MKT 356 EXAM 2 | QUESTIONS AND ANSWERS | WITH COMPLETE SOLUTION.
Prospecting - (ANSWER)the process of locating potential customers for a product or service, the most
important activity that many salespeople do
Why is prospecting so important? - (ANSWER)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 - (ANSWER)go out and locate potential leads
Farmers - (ANSWER)develop the leads into prospects and customers
Lead (suspect) - (ANSWER)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 - (ANSWER)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 - (ANSWER)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 - (ANSWER)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 - (ANSWER)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.
,MKT 356 EXAM 2 | QUESTIONS AND ANSWERS | WITH COMPLETE SOLUTION.
Exclusive sales territories - (ANSWER)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 - (ANSWER)large customers or potential customers that are handled exclusively by
corporate executives, salespeople should avoid targeting these leads
BANT - (ANSWER)budget
authority
needs
timeline - have they created a timeline for a decision to be made?
Questions to determine a lead is a good prospect - (ANSWER)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 - (ANSWER)-timing of the purchase
-long-term potential partnership with the customer
-insight selling
Insight selling - (ANSWER)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 - (ANSWER)-satisfied customers
-endless chain
-networking (events)
,MKT 356 EXAM 2 | QUESTIONS AND ANSWERS | WITH COMPLETE SOLUTION.
-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) - (ANSWER)the monetary value of the referral, as well as the costs to get
and maintain the referral
Promoters (evangelists) - (ANSWER)your most loyal customers who not only keep buying from you, but
also urge their friends and associates to do the same
Negative referral - (ANSWER)a customer who tells others about how poorly you or your product
performed
Referral events - (ANSWER)gathering designed to allow current customers to introduce prospects to the
salesperson in order to generate leads
Referred lead - (ANSWER)name of a lead provided by either a customer or a prospect of the salesperson
, MKT 356 EXAM 2 | QUESTIONS AND ANSWERS | WITH COMPLETE SOLUTION.
Selling deeper - (ANSWER)selling more to existing customers
-often result in more profits than selling to new customers
Endless-chain method - (ANSWER)prospecting method where a sales representative attempts to get at
least one additional lead from each person they interview. can even be used when a prospect does not
buy.
Networking - (ANSWER)establishing connections to other people and then using those networks to
generate leads, gather information, generate sales, and so on
Networking events - (ANSWER)events for which the primary purpose is to meet, interact with, and
develop relationships with others
Tips for networking events - (ANSWER)-move out of your comfort zone
-talk about their business, not yours
-follow up regularly
-send handwritten thank you note
-give them leads as well
-use your business cards
-monitor your networking performance
-join Business Network International
-introduce yourself succinctly
Center-of-influence method - (ANSWER)prospecting method where the salesperson cultivates well-
known, influential people in the territory who are willing to supply lead information
Buying community - (ANSWER)a small, informal group of people in similar positions who communicate
regularly, often both socially and professionally
Prospecting - (ANSWER)the process of locating potential customers for a product or service, the most
important activity that many salespeople do
Why is prospecting so important? - (ANSWER)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 - (ANSWER)go out and locate potential leads
Farmers - (ANSWER)develop the leads into prospects and customers
Lead (suspect) - (ANSWER)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 - (ANSWER)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 - (ANSWER)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 - (ANSWER)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 - (ANSWER)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.
,MKT 356 EXAM 2 | QUESTIONS AND ANSWERS | WITH COMPLETE SOLUTION.
Exclusive sales territories - (ANSWER)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 - (ANSWER)large customers or potential customers that are handled exclusively by
corporate executives, salespeople should avoid targeting these leads
BANT - (ANSWER)budget
authority
needs
timeline - have they created a timeline for a decision to be made?
Questions to determine a lead is a good prospect - (ANSWER)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 - (ANSWER)-timing of the purchase
-long-term potential partnership with the customer
-insight selling
Insight selling - (ANSWER)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 - (ANSWER)-satisfied customers
-endless chain
-networking (events)
,MKT 356 EXAM 2 | QUESTIONS AND ANSWERS | WITH COMPLETE SOLUTION.
-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) - (ANSWER)the monetary value of the referral, as well as the costs to get
and maintain the referral
Promoters (evangelists) - (ANSWER)your most loyal customers who not only keep buying from you, but
also urge their friends and associates to do the same
Negative referral - (ANSWER)a customer who tells others about how poorly you or your product
performed
Referral events - (ANSWER)gathering designed to allow current customers to introduce prospects to the
salesperson in order to generate leads
Referred lead - (ANSWER)name of a lead provided by either a customer or a prospect of the salesperson
, MKT 356 EXAM 2 | QUESTIONS AND ANSWERS | WITH COMPLETE SOLUTION.
Selling deeper - (ANSWER)selling more to existing customers
-often result in more profits than selling to new customers
Endless-chain method - (ANSWER)prospecting method where a sales representative attempts to get at
least one additional lead from each person they interview. can even be used when a prospect does not
buy.
Networking - (ANSWER)establishing connections to other people and then using those networks to
generate leads, gather information, generate sales, and so on
Networking events - (ANSWER)events for which the primary purpose is to meet, interact with, and
develop relationships with others
Tips for networking events - (ANSWER)-move out of your comfort zone
-talk about their business, not yours
-follow up regularly
-send handwritten thank you note
-give them leads as well
-use your business cards
-monitor your networking performance
-join Business Network International
-introduce yourself succinctly
Center-of-influence method - (ANSWER)prospecting method where the salesperson cultivates well-
known, influential people in the territory who are willing to supply lead information
Buying community - (ANSWER)a small, informal group of people in similar positions who communicate
regularly, often both socially and professionally
