MKT 504 Study Guide - Final Guide: Sales Process Engineering, Ferris Wheel, Customer Attrition
28 Jun 2013
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Chapter 9: developing & qualifying a prospect base. Main purpose of salesperson: to create customers, not to create sales. Prospecting: systematic process of identifying potential customers. Prospect: potential customer, meets qualifications established by company. Prospect base: list of current & potential customers. Customer attrition: inevitable loss of customers over period of time (15-20% average/year) Common causes of customer attrition: one-time need or extended period of time b/w purchases, customer moves out of salesperson"s territory, firm goes out of business or merges with another, buyer leaves position, sales lost to competition. Ferris wheel concept: as ppl get off the operator fills their seat one at a time, moves wheel a little, etc. until all original riders have been replaced with new ones. Bingo cards : postage-free response cards given to potential buyers that desire more product info. Referral: prospect recommended by current customer or by someone who is familiar with product.
