Marketing 3000 Mizzou Online Ch 17

Campaign Management
Developing product or service offerings customized for the appropriate customer segment and then pricing and communicating these offerings for the purpose of enhancing customer relationships
Cold Calling
A form of lead generation in which the salesperson approaches potential buyers without any prior knowledge of the prospects’ needs or financial status
Customer Centric
A philosophy under which the company customizes its product and service offering based on data generated through interactions between the customer and the company
Follow Up
The final step of the selling process, in which the salesperson ensures delivery schedules are met, goods or services perform as promised, and the buyers’ employees are properly trained to use the products
Interaction
The point at which a customer and a company representative exchange information and develop learning relationships
Knowledge Management
The process by which customer information is centralized and shared in order to enhance the relationship between customers and the organization
Lead Generation (Prospecting)
Identification of those firms and people most likely to buy the seller’s offerings
Lead Qualification
Determination of a sales prospect’s (1) recognized need, (2) buying power, and (3) receptivity and accessibility
Learning
An informal process of collecting customer data through customer comments and feedback on product or service performance
Needs Assessment
A determination of the customer’s specific needs and wants and the range of options the customer has for satisfying them
Negotiation
The process during which both the salesperson and the prospect offer special concessions in an attempt to arrive at a sales agreement
Networking
A process of finding out about potential clients from friends, business contacts, coworkers, acquaintances, and fellow members in professional and civic organizations
Point of Sale Interactions
A touch point in stores or information kiosks that use software to enable customers to easily provide information about themselves without feeling violated
Preapproach
A process that describes the “homework” that must be done by a salesperson before he or she contacts a prospect
Quota
A statement of the salesperson’s sales goals, usually based on sales volume
Referral
A recommendation to a salesperson from a customer or business associate
Relationship Selling (Consultative Selling)
A sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships
Sales Presentation
A formal meeting in which the salesperson presents a sales proposal to a prospective buyer
Sales Process (Sales Cycle)
The set of steps a salesperson goes through in a particular organization to sell a particular product or service
Sales Proposal
A formal written document or professional presentation that outlines how the salesperson’s product or service will meet or exceed the prospect’s needs
Touch Points
Areas of a business where customers have contact with the company and data might be gathered