WGU D099 Sales Management

WGU D099 Sales Management Leave the first rating Students also studied Terms in this set (123) Save Sales Management - D099 263 terms marlio4Preview WGU Sales Management D099 Pre-...70 terms gflem22Preview

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79 terms Alfredo4078Preview intro to 158 term tom Practice questions for this set Learn1 / 7Study using Learn A customer maintains attention in the product and is learning more about it.Conversion RatesPercentage of potential customers approached who make a purchase. If 5/10 approaches result in sales- 50% Sales ForecastDetermination of how much product can be sold within a time period and at what price. Used to develop operational budgets and determine profitability Operational BudgetA short-term financial plan used to coordinate the activities needed to achieve the short-term goals of the company.Choose an answer 1Conversion Rates2Transactional 3Sustainable Competitive Advantage4Interest Don't know?

Product-Market Fitan offering that meets the needs of customers. A fit for a determined sector of the population Sustainable Competitive AdvantageA positive trait that a business possesses with can not be easily overcome by others. ex. Walmart's low prices Business IntelligenceA technology-driven process for analyzing data and presenting useful information to assist in business decisions. Process management, decision-making, planning and collaboration "Right" PrincipleGetting the correct goods or services to the right people at the correct place, time, and price, using best promotional techniques Inbound MarketingMarketing activities that draw the attention of customers through blogs, Twitter, LinkedIn, and other online sources, rather than using more traditional activities that require having to go out to get customers' attention, such as making a sales call.IMCThe coordination of all promotional activities (traditional advertising, sales promotion, personal selling, public relations, social media and digital advertising to produce a unified message.Personal SellingA detailed sales method which involves varying a detailed message to suit prospective customers. Effective strategy with high customer satisfaction.Buyer JourneyAttention, Interest, Desire and Action. Inaccurately frames customers as passive without drives of their own.TransactionalSelling with a focus on short-term, single transactions.RelationshipSelling focused on long-term building of connections with clients in order to keep them satisfied and returning. Involves liking and caring about the problems of customers. Needs strong belief in product, patience and a plan to work.AdaptiveSelling where approach is customized to the needs of the customer to improve the experience ProspectingFirst step in transactional selling where potential customers are identified Social Style MatrixClassification of customers based on patterns of communication. Sorts by low to high assertiveness (want to control) and responsiveness (outward emotions).AnalyticalsSSM. Want to know "HOW". Both low A & R. Want facts, pros and cons, data, demonstrate results, give time, mention guarantees. Cannot be pressured.DriversSSM. Want to know "WHAT". High A, Low R. Get to the point, provide options, facts, focus on results, provide timelines, make them feel in control.

AmiablesSSM. Want to know "WHY". Low A, High R. Establish personal relationship, demonstrate commitment, work as a team. Friendly with unclear progress.ExpressivesSSM. Want to know "WHO". Take time to discuss, give recognition, ask how they feel, focus on big picture, demonstrate what is possible with facts and figures.Talkative, must steer conversation.ConsultativeSales approach where seller becomes a trusted advisor and builds a relationship to understand their needs.Attention"What is It?" A customer is made aware of the product or service.InterestA customer maintains attention in the product and is learning more about it.DesireA customer's interest becomes a want or need. Customer is about to take action.ActionA customer tries or buys the product.B2BFew potential customers, large purchases and selling cycle, multiple decision makers who are more difficult to identify.B2CMany customers, small purchases, short cycle, few decision makers who are easier to identify.IntermediariesDistribution, middlemen. External entities that make it possible to deliver products to end users. Ex. wholesaler, retailer, agent.Missionary SalespersonPerson who calls on decision makers. Ex. pharmaceutical representative. Person they are selling to does not actually make purchases. B2B Market InfluencersPeople and organizations who possess an expert level of knowledge and/or social influence in their respective fields. B2B Trade SalespersonSomeone who calls on retailers to help them display, advertise and sell products.B2B ProspectorSalesperson whose function is to find potential customers. Cold Calling. B2B Technical SalespersonAn expert on a specific product or area. Respond to interested customers by describing or demonstrating products. Sales Engineer. B2B Order Getterssalespeople who sell to new customers and increase sales to current customers.Ex. Software salespeople.Order Takerssalespeople who sell to regular or established customers, complete most sales transactions, and maintain relationships with their customers.ABMConcentrates resources on target accounts within a market and employs personal campaigns for each

KAMDeveloping and maintaining long-term, sustainable and mutually beneficial relationships with vital accounts Passive AccountsClients who have established relationships with a company and may or may not have a recurring order. Have intermittent contact with customer service Pareto PrincipleLaw of the vital few. 80% of effects come from 20% of the causes. KAM can be used to determine this 20% Business DevelopmentFinding new opportunities for business among existing client base, bringing in new customers Power Skillspersonal attributes that enable someone to interact effectively and harmoniously with other people. Sales- Empathy, Verbal Communication, Conflict Resolution and Analytical Decision-Making Hard SkillsQuantifiable abilities vital to a sales job. Product knowledge, Proposals & Contracts, Technology Proficiency and Software Skills.Sales FunnelLeads, Suspects, Prospects and Customers.Prospecting and QualifyingFirst sales process step where research is conducted to identify B2B and B2C entities who may have recognized a need. End product is prospects ApproachSecond sales process step where prospects are contacted and attempting to build interest. Involves introductions, conversations, questions and explanations in order to build rapport Presenting and DemonstratingStep three of sales process where relationship information is used to tailor and share a solution for customer's needs.Handling ObjectionsStep four of sales process where salesperson encounters resistance from customer and attempts to move past these obstacles.Closing SaleStep five of sales process where customer is convinced and agrees to transaction.Follow-upFinal step of sales process where salesperson reaches out to customer in order to verify satisfaction and build relationship EconomicBuyer responsible for purchases which enable the company to achieve an advantage. Justifies purchases due to their relation to profit InfrastructureBuyer who influences at the execution level. Challenges during installation can reduce ROI to the point the purchase is no longer worthwhile UserBuyer who influences decision at end consumer level. Will the product accomplish customer needs efficiently?InitiatorsStakeholder within an organization who first sees a need for a purchase and begins the process