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.
Relationship Selling - Correct answer-sales technique that focuses ...
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.
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.
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.
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