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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