Mkt 360 1st Edition Exam 1 Study Guide Lectures 1 9 Lecture 1 January 12 Sales as a career What are the two major functions of businesses What is in the marketing mix What is the four components of the firm s promotional effort What is the golden rule of personal selling What are the 6 reasons to choose a sales career What are the 7 sales jobs categories How do you succeed in selling SSUCCESS What are the 3 selling skills What are the steps to selling Two major functions Production of goods or creation of services Marketing those goods and services Marketing Mix Prouduct price place promotion Firm s promotional effort personal selling advertising public relations sales promotion Golden rule of personal selling the sales philosophy of unselfishly treating others as you would like to be treated 6 reasons to choose sales career service to others variety of sales jobs freedom challenge advancement rewards 7 sales job categories inside retail sales outside delivery entry level consumer goods missionary sales engineer creative sales of tangibles creative sales of intangibles Success in selling success begins with love service to others use of the golden rule of selling communication ability characteristics for the job excels at strategic thinking sales knowledge at the MD level stamina for the challenge selling skills conceptual skills human skills technical skills 10 steps in selling process prospect customer preapproach planning approach presentation trial close determine objection meet objection trial close close follow up service Lecture 2 January 14 Ethics in Sales What are the 3 influences on person ethical behavior What is a fixed point of reference What is the robinson patman act What is the clayton act What are the 7 best ways to manage sales ethics Influences on individual s ethical behavior Preconventional individual acts in his or her own best interest and follows rules to avoid punishment or receive rewards Conventional conforms to expectations of others such as friends and family to uphold moral and legal laws Principled individual lives by an internal set of morals values and ethics regardless of punishments or majority opinion Fixed Point of Reference something that provides the correct action to take in any situation and never gets tailored to fit an occasion Robinson Patman Act allows sellers to grant what are called quantity discounts to larger buyers based on savings in manufacturing costs Clayton Act makes tie sales illegal which is when buyer is forced to buy unwanted products in order to buy desired products Ways to manage sales ethics Top management taking the lead Carefully selecting leaders Establish a code of ethics Create ethical structures Encourage whistle blowing Create an ethical sales climate Establish control systems Lecture 3 January 21 Psychology of Selling What are the benefits of golden rule selling What is the black box approach What are the psychological influences on buying What is the FAB selling technique How do you determine an important buying need LOCATE Whats the SELL sequence What are the 3 classes of buying situations What are the 5 steps people go through in order to make a decision Benefits of golden rule selling Do the right thing for the person even if it means no sale Ethical service builds relationships Buyers want to trust salespeople Black box approach a persons process of internalization called this because we can not see into a buyers mind Psychological influences on buying Motivation to buy must be there Economic needs the best value for the money Awareness of needs some buyers are unsure Conscious need level buyers fully aware of needs Preconscious need buyers may not be fully aware of their needs Unconscious need people do not know why they buy a product only that they do buy FAB Selling Technqiue Product feature any physical characteristic of product Product advantage performance characteristic of a product that describes how it can be used or will help the buyer Product benefit favorable result the buyer receives from the product because of a particular advantage that has the ability to satisfy a buyer s need LOCATE Listen Observe Combine As questions Talk to others empathize SELL sequence Show feature Explain advantage Lead into benefit Let customer talk 3 classes of buying situations Routine decision making low involvement Limited decision making Extensive decision making high involvement 5 steps go in order to make a decision Need arousal Customer discovers need and salesperson may bring need to customers attention Collection of information Information evaluation Determines what will be purchased Purchase decision Postpurchase behavior Postpurchase benefits come from receiving benefits expected or greater than expected from the use of a product Purchase dissonance cause tension over whether the right decision was made or not buyer s remorse Lecture 4 January 28 Communication What is the self concept theory What are the four functions of human awareness What are the 4 nonverbal communication channels What are the three levels of listening Self concept theory Real self people as they actually are Self image how people see themselves Ideal self what people would like to be Looking glass self how people think others regard them Four functions of human awareness 1 Feeling person places high value on being people oriented and sensitive to people s needs 2 Sensing person places high value on action 3 Thinking person places high value on logic ideas and systematic inquiry 4 Intuiting person places high value on ideas innovation concepts theory and long range thinking Nonverbal communication channels physical space between buyer and seller territorial space refers to the area around the self that a person will not allow another person to enter without consent intimate space up to 2 feet or about arms length the most sensitive zone since it is reserved for close friends and loved ones personal space closest zone a stranger or business acquaintance is normally allowed to enter social space the area normally used for a sales presentation public space can be used by the salesperson making a presentation to a group of people space threats the territorial imperative causes people to feel that they should defend their space of territory against this appearance handshake body movements acceptance signals indicate that your buyer is favorably inclined toward you and your presentation caution signals alert you that the buyers are either