Principles of Selling Exam 1 Notes
Principles of Selling Exam 1 Study Guide
Ch. 1-5 Contract Law/ Agency
Ch. 1: Selling and Salespeople * Personal Selling- is a person to person business activity in which a salesperson uncovers and satisfies the needs of a buyer to the mutual, long-term benefit of both parties. * Helping a customer identify problems, offering information about potential solutions, and providing after-sale service to ensure long-term satisfaction. “Customer Centric” * Everyone sells- Presidents, engineers…etc. * Go-to- market strategy- ex: internet, field sales representatives, business partners, resellers, manufacturer agents, franchises, telemarketers, and other. Those who rely heavily on salespeople are called sales force-intensive organizations. Those who use multiple strategies are called multichannel strategy.
* Impersonal paid- Advertising/ sales promotion. Impersonal unpaid- Publicity * Personal paid- Personal Selling/ e-mail. Personal unpaid- Word of mouth
(More control from paid, however word of mouth and publicity are seen as more credible but is hard to control. Advertising, Internet sites, and sales promotions give companies control over content and timing. Personal selling is more flexible but more costly.)
* Integrated marketing communications- communication programs that coordinate the use of various vehicles (I.P., P.P., I.UP., P.UP) to maximize the total impact of the programs on customers.
Ex: Stouffer’s new spa cuisine classics, used salespeople to call the supermarkets and wholesale clubs while advertising was created to generate awareness in consumers’ mind.
* Many industrial companies place far more emphasis on personal selling than on advertising.
* Sellers sell to make a profit (selling price- COGS), buyers also buy to make a profit (benefit received-selling price and time and effort to purchase).
* Client Relationship Manager- 35% of time is spend on-site face to face meetings with customers while
Ch. 1-5 Contract Law/ Agency
Ch. 1: Selling and Salespeople * Personal Selling- is a person to person business activity in which a salesperson uncovers and satisfies the needs of a buyer to the mutual, long-term benefit of both parties. * Helping a customer identify problems, offering information about potential solutions, and providing after-sale service to ensure long-term satisfaction. “Customer Centric” * Everyone sells- Presidents, engineers…etc. * Go-to- market strategy- ex: internet, field sales representatives, business partners, resellers, manufacturer agents, franchises, telemarketers, and other. Those who rely heavily on salespeople are called sales force-intensive organizations. Those who use multiple strategies are called multichannel strategy.
* Impersonal paid- Advertising/ sales promotion. Impersonal unpaid- Publicity * Personal paid- Personal Selling/ e-mail. Personal unpaid- Word of mouth
(More control from paid, however word of mouth and publicity are seen as more credible but is hard to control. Advertising, Internet sites, and sales promotions give companies control over content and timing. Personal selling is more flexible but more costly.)
* Integrated marketing communications- communication programs that coordinate the use of various vehicles (I.P., P.P., I.UP., P.UP) to maximize the total impact of the programs on customers.
Ex: Stouffer’s new spa cuisine classics, used salespeople to call the supermarkets and wholesale clubs while advertising was created to generate awareness in consumers’ mind.
* Many industrial companies place far more emphasis on personal selling than on advertising.
* Sellers sell to make a profit (selling price- COGS), buyers also buy to make a profit (benefit received-selling price and time and effort to purchase).
* Client Relationship Manager- 35% of time is spend on-site face to face meetings with customers while