Marketing Chapter 18 Final Exam

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
consumer sales promotion
sales promotion activities targeting the ultimate consumer
coupon
a certificate that entitles consumers to an immediate price reduction when they buy the product
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 buyers’ employees are properly trained to use the products
frequent buyer program
a loyalty program in which loyal consumers are rewarded for making multiple purchases of a particular good or service
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
loyalty marketing program
a promotional program designed to build long-term, mutually beneficial relationships between a company and its key customers
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-purchase (P-O-P) display
a promotional display set up at the retailer’s location to build traffic, advertise the product, or induce impulse buying
preapproach
a process that describes the “homework” that must be done by a salesperson before he or she contacts a prospect
premium
an extra item offered to the consumer, usually in exchange for some proof of purchase of the promoted product
push money
money offered to channel intermediaries to encourage them to “push” products—that is, to encourage other members of the channel to sell the products
rebate
a cash refund given for the purchase of a product during a specific period
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
sampling
a promotional program that allows the consumer the opportunity to try a product or service for free
trade allowance
a price reduction offered by manufacturers to intermediaries, such as wholesalers and retailers
trade sales promotion
sales promotion activities targeting a marketing channel member, such as a wholesaler or retailer