Chapter 13: Initiating the Sale



Chapter 1: Marketing is all around us

I. What is marketing?

II. What can be marketed?

1. Ideas

2. Goods

3. Services

III. 4 Foundations of Marketing

1. Business, Management, Entrepreneurship

2. Communication and interpersonal skills

3. Economics

4. Professional Development

IV. 7 Functions of Marketing

1. Distribution

2. Financing

3. Marketing Information Management

4. Pricing

5. Product/Service Management

6. Promotion

7. Selling

V. The Marketing Concept

1. Customer Relationship Management

VI. Economic Benefits of Marketing

1. New and Improved Products

2. Lower Price

3. Added Value and Utility

i. Utility

1. Form Utility

2. Place Utility

3. Time Utility

4. Possession Utility

5. Information Utility

VII. What is a market?

VIII. Consumer vs. Industrial Market

1. Consumer Market

2. Industrial Market

IX. What is market share?

X. What is a target market?

XI. How does a customer profile aid in market segmentation?

XII. The Marketing Mix

1. Product

2. Price

3. Place

4. Promotion

Chapter 2: The Marketing Plan

XIII. SWOT Analysis

1. Internal Strengths and Weaknesses

i. Company Analysis

1. Staff Related Questions

2. Financial Questions

3. Production Capability Questions

4. Marketing Mix Questions

ii. Customer Analysis

iii. Competitive Position

2. External Opportunities and Threats

i. Competition

ii. Environmental Scan

iii. Political

iv. Economic

v. Socio-Cultural

vi. Technological

XIV. Market Segmentation

1. Demographics

i. Age

ii. Gender

iii. Income

1. disposable

2. discretionary

iv. Marital Status

v. Ethnic Background

2. Geographics

3. Psychographics

i. Activities

ii. Attitudes

iii. Personality & Values

4. Behavioral

5. Mass Marketing vs. Segmentation

Chapter 12: Preparing for the Sale

XV. What is selling?

1. Personal selling

i. Retail

ii. Business-to-Business

iii. Telemarketing

2. Goals of Selling

3. Consultative Selling

4. Feature-Benefit Selling

i. Product Features

ii. Customer Benefits

5. Customer Buying Motives

6. Customer Decision Making

i. Extensive

ii. Limited

iii. Routine

XVI. The Pre-Approach

1. Product Information

2. Industry Trends

3. Prospecting

i. Employer Leads

1. How to develop?

ii. Directories

iii. Newspapers

iv. Commercial Lists

v. Customer Referrals

1. Endless Chain Method

2. Cold Canvassing

4. Preparing for a B2B Sale

5. Preparing for a Retail Sale

i. Activities include:

6. Company Policies and Training

i. Formal Training

ii. Compensation and Sales Quota

iii. Legal and Ethical Issues

Chapter 13: Initiating the Sale

XVII. The Selling Process—List the 7 steps of the Sale and describe the goal of each step

1. Approach

2. Determining Needs

3. Presenting the Product

4. Overcoming Objections

5. Closing the Sale

6. Suggestion Selling

7. Relationship Building

XVIII. APPROACH

1. Describe the Approach in a B2B Selling situation

2. What are three Approach methods that can be used in a retail selling situation? Name and describe them.

i. Service

ii. Greeting

iii. Merchandise

XIX. DETERMINING NEEDS

1. When is it best to determine the needs of the customer?

2. List three ways a salesperson can determine the needs of the customer?

3. What types of questions are best when trying to determine the needs of your customer?

Chapter 14: PRESENTING THE PRODUCT

I. Product Presentation—

1. The first phase of Presenting the Product is Show and Tell. What are the 4 questions you should answer during this process?

i. What products do you show?

ii. What price range do you offer?

iii. How many products should you show?

iv. What do you say?

1. LAYMANAN’S TERMS:

2. JARGON:

2. When presenting the product, there are 4 things you should to make your sales presentation come alive? List and describe the objective and importance of these 4 things.

i. Display and Handling of the product

ii. Demonstrating the Product

iii. Using Sales Aids (know examples)

iv. Involving the Customer

II. Objections

1. Define Objection and Excuse. What is the difference between the two and provide an example of each.

i. Objection—

ii. Excuse—

2. How are they handled differently by the salesperson?

3. Why is it essential for the salesperson to plan for objections?

4. Describe the Objection Analysis Sheet?

III. Common Objections—

1. Why is it helpful to categorize the customer’s objections?

2. What are the 5 common categories that objections fall under? Name, describe and provide an example for each.

i. NEED

ii. PRODUCT

iii. SOURCE

iv. TIME

v. PRICE

3. What is the four step process for handling objections?

IV. Specialized Methods for Handling Objections—

1. Why is it helpful to be aware of these methods and how can they be used in an everyday selling situation?

2. List the 7 Specialized Methods for Handling Objections. Describe and provide an example for each method.

i. BOOMERANG

ii. QUESTION

iii. SUPERIOR POINT

iv. DENIAL

v. DEMONSTRATION

vi. THIRD PARTY

vii. SUBSTITUTION

Chapter 15: Closing the Sale

I. How to Close a Sale

a. Closing the Sale means…

b. Timing the Close

i. Define Buying Signals. How can salesperson use them to his/her advantage?

ii. What is a Trial Close? What is the purpose of the Trial Close?

iii. How would you try to create an ownership mentality if you were selling a couch?

