Deck 6: Selling in an Entrepreneurial Context

Question 1

Value selling is a relationship-building process through which the salesperson communicates the potential value of a product or service to prospective customers.

Answer 1

True

Question 2

In this context, opportunity is defined by the extent to which there is a good fit between a need in the marketplace and the entrepreneur's offering.

Answer 2

True

Question 3

Establishing trust is important in entrepreneurial selling but not crucial during startup and early growth.

Answer 3

False

Question 4

Providing follow-through after closing is not a component of the selling process.

Question 5

Entrepreneurs most often pursue opportunities in markets that are settled with well-established customers.

Question 6

The process of identifying and assessing the factors and trends in the external context that may drive decision- making by customers is called environmental analysis.

Question 7

Qualifiers are key success factors that set players apart from others in a given industry.

Question 8

Knowing both the buyer and seller's s requirements for success in a given industry should be important to the salesperson

Question 9

Assessing the company's competitiveness may start with an understanding of its strategic position compared to that of directly competing firms.

Question 10

Government issued information is not a good data source to find out about a given customer's industry.

Question 11

A comprehensive understanding of the level of problems the customer is facing is not necessary for a value proposition.

Question 12

Establishing relationships with gatekeepers is not beneficial to the should focus just on the individuals who make the decisions.

Question 13

Preparing for sales calls is not a major factor of sales success.

Question 14

Establishing common ground is an important step when making first contact with a potential buyer.

Question 15

Asking yes or no questions is tactic to make potential buyers feel comfortable.

Question 16

A salesperson should ask for referrals for other buyers to build their network.

Question 17

It's important for new salespeople to view objections as rejection and move quickly on to the next customer.

Question 18

It is important for the salesperson not to address common objections until the buyer raises them.

Question 19

Trial closing shouldn't take place until the very end of the buying process.

Question 20

"He who speaks, loses" is an important closing technique outlined in this chapter.

Question 21

As long as the seller is convinced that the buyer is best served by purchasing the seller's product, then the appropriate approach by the seller is to be professionally persistent.

Question 22

The job of the consultative salesperson (buying consultant) is to use professional skills, knowledge, and attitudes to help the buyer through the buying process to the optimal outcome.

Question 23

The job is done when the purchase order is signed.

Question 24

The easiest sale is repeated sale to a satisfied customer.

Question 25

Even highly competent salespeople do not quickly and easily establish trust with the buyer.

Question 26

You do not need practice or experience to be a competent salesperson.

Question 27

A deep understanding of the environmental context of both competitors and the target buyer is important for the salesperson.

Question 28

A good place for a salesperson to start is by building a pipeline of potential sales leads.

Question 29

The most important aspect of selling is a successful presentation of the features of the product or service.

Question 30

Sales training programs provide better sales training than on-the-job training and experience.

Question 31

For the most part, one does not need extensive experience to become a relatively competent and successful salesperson.

Question 32

The highly effective consultative salesperson will likely know as much or more about the customer's environmental context, industry, and competitive strategy as does the customer.

Question 33

An individual who has a well-developed entrepreneurial mindset focuses on ____:

A) Recognizing and assessing opportunity
B) a proactive, passionate, persistent, and professional pursuit of the opportunity.
C) Ability to apply pressure and manipulation to obtain customers
D) A and B
E) B and C

Question 34

The relationship-building process through which the salesperson communicates the potential value of a product to prospective customers is called ______:

A) Hard selling
B) Nonselling
C) Value selling
D) Consultative selling
E) Business-to-business selling

Question 35

If it is in the prospective customers best interest to buy your product, you should help them. If it is not, you should help the customer to recognize that and steer them to another alternative. This is an example of:

A) Consultative selling
B) Passive selling
C) Cold calling
D) Hard selling
E) Prospect selling

Question 36

To determine which potential customers may have the greatest motivation to consider the offerings of a new entrant into the marketplace, the entrepreneur needs to develop deep understanding of:

A) The overall environment in which the industry operates
B) The characteristics of the industry
C) The characteristics of each individual firm competing in that industry.
D) All of the above
E) None of the above

Question 37

When an attractive industry is identified, then the seller begins identifying potential buyers, a process referred to as_______.

A) Marketing
B) Prospecting
C) Distribution
D) Channeling
E) None of the above.

Question 38

To identify potential customers the entrepreneur needs to develop a deep understanding of:

A) The environment in which the industry operates
B) The characteristics of the industry
C) Characteristics of each individual firm competing in that industry
D) All of the above.
E) None of the above.

Question 39

What are the components of a commonly used framework for environmental analysis?

