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Akin Marketing Chapter 17

personal selling
is a purchase situation involving a personal, paid-for communication between two people in an attempt to influence each other
Relationship Selling
a sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships
Customer Centric
a philosophy under which the company customizes its product & service offering based on data generated through interactions btwn the customer & the company
Learning
an informal process of collecting customer data through customer comments & feedback on product/service performance
Knowledge Mana
process by which customer info in centralized & shared in order to enhance the relationship btwn customers & the org
empowerment
involves delegating authority to solve customers’ problems
Interaction
the point at which a customer & a company representative exchange info & develop learning relationships
Touch Points
areas of a business where customers have contact w/ the company & data might be gathered
Point-of-Sale Interactions
a touch in stores or info kiosks that uses software to enable customers to easily provide info about themselves w/o feeling violated
Ways to leverage customer info to facilitate enhanced relationships with customers
campaign management, retaining loyal customers, cross selling other prods or services, designing targeting marketing communications, reinforcing customer purchase decisions, inducing product trial by new customers, increasing effectiveness of distribution channel marketing, improving customer service
Campaign Mana
involves monitoring and leveraging customer interactions to sell a company’s products and to increase customer service
retaining loyal customers
if a company has identified its best customers, then it should make every effort to maintain and increase their loyalty; when a company retains 5% of its customers each year, its profits will increase by as much as 25%
cross-selling other products and services
CRM provides many opportunities to cross-sell related products; marketers can use the database to match product profiles and consumer profiles so that they can cross-sell customers products that match their demographic, lifestyle, and behavioral characteristics
designing targeted marketing communications
using transaction and purchase data, a database allows marketers to track customers’ relationships to the company’s products and services and modify the marketing message accordingly
Sales Process (sales cycle)
set of steps a salesperson goes through in a particular org to sell a particular product/service
7 basic step in the personal selling process
generating leads, qualifying leads, approaching the customer and probing needs, developing and proposing solutions, handling objections, closing the sale
generating leads
initial groundwork must precede communication between the potential buyer and salesperson. lead generation or prospecting identification of those firms & people most likely to buy the seller’s offerings; these firms or people become “sales leads” or “prospects”
Referral
a recommendation from a customer or business associate
Networking
using friends, business contacts, coworkers, acquaintances, and fellow members in professional and civic orgs to identify potential clients
Cold Calling
a form of lead generation in which the salesperson approaches potential buyers without any prior knowledge of the prospects’ needs/financial status
Qualifying leads
when a prospect shows interest in learning more about a product, the sales personal has the opportunity to follow up, or qualify, the lead; often the task of lead qualification is handled by a telemarketing group who pre qualifies the lead for the salesperson
lead qualification involves determining whether the prospect has three things
a recognized need, buying power, receptivity and accessibility
approaching the customer and probing needs
before approaching the customers, the salesperson should learn as much as possible about the prospects organization and its buyers , this process is called pre approach
Perepproach
a process that describes the “homework” that must be done by a salesperson before they contact the prospect
Needs Assessment
the ultimate goal during the approach is to conduct _____ to find out as much as possible about the prospect’s situation; the salesperson should be determining how to maximize the fit between what he/shes can offer and what the prospective customer wants
as part of the needs assessment, the consultative salesperson must know everything there its o know about the following:
the product or service, customers and their needs, the competition and the industry
Developing and proposing solutions
once the salesperson has gathered the appropriate info about the client’s needs and wants, the next step is to determine whether her company’s prods or services match the needs of the prospective consumer; the salesperson then develops a solution in which the salesperson’s prod or service solves the client’s problems or meets a specific need
Sales Proposal
a formal written doc or professional presentation that outlines how the salesperson’s product/service will meet/exceed the prospect’s needs
Sales Presentation
a formal meeting in which the salesperson presents a sales proposal to a prospective buyer
Handling objectives
rarely does a prospect say “i’ll buy it” right after a presentation, rather the prospect often raises objections or asks questions about the proposal and product; to handle objectives effectively, the salesperson should anticipate specific objections such as concerns about the price, fully investigate the objection with the customer, be aware of what the competition is offering, and stay calm
Closing the sale
at the end of the presentation, the salesperson should ask the customer how he would like to proceed; customers often give signals during or after the presentation that they are ready to buy or are not interested
Negotiation
the process during which both the salesperson and the prospect offer special concessions in an attempt to arrive at a sales agreement
Follow-Up
salespeople’s responsibilities don’t end with making the sales and placing the orders; the final step of the selling process, in which the salesperson ensures delivery schedules are met, goods/services perform as promised, & the buyers’ employees are properly trained to use the products
sales manager’s basic job
to maximize sales at a reasonable cost while also maximizing profits
sales managers’ responsibilities and decisions (5)
defining sales goals and the sales process, determining the sales force structure, recruiting and training the sales force, compensating and motivating the sales force, evaluating the sales force
effective sales management begins with a
determination of sales goals
Quota
a statement of the salesperson’s sales goal, usually based on sales volume.

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