* Marketing mix – product, distribution, price, and promotion; used to develop marketing strategy (pg. 66)
* Communication mix – personal selling; advertising, sales promotion, direct marketing, and public relations and publicity; used by a firm to communicate with customers (pg. 66)
* Role of personal selling –
* Society – stimulate economy, diffuse innovation
* Company – revenue producers (rainmakers), market research/feedback (boundary spanning) * Customers – represent customer to company (boundary spanning)
* Role of sales manager – creating a customer driven culture, recruiting the right talent, training for the right set of skills, segmenting markets, implementing measurable sales processes, leveraging technology for customer relationships, monitoring competition, integrating the other business functions with sales
* Transaction selling vs. relational selling – (pg.4)
* Transactional selling – a series of transactions, each one involving separate organizations entering into an independent transaction involving the delivery of a product or service in return for compensation. * Relational selling – effective in building relationships between customers and suppliers; its expensive; managers must prioritize their customers, creating partnerships with best customers while having a transaction based relationship with those who demand less service.
* Key themes –
* Relationships –
* Technology – internet; electronic data interchange (EDI) systems in manufacturing and efficient customer response (ECR) systems in retailing; customer relationship management (CRM) systems (pg. 6) * Ethics – a set of moral principles and values that governs the behavior of a person or a group with respect to what is right and wrong; long-term relationships and customer loyalty are impossible to maintain in an atmosphere of distrust and bad ethics (pg. 8)...