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MKT 3427- Final Exam Guide - Comprehensive Notes for the exam ( 57 pages long!)


Department
Marketing
Course Code
MKT 3427
Professor
A.Gleiberman
Study Guide
Final

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LSU
MKT 3427
FINAL EXAM
STUDY GUIDE

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3427 Test 1
8/25
Chapter 1: Developing a Personal Selling Philosophy
What is persoal sellig?
-person-to-person communication with a prospect
-arms lengths transaction- ou’re giving a person money the’re giving you the good, you pay
you leave at a gas station on a road trip, no brand loyalty or company loyalty
-personal selling is the process of:
-developing relationships
-discovering needs
-matching products with needs
-communicating benefits
-a process that adds value: if you were to take the salesperson out of the equation what would
be lost
-today salesperson they add information efficiency
-as a salesperso ou hae to add soethig to that ustoers eperiee or there’s o
reaso the’ll u it from you
-1860-1960: Industrial Age
-major advances occur in manufacturing and transportation
-strategic resources are capital and natural resources
-business is defined by its product and factories
-sales success depends on meeting sales quotas
-1960-2020: Information Age
-major advances occur in information technology
-strategic resource is information
-business is defined by customer relationships
-sales success depends on adding value
***LIST
sales=above average financial and psychic income
-psychic income= job recognition, job incentives, competition, motivation, etc.
sales has opportunities for women: more trustworthy for women to sell certain things, people
trust women selling them certain things more ex: real estate
inside salesperson- physical inside building at where their office is
-inbound: sale indicated by customer, takes calls
-outbound: salesperson makes calls to customers
outside salesperson- goes out and sells
channels of distribution: ways we get our products to consumers
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sales is a service type industry
issioar salesperso: aufaturer’s represetatie, the go out ito arious territories,
dont necessarily sell a product but they are a goodwill ambassadors for a company and the
opa’s produts or a new produt, here the’re goig as a opa or isio as a
opa, do’t take a orders
-Amazon is killing traditional retailpeople getting annoyed with boxes, amazon making pop
up stores
-knowledge workers- accountants, lawyers, using knowledge as their currency
8/28
Chapter 2: Evolution of Selling
-moved from peddling to long term relationships, consultative selling, and value added
partnering
-emergence of a marketing concept
-started personal selling in era of PERSUADOR STAGE
-snake oil salesperson- salesman would peddle their trolleys and peddle snake oil/medicine
door to door
-now we are in PROBLEM SOLVING STAGE
-salesperson trying to solve problem that customer has
-marketing concept- knowing the needs and wants of target markets and then delivering the
desired product, not just pushing a product on to a person
-focus on keeping your particular customers happy and can sustain business
Marketing Era: thinking about target markets
Consultative selling era: not about pushing products, the idea is that we became focused on
need identification, what does the customer actually need, two-way conversation geared
toward identifying customer needs, salesperson is negotiator
Strategic Selling Era: what is the best way for us in particular (niche) to satisfy the need of the
customer
Partnering Era: long term high quality relationships that both parties are interested in the
success of the other, sales force automation
Service after the sale leads to referrals
A strategic market plan: matches firm resource to market opportunities
Globalization in the 1980s is because of open trade relations with China in the 70s
Tactics: things we used to achieve goals, use to achieve the strategy
Strategy: overall plan by mangers, etc.
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