II. Specialized Methods for Closing the Sale—

a. Why is it useful to be knowledgeable of the 4 Methods of closing the sale?

b. List and Describe the 4 Closing Methods. For each, describe a situation in which that method could be used.

i. Which Close

ii. Standing Room Only Close

iii. Direct Close

iv. Service Close

III. Failure to Close the Sale—

a. What are some things that need to be done if you fail to close a sale?

IV. Suggestion Selling—

a. Define Suggestion Selling:

b. There are 3 groups who benefit from Suggestion Selling. Name these 3 groups and describe how they benefit.

i. Salesperson

ii. Customer

iii. Company

c. List the 5 basic rules for suggestion selling

i. Suggest after commitment to buy but before payment is made

ii. Recommend from the customers point of view

iii. Make the suggestion definite

iv. Show the item you are suggesting

v. Make the suggestion positive

d. What are the three Suggestion Selling Methods—provide an example for each

i. Offering Related Merchandise

ii. Recommending Larger Quantities

iii. Calling Attention to Special Sales

e. After-Sales Activities—describe what occurs in each of the following after-sale activities:

i. Order Processing

ii. Departure

iii. Order Fulfillment

iv. Follow-Up

v. Customer Service

vi. Keeping a Client File

vii. Evaluate yourself

f. Define Customer Relationship Management—

g. What is Customer Loyalty? How is it critical to a business? How does it affect future sales processes with the same customer?

h. The 80/20 rule?

Chapter 17: Promotional Concepts and Strategies

I. The concept of promotion

a. What is promotion?

i. Product Promotion

ii. Institutional Promotion

b. 5 types of promotion

i. Personal Selling

ii. Advertising

iii. Direct Marketing (Mailing)

iv. Sales Promotions

v. Public Relations

1. Publicity

2. Press Release

c. What is Promotional Mix?

i. Push Policy

ii. Pull Policy

II. Sales Promotions

a. Trade Promotions (5 types)

b. Consumer Sales Promotions (11 types)

c. SEE FLOW CHART – On separate sheet from chapter (purple packet)

Chapter 18: Visual Merchandising & Display

I. What is Visual Merchandising?

a. Visual merchandising

b. Display

c. The role of the visual merchandiser

d. 4 Elements of Visual Merchandising

i. Storefront

1. Signs, marquee, entrance, window displays, etc.

ii. Store Layout

1. 4 types of space

iii. Store Interior

1. Fixtures

iv. Interior Displays (5 types)

v. Types of props

II. Display Design and Preparation

a. 5 step process

i. Selecting Merchandise

ii. Select Display

1. Single item

2. Similar products

3. Related items

4. Cross mix

iii. Choose Setting

1. Realistic

2. Semi-realistic

3. Abstract

iv. Manipulate Artistic Elements

1. Line

2. Color

3. Shape

4. Direction

5. Texture

6. Proportion

7. Balance

8. Motion

9. Lighting

v. Evaluating Completed Displays

1. How to evaluate?

2. How to maintain?

Chapter 25: Price Planning

I. Price Planning Considerations

b. Price is...

i. How does value relate to price?

ii. How does price relate to image?

iii. How does it relate to profits?

c. Goals of Pricing

i. Earning a Profit

1. Return on Investment (ROI) calculated by:

d. Gaining Market Share

i. Market Share is…

ii. How can a company price their products in order to gain market share and increase market position?

e. Meeting the Competition

i. 2 strategies that price to meet the competition

1. Industry Leader

2. Average Price

ii. How can you compete without relying on price alone?

II. Factors Involved in Price Planning

f. Market Factors Affecting Price

i. Costs and Expenses

1. Break Even Point is calculated by:

ii. Supply and Demand

1. Define: Demand Elasticity—

2. Elastic Demand

3. Law of Diminishing Marginal Utility

4. Inelastic Demand

5. Five Factors that Affect Demand Elasticity

a. Brand Loyalty

b. Price Relative to Income

c. Availability of Substitutes

d. Luxury versus necessity

e. Urgency of purchase

iii. Consumer Perceptions

iv. Competition

III. Legal and Ethical Considerations for Pricing

a. Price Fixing

b. Price Discrimination

c. Unit Pricing

d. Resale Price Maintenance

e. Unfair Trade Practices Law

i. Loss Leader

f. Price Advertising

Short Answer Section Topics To Consider By Chapter:

Chapter 1 7 Functions of Marketing

Chapter 2 SWOT Analysis

Chapter 13 The selling process (7 steps)

Chapter 14 Handling Objections

Chapter 15 Specialized Methods for Closing the Sale

Chapter 17 Consumer Promotions

Chapter 18 Artistic Elements (7)

Chapter 19 Legal/Ethical Pricing

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