MRKT 455 Study Guide - Fall 2018, Comprehensive Midterm Notes - Visual Learning, Vacuum Cleaner, Unique Selling Proposition
12 Oct 2018
School
Department
Course
Professor
MRKT 455
MIDTERM EXAM
STUDY GUIDE
Fall 2018
LECTURE 1
What is selling?
• Personal selling
o Personal communication
o Persuasive
o Need fulfillment
▪ Goods
▪ Services & ideas
Everybody Sells!
• Each person develops communication techniques, trying to get our way in life.
o Ex: babies crying, looking cute
• You are involved in selling when you want someone to do something
• You use personal persuasion skills to persuade someone to act
How do we get people to act?
• Persuasion
• Storytelling
• Bribes?
• Personal connection
• Etc.
Types of Sales Employment
• Selling in retail
o Sells goods and services to customers for personal use
• Direct selling
o Face to face (or telephone) sales to consumers for personal use
• Selling for a wholesaler
o For resale
o For use in producing other goods
o For use within an organization
• Selling for a manufacturer
o Works for the firm who manufactures the product
o Usually one of the most prestigious jobs in sales
• Not-for-profit selling
Order takers vs. order getters
• Order takers
o Ask what customer wants
o No sales strategy or creative presentations
o Do ot reate sales
find more resources at oneclass.com
find more resources at oneclass.com
• Order getters/creators
o Generate new business
o Use creative sales strategies and effective sales presentations
Rewards
• Non-financial
o Intrinsic reward (delivering value)
o Company recognition
o Incentives such as trips
• Financial
o Earn more than others at the same level in the organization
o Income based on performance
o Perks such as company car, laptop, expense account, etc.
A “ales Maager’s Reie of the Reruit
• What are the top factors to consider when hiring a salesperson?
o Selling your ability to connect with people
o Handle yourself well
o Demonstrate good interpersonal skills
o Have a well thought out career plan
o Have a friendly, pleasing personality
o Have a positive attitude and be willing to work hard
o Be aitious ad sho lots of iterest i the eployer’s usiess
o Demonstrate good grades and other accomplishments
o A clean, neat appearance is a must
First Impressions (see doc)
1. Learn what people use to form their first impression
2. Choose your first twelve words carefully
3. Use the other perso’s ae iediately
4. Pay attention to your hair
5. Keep your shoes in mint condition
6. Walk fast
7. Fine tune your handshake
8. Make introductions with style
9. Never leave the office without your business card
10. Match your body language to your verbal message
Relationship Selling
• GOAL: long-term relationship with customer/client
o Expertise enables seller to become problem solving partner
o Service and follow-up ensure purchase satisfaction
• Sequence builds customer loyalty- a relationship
find more resources at oneclass.com
find more resources at oneclass.com
Document Summary
What is selling: personal selling, personal communication, persuasive, need fulfillment, goods, services & ideas. How do we get people to act: persuasion, storytelling, bribes, personal connection, etc. Order takers vs. order getters: order takers, ask what customer wants, no sales strategy or creative presentations, do (cid:374)ot (cid:862)(cid:272)reate sales(cid:863, order getters/creators, generate new business, use creative sales strategies and effective sales presentations. Incentives such as trips: financial, earn more than others at the same level in the organization. Income based on performance: perks such as company car, laptop, expense account, etc. Relationship selling: goal: long-term relationship with customer/client, expertise enables seller to become problem solving partner, service and follow-up ensure purchase satisfaction, sequence builds customer loyalty- a relationship. Selling as a profession: sales people work hard in becoming experts on their products. Analyze customer needs recommend solution and gain commitment implement the recommendation maintain and grow the relationship. Lecture 2: customers, shareholders, suppliers, employees, managers, owners, government, community, creditors.
