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D099 SALES MANAGEMENT (
QUESTIONS AND ANSWER) GRADED A+
2024 LATEST APPROVED (ACTUAL
EXAM)
relationship selling - Solution sales technique that focuses on the interaction between the buyer and the salesperson rather than the price or details of the product value creation - Solution the performance of actions that increase the worth of goods, services, or even a business sales process - Solution incorporates actually selling the company's products or service to its customers personal selling - Solution a type of selling that uses person-to-person interaction to sell products and services customer loyalty - Solution having a positive attitude toward a product or brand, which includes supportive behavior from the customer brand trust - Solution the willingness of the average consumer to rely on the ability of the brand to perform its stated function conversion rates - Solution the percentage of prospective customers who take a specific action you want sales forecast - Solution the process of estimating future sales operational budget - Solution a plan for expenditures required to maintain the functioning of a business venture or public organization product-market fit - Solution degree to which a product satisfies a strong market demand
corporate structure - Solution an organization's different departments or business units within a company to achieve its overall mission and goals functional structure - Solution an organization structure that groups employees according to a specialized or similar set of roles or tasks modular structure - Solution divides the business into small, tightly knit SBUs, which focus on specific elements of the organizational process strategic business unit - Solution a profit center that focuses on product offering and market segment competitive advantage - Solution a condition or circumstance that puts a company in a favorable or superior business position sustainable competitive advantage - Solution company assets, attributes, or abilities that are difficult to duplicate or exceed and provide a superior or favorable long-term position over competitors customer relationship management (CRM) - Solution processes implemented by a company to handle its contact with customers with the goal of creating a unified customer experience to maximize retention business intelligence (BI) - Solution the use of data in an enterprise to facilitate decision-making. It encompasses understanding the actual operation of the company, as well as the anticipation of future events, with the aim of providing knowledge to support business decisions big data analytics - Solution large, complex data sets that require non- traditional data processing software to predict trends and forecasts organizational ethics - Solution the principles and standards by which businesses operate and it is how an organization responds to an internal or external stimulus marketing concept - Solution identifying customer needs and then producing the goods or services that will satisfy those needs while making a profit for the organization
consultative selling - Solution sales approach where the seller becomes a trusted advisor to the customer and builds a relationship to truly understand his or her needs value exchange - Solution the quantified worth of one good or service expressed in terms of worth of another customer lifetime value (CLV) - Solution a prediction of the net profit attributed to the entire future relationship with a customer return on customer investment - Solution a metric that measures how much value a business can create per customer value - Solution the measure of the benefit gained from a product or service relative to the full cost of the item value proposition - Solution an innovation, service, or feature intended to make a company or product attractive to customers return on investment (ROI) - Solution a performance measure used to evaluate the efficiency of an investment or compare the efficiency of a number of different investments CLV = - Solution dollar value of purchases x gross profit% x number of purchases ROI = - Solution net profit / investment x 100 sales funnel - Solution the buying process that companies lead customers through when purchasing products accounts - Solution current business clients' records of transactions sales management - Solution a business discipline which is focused on the practical application of sales techniques and the management of a firm's sales operations sales channels - Solution a way of bringing products or services to market so they can be purchased by consumers
distribution channels - Solution a chain of businesses or intermediaries through which a good or services passes until it reaches the final buyer or end consumer intermediaries - Solution people or businesses that put buyers and sellers together without taking ownership of the product, service, or property order takers - Solution salespeople with responsibility for handling transactions initiated by the customer order getters - Solution salespeople who persuade customers to make a direct purchase missionary salespeople - Solution a salesperson who provides info to an individual who will influence the purchase decision trade salespeople - Solution a salesperson who calls on retailers and helps them display, advertise, and sell products to consumers prospectors - Solution a salesperson whose primary function is to find prospects, or potential customers technical salespeople - Solution sales people who are experts in a specific product or service area. They promote and sell the product by demonstrating how it works along with the benefits it can offer potential customers inside salespeople - Solution people who routinely work inside the business taking orders and handling transactions outside salespeople - Solution sales personnel who go out into the field to meet with customers account management - Solution maintaining a long-term relationship with customers who purchased from the firm in the past account-based marketing (ABM) - Solution concentrates sales and marketing resources on a clearly defined set of target accounts within a
- Presentation and demonstration
- Handling objections
- Closing
- Follow-up TOFU - Solution the top of the sales/buyer journey funnel (leads/attention) MOFU - Solution middle of sales funnel (suspects/interest and prospects/desire) BOFU - Solution bottom of sales funnel (customer/action) buying centers - Solution a group of people within an organization who make business purchasing decisions selling centers - Solution functional representation that supports a sales person to create a team-selling approach economic buyer - Solution the individual decision maker or group within the customer organization who controls and budget and writes the checks for new product purchases infrastructure buyer - Solution someone who makes sure that purchasing rules defined in corporate governance procedures are followed user buyer - Solution someone who influences the buying decisions as the person who will actually use the solution after the purchase decision is made initiators - Solution individuals who suggest purchasing a product or service for a business users - Solution individuals within an organization who actually use the product influencers - Solution individuals who have expertise or experience that can help improve the buying decision gatekeepers - Solution individuals who will decide if and when one gets access to members of the buying center