A) Political and legal factors and trends
B) Economic factors and trends
C) Social and cultural factors and trends
D) Technological factors and trends
E) All of the above

Question 40

The following are all frequently cited business industry imperatives except for:

A) Minimum amount of market coverage
B) Critical mass
C) Minimum amount of marketing
D) Required focus
E) Required level of integration

Question 41

Customers are willing to pay what category of service:

A) Technology services
B) Process support and improvement
C) Sales and marketing support
D) Administrative services
E) All of the above

Question 42

The most effective communication is achieved through:

A) Advertising
B) Direct sales-buyer relationship
C) Unique packaging and branding
D) Consistent social media presence
E) All of the above.

Question 43

A successful value proposition includes:

A) Buyer's Environment
B) The buyer's Industry
C) Target customer
D) Ability to articulate the value that would be added
E) All of the above

Question 44

Reaching out at potential buyer without an established relationship is called:

A) Guerilla marketing
B) Cold calling
C) Lead generation
D) Gatekeeping
E) Hard selling

Question 45

A secretary that answers the phone of a potential buyer is an example of:

A) Decision influencer
B) Decision maker
C) Gatekeeper
D) Decision approver
E) None of the above

Question 46

Attending a cocktail reception for Information Technology professionals who may be potential buyers is an example of:

A) Guerrilla marketing
B) Networking
C) Cold calling
D) Conventional selling
E) Selling through

Question 47

When initial contact is made, the salesperson should first:

A) Try to develop a relationship with the potential buyer
B) Develop a precall planning list
C) Immediately try to close the deal
D) Ask to be introduced to key decision markers
E) None of the above

Question 48

The most important skills for a sales person are:

A) Asking open questions,
B) Active listening
C) Observation
D) all of the above
E) B and C

Question 49

It is common for inexperienced salespeople to misinterpret an objection as:

A) Genuine interest from the buyer
B) Rejection
C) A closed deal
D) A win-win
E) None of the above

Question 50

The best time to trial close is:

A) At the beginning of the sales process
B) At the end of the sales process
C) Only after the sale has been made
D) Throughout the buying process
E) None of the above

Question 51

Based on your understanding of our product, how do you see it fitting your needs?" is an example of what type of question?

A) Closing question
B) Hard selling
C) A pressure tactic
D) Pipeline generation
E) Negotiation

Question 52

As mentioned in this chapter, what is the easiest type of sale?

A) A repeat sale made through cold calling a different department
B) A sale made through internet marketing
C) A sale made through networking
D) A repeat sale to a satisfied customer
E) A repeat sale to a dissatisfied customer

Question 53

As mentioned in the chapter, it is important to gather data and analysis for the selling/buying process in what area?

A) Environmental context
B) The industry
C) The strategy
D) The roles of the individuals within the company
E) All of the above

Question 54

An important way to generate sales leads is through:

A) Networking
B) Email marketing
C) Cold calling
D) Company newsletters
E) Website traffic

Question 55

According this chapter, the most valuable sales skill is:

A) Focusing on the seller instead of the buyer
B) Developing a successful presentation
C) Focusing on understanding the benefits and features of the product
D) Asking questions and listening effectively
E) All of the above

Question 56

Mentioned in the chapter, asking questions and listening help the salesperson focus on the following, except for:

A) Fully absorb what the buyer is communicating
B) Uncover all the buyer's issues, concerns, and objections that must be addressed
C) Keep the engagement going forward to closure or until it's clear that the process should be terminated
D) Focus on applying pressure to make the sale
E) Explore and document the buying process, including influencers, approvers, and decision makers

Question 57

According to this chapter, highly competent salespeople are able to quickly and easily ____

A) Make sales
B) Get past the gatekeeper to the key decision makers
C) Establish trust with the buyer
D) Develop compelling sales presentations
E) Turn objections into rejections

Question 58

The best way to fully develop the skill set of a highly competent salesperson is through:

A) Internally sponsored training programs
B) On-the-job training
C) Outside training organizations
D) Reading sales books and materials
E) Obtaining an advanced degree in a sales field

Question 59

Why do many people entering sales never achieve competence in selling?

A) Because they become discouraged and quit before becoming skillful and successful
B) Because being skillful is a different skill set than being successful
C) Because they receive too much support for sales managers
D) Because they are often too direct and honest in the early stages of the sales process
E) All of the above

Question 60

According to the chapter, what are a few differences between good and bad selling?

Question 61

Define consultative selling

Question 62

What are industry imperatives and how are they different from core competencies?

Question 63

What are 'strategic dilemmas and what is their importance for the salesperson?

Question 64

What is a resulting experience?

Question 65

What role does communication play in developing an effective value proposition?

Question 66

How does a salesperson start establishing common ground with a potential customer?

Question 67

What is an objection and how does it differ from a rejection?

Question 68

When is the right time to close and how does a salesperson utilize trial closes?

Question 69

What are some of the skills of successful and competent salespeople?

Question 70

How does a novice develop sales skills to become a highly competent sales person?