MKT 3427 Exam 1

Tell me something about the Consultative EraTwo-way communication and help customers come to conclusionTell me something about the Strategic Selling EraBetter for businesses to develop long-term relationships with customersTell me something about the Partnering EraSales force automation provides specific customer informationWhat are the two big reasons in the decline of transactional sales?1.) The rise of e-commerce 2.) The increasing complexity of businessMatching firm's resources to market opportunitiesStrategic SalesWhich comes first: strategy or tactics?StrategyWhat is FAB selling?Feature, Attribute/Advantage, BenefitWhat economic forces gave rise to economic partnering?1.) The product became much less important because look-alike products became too common 2.) Customers are continually demanding customization 3.) Need for flexibility by businessIn the industry that you want to go in, give an example of a real strategic allianceApple Pay and MasterCard"People don't care how much you know until they know how much you care"Relationship strategy"Become an expert, sell benefits, and develop value added solutions"Product strategyResponsiveness to customer's needsCustomer strategySales person should spend 30% of their time face-to-face selling and 70% need to get referralsPresentation strategyTell me something true that you know about emotional intelligenceMonitor our own feelings and those of others3 major relationship challenges1.) Building new relationships 2.) Transforming relationships (business to personal or vice-versa) 3.) Managing relationshipsSomething a company writes that talks about what the company is doing, what products they are developing, etc.White papersFour Key Groups of Effective Relationship Strategies1.) Customer (external) 2.) Secondary decision makers (external) 3.) Company support staff (internal) 4.) Management personnel (internal)What are the 2 internal groups that you need to cultivate relationships?Company support staff and Management personnelZero-sum gameWhen someone wins 10 units of happiness and another loses 10Developing skills in a role that you learn from experience and makes you irreplaceableTacit knowledgeFoot-in-door techniqueAsking for a small favor and they are more likely to agree to a bigger favorThin slicing/Default lookMaking an opinion of someone within a moment of meetingWhat has a greater impact: nonverbal or verbal messages?NonverbalCognitive DissonanceWhen people expect someone to act a certain way, but you don't, and they get uncomfortableGive me a piece of advice that you learn from entrance and carriage and shaking handsIt's not about the grades you make, but about the hands you shake#1 universally recognized human emotionSmilingTell me 2 things about your voice1.) When you're making a point, SLOW DOWN 2.) STOP saying the word "like"What is the most difficult "Intensity Zone" to tell what kind of communicator someone is?Zone 1Adaptive sellingAlter sales behaviors in order to improve communicationCommunication style biasWhen you don't like someone and don't know whyName the 5 Communication Styles Principles1.) Individual Differences 2.) Thinking and Behavior 3.) Stable Individual Styles 4.) Finite number of Styles 5.) Sync styles of othersCommunication StylesSupportive, Emotive, Directive, ReflectiveName a type of communicator; Describe them and how to sell to themEmotive: likes to show a lot of emotion. Sell with sentimental values and products.MVPMinimum Viable ProductPlatinum RuleTreat others the way they want to be treatedSelling to Emotives (know 1)1.) Be enthusiastic 2.) Don't be too stiff or formal 3.) Take time to establish goodwill and relationships 4.) Maintain eye contact 5.) Be a good listenerBusiness EthicsPrinciples and standards that determine acceptable conduct in businessEdelman Trust BarometerMeasurement of trust and business sentimentNASPNational Association of Sales ProfessionalsWhat does the NASP have to do with ethics in sales?Created code of conduct for sales professionalsIn the company or industry that you want to work in, tell me some newsworthy ethics story about it.Bill and Melinda Gates Foundation donate $100 million to coronavirus reliefWhere do ethical standards for a particular company come from?Top level management/executivesDavid OgilvyThe father of modern advertising; "If you wouldn't tell it to your wife, don't tell it to mine"ReciprocityYou do something for me, I do something for youWhy is reciprocity a problem for business?1.) Myopia: Being very short sighted 2.) ComplacencyFCPAForeign Corrupt Practices Act; American businesspeople must follow American business laws in other countriesDefamationTalking shit about a competitorExtranetA person's online community that is outside any online community that they work in; Ex. LinkedInWhistleblowerA corporate tattletaleCooling-off lawsRegardless of store policy, if you buy something from an external salesperson, you have 3 days to reconsider your purchaseUCCUniform Commercial Code; governing set of rules adopted by all 50 states that gives a description of what sales actually meansIn a transactional sale, who/what do you trust to make the sale?The productIn a consultative sale, who/what do you trust to make the sale?The salespersonIn a strategic alliance sale, who/what do you trust to make the sale?Other companies and their valuesFOGFact Obfuscating Generalities; A statement that distorts reality and presents it in a broad way to make it sound correct; conceals truthCFAChartered Financial AnalystCFPCertified Financial Planner