decision makers - Solution the person who makes the final purchasing decision stages of B2B buying process - Solution 1. Recognize the need
- Define the need
- Search for suppliers
- Bid analysis
- Supplier selection
- Order placement
- Performance review request for proposals (RFP) - Solution an invitation to submit a bid to supply a good or service 3 different B2B customers - Solution producers, resellers, and organizations producers - Solution a company that purchases parts, products, or ingredients to produce other goods and services to sell to other companies or consumers resellers - Solution a company that buys finished goods to sell, lease, or rent to other companies or consumers organizations - Solution a government agency or nonprofit group that purchases products or services to serve or sell to its constituents value-added resellers (VARs) - Solution a reseller that adds features or services to an existing product and sells it business-to-government market (B2G) - Solution when companies sell to local, state, or federal governments 3 buying types - Solution straight rebuy, new task purchase, and modified rebuy straight rebuy - Solution the duplicate purchase of the identical goods in the identical amount under the identical terms from the identical supplier
customer acquisition - Solution process of gaining new customers by persuading them to purchase a company's products/services customer retention - Solution the ability of a company or product to retain its customers over some specified period CRM process cycle - Solution 1. Knowledge discovery
- Market planning
- Customer interaction
- Analysis and refinement data mining - Solution the practice of examining large databases in order to generate new information data warehousing - Solution electronic storage of a large amount of info by a business or organization data integrity - Solution the accuracy and validity of data touchpoints - Solution any way a consumer can interact with a business, whether it be person-to-person, through a website, an app, or any form of communication key performance indicators (KPIs) - Solution a type of performance measurement. KPIs evaluate the success of an organization or of a particular activity in which it engages mass marketing - Solution a market strategy in which a firm tries to appeal to the whole market by broadcasting a message that will reach the largest amount of people possible target market - Solution a particular group of consumers at which a product or service is aimed market segmentation - Solution The process of defining and subdividing a large homogenous market into clearly identifiable segments having similar needs, wants, or demand characteristics big data - Solution large, complex data sets that require nontraditional data processing software
database marketing - Solution a form of direct marketing using databases of customers or potential customers to generate personalized communications in order to promote a product or service for marketing purposes one-to-one marketing - Solution creating a unique marketing mix for every customer CRM analytics - Solution a systematic electronic analysis of customer data to improve decision-making sales analytics - Solution the process of generating insights from sales data to identify, model, understand, and predict sales trends and forecasts from large data sets descriptive analytics - Solution a preliminary stage of data processing that creates a summary of historical data to yield useful info and possibly prepare the data for further analysis (answers "what happened") diagnostic analytics - Solution a deep look at data to attempt to understand the causes of events and behaviors (answers "why did something happen") predictive analytics - Solution the use of data to identify the past patterns to predict the future (answers "what will happen") prescriptive analytics - Solution type of data analytics that factors information about possible situations or scenarios, available resources, past performance, and current performance, and suggests a course of action or strategy (answers "how can we make it happen") 3 V's of big data - Solution volume, velocity, and variety distributed computing - Solution a model in which components of a software system are shared among multiple computers
role perceptions - Solution beliefs about one's job and job expectations boundary spanners - Solution individuals who have the role of connecting an organization's internal network with external sources of information role ambiguity - Solution a situation where people are unclear or uncertain about their role expectations role conflict - Solution a situation where there are incompatible demands placed upon a person relating to their job position role inaccuracy - Solution a mistaken perception of role expectations role stress - Solution the pressures experienced by people because of their role in the organization job satisfaction - Solution the level of contentment a person feels regarding their job affective job satisfaction - Solution a person's emotional feelings about the job as a whole cognitive job satisfaction - Solution how satisfied employees feel concerning some aspect of their job, such as pay, hours, or benefits sales territories - Solution a geographical area or type of customers assigned to a sales unit such as a salesperson, sales team, or sales manager departmentalization - Solution dividing an organization into different departments, which perform tasks according to the departments' specializations in the organization product structure - Solution an organizational structure based on the goods or services produced or sold by the organizational unit customer structure - Solution an organizational structure based on the primary type of customer served by the organizational unit
geography structure - Solution organizational structure based on the geographic segmentation of organizational units centralization - Solution the concentration of control of an activity or organization under a single authority decentralization - Solution decision making responsibilities are delegated by top management to middle and lower-level managers job description - Solution a written statement that describes a job's title, duties, tasks, and responsibilities job analysis - Solution the process of collecting information about the activities, tasks, and responsibilities of each job in the organization job specification - Solution a written statement of the attributes, skills, knowledge, and experience that a person must have to perform a particular job job design - Solution modification of job duties/tasks to be more effective disparate impact - Solution unintended discrimination against a protected group as a whole through the use of a particular requirement disparate treatment - Solution treatment of an individual that is less favorable than treatment of others for discriminatory reasons recruitment - Solution a process that provides the organization with a pool of qualified job candidates from which to choose yield ratio - Solution the percentage of applicants from one source who make it to the next stage of the selection process internal recruitment - Solution a type of recruitment that refers to individuals who already work in the organization but are given the opportunity to apply for a vacant job within the organization external recruitment - Solution a type of recruitment that focuses resources on looking outside the organization for potential candidates and expanding the available talent pool
