Download Sales Management Exam 1 Rutgers Phil COHN-Graded A and more Exams Advanced Education in PDF only on Docsity!
Sales Management Exam 1 Rutgers Phil
COHN-Graded A
-different types of subjective forecasting - ANS--user expectations sales force composite jury of executive opinion delphi technique -user expectations (relies on buyers expressed intention), sales force composite (sales force opinions), jury of executive opinion (key experts opinions), delphi technique (participants prepare estimates which are compared anonymously and iteratively to reach consensus "Phil"-Osophy (professors thoughts on what makes a successful salesperson) - ANS-R- results oriented O-organized A-accountability R-respectful (everyone knows everyone) 6 Stages of the selling process - ANS-1. Prospecting for customers
- Opening the relationship
- Qualifying the prospect
- Presenting the sales message
- Closing the sale
- Servicing the account 7 Stages of buying something - ANS-1)Recognize problem 2)Quality needed to solve problem 3)Qualification of potential suppliers 4)Analysis of proposals or bids 5)Evaluation of proposals and selection of suppliers 6)Selection of an order routine 7)Performance evaluation and feedback Advantages of selling in IMC - ANS-Face to face contact More persuasive More demonstrative Customization opportunities Antitrust laws - ANS--Robinson Patman- tying agreements, reciprocal dealing arrangements -federal trade commission act- unfair methods of competition -consumer protection laws- fair packaging and labeling act, truth-in-lending act, cooling- off laws
Aptitude component - ANS-enduring personal characteristics that determine individuals overall ability to perform a sales job examples: -physical factors- age, height, sex and physical attractiveness -aptitude factors- verbal intelligence, mathematical ability and sales expertise -personality characteristics- empathy, ego, sociability, aggressiveness and dominance B2B - ANS-B2B- industrial selling (sales to resellers, sales to business users, sales to institutions) B2B jobs- trade servicer (promotional service), missionary seller (persuades customers to buy products), technical seller (offers current customers technical/engineering assistance), new business seller (identifies and obtains business from new customers) B2B Jobs - ANS-Trade servicer-Provides customers with merchandising and promotional assistance Missionary seller-Persuades customers to buy products from distributors Technical seller-Offers current customers technical/engineering assistance New business seller-Identifies and obtains business from new customers B2C vs. B2B - ANS-Most salespeople are involved in retail selling (B2C) Larger volume of sales accounted for by industrial selling (B2B) Sales to resellers Sales to business users Sales to institutions Breakdown method: - ANS-Number of sales personnel needed= forecasted sales volume/ estimated productivity of each salesperson Building customer relationships - ANS-Under promise, over deliver Don't forget the small things Stay in contact Establish a feedback system Buyers - ANS-Contact selling organization and place order Career stages and salesperson motivation: - ANS-1)Exploration (lack of assurance) 2)Establishment (selection of selling as an occupation and desire for career success) 3)Maintenance (seeking to retain present position, high status, and achievement) 4)Disengagement (preparation for retirement and possible loss of self-identity) Common activities for salespeople - ANS--selling -working with orders -servicing the product -information management -servicing the account
Different kinds of skills - ANS--interpersonal skills -leadership -technical knowledge -presentation skills Performance attributions- - ANS-1)Stable internal factors- that are unlikely to change much in the near future, such as personal skills and abilities 2)Unstable internal factors- may vary from time to time, such as the amount of effort expended or mood at the time 3)Stable external factors- such as the nature of the task or the competitive situation in a particular territory 4)Unstable external factors- might change next time, such as assistance from an unusually aggressive advertising campaign or good luck performance is based on - ANS-perception -aptitude -skill -motivation Product organization - ANS-salespeople master effective selling methods for single or related products Purpose of sales organization - ANS-1- Divide and arrange activities so the firm can benefit from specialization of labor 2- Provide for stability and continuity in firms selling efforts 3- provide for coordination of activities assigned to sales force and to departments in the firm Purposes of sales organization- - ANS-Divide and arrange activities so the firm can benefit from specialization of labor Provide for stability and continuity in firms selling efforts Provide for coordination of activities assigned to salesforce and to departments in the firm quota - ANS-Goals assigned to salespeople, tool for planning and controlling field selling activities and results, benchmark for evaluating sales effectiveness (provides incentive for sales representatives, provides measure to evaluate salespeoples performance) -Sales volume -activity -financial Relationship development - ANS-Stage 1 exploration→ Stage 2 Expansion→ Stage 3 Commitment
