what is the subsequent step a buyer typically undertakes?
During which stage of the business buying process would a buyer be most likely to ask, 'What problems do you foresee in changing suppliers?'
During which stage of the business buying process would a buyer be most likely to ask, 'What problems do you foresee in changing suppliers?'
A company is selecting a new vendor for office supplies. Which of the following best represents a 'functional need' in this buying decision?
A company is selecting a new vendor for office supplies. Which of the following best represents a 'functional need' in this buying decision?
Salespeople can have more influence on buyer satisfaction through their interpersonal communication than the product features themselves. What type of attributes are these interpersonal communications considered?
Salespeople can have more influence on buyer satisfaction through their interpersonal communication than the product features themselves. What type of attributes are these interpersonal communications considered?
A potential client asks a salesperson, 'When would you plan to make the purchase decision?' Which stage of the buying decision process is the client likely in?
A potential client asks a salesperson, 'When would you plan to make the purchase decision?' Which stage of the buying decision process is the client likely in?
Which of the following questions primarily targets a psychological need of a potential business client?
Which of the following questions primarily targets a psychological need of a potential business client?
A salesperson notices a potential client consistently referencing data and demonstrating methodical decision-making. Which communication style should the salesperson primarily adapt to in this scenario?
A salesperson notices a potential client consistently referencing data and demonstrating methodical decision-making. Which communication style should the salesperson primarily adapt to in this scenario?
Which buying team member is MOST likely to set the initial project parameters and recognize the initial need for a new purchase?
Which buying team member is MOST likely to set the initial project parameters and recognize the initial need for a new purchase?
A prospective client emphasizes collaboration and building consensus. Considering the communication styles matrix, how should a salesperson adapt their approach?
A prospective client emphasizes collaboration and building consensus. Considering the communication styles matrix, how should a salesperson adapt their approach?
What is the PRIMARY difference between 'assertiveness' and 'responsiveness' in the context of communication styles?
What is the PRIMARY difference between 'assertiveness' and 'responsiveness' in the context of communication styles?
What is a key characteristic of individuals with an 'Expressive' communication style?
What is a key characteristic of individuals with an 'Expressive' communication style?
In a buying team, how might an 'Influencer' impact the purchasing decision?
In a buying team, how might an 'Influencer' impact the purchasing decision?
A salesperson is engaging with a potential client described as low in responsiveness and high in assertiveness. Which sales strategy is MOST appropriate?
A salesperson is engaging with a potential client described as low in responsiveness and high in assertiveness. Which sales strategy is MOST appropriate?
How can understanding a customer's communication style MOST effectively improve a salesperson's performance?
How can understanding a customer's communication style MOST effectively improve a salesperson's performance?
Flashcards
Understanding Buyers
Understanding Buyers
Using technology, social media, and CRM software to gain deeper insight into buyers.
Customer Relationship Management (CRM)
Customer Relationship Management (CRM)
Software that links buyers and sellers, fostering long-term profitable relationships via enhanced communication and information integration.
Consumer Market
Consumer Market
Individuals purchasing goods/services for personal use.
Business Markets
Business Markets
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Identifying Potential Prospects
Identifying Potential Prospects
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Situational needs
Situational needs
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Functional needs
Functional needs
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Social needs
Social needs
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Psychological needs
Psychological needs
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Knowledge needs
Knowledge needs
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Functional attributes
Functional attributes
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Psychological attributes
Psychological attributes
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Salesperson's impact
Salesperson's impact
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Assertiveness
Assertiveness
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Responsiveness
Responsiveness
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Amiables
Amiables
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Expressiveness
Expressiveness
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Drivers
Drivers
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Analyticals
Analyticals
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Buying Teams
Buying Teams
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Initiators
Initiators
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Study Notes
Understanding Buyers
- Technology, social media, and CRM software are used to gain a better understanding of buyers.
Identifying Potential Prospects
- Information provided by salespeople assists with identifying potential prospects
- Trade associations, trade shows, and product source directories are valuable resources.
