Sales Management - D099

Sales Management - D099 18 studiers today 4.5 (15 reviews) Students also studied Terms in this set (263) Western Governors UniversityIT C182 Save

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70 terms meghanmager Preview Sales Management - D099 Study Gu...70 terms Tiffani_PinsonPreview WGU Sales Management D099 Pre-...70 terms gflem22Preview WGU C 195 term asto relationship sellingsales technique that focuses on the interaction between the buyer and the salesperson rather than the price or details of the product value creationthe performance of actions that increase the worth of goods, services, or even a business sales processincorporates actually selling the company's products or service to its customers personal sellinga type of selling that uses person-to-person interaction to sell products and services customer loyaltyhaving a positive attitude toward a product or brand, which includes supportive behavior from the customer brand trustthe willingness of the average consumer to rely on the ability of the brand to perform its stated function conversion ratesthe percentage of prospective customers who take a specific action you want sales forecastthe process of estimating future sales operational budgeta plan for expenditures required to maintain the functioning of a business venture or public organization product-market fitdegree to which a product satisfies a strong market demand corporate structurean organization's different departments or business units within a company to achieve its overall mission and goals

functional structurean organization structure that groups employees according to a specialized or similar set of roles or tasks modular structuredivides the business into small, tightly knit SBUs, which focus on specific elements of the organizational process strategic business unita profit center that focuses on product offering and market segment competitive advantagea condition or circumstance that puts a company in a favorable or superior business position 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 customer relationship management (CRM)processes implemented by a company to handle its contact with customers with the goal of creating a unified customer experience to maximize retention business intelligence (BI)the use of data in an enterprise to facilitate decision-making. It encompasses understanding the actual operation of the company, as well as the anticipation of future events, with the aim of providing knowledge to support business decisions big data analyticslarge, complex data sets that require non-traditional data processing software to predict trends and forecasts organizational ethicsthe principles and standards by which businesses operate and it is how an organization responds to an internal or external stimulus marketing conceptidentifying customer needs and then producing the goods or services that will satisfy those needs while making a profit for the organization "right" principlegetting the right goods or services to the right people at the right place, time, and price, using the right promotional techniques promotionthe attempt by marketers to inform, persuade, or remind consumers and industrial users to engage in the exchange process promotional mixthe combination of advertising, personal selling, sales promotion, and public relations used to promote a product integrated marketing communications (IMC)the careful coordination of all promotional activities to produce a consistent, unified message that is customer focused customer journeya framework that acknowledges a buyer's progression through a research and decision process ultimately culminating in a purchase AIDAattention, interest, desire, action transactional sellingsales strategy that involves focusing on achieving quick sales without a significant attempt to form a long-term customer relationship

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 analyticalswant to know "how" driverswants to know "what" amiableswant to know "why" expressiveswant to know "who" law of psychological reciprocitypeople tend to treat us the same way we treat them consultative sellingsales approach where the seller becomes a trusted advisor to the customer and builds a relationship to truly understand his or her needs value exchangethe quantified worth of one good or service expressed in terms of worth of another 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 valuethe measure of the benefit gained from a product or service relative to the full cost of the item value propositionan innovation, service, or feature intended to make a company or product attractive to customers 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 CLV =dollar value of purchases x gross profit% x number of purchases ROI =net profit / investment x 100 sales funnelthe buying process that companies lead customers through when purchasing products accountscurrent business clients' records of transactions sales managementa business discipline which is focused on the practical application of sales techniques and the management of a firm's sales operations 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 services passes until it reaches the final buyer or end consumer intermediariespeople or businesses that put buyers and sellers together without taking ownership of the product, service, or property order takerssalespeople with responsibility for handling transactions initiated by the customer order getterssalespeople who persuade customers to make a direct purchase missionary salespeoplea salesperson who provides info to an individual who will influence the purchase decision trade salespeoplea salesperson who calls on retailers and helps them display, advertise, and sell products to consumers prospectorsa salesperson whose primary function is to find prospects, or potential customers 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 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 inactive accountsclients who have not made a purchase for a specified period of time passive accountsbring in revenue without active sales engagements active accountshave consistent transactions and engagement with the business 80/20 Rule (Pareto Principle)suggests that 20% of your activities will account for 80% of your results business developmentactivities to develop and implement growth opportunities within organizations sales quotathe sales goal or figure set for a product line, company division, or sales representative