Chapter 8 Homework Essay

1610 WordsFeb 13, 20157 Pages
Exam On: 9/19/13! Sales Management Review: Chapters 1-6! Chapter One: Intro to Personal Selling ! • Marketing Mix (4 P’s)- product, promotion, price, & place ! • Promotion Mix- advertising, sales promotion, direct marketing, PR, personal selling! • Personal selling: person-to-person communication with a prospect. ! • The process of developing relationships, discovering needs, matching products with needs, and communicating benefits. ! • Involves three prescriptions- these are part of the strategic/consultative selling model ! 1. Adopt the marketing concept ! 2. Value Personal Selling ! 3. Assume the role of problem solver or partner ! ! Marketing Management Orientations? ! • 1. Production Concept- the idea that consumers will favor products that are available or highly affordable! 2. Product Concept- the idea that consumers will favor products that offer the most quality, performance, and features. Organization should therefore devote its energy to making continuous product improvements. ! 3. Marketing Concept- the idea that achieving organizational goals depends on knowing the needs and wants of the target markets and delivering the desired satisfactions better than companies do. ! 4. Selling Concept- the idea that customers will not buy enough of the firm’s products unless it undertakes a large scale selling & promotion effort ! 5. Societal Concept- the idea that a company should make good marketing decisions by considering consumers wants, the company’s requirements, consumers long-term interests, and society’s long run interests ! ! • Shift in emphasis: Industrial Economy (1860-1960)→Info.Economy (1960-2020)! • The Information Age 4 Major Developments:! 1. Major advances- info. technology & electronic commerce; social media! 2. Strategic resource is information! 3. Business defined by customer relationships ! 4. Sales process depends on adding value !

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