Marketing Final Exam

Trust over time emphasizes solution development over

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Unformatted text preview: lds, maintains, and enhances interactions with customers to develop long-term satisfaction through mutually beneficial partnerships develops trust over time emphasizes solution development over a longterm relationship (a win–win outcome) OBJ: 18-5 TOP: AACSB MSC: BLOOMS Synthesis 10. List the seven steps in the personal selling process. ANS: 1. 2. 3. 4. 5. 6. 7. PTS: 1 REF: 292 Communication KEY: CB&E Model Promotion Generating leads Qualifying leads Approaching the customer and probing needs Developing and proposing solutions Handling objections Closing the sale Following up OBJ: 18-6 TOP: AACSB MSC: BLOOMS Synthesis 11. The first step in the personal selling process is generating leads. Define lead generation and explain why referral is a superior method for generating leads. ANS: Lead generation, or prospecting, is the identification of those firms and people most likely to buy the seller’s offerings. These firms or people become “sales leads” or “prospects.” Referrals are recommendations from customers or business associates. The advantages of referrals over other forms of prospecting include highly qualified leads, higher closing rates, larger initial transactions, and shorter sales cycles. PTS: 1 REF: 292 Communication KEY: CB&E Model Promotion OBJ: 18-6 TOP: AACSB MSC: BLOOMS Synthesis 12. Shelby is a salesperson for Kohler, a company that sells plumbing fixtures. He has a prospect who is showing interest in learning more about his company’s products, so now he must qualify this sales lead. What will Shelby do? ANS: Lead qualification involves determining whether the prospect has three things: A RECOGNIZED LEAD. First, the salesperson must determine if the prospect has a need that is not being satisfied. Preliminary interviews and questioning may help in this process. BUYING POWER. To avoid wasting time and money, the salesperson should identify the purchasing authority before making a presentation and determine that the prospect has the funds to pay for the product. An organization chart can qualify the prospect. Additionally, information on a firm’s credit standing can be obtained from credit and financial reporting services. RECEPTIVITY AND ACCESSIBILITY. The prospect must be willing to see the salesperson and be accessible to the salesperson. PTS: 1 REF: 293 Communication KEY: CB&E Model Promotion OBJ: 18-6 TOP: AACSB MSC: BLOOMS Synthesis 13. Tremaine Hughes is a salesperson for Allied Pets, a company that sells veterinarian supplies. He is working on a needs assessment for East Athens Veterinary Clinic. What information will he need to find out about East Athens? ANS: A consultative salesperson must know everything there is to know about: the products that Allied Pets offers • East Athens as a customer and have an • understanding of its specific needs the competition East Athens faces • the industry East Athens operates in • PTS: 1 REF: 294 Communication KEY: CB&E Model Promotion OBJ: 18-6 TOP: AA...
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This document was uploaded on 09/29/2013.

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