Marketing ch 13

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Author:
gabo
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169886
Filename:
Marketing ch 13
Updated:
2012-09-09 18:25:20
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13 Professional Selling
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key terms
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  1. BANT
    An acronym for the characteristics of a qualified prospect. A BANT has the budget, authority, need for, and time to purchase a product.
  2. account manager
    A salesperson responsible for ongoing business with a customer who uses a product. Satisfying long-term customers and persuading them to reorder products are important activities for account managers.
  3. activity goals
    The number and type of sales calls a representative is expected to make in a certain period of time.
  4. approach
    The first step in the sales process. The salesperson introduces himself or herself and the company to the buyer and determines if the buyer has any interest in purchasing the firm’s products.
  5. bonus incentive
    Pay based on overall sales performance; it may be based on how well an individual salesperson does, how the team does, or how the company performs.
  6. boundary spanners
    People who work both inside and outside their organizations. Salespeople are boundary spanners.
  7. closed-loop lead management systems
    Information systems that track sales leads from the point at which the marketer identifies them to the point at which they are closed.
  8. collateral
    Printed or digital material, such as brochures, position papers, case studies, clinical studies, market studies, or other documents created by marketing professionals.
  9. commission incentive
    Pay based on a single sale.
  10. consultative selling
    A selling strategy in which a salesperson uses special expertise to create a somewhat customized solution to a buyer’s problem.
  11. conversion ratios
    • The rate at which a salesperson moves, or converts, potential customers from one stage of the sales cycle to the next.
    • funnelThe amount of time or number of steps it takes to make a sale; also called the sales cycle or pipeline.
  12. independent agents
    Independent salespeople a company hires to sell its products. Independent agents set their own hours, determine their own activities, and for the most part, manage themselves.
  13. lead
    The contact information for someone who might be interested a salesperson’s product.
  14. lead management
    The process of identifying and qualifying leads in order to capture new business.
  15. lead scoring
    The process of rating leads based on the readiness of potential buyers to purchase products.
  16. manufacturer’s representative
    A type of independent agent who represents manufacturers. Typically, the person represents noncompeting manufacturers that sell complementary products.
  17. missionary salesperson
    A salesperson who calls on people who make decisions about products but don’t actually buy them.
  18. needs-satisfaction selling
    The process of asking questions to identify a potential buyer’s needs and then tailoring the sales pitch to satisfy those needs.
  19. objection
    A statement by a buyer of concern about an offer or salesperson.
  20. pipeline
    The amount of time or number of steps it takes to make a sale; also called the sales cycle or funnel.
  21. prospect
    Someone who has the budget, authority, need for, and time to purchase a product.
  22. prospector
    A salesperson whose primary responsibility is prospecting, or finding potential customers. The salesperson might be responsible for closing the sales or simply turning the prospects over to someone else to close.
  23. qualifying
    A process of asking questions to determine whether a buyer is likely to become a customer.
  24. role conflict
    A situation in which someone faces competing expectations from two or more people or groups; for example, a salesperson who has a customer who wants one thing and a boss who wants another.
  25. sales cycle
    The amount of time or number of steps it takes to make a sale; also called the sales pipeline or funnel.
  26. sales quota
    The minimum level of sales performance for an individual salesperson.
  27. script-based selling
    A form of selling in which the salesperson memorizes a sales pitch and delivers it verbatim to each prospective customer.
  28. spiffs
    A word that originally meant “special promotion incentive funds” and now is used for any short-term bonus payments companies use to encourage salespeople to sell certain products.
  29. strategic-partner selling
    A situation in which a buyer and seller jointly invest resources and share their expertise to create solutions designed to grow one another’s businesses.
  30. suspect
    A person or organization that has an interest in an offering but hasn’t indicated if they are going to purchase.
  31. trade salesperson
    Someone who calls on retailers and provides them assistance with merchandising and selling products to consumers.
  32. win-loss analysis
    The process of reviewing each sales cycle after it is completed to identify key factors that accounted for the win or the loss of a sale.

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