Principles of Selling Exam 1 Notes

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Principles of Selling Exam 1 Study Guide
Ch. 1-5 Contract Law/ Agency

Ch. 1: Selling and Salespeople
* Personal Selling- is a person to person business activity in which a salesperson uncovers and satisfies the needs of a buyer to the mutual, long-term benefit of both parties. * Helping a customer identify problems, offering information about potential solutions, and providing after-sale service to ensure long-term satisfaction. “Customer Centric” * Everyone sells- Presidents, engineers…etc.

* Go-to- market strategy- ex: internet, field sales representatives, business partners, resellers, manufacturer agents, franchises, telemarketers, and other. Those who rely heavily on salespeople are called sales force-intensive organizations. Those who use multiple strategies are called multichannel strategy.

* Impersonal paid- Advertising/ sales promotion. Impersonal unpaid- Publicity * Personal paid- Personal Selling/ e-mail. Personal unpaid- Word of mouth (More control from paid, however word of mouth and publicity are seen as more credible but is hard to control. Advertising, Internet sites, and sales promotions give companies control over content and timing. Personal selling is more flexible but more costly.)

* Integrated marketing communications- communication programs that coordinate the use of various vehicles (I.P., P.P., I.UP., P.UP) to maximize the total impact of the programs on customers. Ex: Stouffer’s new spa cuisine classics, used salespeople to call the supermarkets and wholesale clubs while advertising was created to generate awareness in consumers’ mind.

* Many industrial companies place far more emphasis on personal selling than on advertising.

* Sellers sell to make a profit (selling price- COGS), buyers also buy to make a profit (benefit received-selling price and time and effort to purchase).

* Client Relationship Manager- 35% of time is spend on-site face to face meetings with customers while the rest of the time is spent in meetings, working with support people in their companies, traveling, waiting for sales interview, doing paperwork and servicing customers. When salespeople fail in maintaining these relationships, the result is catastrophic. The salespersons job does not end when the customer places an order. Sales representatives must make sure customers get the benefits they expect from the product. * Account Team Manager- Salespeople also coordinate the activities within their firms to solve customer problems. * Vendor and Channel Managers- Interacting with other partners and vendors to meet a customer’s needs. Ex: Boeing Jet getting another feature from a third-party vendor. * Information Provider to their Firm- Eyes and ears of the company in the market place.

* Distribution Channels- is a set of people and organizations responsible for the flow of products and services from the producer to the ultimate user. Business to business channel
Direct Channel- Salespeople (trade salespeople) working for the manufacturer call directly on other manufacturers Ex: Nucor salespeople sell steel directly to the automobile manufacturers Missionary salespeople work for a manufacturer and promote the manufacturer’s products to other firms. Ex: Driltech a manufacturer of mining equipment, call on mine owners to promote their product. Consumer Channels

MTrade salespersonretailerretail salespersonConsumer
MT.SDistributorT.S. retailer retail salespersonConsumer

* Describing sales jobs
* The stage of the buyer-seller relationship- New or continuing * The salesperson’s role- Taking orders or creating new solutions * The importance of the customer’s purchase decision
* The location of the salesperson-customer contact-Field (face) or Inside (phone) Sale * The nature of the offering sold by the salesperson- Products or Services * The salesperson’s role in securing the...
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