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Midterm

MKT504 midterm notes (CH1-8).docx

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Department
Marketing
Course
MKT 504
Professor
Roy Morley
Semester
Winter

Description
CHAPTER 1: RELATIONSHIP SELLING OPPORTUNITIES IN THE INFO ECONOMY -Personal selling: person-to-person communication -Missionary or detail sales: sales made when (informing, reminding, persuading) with prospective manufacturer’s salesperson generates goodwill & customer about a product/service; develop relationships, stimulates demands among channel members, rather than discover needs, match products with needs; adds value through selling direct to end users -Product: broadly interpreted to encompass physical -Service Channel: Service Provider- Services goods, service, and ideas Salesperson - Consumer/Business User -Personal selling philosophy: adopt marketing concept, -Business-to-business channels: value personal selling, become a problem solver/partner 1. Manufacturer - Industrial Salesperson- Industrial to help customers make better buying decisions Consumer -Selling 2.0: using info technology tools + innovative 2. Manufacturer - Trade Salesperson - Distrubutor - sales practices to create value by improving speed, Distrubutor Salesperson - Industrial Consumer collaboration, customer engagement, and accountability 3. Manufacturer - Missionary Salesperson - Industrial of sales process Consumer -Business is defined by customer relationships -Consumer Channels: -Value-added selling: improving sales process by 1. Manufacturer – Direct Salesperson - Consumer offering advice & product solutions, managing customer 2. Manufacturer – Trade Salesperson – Retailer – Retail relationships, and providing service after sale Salesperson - Consumer -Tasks performed by salespeople: administrative, sales 3. Manufacturer – Trade Salesperson – Distributor – prep, face-to-face selling, travelling*(mostly this) Trade Salesperson – Retailer – Retail Salesperson - -Psychic income: factors that provide psychological Consumer rewards; satisfy need for recognition & security -Field Salespeople: regularly visit face-to-face with new -Inside salesperson: performs selling activities at customers and current customers employer’s location, typically via phone & email -Direct Salespeople: independent contractors who -Outside salesperson: travels to meet represent manufacturers selling products directly to prospects/customers in their place of business consumers -Trade selling: sale of a product of service to another -Knowledge Workers: work effort is centred around member of channel of distribution (ie. Manufacturer to creating, using, sharing, and applying knowledge wholesalers) CHAPTER 2: EVOLUTION OF SELLING MODELS THAT COMPLEMENT MARKETING CONCEPTS -marketing concept: co-ordinate all activities to satisfy -strategic/consultative selling model: develop personal customers while achieving company goals selling philosophy, relationship strategy, product -marketing mix: set of controllable, tactical marketing strategy, customer strategy, presentation strategy tools that consists of everything the firm can do to -relationship selling: form of personal selling that influence the demand for its product (product, price, involves securing, developing, and maintaining LT place, promotion) relationships -consultative selling: personal selling with emphasis on -product strategy: acquiring extensive product need identification, need satisfaction, building of knowledge, learning to select and communicate relationship that results in repeat business appropriate product benefits that will appeal to customer, -transactional selling: matches needs of value- and configuring value-added solutions conscious buyer primarily interested in price & -customer strategy: maximum responsiveness to convenience customer’s needs -strategic planning: matches the firm’s resources to its -presentation strategy: preparing the sales presentation market opportunities plan that is needed to meet objectives, renewing one’s -adaptive selling: altering sales behaviours in order to commitment to provide outstanding customer service improve communication with customer -partnerships: strategically developed, long-term relationship that solves customer’s problems & results in repeat sales and referrals -strategic selling alliance: teaming up with another -customer value model: 1 understanding customer’s company whose products or services fit well with your value needs, 2 creating value proposition, 3 own communicating value proposition, 4 delivering value -customer relationship management (CRM): process proposition of building & maintaining strong customer relationships by providing customer value CHAPTER 3: DEVELOPING A RELATIONSHIP STRATEGY -emotional intelligence: capacity for recognizing our -win-win selling: buyer & seller come out of sale own feelings and those of others, for motivating understanding their respective interests have been served ourselves, and for