Business Cycle Boom Booming business Recession Two or more consecutive quarters of decline in the GDP Depression Recovery A severe recession accompanied by deflation Economy stabilizes and starts to grow cycle repeats Comparing Investments Bonds Preferred stock Common stock Mutual funds ETF Product Lifetime Investment Degree of Risk Expected Income Possible Growth Low Medium High Medium Medium Secure Steady Variable Variable Variable Little Little Good Good Good Stage Intro Sales Low Profit Loss may occur Competitors Few Growth Rapid rise Very high Growing number Maturity Decline Peak Falling Decline Losses Stable then few Declining 1 Prospect and Qualifying Prospecting is researching potential buyers and choosing those most likely to buy Qualifying is the selection process Those who meet qualifying material are prospects 2 Pre approach learn as much as you can about customers wants and needs Personal Selling Steps 3 Approach Friendly first impression 4 Make a Presentation Match benefits to client s needs testimonials competitive analysis 5 Answer Objections Anticipate questions and objections and provide answers 6 Close the Sale Trial close or statement that moves the selling process towards a purchase 7 Follow Up Handling complaints answering questions customer service
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