Term
| What are the steps involved in the sales process? |
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Definition
| AIDA- Attention, Interest, Desire, Action |
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Term
| What are the 2 types of selling methods? |
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Definition
| Go-Direct and Reps/Distributors |
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Term
| What are the 3 levels of the "sales funnel?" |
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Definition
| Suspects > Prospects > New Accounts |
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Term
| Face to face sales converts over 2x as many sales as online or by phone. T or F? |
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Definition
| True. Face to Face is 40%, online or phone is only 16% |
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Term
| Non- Inc 500 companies sell direct more than Inc 500 companies. T or F? |
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Definition
| False, Inc 500 82% direct, non-Inc 56% direct. |
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Term
| Name 4 qualities of good sales people. |
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Definition
| Eager to learn, enjoy selling, competitive, coach-able, good listener/questioner. |
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Term
| Name 4 of the 9 risks perceived by prospects. |
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Definition
1. Who are you and how do I know you will be in business a year from now?
2. What does your product do/ not do?
3. Do you actually have a product we can install and use?
4. How is your product/offering different?
5. What problem does this help me solve? |
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Term
| What does a sales manager do? (list 3) |
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Definition
Manages people, not sales.
Encourages, coaches, and listens.
Builds trust.
Sets goals. |
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Term
| According to customers, why do they leave a company/ stop buying from them? |
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Definition
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Term
| What are 4 qualities of an employee with Character? |
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Definition
| Honesty, respect, accountability, learning ability |
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Term
| What are the 3 objectives of advertising? |
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Definition
1. Communicate product/service info
2. Position the product
3. Sell the product/service |
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Term
| What types of advertisements are most popular? |
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Definition
| TV, Radio, Internet, magazine, outdoor. |
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Term
| When allocating $ for advertising, what are the 4 main considerations? |
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Definition
1. Budget
2. Location and Timing
3. Message
4. Measurable impact? |
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Term
| Why do companies advertise/ publicize? |
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Definition
| To find prospects, to make sales jobs easier, to initiate buying process. |
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Term
| Name 4 considerations when advertising. |
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Definition
| Timing, Coverage, Follow-up, Competition. |
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Term
| Name your 3 Trade Show Options and benefits: |
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Definition
1. Attend- learning opp. meet new people
2. Exhibit- initiate and reinforce relationships; enhance co. image
3. Attend and submit paper- stimulate inquiries- MUST have good speaker or backfire risk |
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Term
| List 3 advertising recommendations. |
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Definition
1. Remember your positioning
2. Think creatively
3. Barter
4. Encourage word of mouth |
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Term
| What is the definition of a promotion? |
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Definition
| a short-term incentive to encourage purchase (that supports positioning strategy) |
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Term
| What are 3 required conditions for "give away" promotions? |
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Definition
1. low product cost
2. easy distribution
3. high lifetime customer value |
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Term
| What are 4 types of marketing and brief definitions? |
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Definition
1.Viral- users invite/infect others
2.Drip- targeted email list; constant stream of info
3.Buzz- word of mouth
4.Event- implies established company |
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Term
| What is the "rule of thumb" cost for hiring a bad employee? |
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Definition
| Three times their annual salary plus detriment to employee morale. |
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Term
| Name 5 characteristics of a good hire for an emerging company. |
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Definition
| Flexible, some start-up experience, autonomous, passion, good with people. |
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Term
| What are the 3 key tasks of an HR department? |
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Definition
| Attract, Develop, Maintain. |
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Term
| Most important rule when hiring. Esp. when family/friends are involved. |
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Definition
| NEVER hire someone you can't fire. |
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Term
| What are 4 key ways to motivate people in your company? |
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Definition
| Recognition, appreciation, participation, skill building... Involvement with customers. |
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Term
| Who provides the money in fundraising? In highest to lowest order. |
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Definition
| Management (62), banks (26), angel investors (8), professional VCs(4). |
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Term
| What do VCs look for in a company? |
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Definition
| Management, the market, sales growth, competitive edge, barriers, strategy, sales history, exit strategy. |
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Term
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Definition
| 10-15% of every group are Jerks. |
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Term
| What are company's biggest growth challenges? |
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Definition
| Selling more, hiring quality people, capital and financing |
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Term
| What are the 4 secret ingredients to branding? |
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Definition
1. Right target prospects
2. Positioning
3. Great client experiences
4. Communicating experiences |
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Term
| What are the 3 levels of branding and an example of each? |
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Definition
1. National/International- Coke
2. Licensed- Ohio State
3. Private- Kroger |
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Term
| True or false. The average American mentions over 50 brands in conversation per week. |
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Definition
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Term
| True or False. Recognized brands typically control over 50% of market share. |
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Definition
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Term
| What are the 5 steps to building a strong brand? |
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Definition
1. Clear message
2. Compelling value proposition
3. Proper positioning
4. Communication of client experience
5. Consistency |
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Term
| what are the 2 key branding decisions for emerging companies? |
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Definition
| Positioning and target segmentation |
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Term
| What is a value proposition? |
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Definition
| clear statement of tangible results the customer will get from using your product. Specific = better |
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Term
| True or False. If you have set your price correctly, every person will buy it. |
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Definition
| false. price cutting may dilute your brand. |
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Term
| What are 2 obstacles you might face when trying to build a brand? |
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Definition
1. Constant price pressure
2. Multiple competitors |
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