rewarding people based on behavior - ANS--extrinsic rewards- controlled by people other than the salesperson→ perceived role conflict affects extrinsic job satisfaction -intrinsic rewards- salespeople primarily attain for/within themselves→ role ambiguity affects extrinsic and intrinsic job satisfaction role accuracy - ANS-degree to which a salesperson's perceptions of role partners demands are accurate role ambiguity - ANS-salesperson believes he/she does not have information necessary to perform job adequately role conflict - ANS-salesperson believes role demands of two or more role partners are incompatible Sales forecast - ANS-estimate of dollar or unit sales for a specified future period Sales management process - ANS-1-the formulation of sales program 2-the implementation of the sales program 3-the evaluation and control of the sales program Drivers- customers can easily communicate worldwide, significant growth opportunities lie outside domestic markets, customers are global Sales potential - ANS-portion of market potential the firm can expect to reasonably achieve Sales quota - ANS-sales goals assigned to a marketing unit to manage sales efforts Salespersons personal characteristics affect on motivation - ANS-Satisfaction with current rewards Demographic variables Job experience Psychological variables (personality traits, attribution of meaning to performance) SBU strategy - ANS--how the business will compete in its industry to achieve sustainable competitive advantage (SCA) -SCA focuses on distinctive competencies -Porter's three generic strategies -low cost -differentiation -Niche (or focus) different types of objective forecasting - ANS--market test, time-series analysis, moving averages, exponential smoothing, decomposition, statistical demand analysis -market test (places product in select areas), time series analysis (relies on historical data to develop predictions), statistical demand analysis (attempts to determine the
Select basic control unit Estimate market potentia; in each control unit Combine control units into tentative territories Perform workload analysis Adjust tentative territories to allow for sales potential and coverage difficulty differences Assign salespeople to territories Influencers - ANS-Provide information for evaluating products or suppliers Initiators - ANS-Perceive problems/opportunities requiring new product or service Integrated marketing communication (IMC) - ANS-Integrates personal selling, advertising and other communications options internal and external factors that impact management strategy - ANS-External factors- economic, legal and political, natural, technological, social and cultural Internal factors-human resources, financial resources, production and supply chain capabilities, service capabilities, research and development and technological capabilities, goals, objectives and culture Key account - ANS-Team managed by senior salesperson dedicated to serving important customer leading vs. managing - ANS--leading (mentoring)- capability to make things happen, communicate, cheerleader/coach, empower to make decisions -managing- control, supervisor/boss, direct market exchange relationship - ANS--one-shot transactions occurring between a buyer and seller with limited thought of future consideration -short term, low concern for other party, low trust between two, low investment in relationship, conflict/bargaining relationship, low risk in relationship, low potential benefits Market potential - ANS-estimate of possible sales for an entire industry in a market during a stated period under ideal conditions Matrix Organization - ANS-Direct reports and internal consultants provide expertise Modified rebuy - ANS-Requires modification to existing purchase decision and may open the door for new suppliers Motivation - ANS-an individual's choice to initiate action on a task, expend a certain amount of effort on that task, persist in expending effort over time -expectancies- perceived linkages between more effort and improved performance -instrumentalities- perceived relationship between improved performance and increased
New task purchase - ANS-First time purchase of complex and expensive product or service Objectives of CRM - ANS-Customer retention Customer acquisition Customer profitability SCA-sustainable competitive advantage - ANS-Focuses on distinctive competencies Porter's three generic strategies Low cost Differentiation Niche (or focus) Selling centers - ANS-Bring together individuals to help salespeople be more effective Steps in developing and implementing strategies- - ANS-1)analyze market opportunities 2)Generate strategies 3)Select the strategy 4)Program the marketing mix 5)Review and revise the strategy 6)Audit and adjust the strategy Straight rebuy - ANS-reorder item purchased many times in the past strategic relationship - ANS--long term, high concern for other party, high trust, high investment in relationship, collaboration relationship, high risk in relationship, high potential benefits -building relationships The 6 C's of finding the right rep - ANS-1)Compatible lines 2)Compatible territories 3)Compatible customers 4)Credibility of the rep 5)Capabilities 6)Credits The increasing importance of sales organization decisions - ANS-Organizing activities, sales force management are major parts of strategic sales planning Managers becoming more proactive in reconstructing Strong corporate vision the process of strategy development - ANS-from the company mission come the goals and objectives -these goals and objectives are overarching for the company, and generate strategy meant to fulfill them, goals and objectives are cut into smaller, attainable ones for employees to reach, strategic business units aid in this process.
