Vocab 1
What is the definition of "Personal Selling"?
Personal Selling is one of the four elements of promotion, creating awareness and the desire to purchase on the part of the consumer
What is the definition of "promotion"?
Promotion is the process of making customers aware of a product, service, or event.
What is the difference between "cold calling" and "email prospecting"?
Cold calling uses a telephone call to make the sale, email prospecting uses email to communicate with the prospect.
What are one of the goals of Promotion?
Increase sales; Increasing customer usage; Maintaining customer loyalty; Building a fan base; Educating potential customers; Overcoming the resistance of hesitant first-time buyers
What is "Cold Calling"?
A traditional telemarketing strategy that involves contacting potential customers who have not previously expressed interest.
What is the definition of "advertising"?
Advertising: a paid form of communication delivered to consumers by a product maker or seller
What is the difference between a Ticket Broker and a Ticket Scalper?
Ticket brokers are registered businesses that legally buy and resell tickets to a variety of entertainment events and guarantee ticket authenticity.
Ticket scalpers sell tickets to major sporting and entertainment events , often outside the venue on the day of the event, for inflated prices (also, scalping is illegal!!)
List the 4 elements of Promotion as discussed in the slides.
Advertising; Sales promotions; Publicity; Personal selling
What is the "Frequency Escalator"?
A marketing framework showing the different levels of fan engagement; sport marketers gradually encourage potential consumers to move from a state of unawareness of a sport product to a state of heavy consumption.
What is "product placement"?
The integration of a product into a movie or television show
When is Personal Selling appropriate? Personal selling is most effective for these kinds of products and/or people.
Expensive, complex products; Markets with a few large customers; Unfamiliar, unique products; Customers in a limited area; Complicated, long decision-making processes; Customers who expect personal attention and help with the decision-making process
Influencer marketing can influence between ___% and ___% of purchases.
20% and 50%
What is the definition of a "prospect"?
An individual who is a potential purchaser of your product or service
What is "Personal Selling"?
Personal selling: in-person, face-to-face communication between a seller and a customer
What are the 3 Skills & Knowledge needed for success in Personal Selling?
Know the product; Know the customer; Know the competition
How are product placement deals negotiated?
Fee basis; Prominent display of brand name; Fashions worn by cast; Movie promotion in product advertising
What is "CRM" (Customer Relationship Management)?
The practices, strategies, and technologies used by businesses to manage and analyze customer interactions and data throughout the customer lifecycle.
What is the definition of "dynamic pricing"?
THINK: ticket sales
Changing ticket prices based on demand (like Uber surge).
List 3 of the 6 steps in the Sales process
*double points if you can name all 6!*
Preapproach; Approach; Demonstration; Answering Questions; Closing the Sale; Follow-Up
What is the most effective & efficient form of promotion?
Influencer marketing