MKT 504- Final Exam Guide - Comprehensive Notes for the exam ( 27 pages long!)

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Published on 29 Mar 2018
Department
Course
Professor
Ryerson
MKT 504
Final EXAM
STUDY GUIDE
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MKT504 Chapter 1
Overview of Personal Selling
- Personal Selling: An important part of marketing; interpersonal interactions between buyers and sellers to initiate, develop and enhance
customer relationships
- One of the most important part of marketing communications for most business: also one of the most EXPENSIVE so important to get it
ight
- Must get customers to trust salesperson and meet customer needs. Also contribute to creation, communication and delivery of customer
value
- Focus on solving customer problems, providing opportunities and adding value
- Customer value is customer dependent: TRUST BASED SELLING
Exhibit 1.1 Comparison of Transaction- Focused Traditional Selling with Trust Based Relationship Selling
Transaction- Focused Traditional
Selling
Trust- Based Relationship Selling
Typical skills required
Selling skills, e.g. finding prospects,
making sales presentations
Selling skills
Information gathering
Listening and questioning
Strategic problem solving
Creating and demonstrating unique,
value- added solutions
Teambuilding and teamwork
Primary Focus
The salesperson and the selling firm
The ustoe ad the ustoes
customers
Desired Outcomes
Closed sales, order volume
Trust, joint planning, mutual benefits,
enhance profits
Role of Salesperson
Make calls and close sales
Business consultant and long- term ally
Ke plae i the ustoes usiess
Nature of communications with
customers
One- way from salesperson to
customer
Pushing products
Two-way and collaborative
Strive for dialogue with the customer
Degee of salespesos ioleet i
ustoes deisio-making process
Isolated fo ustoes deisio-
making process
Atiel ioled i ustoes
decision-making process
Knowledge Required
Product knowledge
Competitive knowledge
Identifying opportunities
Account strategies
Product knowledge
Selling company resources
Competitive knowledge
Account strategies
Costs
Identifying opportunities
General business and industry
knowledge and insight
Custoes poduts, opetitio ad
customers
Post sale Follow-up
Little or none: move on to conquer
next customer
Continued follow-through to:
- Ensure customer satisfaction
- Keep customer informed
- Add customer value
- Manage opportunities
Figure 1.1 Trust Based Sales Process
Customers define value (trust) by asking:
- Good job helping me?
- Dependable?
- Company easy to work with?
- Enlist others to help?
- Understand my business?
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Personal Selling Has Evolved: Industrial revolution era/ post industrial revolution: canned sales presentations- high pessue, fast talkig sake oil
salesperson
- Professionalism: modern era: customer oriented approach using truthful, non- manipulative tactics to satisfy the long term needs of both the
customer and the selling firm
- Many organizations employ sales people: e.g. Xerox: 15k, Coke: 9k etc.
- Salespeople can stimulate the economy and ensure the diffusion of innovation. The create revenue, do market research and solve problems
Alternative Personal Selling Approaches
Adaptive Selling: the ability of a salesperson to alter his/her sales messages and behaviors during a sales presentation or as they encounter different
sales situations and different customers
- Stimulus Response Selling (e.g. continued affirmation)
- Mental States Selling (AIDA)
- Need Satisfaction Selling: focus on customer
- Problem Solving Selling: generate alternative solutions
- Consultative Selling: strategic goals for customers
o Strategic orchestrator, business osultat, log te all 
Characteristics of Successful Salespeople
Active Listening
Service
Orientation/
Customer
Oriented
Strong Oral and
Written
Communication
Skills
Problem
Solving
Logical
Honest
Compatible
Strategic
Dependable
Motivation
Integrity
Initiative
Competent
Adaptable
Characteristics of Sales Careers
Occupational Outlook
Advancement Opportunities
Immediate Feedback
Job Variety
Independence
Compensation
Appendix One: Sales Careers
Sales support personnel
Missionary Salespeople
Detailer (pharma)
Technical Support Salesperson
Pioneers
Qualifications and Skills
Empathy
- Ego Strength (strong person)
- Good interpersonal communication skills including listening, adapting presentations, verbal communication
- Adaptable, socially intelligent
- Enthusiasm
- Service motivation
- Solicit opinions, listen effectively confirm customer needs and concerns
- Capable of probing customer expectations with open and close ended questions and responding in a flexible manner to individual
personalities and different business cultures in a way that demonstrates respect for differences
Chapter Two: Trust and Sales Ethics
How Do you Earn Long Term Trust? (Integrity)
Openness
Dependability
Candour
Confidentiality
Security
Reliability
Predictability
Expertise, Competence
Compatibility/Likeability
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