CLEP Principles of Marketing Study Notes

Personal selling involves using salesmen and is the

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Personal selling involves using salesmen, and is the most precise promotion method, but also the most expensive . Using salesmen who inform customers and persuade them to purchase products through personal communication falls under personal selling . There are 3 types of salesmen: 1. Order Getters are responsible for increasing the firm's sales by selling to new customers and by increasing sales to existing customers. Responsible for securing new business for the company.
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2. Order Takers - Using salesmen who inform customers and persuade them to purchase products through personal communication falls under personal selling , 3. Support Personnel - usually are not involved solely with making sales . Provide assistance to both the order getters and order takers. There are 2 types of support personnel . Missionary salespersons are employed by manufacturers, and assist the producer's customers in selling to their own customers. Technical salespersons give technical assistance to the organization's current customers. Sales Potential - maximum possible sales for a firm within a market in a specific time period. Certain percentage of the Market Potential. Sales Potential is that percentage of Market Potential which a specific firm will get in sales. Sales Force Allocation Market Potential - total amount of a product that customers will purchase within a market in a specific time period from all firms. Sales potential is influenced by market potential, industrywide marketing activities, and the company's marketing activities. For many non-profit organizations, the price of a product or service is set so that the organization can hit its break-even point . Goal is to set a price that will allow them to hit the break-even point, or the point at which the revenue equals the costs. Some non- profit organizations do work towards a profit, but it is for the purpose of putting that profit into offering more services or offering some other benefit for the customers. Selling Process is a 7 step process which many salespersons move through as they sell products: 1. Prospecting - involves developing a list of potential customers. A salesperson seeks the names of prospects from previous sales records, referrals, trade shows, and many other sources. The Salesperson then qualifies these leads, or determines whether each prospect is willing and able to buy the product. 2. Pre-Approach (aka: Preparing) - where a salesperson conducts research on a prospect-- such as determining the prospect's specific product needs, current use of brands, personal characteristics, etc .. Where the salesperson gathers information about the prospect and analyzes that information. The more information a salesperson has about a prospect, the better prepared he will be to develop an effective presentation. 3.
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Personal selling involves using salesmen and is the most...

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