WGU D099 Module 1 Study Guide

D099 Module 1 Study Guide Leave the first rating Students also studied Terms in this set (19) Western Governors UniversityIT C182 Save

D099 OA

70 terms meghanmager Preview

D774 WGU

91 terms Sophia_Martinac Preview WGU Sales Management D099 Pre-...70 terms gflem22Preview

D099 W

449 term Bra What are the 4 key objectives of the Sales department? 1. Generating customers and converting sales

• retaining customers
• Developing a sales forecast
• Ensuring product market fit

Generating customers and converting sales example: trying to get a better conversion rate.Retaining current customerskeeping good customer loyalty is key to a successful business Developing a sales forecast example:they're responsible for determining how much product can be sold during a specific period Ensuring product market fit example:ensuring the product is meeting a need for customers Customer Relationship Management (CRM)systems that capture data about customers also help marketers and salespeople better manage customer relationships and meet their customer's needs What are the goals of (CRM) Customer Relationship Management

• Capture new leads and move them through the sales process, support
• manage relationships with

current customers to maximize the lifetime value of those relationships to the company 3.boost productivity and lower the overall costs of marketing, sales, and account management.

What are the four elements that make up ethical behavior within an organization?

• A written code of ethics and standards
• Ethics training for executives, managers, and employees
• Availability of advice on ethical situations
• A system for confidential reporting

What is the relationship between sales and marketing? They have the same goal of moving prospective customers through the purchasing process successfully.*Marketing attracts prospective customers to the business *Sales attempt to convert these prospects into paying customers The buyer's journey (AIDA)The process that customers follow when preparing to purchase a product or service.AIDAA- attention I - interest D- Desire A - action Transactional TrainingTransactional focuses on short-term, single transactions Relationship SellingRelationship focuses on long-term relationship building to keep customers satisfied and consequently convince them to return and make multiple purchases.Adaptive SellingUsing social styles to customize a sales approach to the specific customer Social MatrixA model that categorizes people according to personality traits and how they interact with others. Includes analytical, driver, amiable and expressive How does the Social Style Matrix help in Adaptive selling?It describes how people behave so that you can adjust and adapt your selling style accordingly.Customer Lifetime Value (CLV)The current value of all future business from a customer throughout the customer's relationship with the organization How is (CLV) Customer Lifetime Value calculated? CLV= dollar value of purchases gross profit percent number of purchase When a Business sells at a no loss no profit, for e.g. a company invests $20/- in making a product and then sells it to customers at $20/-, what is the Return on investment?$0 ROI=$20 to make - Sell at $20