1 Exampromax - Stuvia US
MKT 340 Exam 2 Questions and Answers
100% Correct Answers Already Graded A+
Q: Prospecting
Ans: The sales person's least favorite things to do but it must be done to get new
clients. always want to stay towards the top of the list, the farther away, the less
effective it is
Q: 5 methods of prospecting
Ans: 1. referrals
2. COI
Exampromax - Stuvia US
3. Networking
4. Mailings
5. cold calling
Q: Referrals
Ans: When a client introduces you to someone else. a transfer of trust and
friendship. the most effective way to prospect.
1 out of 3 referrals becomes a client.
but you can't do this when you first start out because you have no clients from
which you can get referrals
Q: COI
Ans: Centers of Influence
people not bought from you but are in a position to refer you to their own clients
ie. if you're in real estate, you could get attorneys, brokers, condo owners etc. to
give your name to people they think would need you. One way to do this is to
form a lead group.
1 out of 10 COI referrals becomes a client
Q: Lead Groups
, 2 Exampromax - Stuvia US
Ans: Groups of non-competing professionals who exchange names with each
other. Get together and all bring names to the table of people they think would be
of interest to others in the group. Use these lead groups to build clients so you can
jump right to getting referrals from those people!
Q: Networking
Ans: People get together for a common purpose of meeting one another to make
connections.
ratio: 1 out of 50
ie. a chamber of commerce, alumni association, etc.
Q: Characteristics of networking groups
Ans: 1. meet 1 a month in a social setting
2. charge an annual fee
3. have different levels of membership (with the higher levels getting better
privileges)
Exampromax - Stuvia US
4. have multiple committees (you want to get in on the membership committee)
Q: Types of networkers
Ans: 1. the ones who only do it because they want to party, date, eat, etc.
2. the ones who go as part of prospecting clients
Q: Tips on how to pick the networking organizations themselves
Ans: 1. Only join organizations you believe in, don't just do it to do business or
people will be able to tell and won't want to do business with you
2. Limit the number you join. 2 is appropriate, 3 is stretching it.
3. Don't miss meetings, you need to get known
4. Join at the highest possible level
5. be patient, it might take 2 years to get a new client
6. join the committee, especially membership committees, to get exposed to new
people all the time
Q: How to conduct yourself at the networking events
, 3 Exampromax - Stuvia US
Ans: 1. make a new friend each meeting
2. do not discuss business at a networking function. if people ask, give them a
personalized mission statement, and get their card to get them in a meeting. its
too easy to lose control at a networking event
3. do not bring business cards with you, your goal is to get them not give them.
sell yourself, not your card
4. when you do get someones card, jot down notes about the details of the
conversation with them on the back to remember and warm them up when you
call
Q: Personalized Mission Satement
Ans: belief statement of what you do for a living
Exampromax - Stuvia US
Q: Mailings
Ans: Not that great, its a bad marketing technique, they get thrown out and lost
in the clutter plus no one wants to read them
1 in 100 mailings becomes a client
Q: Cold Calling
Ans: calling people unannounced to get business. negative reinforcement over
and over again because people just keep yelling at you and turning you down so
you lose your confidence
1 in 250 become a client. VERY BAD
Q: 4 Approaches for developing knowledge
Ans: 1. tap the knowledge of sales experts
2. read
3. ask for feedback
4. analyze success and failures
Q: Tap the knowledge of sales experts
Ans: Criteria for them being experts
1. must have highest numbers in sales, the best is the one with the most
2. must have had them for a long period of time so you know it wasn't just a good
month or something like that!
MKT 340 Exam 2 Questions and Answers
100% Correct Answers Already Graded A+
Q: Prospecting
Ans: The sales person's least favorite things to do but it must be done to get new
clients. always want to stay towards the top of the list, the farther away, the less
effective it is
Q: 5 methods of prospecting
Ans: 1. referrals
2. COI
Exampromax - Stuvia US
3. Networking
4. Mailings
5. cold calling
Q: Referrals
Ans: When a client introduces you to someone else. a transfer of trust and
friendship. the most effective way to prospect.
1 out of 3 referrals becomes a client.
but you can't do this when you first start out because you have no clients from
which you can get referrals
Q: COI
Ans: Centers of Influence
people not bought from you but are in a position to refer you to their own clients
ie. if you're in real estate, you could get attorneys, brokers, condo owners etc. to
give your name to people they think would need you. One way to do this is to
form a lead group.
1 out of 10 COI referrals becomes a client
Q: Lead Groups
, 2 Exampromax - Stuvia US
Ans: Groups of non-competing professionals who exchange names with each
other. Get together and all bring names to the table of people they think would be
of interest to others in the group. Use these lead groups to build clients so you can
jump right to getting referrals from those people!
Q: Networking
Ans: People get together for a common purpose of meeting one another to make
connections.
ratio: 1 out of 50
ie. a chamber of commerce, alumni association, etc.
Q: Characteristics of networking groups
Ans: 1. meet 1 a month in a social setting
2. charge an annual fee
3. have different levels of membership (with the higher levels getting better
privileges)
Exampromax - Stuvia US
4. have multiple committees (you want to get in on the membership committee)
Q: Types of networkers
Ans: 1. the ones who only do it because they want to party, date, eat, etc.
2. the ones who go as part of prospecting clients
Q: Tips on how to pick the networking organizations themselves
Ans: 1. Only join organizations you believe in, don't just do it to do business or
people will be able to tell and won't want to do business with you
2. Limit the number you join. 2 is appropriate, 3 is stretching it.
3. Don't miss meetings, you need to get known
4. Join at the highest possible level
5. be patient, it might take 2 years to get a new client
6. join the committee, especially membership committees, to get exposed to new
people all the time
Q: How to conduct yourself at the networking events
, 3 Exampromax - Stuvia US
Ans: 1. make a new friend each meeting
2. do not discuss business at a networking function. if people ask, give them a
personalized mission statement, and get their card to get them in a meeting. its
too easy to lose control at a networking event
3. do not bring business cards with you, your goal is to get them not give them.
sell yourself, not your card
4. when you do get someones card, jot down notes about the details of the
conversation with them on the back to remember and warm them up when you
call
Q: Personalized Mission Satement
Ans: belief statement of what you do for a living
Exampromax - Stuvia US
Q: Mailings
Ans: Not that great, its a bad marketing technique, they get thrown out and lost
in the clutter plus no one wants to read them
1 in 100 mailings becomes a client
Q: Cold Calling
Ans: calling people unannounced to get business. negative reinforcement over
and over again because people just keep yelling at you and turning you down so
you lose your confidence
1 in 250 become a client. VERY BAD
Q: 4 Approaches for developing knowledge
Ans: 1. tap the knowledge of sales experts
2. read
3. ask for feedback
4. analyze success and failures
Q: Tap the knowledge of sales experts
Ans: Criteria for them being experts
1. must have highest numbers in sales, the best is the one with the most
2. must have had them for a long period of time so you know it wasn't just a good
month or something like that!
