WGU D099 SALES MANAGEMENT COMPLETE STUDY
GUIDE 2024 UPDATE COMPREHENSIVE QUESTIONS AND
DETAILED ANSWERS (ALREADY APPROVED)
What is marketing - (correct answer) Business function that identifies, satisfies, and
retains customers through a set a activities related to creating, communicating,
delivering, and exchanging offerings that have value for the customer.
What is relationship Selling - (correct answer) sales technique that focuses on the
interaction between the buyer and the salesperson rather than the price or details of the
product.
Define value Creation - (correct answer) The performance of actions that increase
the worth of goods, services or even a business.
Sales Process - (correct answer) the systematic approach involving a series of
steps that enables a sales force to close more deals, increase margins and make more
sales through referrals .
Customer Loyalty - (correct answer) Having a positive attitude towards a product or
brand, which induces supportive behavior from the customer.
Brand Trust - (correct answer) The willingness of the average consumer to relay on
the the ability of the brand to perform its stated fuction.
Person Selling - (correct answer) A type of selling that uses person to person
interaction to sell products ad services.
Key Objectives of a Sales Department - (correct answer) - Generating customers
and converting sales
- Retain current customers
- Developing a sales forecast
-Ensuring product/market fit
Conversation Rates - (correct answer) The percentage of prospective customers
who take a specific action you want.
Sales Forecast - (correct answer) The process of estimating future sales.
Operational Budget - (correct answer) A plan for expenditures required to maintain
the functioning of a business venture or public organization.
Product Market Fit - (correct answer) The degree to which a product satisfies a
strong market demand.
,Corporate Structure - (correct answer) An organization's different departments or
business units within a company to achieve its overall mission and goals.
Functional Structure - (correct answer) An organizational structure that groups
employees according to a specialized or similar set of roles or tasks.
Modular Structure - (correct answer) Divides the business into small, tightly knit
strategic business units (SBUs),which focus on specific elements of the organizational
process.
Strategic Business Unit (SBU) - (correct answer) profit center which focuses on
product offering and market segment.
Value Chain - (correct answer) The process or activities by which a company adds
value to a product, including production, marketing and the provision of after sales
service.
Competitive Advantage - (correct answer) a condition or circumstance that puts a
company in a favorable or superior business position.
Sustainable Competitive Advantage - (correct answer) company 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 -
(correct answer) - Customer loyalty - Vendor Relations
- Location - Customer Service
- Distribution - Multiple Source Advantage
- Unique Merchandise
Ways a Business an Use Business Intelligence (BI) to Improve Performance - (correct
answer) -Business Process Management -Decision Making
-Business Planning -Collaboration
Code of Ethics - (correct answer) A document that outlines the mission and values
of the business or organization, how professionals are supposed to approach problems,
based on the organizations core values and standards to which the professional is held.
Uniform Commercial Code (UCC) - (correct answer) A comprehensive set of laws
governing all commercial transactions in the US.
Marking Concept - (correct answer) Identifying consumer needs and then producing
the goods or services that will satisfy those needs while making a profit for the
organization.
, "Right" Principle - (correct answer) getting the right goods or services to the right
people at the right place, time and price, using the right promotion techniques.
Output - (correct answer) the act of producing something, the amount of something
produced, or the process in which something is delivered.
Input - (correct answer) The resources invested in accomplishing a task and
typically include time, money, and effort.
Inbound Marketing - (correct answer) A marketing methodology designed to draw
visitors and potential customers in rather the outwardly pushing a brand, product or
service onto prospects in the hope of lead generation of customers .
Integrated Marketing Communications (IMC) - (correct answer) The coordination of
all promotional activities - media advertising, sales promotions, personal selling and
public relations, as well as direct marketing, packaging, and other forms of promotions-
to produce a consistent unified message that is customer focused.
Customer (Buyer) Journey - (correct answer) A framework that acknowledges a
buyers progression through a research and decision process ultimately culminating in a
purchases.
Adaptive Selling - (correct answer) Using social styles to customize a sales
approach to the specific customer.
Social Style Matrix - (correct answer) A model that categorizes people according to
personality traits and how they interact with others.
Law of Psychological Reciprocity - (correct answer) When someone does something
nice for you, you will have deep rooted psychological urge to do something nice in
return.
Customer Lifetime Value (CLU) - (correct answer) A prediction of the net profit
attributed to the entire future relationship with a customer.
Return on Customer Investmetn - (correct answer) A metric that measures how
much value a business can create per customer.
Value Proposition - (correct answer) An innovation, service, of feature intended to
make a company or product attractive to customers.
Sales Funnel - (correct answer) Buying process that companies lead customers
through when purchasing products.
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