MKTG 401 - Final Exam Study Guide Review
1.selling process: a sequence of steps that builds a framework for selling
2.Steps of the selling process: 1. Prospecting and qualifying
2.The Pre-approach
3.The Approach
4.Needs Discovery
5.The Presentation
6.Overcome objections
7.Close the sale
8.Follow-up
3.seven-step selling process: Refers to the sequence of steps
salespeople follow each time they make a sale. This gives you the
power to successfully sell almost anything.
4.Prospecting: identifying potential buyers for a product or service
5.Lead: a potential buyer for a product or service that has not yet been
qualified
6.Prospect: A potential buyer for a product or service that has been
qualified
7.Qualify: Determining whether a lead has the desire and ability to buy
your product or service.
8.Qualified prospect: A prospect a salesperson has determined has the
desire and ability to buy the product or service.
9.Pre-approach: the preparation and research a salesperson does before
making the sales call
10.Pain point: the business problem your prospect faces which is
causing their pain.
11.Approach: the first few minutes of a sales call during which the
salesperson explains their purpose for coming and establishes a
rapport
12. Presentation: The part of the sales call when the salesperson
offers her solution for the prospect's pain point
13.Objections: hesitations or concerns a prospect might have about the
product or purchasing process
14.Close: Agreeing on the terms of the sale and finalizing the transaction
15.Trial closes: A way to test how ready your prospect is to buy by
asking them a question.
It may turn out, even at this stage in the process, that the product or
service doesn't actually meet the customer's needs.
16.Follow-up: The final step of the process in which the salesperson
,assures customer satisfaction and maintains customer relationships
17.Most vital part of selling process: Finding leads
, 18.Sales funnel: An illustration of the way the sales process begins
with a large pool of leads, which then lessen to a smaller pool of
prospects, and ends with a more focused number of buyers
19.Buyer persona: a fictional representation of an actual user in a target
customer segment so you can decide which prospects you should invest
your time in pursuing
20.Where to find prospects: 1. Existing customers
2.Referrals
3.Networking and social networking, including LinkedIn Sales Navigator
4.Business directories in print
5.Online databases and directories
6.Newspapers, trade publications, and business journals (print and
online)
7.Trade shows and events
8.Advertising and direct mail
9.Cold calling
10.Being a subject matter expert
21.LinkedIn Sales Navigator: a paid tool offered by LinkedIn that can
be an important tool to accelerate your prospecting efforts
22.Trade associations: an organization whose members are individuals
or busi- nesses that operate in a specific industry
23.Public companies: a company that sells stocks and bonds to the
general public
24.Private companies: Companies that are owned by individuals or
groups of individuals, not the public. Stocks or bonds are not offered
for sale to the general public
25.Trade publications: a journal (online or in print) targeted to
professionals who work in a particular industry
26.Trade website: websites with content that is focused on a specific
industry
27.Business journals: a publication offering business news and industry
informa- tion that is usually specific to a certain region
28.Trade show: A gathering of resources for people in a particular
industry or those who have a common interest in a topic.
29.Direct marketing: Communication in the form of mail or e-mail
that is sent directly to a lead
30.cold calling: making an unsolicited phone call or visit to a sales lead
31.CRM system: used to organize your prospect information, gather
intelligence, and keep it up-to-date
1.selling process: a sequence of steps that builds a framework for selling
2.Steps of the selling process: 1. Prospecting and qualifying
2.The Pre-approach
3.The Approach
4.Needs Discovery
5.The Presentation
6.Overcome objections
7.Close the sale
8.Follow-up
3.seven-step selling process: Refers to the sequence of steps
salespeople follow each time they make a sale. This gives you the
power to successfully sell almost anything.
4.Prospecting: identifying potential buyers for a product or service
5.Lead: a potential buyer for a product or service that has not yet been
qualified
6.Prospect: A potential buyer for a product or service that has been
qualified
7.Qualify: Determining whether a lead has the desire and ability to buy
your product or service.
8.Qualified prospect: A prospect a salesperson has determined has the
desire and ability to buy the product or service.
9.Pre-approach: the preparation and research a salesperson does before
making the sales call
10.Pain point: the business problem your prospect faces which is
causing their pain.
11.Approach: the first few minutes of a sales call during which the
salesperson explains their purpose for coming and establishes a
rapport
12. Presentation: The part of the sales call when the salesperson
offers her solution for the prospect's pain point
13.Objections: hesitations or concerns a prospect might have about the
product or purchasing process
14.Close: Agreeing on the terms of the sale and finalizing the transaction
15.Trial closes: A way to test how ready your prospect is to buy by
asking them a question.
It may turn out, even at this stage in the process, that the product or
service doesn't actually meet the customer's needs.
16.Follow-up: The final step of the process in which the salesperson
,assures customer satisfaction and maintains customer relationships
17.Most vital part of selling process: Finding leads
, 18.Sales funnel: An illustration of the way the sales process begins
with a large pool of leads, which then lessen to a smaller pool of
prospects, and ends with a more focused number of buyers
19.Buyer persona: a fictional representation of an actual user in a target
customer segment so you can decide which prospects you should invest
your time in pursuing
20.Where to find prospects: 1. Existing customers
2.Referrals
3.Networking and social networking, including LinkedIn Sales Navigator
4.Business directories in print
5.Online databases and directories
6.Newspapers, trade publications, and business journals (print and
online)
7.Trade shows and events
8.Advertising and direct mail
9.Cold calling
10.Being a subject matter expert
21.LinkedIn Sales Navigator: a paid tool offered by LinkedIn that can
be an important tool to accelerate your prospecting efforts
22.Trade associations: an organization whose members are individuals
or busi- nesses that operate in a specific industry
23.Public companies: a company that sells stocks and bonds to the
general public
24.Private companies: Companies that are owned by individuals or
groups of individuals, not the public. Stocks or bonds are not offered
for sale to the general public
25.Trade publications: a journal (online or in print) targeted to
professionals who work in a particular industry
26.Trade website: websites with content that is focused on a specific
industry
27.Business journals: a publication offering business news and industry
informa- tion that is usually specific to a certain region
28.Trade show: A gathering of resources for people in a particular
industry or those who have a common interest in a topic.
29.Direct marketing: Communication in the form of mail or e-mail
that is sent directly to a lead
30.cold calling: making an unsolicited phone call or visit to a sales lead
31.CRM system: used to organize your prospect information, gather
intelligence, and keep it up-to-date
