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Exam 2 Review - SPRING 2011

Exam 2 Review - SPRING 2011 - MARK 3337 Professional...

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MARK 3337 Professional Selling Exam 2 Review Chapter 6: Creating Product Solutions Tommy Boy Video Clip – What did Richard (little guy) and Tommy (big guy) represent about selling the product – Richard was serious and professional, Tommy wasn’t and used a real situation and went over the top Product Strategy – Transactional Buyers are standard generic items, Consultative items that have hidden features, differentiated choices or are customizable, Strategic Alliance are items that are high cost or cannot be substituted easily Explosion of Product Options – Example given in class, Lot more choices but with more option more confusion Proposals – parts of them – Budget and overview, Objective, Strategy, Schedule, Rationale Parts to becoming a product expert – Development – Product Histonry testing customer needs, Quality – quality control sales training, Performance questions, Maintenance and service – custom agreements to meet the customers’ demands, Price and Delivery – professional have the power to manipulate prices and knowledge of their products Quantifying the solution – determines if the proposal adds value Return on Investment – ROI- Cost Benefit Analysis – savings if they were to pick you Competition – Understanding it and knowing how to address it – Knowing strengths and weaknesses of competing products allows you to emphasize your benefits, don’t refer to them while in presentation, don’t discuss unless you know
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