D099 WGU Sales Management

D099 WGU Sales Management Leave the first rating Students also studied Terms in this set (449) Western Governors UniversityIT C182 Save WGU Sales Management D099 Pre-...70 terms gflem22Preview Sales Management - D099 263 terms marlio4Preview D099 Sales Management 179 terms brittanyharwell Preview WGU C 195 term asto Functional relationshipsLimited, ongoing relationships that develop when a buyer continues to purchase a product from a seller out of habit, as long as its needs are met Modular structureDivides the business into small, tightly knit strategic business units (SBUs), which focus on specific elements of the organizational process Value chainThe process or activities by which a company adds value to a product, including production, marketing, and the provision of after-sales service Strategic business units (SBUs)A profit center that focuses on product offering and market segment Sustainable competitive advantageCompany assets, attributes, or abilities that are difficult to duplicate or exceed and provide a superior or favorable long-term position over competitors Factors that can help a business develop a sustainable competitive advantage Customer loyalty, location, distribution and information systems (Getting products at a cheap price and selling them at a reasonable price), unique merchandise, vendor relations, customer service, and multiple source advantage (being widely recognized by your strengths) Business intelligence (BI)The use of data in an enterprise to facilitate decision-making Big data analyticsLarge, complex data sets that require non-traditional data processing software to predict trends and forecasts Four elements that make up ethical behavior within an organization A written code of ethics and standards. Ethics training to executives, managers, and employees. Availability of advice on ethical situations (advice lines or ethics offices). A system for confidential reporting.

Integrated marketing communications (IMC)The careful coordination of all promotional activities—media advertising, sales promotion, personal selling, and public relations, as well as direct marketing, packaging, and other forms of promotion—to produce a consistent, unified message that is customer focused Marketing conceptIdentifying consumer needs and then producing the goods or services that will satisfy those needs while making a profit for the organization Promotional techniquesAdvertising, sales promotion, and publicity, or creating new sales channels or new products Promotional mixThe combination of advertising, personal selling, sales promotion, and public relations used to promote a product The main limitation of the AIDA modelThe model assumes consumers are passive and marketers are active during most of the buying process.What is the main difference between the AIDA model of the buyer's journey and the six steps model of the buying process?The AIDA model assumes that the customer experience ends at the purchase while the six-step process considers the after-purchase relationship with the customer.Transactional sellingFocuses on short-term, often single, transactions.Relationship sellingFocused 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 style matrixA model that categorizes people according to personality traits and how they interact with others AnalyticalsFocus on "how,"include facts, do not challenge their facts, demonstrate results, mention guarantees and warranties, give them time to decide, communicate the pros and cons, and provide history, data, financial details. Low responsiveness and low assertiveness DriversFocus on "what," get to the point quickly, provide options, use facts, focus on results, provide timelines, and make them feel in control. Low responsiveness and high assertiveness AmiablesFocus on "why," establish a personal relationship, demonstrate personal commitment, and work as a team. High responsiveness and low assertiveness ExpressivesFocus on "who," take extra time to discuss everything, give them recognition and approval, ask them how they feel about the product or service, focus on the big picture, and use facts and figures to demonstrate what is possible. High responsiveness and high assertiveness Consultative sellingSales approach where the seller becomes a trusted advisor to the customer and builds a relationship to truly understand his or her needs

Customer lifetime value (CLV)A prediction of the net profit attributed to the entire future relationship with a customer Return on customer investmentA metric that measures how much value a business can create per customer Value propositionAn innovation, service, or feature intended to make a company or product attractive to customers A value proposition should beClear (short and direct), compelling (motivates), and differentiating (sets the offering aprt).Equation for ROIROI = net profit ÷ investment × 100 Return on investment (ROI)A performance measure used to evaluate the efficiency of an investment or compare the efficiency of a number of different investments Equation for CLVCLV = dollar value of purchases x gross profit percent x number of purchases Sales channelsA way of bringing products or services to market so they can be purchased by consumers Distribution channelsA chain of businesses or intermediaries through which a good or service passes until it reaches the final buyer or the end consumer Agents or brokersTheir main job is to represent the producer to the final user in selling a product.WholesalersThey sell the products to other intermediaries, such as retailers, for a higher price than they paid. They buy in bulk and store the products in their own warehouses and storage places until it is time to resell them. They are independently owned, and they own the products that they sell.DistributorsThey take ownership of the product, store it, and sell it at a profit to retailers or other intermediaries. However, the key difference is that distributors ally themselves to complementary products RetailersWhatever their size, retailers purchase products from market intermediaries and sell them directly to the end user for a profit Missionary salespeopleA salesperson who provides information to an individual who will influence the purchase decision Technical salespeopleSales people who are experts in a specific product or service area. They promote and sell the product by demonstrating how it works along with the benefits it can offer potential customers Trade salespeopleA salesperson who calls on retailers and helps them display, advertise, and sell products to consumers Inside salespeoplePeople who routinely work inside the business taking orders and handling transactions

Outside salespeopleSales personnel who go out into the field to meet with customers Account managementMaintaining a long-term relationship with customers who purchased from the firm in the past Account-based marketing (ABM)Concentrates sales and marketing resources on a clearly defined set of target accounts within a market and employs personalized campaigns designed to resonate with each account Key account management (KAM)Developing and maintaining long-term, sustainable and mutually beneficial relationships with key accounts (customer) Inactive accountsClients who have not made a purchase for a specified period of time Active accountsHave consistent transactions and engagement with the business Passive accountsClients who have established an ongoing relationship with the company through its website and may or may not have a recurring order 80/20 ruleSuggests that 20 percent of your activities will account for 80 percent of your results Pareto principleThe law of the vital few, or the principle of factor sparsity, states that, for many events, roughly 80 percent of the effects come from 20 percent of the causes Business developmentActivities to develop and implement growth opportunities within organizations Sales quotasThe sales goal or figure set for a product line, company division, or sales representative Power skillsPersonal attributes that enable someone to interact effectively and harmoniously with other people Hard skillsTeachable abilities or skill sets that are easy to quantify. Typically, you will learn hard skills in the classroom, through books or other training materials, or on the job Types of power skillsEmpsthy, verbal communication, conflict resolution, and analytical decision making Types of hard skillsProduct knowledge, proposals and contracts, technology proficiency, and software skills Economic buyerThe individual decision maker or group within the customer organization who controls the budget and writes the checks for new product purchases Infrastructure buyerSomeone who makes sure that purchasing rules defined in corporate governance procedures are followed