cognitive ability test - Solution a type of test that measures reasoning skills, math skills, and verbal skills aptitude test - Solution a type of test that measures a person's ability to learn new skills achievement test - Solution a type of test that measures someone's current knowledge brag book - Solution a list of recommendation letters, awards, and achievements that the candidate shares with the interviewer clinical selection approach - Solution selection approach where decision makers review the data and, based on what they learn from the candidate and the information available to them, decide who should be hired for the job statistical method - Solution a selection model that assigns scores and gives more weight to specific factors, if necessary compensatory model - Solution a type of statistical approach that permits a high score in an important area to make up for a lower score in another area multiple cutoff model - Solution a type of statistical approach that requires that a candidate have a minimum score level on all selection criteria multiple hurdle model - Solution a type of statistical approach that requires only candidates with high scores to go to the next stages of the selection process training - Solution the act of increasing the knowledge and skill of an employee for doing a particular job sales effectiveness - Solution the ability of a sales force to close deals on the best terms for the company professional development - Solution process of improving and increasing capabilities of staff through access to education and training opportunities
organizational assessment - Solution the assessment that determines the skills, knowledge, and abilities a company needs to meet its strategic objectives occupational (task) assessment - Solution an assessment that looks at the specific tasks, skills, knowledge, and abilities required to do jobs within the organization individual assessment - Solution an assessment that looks at the performance of an individual employee and determines the training for that individual learning objectives - Solution a specific result set for the learners to be able to do, explain, or demonstrate at the end of the training period on-the-job training - Solution a type of training that takes place in a normal working situation off-the-job training - Solution a type of training that takes place away from normal work situations employee orientation - Solution the process by which an employee acquires the necessary skills, knowledge, behaviors, and contacts to effectively transition into a new organization or role product training - Solution training focused on educating the sales force on the features and benefits of the product being offered industry training - Solution sales force training related to a specific industry technical training - Solution training meant to teach the new employee the technical aspects of the job team training - Solution training to develop cohesiveness among team members, allowing them to get to know each other and facilitate relationship building selling skills training - Solution training focused on the proficiencies needed to actually perform the sales job
just-in-time learning approach - Solution learning or training approach where learning is available on-demand and can be accessed when the learner needs it 401(k) plans - Solution a qualified retirement plan that allows eligible employees of a company to save and invest for their own retirement on a tax-deferred basis salary - Solution a fixed regular payment, typically paid on a monthly or biweekly basis but often expressed as an annual sum, made by an employer to an employee commission - Solution a form of variable on that is contingent on discretion, performance, or results achieved draw against commission method - Solution a method of paying commission by which the employee receives a payout at regular intervals recoverable draws - Solution a payout the company expects to get back nonrecoverable draws - Solution a payout the company does not necessarily expect to get back total compensation package - Solution the full value of an employer's compensation and benefit package to its employees sales accelerators - Solution a payout that is exponential when a salesperson reaches a specific amount over their quota performance appraisal system - Solution a regular review of an employees's job performance and overall contribution to the company the exchange process - Solution the process in which employees develop ties with organizations when they perceive the the organization is interested in their welfare and willing to protect their interests distributive justice - Solution employees receive (at least a portion of) their rewards as a function of their level of contribution to the organization
extrinsic rewards - Solution rewards that are external to the work itself. They are administered externally - that is, by someone else (usually a manager) intrinsic rewards - Solution rewards that are related directly to performing the job. Often described as "self-administered" rewards profit/gain-sharing - Solution employees receive bonuses tied directly to the company's overall profitability stock options - Solution a benefit in the form of option given by a company to an employee to buy stock in the company at a discount or a stated fixed price merit pay - Solution a compensation program that links compensation to how well the employee performs within the job, and it is normally tied to performance appraisals sales performance incentive fund (SPIF) - Solution a financial incentive that encourages sales for a specific item or groups of items fringe benefits - Solution various indirect benefits, often of a more discretionary nature than standard benefits piece-rate incentive program - Solution the employee is paid for each unit of production at a fixed rate performance management - Solution a process of ensuring that a set of activities and outputs meet an organization's goals in an effective and efficient manner sales performance evaluation - Solution an analysis of the performance of sales personnel performance standards - Solution specific performance expectations for each major duty. Observable behaviors and actions that explain how the job is to be done self-assessment - Solution type of assessment in which individuals assess and evaluate their own behavior and job performance