- The Internet, advertising, word-of-mouth, and social media are also helpful
- CRM (Customer Relationship Management) Software aids in managing customer interactions.
CRM Systems
- Customer Relationship Management (CRM) systems link buyers and sellers to establish long-term, profitable relationships.
- CRM assists salespeople in building and integrating customer information.
- CRM systems sync with social media to gather customer information from there
- Examples of CRM software include salesforce.com and Microsoft Dynamics.
- Sales representatives use CRM software to accumulate and update prospect information and track progress through each sales funnel stage.
Types of Buyers
- Consumer Market: Consumers purchase goods and services for their use or consumption.
- Business Market: Firms, institutions, and governments acquire goods and services as inputs for manufacturing, daily operations, or resale.
- Salespeople should recognize that each buyer is different
- Selling athletic shoes differs from serving a corporate buyer like Foot Locker.
- Examples include supplying athletic equipment to Georgia State University or selling a pair of athletic shoes to a student
Distinguishing Characteristics of Business Markets
- Buyers have different types of needs.
- Situational needs: ability to deliver on time
- Functional needs: product characteristics that are desired by the customer
- Social needs: build enthusiasm around a product
- Psychological needs: involves assurance, belief, and self-image
- Knowledge needs: what makes the product unique
The Buying Process
- Business market buyers undergo a conscious and logical process when making purchase decisions.
- The buying process involves sequential steps:
- Recognition of a problem or need.
- Defining the characteristics of the item and the quality needed
- Description of characteristics of the item and the quantity needed
- Search for potential sources
- Acquisition and analysis of proposals
- Evaluation of proposals and selection of suppliers
- Order routine implemented
- Performance feedback and evaluation
Salespeople's Role in Post-Purchase Evaluations
- Functional (must-haves) and psychological (delighters) attributes are important for salespeople to understand.
- Functional attributes closely align with the objective, technical aspects of the product and are more tangible product attributes
- Psychological attributes relate to interpersonal communication and behaviors
- Psychological attributes can have twice the influence on buyer satisfaction compared to functional attributes.
- The salesperson's activities and behaviors have a greater impact on buyer evaluation than product features.
Key Questions to Ask During the Buying Decision Process
- What problems do you foresee in changing suppliers?
- What do we need to do in order to win the support of your other team members?
- When would you plan to make the purchase decision?
- What sense of urgency do you feel about this buying decision?
- Where is the status quo within the organization?
- What is your budget for this product?
- Other important questions?
Understanding Communication Styles
- Verbal and nonverbal messages provide cues about buyers' personalities and communication styles.
- Salespeople can adapt their interaction behaviors to improve buyer-seller communication and relationships
- Assertiveness: The degree to which a person holds opinions about issues
- Responsiveness: The level of feelings and sociability an individual openly displays.
Communication Styles
- Amiables are high on responsiveness, low on assertiveness, and prefer group affiliation.
- Expressives are high on both responsiveness and assertiveness, communicative, and value relationships.
- Drivers: Individuals who are low on responsiveness, but high on assertiveness and detached from relationships.
- Analyticals: Individuals who are low on both responsiveness and assertiveness, analytical, and disciplined.
- Salespeople must adapt their styles to that of the buyer
Buying Teams
- These are teams of individuals in organizations that incorporate expertise from different departments.
- Initiators: Identify a need
- Influencers: Guide the decision-making process
- Users: Individuals that use the product itself
- Deciders: Individuals within an organization who have purchase determination
The Sales Funnel
- The "Sales Funnel" is central for sales and sales management.
- Has a start (a lead), a middle (opportunity/presentation) and end (proposal/sale)
- Conversion rate: The ratio of potential customers that the sales funnel transforms into customers.
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Description
Explore strategies for understanding buyers using technology, social media, and CRM software. Identify potential prospects through various channels, including trade associations, the Internet, and word-of-mouth. Learn how CRM systems like Salesforce and Microsoft Dynamics facilitate long-term, profitable customer relationships.
