MKT 356 EXAM 2 COMPLETE QUESTIONS
AND 100% CORRECT ANSWERS
\.Prospecting - ANSWERS✔-the process of locating potential customers for a
product or service, the most important activity that many salespeople do
\.Why is prospecting so important? - ANSWERS✔-salespeople must find new
customers to replace those who switch to competitors, go bankrupt, move out of
the territory, merge with noncustomers, or decide to do without a product or
service. prospecting in existing accounts happens because of downsizing, job
changes, or retirements of buyers
\.Hunters - ANSWERS✔-go out and locate potential leads
\.Farmers - ANSWERS✔-develop the leads into prospects and customers
\.Lead (suspect) - ANSWERS✔-prospecting begins with locating a lead. a potential
prospect that may have expressed an interest in your offerings through behaviors
like visiting your website, subscribing to your blog, downloading a white paper, or
using a trial version of your product
\.Qualify the lead - ANSWERS✔-qualifying is the process of determining whether a
lead is in fact a prospect. if the salesperson determines that the lead is a good
candidate, he is now a prospect and not a lead
,\.Sales funnel - ANSWERS✔-a prospecting term that reflects that some leads do
not become prospects and some prospects do not become customers.
\.5 questions used by organizations to help qualify leads - ANSWERS✔-Does a
want or need exist?
Does the lead have the ability to pay?
Does the lead have the authority to buy?
Can the lead be approached favorably?
Is the lead eligible to buy?
\.Systems integrators - ANSWERS✔-because of downsizing, some firms are
delegating their purchasing tasks to outside vendors. systems integrators have the
authority to buy products and service on behalf of the delegating firm. they
assume complete responsibility.
\.Exclusive sales territories - ANSWERS✔-a particular salesperson can sell only to
certain prospects (such as doctors in only a three-county area) and not to other
prospects.
\.House accounts - ANSWERS✔-large customers or potential customers that are
handled exclusively by corporate executives, salespeople should avoid targeting
these leads
\.BANT - ANSWERS✔-budget
,authority
needs
timeline - have they created a timeline for a decision to be made?
\.Questions to determine a lead is a good prospect - ANSWERS✔-when does the
prospect's contract with our competitor expire?
is a purchase decision really pending?
what is the climate at the organization, is it looking to develop partnering
relationships with suppliers?
do any of our competitors already have a partnering relationship there?
\.Characteristics of a good prospect - ANSWERS✔--timing of the purchase
-long-term potential partnership with the customer
-insight selling
\.Insight selling - ANSWERS✔-evaluate prospects who do not necessarily have a
clear understanding of what they need but are in a state of flux and have been
shown to be agile in making changes. encourages salespeople to interact with
people in the buying firm who are skeptical rather than friendly information
providers and coach them
\.Common sources of leads - ANSWERS✔--satisfied customers
-endless chain
-networking (events)
-center of influence
, -social media
-other internet uses
-marketing department
-shows, fairs, merchandise markets
-webinars and seminars
-lists and directories
-sales analytics and AI
-cold calling
-spotters
-inside salespeople
-expertise
-sales letters
-other sources
\.Customer referral value (CRV) - ANSWERS✔-the monetary value of the referral,
as well as the costs to get and maintain the referral
\.Promoters (evangelists) - ANSWERS✔-your most loyal customers who not only
keep buying from you, but also urge their friends and associates to do the same
\.Negative referral - ANSWERS✔-a customer who tells others about how poorly
you or your product performed
AND 100% CORRECT ANSWERS
\.Prospecting - ANSWERS✔-the process of locating potential customers for a
product or service, the most important activity that many salespeople do
\.Why is prospecting so important? - ANSWERS✔-salespeople must find new
customers to replace those who switch to competitors, go bankrupt, move out of
the territory, merge with noncustomers, or decide to do without a product or
service. prospecting in existing accounts happens because of downsizing, job
changes, or retirements of buyers
\.Hunters - ANSWERS✔-go out and locate potential leads
\.Farmers - ANSWERS✔-develop the leads into prospects and customers
\.Lead (suspect) - ANSWERS✔-prospecting begins with locating a lead. a potential
prospect that may have expressed an interest in your offerings through behaviors
like visiting your website, subscribing to your blog, downloading a white paper, or
using a trial version of your product
\.Qualify the lead - ANSWERS✔-qualifying is the process of determining whether a
lead is in fact a prospect. if the salesperson determines that the lead is a good
candidate, he is now a prospect and not a lead
,\.Sales funnel - ANSWERS✔-a prospecting term that reflects that some leads do
not become prospects and some prospects do not become customers.
\.5 questions used by organizations to help qualify leads - ANSWERS✔-Does a
want or need exist?
Does the lead have the ability to pay?
Does the lead have the authority to buy?
Can the lead be approached favorably?
Is the lead eligible to buy?
\.Systems integrators - ANSWERS✔-because of downsizing, some firms are
delegating their purchasing tasks to outside vendors. systems integrators have the
authority to buy products and service on behalf of the delegating firm. they
assume complete responsibility.
\.Exclusive sales territories - ANSWERS✔-a particular salesperson can sell only to
certain prospects (such as doctors in only a three-county area) and not to other
prospects.
\.House accounts - ANSWERS✔-large customers or potential customers that are
handled exclusively by corporate executives, salespeople should avoid targeting
these leads
\.BANT - ANSWERS✔-budget
,authority
needs
timeline - have they created a timeline for a decision to be made?
\.Questions to determine a lead is a good prospect - ANSWERS✔-when does the
prospect's contract with our competitor expire?
is a purchase decision really pending?
what is the climate at the organization, is it looking to develop partnering
relationships with suppliers?
do any of our competitors already have a partnering relationship there?
\.Characteristics of a good prospect - ANSWERS✔--timing of the purchase
-long-term potential partnership with the customer
-insight selling
\.Insight selling - ANSWERS✔-evaluate prospects who do not necessarily have a
clear understanding of what they need but are in a state of flux and have been
shown to be agile in making changes. encourages salespeople to interact with
people in the buying firm who are skeptical rather than friendly information
providers and coach them
\.Common sources of leads - ANSWERS✔--satisfied customers
-endless chain
-networking (events)
-center of influence
, -social media
-other internet uses
-marketing department
-shows, fairs, merchandise markets
-webinars and seminars
-lists and directories
-sales analytics and AI
-cold calling
-spotters
-inside salespeople
-expertise
-sales letters
-other sources
\.Customer referral value (CRV) - ANSWERS✔-the monetary value of the referral,
as well as the costs to get and maintain the referral
\.Promoters (evangelists) - ANSWERS✔-your most loyal customers who not only
keep buying from you, but also urge their friends and associates to do the same
\.Negative referral - ANSWERS✔-a customer who tells others about how poorly
you or your product performed
