Steps in the Selling Process in Action

This activity is important because it emphasizes the steps in the personal selling process and what actually happens in those steps.

Personal selling is the face$-$to$-$face presentation and promotion of goods and services, including the salesperson's search for new prospects and follow$-$up service after the sale. Effective selling is not simply a matter of persuading others to buy. In fact, it is more accurately described today as helping others satisfy their wants and needs. The best way to understand personal selling is to go through the seven$-$step selling process. The selling process varies somewhat among different goods and services, but the general idea stays the same. The goal of a salesperson is to help the buyer buy and make sure the buyer is satisfied after the sale.

Instructions: Review each step in the selling process and match it with the appropriate activity example.

Make a Presentation Approach Follow Up Answer Objections Close the Sale Prospect and Qualify Preapproach

Match each of the options above to the items below.

A potential customer is met at a trade show.

No answer

A salesperson researches the potential customer.

No answer

A potential customer is contacted by a salesperson.

No answer

A salesperson matches the benefits of the company$$s products to the customer needs.

No answer

A salesperson introduces the customer to the engineer to answer technical questions.

No answer

A salesperson gets the sales order.

No answer

A salesperson makes regular visits to the customer after the sale.

No answer

Sales Promotion: Giving Buyers Incentives

Sales promotion is the promotional tool that stimulates consumer purchasing and dealer interest by means of short$-$term activities. Sales promotion programs are designed to supplement personal selling, advertising, public relations, and other promotional efforts by creating enthusiasm for the overall promotional program.

Business$-$to$-$business $($B$2$B$)$ sales promotion techniques differ from consumer sales promotion techniques. Company sales promotion can take place internally and externally. Internal sales promotion efforts are directed at salespeople and other customer$-$contact people, such as customer service representatives and clerks. After employees and intermediaries are excited about products, promotion can be directed externally to end consumers.

Select the most appropriate category for each type of sales promotion technique.

$1.$ Cents$-$off: Entitles the bearer to a discount on an item at the time of purchase.

multiple choice $1$

Business$-$to$-$business $($B$2$B$)$

Business$-$to$-$consumer $($B$2$C$)$

$2.$ Convention: A formal meeting of members in a particular industry to showcase products to other firms.

multiple choice $2$

Business$-$to$-$business $($B$2$B$)$

Business$-$to$-$consumer $($B$2$C$)$

$3.$ Coupon: A manufacturer$-$offered price break on individual items purchased at a retail store.

multiple choice $3$

Business$-$to$-$business $($B$2$B$)$

Business$-$to$-$consumer $($B$2$C$)$

$4.$ Deal: A price break for quantity purchase by wholesalers from manufacturers.

multiple choice $4$

Business$-$to$-$business $($B$2$B$)$

Business$-$to$-$consumer $($B$2$C$)$

$5.$ Demonstration: A showing of the merits of a product or service to a prospective consumer.

multiple choice $5$

Business$-$to$-$business $($B$2$B$)$

Business$-$to$-$consumer $($B$2$C$)$

$6.$ Lottery: A prize drawing where people have a chance to win products or services.

multiple choice $6$

Business$-$to$-$business $($B$2$B$)$

Business$-$to$-$consumer $($B$2$C$)$

$7.$ Portfolio: A collection of goods and services all owned by the same organization for demonstration to another.

multiple choice $7$

Business$-$to$-$business $($B$2$B$)$

Business$-$to$-$consumer $($B$2$C$)$

$8.$ Trade show: An event at which goods and services in a specific industry are exhibited and demonstrated by one firm to another.

multiple choice $8$

Business$-$to$-$business $($B$2$B$)$

Business$-$to$-$consumer $($B$2$C$)$

Forecasting Financial Needs

Forecasting is an important part of any firm's financial plan. Financial managers create forecasts by preparing budgets, and these budgets are then analyzed in order to determine if$/$when a firm will need to secure internal and external financing.

Instructions: Put each step in the budgeting process in the correct order.

Rank the options below.

Create the operating$/$master budget.

Create the operating$/$master budget. open choices for ranking

No answer

Develop a financial plan.

Develop a financial plan. open choices for ranking

No answer

Create the capital and cash budget.

Create the capital and cash budget. open choices for ranking

No answer

Establish financial controls to see whether the firm is achieving its goals.

Establish financial controls to see whether the firm is achieving its goals. open choices for ranking

No answer

Forecast the firm$$s short$-$term and long$-$term financial needs.