managing emotions effectively in -ego drive: inner force that makes salesperson want & ourselves & our relationships need to make the sale -empathizer: someone with ability to imagine -character: personal standards of behaviour including themselves in someone else’s position & understand honesty & integrity; based on internal values & resulting what they are feeling judgements you make about what is right and wrong -Wilson’s 3 Keys to Partnering Relationship: 1 -integrity: part of character; when behaviour is in relationship is built on share values, 2 everyone needs to accordance with professed standards; personal code of clearly understand the purpose of the partnership & be moral values committed to the vision, 3 role of salesperson must move -nonverbal message: messages without words / silent from selling to supporting messages; communicated through facial expression, -4 Key Groups of Relationship Strategies: customers, voice tone, gestures, posture, etc. secondary decision makers (ie assistants to primary -handshake: eye contact, degree of firmness, duration of decision maker), company support staff, management grip, depth of interlock, degree of dryness of hands personnel -unconscious expectations: certain views concerning -self-concept: bundle of facts, opinions, beliefs, and appropriate dress perceptions about yourself that are present in your life -self-talk: effort to override past negative mental every moment of every day programming by erasing or replacing it with conscious, positive, new directions CHAPTER 4: COMMUNICATION STYLES -personality: thoughts, feelings, and actions that -dominance: tendency to influence or exert one’s will characterize someone over others in a relationship (2 categories: low & high) -communication style: patterns of behaviour that others -lower dominance: tendency to be co-operative & let observe; voice pattern, eye movement, facial expression, others control things; lower in assertiveness posture -higher dominance: tend to like to control things, -communication-style bias: a state of mind we frequently initiate demands; more aggressive in dealing experience when we have contact with another person with others whose communication style is diff from our own -sociability: amount of control one exerts over -communication-style principles: 1 individual emotional expressiveness; differences exist and are important, 2 communication -high sociability: express feelings freely, prefer to style is a way of thinking and behaving, 3 individual interact with people style differences tend to remain constant throughout life, -low sociability: control feelings, reserved, prefer to 4 there are finite number of styles, 5 to create the most work alone, formal in social relationships productive relationship it is necessary to get in sync with -4 Stylese of Communication: emotive, directive, the communication style of the people you work with reflective, supportive -style flexing: deliberate adjustment of one’s -emotive style: (High soc/High dom) appears quite communication style to accommodate the needs of the active, takes social initiative in most cases, likes to other person encourage informality, expresses emotional opinions -directive style: (Low soc/Low dom) appears to be -supportive style: (High soc/Low dom) gives businesslike, displays serious attitude, voices strong appearance of being quiet and reserved, listens opinions, appears to be quite busy, may give impression attentively to other people, tends to avoid the use of of not listening, displays serious attitude, likes to power, makes decisions in a thoughtful and deliberate maintain control manner -reflective style: (Low soc/Low dom) controls -strength/weakness paradox: your greatest strength can emotional expression, displays preferences for become your greatest weakness orderliness, tends to express measured opinions, seems -the platinum rule: do unto others as they want done difficult to get to know, type of customer that doesn’t unto them want to waste time socializing CHAPTER 5: ETHICS -business ethics: comprise principles and standards that -business defamation: business slander (unfair and guide behaviour in the world of business; translate untrue oral statement about competitor), business libel values into appropriate and effective behaviours in day- (unfair aund untrue written statement about competitor), to-day life product disparagement (false or deceptive comparisons -half-truths that influence erosion of moral or distorted claims are made concerning a competitor’s character: we are only in it for ourselves; corporations product, services, or property) exist to maximize shareholder value; companies need to -values –influence attitude –influence behaviour be lean and mean -cooling-off laws: provincial and territorial laws that -factors determining ethical behaviour of salespeople: give customers an opportunity to reconsider a buying top management as role model, company policies an
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