MKT 300 final outline
Ch. 17 Personal selling – The practice used by salespeople to identify, research, and approach potential customers to sell products and services.
Representatives of a company interact directly with a consumer to provide information to help the consumer make a decision about the product or service.
Personal selling works best when 1) The company is using a push strategy 2) The product/service is complex (real estate) 3) When buyers purchase product infrequently 4) When product is expensive 5) When buyers will take their time 6) When the product is customized 7) negotiation needed
Advantages of personal selling: -detailed explanation or demonstration. –variable sales message – directed to qualified prospects – controllable adjustable selling costs – more effective in obtaining sale and gaining customer satisfaction
-Lead generation or prospecting is the identification of those most likely to buy the sellers offerings - When a prospect shows more interest in having information about the product, the salesperson has the opportunity to qualify the lead. - Lead qualification if the prospect has: - a recognized need – buying power
- receptivity and accessibility - Websites are good at qualifying leads by getting visitors to register more information
-Sales leads can be secured in different ways: -advertising – publicity – direct mail/telemarket – cold calling – internet websites – referrals – networking – trade shows/conventions – company records
-Relationship selling occurs when the customer is loyal and purchases from the company time after time. It is a win-win for the buyer and the seller. Selling advice/assistance
-Traditional selling is more focused on closing the sale of the product.
-Relationship selling spends more time uncovering the customers needs and wants and less time generating leads and closing the sale. Traditional selling spends time in the opposite manner.
Ch. 18
Representatives of a company interact directly with a consumer to provide information to help the consumer make a decision about the product or service.
Personal selling works best when 1) The company is using a push strategy 2) The product/service is complex (real estate) 3) When buyers purchase product infrequently 4) When product is expensive 5) When buyers will take their time 6) When the product is customized 7) negotiation needed
Advantages of personal selling: -detailed explanation or demonstration. –variable sales message – directed to qualified prospects – controllable adjustable selling costs – more effective in obtaining sale and gaining customer satisfaction
-Lead generation or prospecting is the identification of those most likely to buy the sellers offerings - When a prospect shows more interest in having information about the product, the salesperson has the opportunity to qualify the lead. - Lead qualification if the prospect has: - a recognized need – buying power
- receptivity and accessibility - Websites are good at qualifying leads by getting visitors to register more information
-Sales leads can be secured in different ways: -advertising – publicity – direct mail/telemarket – cold calling – internet websites – referrals – networking – trade shows/conventions – company records
-Relationship selling occurs when the customer is loyal and purchases from the company time after time. It is a win-win for the buyer and the seller. Selling advice/assistance
-Traditional selling is more focused on closing the sale of the product.
-Relationship selling spends more time uncovering the customers needs and wants and less time generating leads and closing the sale. Traditional selling spends time in the opposite manner.
Ch. 18