Study Guide MRKT 488
) What is personal selling?
- most important part of marketing
-interpersonal communication between buyers and sellers, relationships, customer communication and before/after the sale, high degree of customer feedback
- 4P’s : Price, Product, Promotion, Positioning, Place
- has evolved from canned presentations
2) Explain the difference between traditional “transaction focused” selling and “trust-based” relationship selling.
- transaction focused: scalable and cost effective
- trust based focused: sales people earn customers trust, focus on solving the customers problem, providing opportunity and adding value
3) How does personal selling contribute to society, businesses, and customers?
-diffusion of innovation curve, market research, stimulate economy, generate revenue, leaders in the organization.
-there are long term relationships between customers and salesppl
-as salesppl serve customers they simultaneously help customers and society
4) Briefly describe the five alternative approaches to personal selling. Which are more transaction based and which are more trust-based?
1. stimulus response selling(simplest and transaction focused)
- get predictable responses
2. mental states selling (transaction focused)
- assumes the buying of products is the same for all customers, that they are led through all the same mental states (AIDA – attention, interest, desire, action) *rely on structured sales presentation
3. Need satisfaction selling (trust based focused)
- customer buying to satisfy a particular need or set of needs, focuses on the customer
4. problem solved selling (trust based focused)
-extension of need satisfied selling
- uncover and confirms buyers needs -> present offerings to satisfy buyer-> continue personal selling until purchase decision.
5. consultative selling (trust based)
- achieving strategic goals by using products, service and expertise.
5) Briefly describe the three major phases of the trust-based sales process
- most important part of marketing
-interpersonal communication between buyers and sellers, relationships, customer communication and before/after the sale, high degree of customer feedback
- 4P’s : Price, Product, Promotion, Positioning, Place
- has evolved from canned presentations
2) Explain the difference between traditional “transaction focused” selling and “trust-based” relationship selling.
- transaction focused: scalable and cost effective
- trust based focused: sales people earn customers trust, focus on solving the customers problem, providing opportunity and adding value
3) How does personal selling contribute to society, businesses, and customers?
-diffusion of innovation curve, market research, stimulate economy, generate revenue, leaders in the organization.
-there are long term relationships between customers and salesppl
-as salesppl serve customers they simultaneously help customers and society
4) Briefly describe the five alternative approaches to personal selling. Which are more transaction based and which are more trust-based?
1. stimulus response selling(simplest and transaction focused)
- get predictable responses
2. mental states selling (transaction focused)
- assumes the buying of products is the same for all customers, that they are led through all the same mental states (AIDA – attention, interest, desire, action) *rely on structured sales presentation
3. Need satisfaction selling (trust based focused)
- customer buying to satisfy a particular need or set of needs, focuses on the customer
4. problem solved selling (trust based focused)
-extension of need satisfied selling
- uncover and confirms buyers needs -> present offerings to satisfy buyer-> continue personal selling until purchase decision.
5. consultative selling (trust based)
- achieving strategic goals by using products, service and expertise.
5) Briefly describe the three major phases of the trust-based sales process