Question 1

The marketplace is the first stage in the prospecting funnel.

Accepted Answer

The marketplace is not the first stage in the prospecting funnel. The prospecting funnel typically starts with identifying potential customers or leads, followed by reaching out to them and qualifying them, and then moving them through the funnel towards a sale.

Question 2

Which of the following is appreciated by customers who are having difficulty making a decision?

Accepted Answer

Asking customers questions helps them clarify their own preferences and needs, which can ultimately lead to a more informed decision. Pushing personal preferences, taking away options, or making the decision for them can all be seen as pushy or manipulative tactics, which are not appreciated by customers.

Question 3

Which of the following is not included in the "five must-haves" for startup salespeople?

Accepted Answer

The "five must-haves" for startup salespeople are typically listed as follows: 1) The ability to multi-task, 2) Good listening skills, 3) Being a team player, 4) Adaptability, and 5) Persistence. "Being a 'lone wolf'" is not a characteristic that is typically valued in startup salespeople, as the ability to work well with others and collaborate is essential in a startup environment.

Question 4

If a prospective client is denying consideration of your business because they are satisfied with a current supplier,it is a lost cause-don't spend any more time trying to secure that business.

Accepted Answer

It is not necessarily a lost cause. It is still possible to build a relationship with the prospective client and offer added value or differentiation that convinces them to consider switching suppliers. However, it may require a longer-term approach and ongoing efforts to stay on their radar.

Question 5

If a prospective client will not make a decision on the spot,claiming that they need to get approval from others,it is best to:

Accepted Answer

Pushing harder or offering more incentives may come across as pushy or desperate, potentially losing the trust and interest of the prospective client. Going directly to the person from whom they need approval may also be inappropriate, as it can be seen as circumventing their decision-making process. Accepting their response and staying in touch shows respect for their decision-making process and allows for potential future opportunities.

Question 6

At the top level of the prospecting funnel are the:

Accepted Answer

At the top level of the prospecting funnel, potential customers are considered as suspects, meaning they have not yet been qualified or identified as actual prospects.

Question 7

Research shows that it costs as much as ___ times more to find a new customer than it does to keep an existing one.

Accepted Answer

The answer of Research shows that it costs as much...

Question 8

If a prospective client has an objection based on pricing,the best way to overcome this objection is to:

Accepted Answer

Offering discounts or promising to beat competitors' prices may seem appealing, but it can set a precedent for future negotiations and potentially devalue your product or service. Instead, it's important to focus on showing the value and benefits of what you're selling, and how they outweigh the cost. This helps the prospective client understand the return on investment and increases the likelihood of closing the sale.

Question 9

All of the following should be covered in your sales presentation,except:

Accepted Answer

Delaying providing answers to questions goes against the purpose of a sales presentation, which is to provide information and address any concerns the customer may have. It is important to be prepared and knowledgeable about the product or service being sold, ask open-ended questions, and provide samples or demonstrations as appropriate. A follow-up meeting may be necessary for more in-depth discussions or to finalize a sale, but delaying answers is not ideal.

Question 10

___ % of your company's future revenue will come from ____ % of your existing customers.

Accepted Answer

The Pareto Principle or the 80/20 rule states that 80% of outcomes come from 20% of inputs or customers. This has been found to apply to many business situations, including future revenue from existing customers. Therefore, choice B, which states that 80% of future revenue will come from 20% of existing customers, is the best choice.

Question 11

Most customers appreciate all of the following,except:

Accepted Answer

Being ignored is not appreciated by customers. They expect to receive attention and assistance from customer service representatives.

Question 12

How should you deal with a prospective client for whom pricing is an issue?

Accepted Answer

Rather than immediately lowering the price or degrading the competitor's offering, it is important to understand the client's concerns and address them. By asking if the offerings are identical and offering to go over the proposal, the salesperson is showing that they are genuinely interested in helping the client make an informed decision and ensuring that they are comparing like for like.

Question 13

When presenting your product/service to a potential client,you should do all the talking,take control of the meeting,and answer questions only at the end,once your presentation is complete.

Accepted Answer

The best approach is to have a balanced conversation between you and the client. It is important to be an active listener and answer any questions or concerns that arise during the presentation.

Question 14

How frequently is it advised that you follow up with each of your customers?

Accepted Answer

It is advised to follow up with each customer at a minimum of every 30 days to maintain a strong relationship and ensure their needs are being met. Daily follow-ups can be seen as invasive and weekly may not provide enough opportunity for issues or concerns to arise. Following up twice per year is not frequent enough to maintain a strong relationship with customers.

Question 15

Once a presentation and initial meeting is complete,it is a good idea to follow up with a personal thank-you note to the decision maker.

Accepted Answer

Following up with a personal thank-you note shows appreciation and professionalism, and can help leave a positive impression on the decision maker.

Question 16

All of the following are listed in the Canadian Professional Sales Association's "9 Account Management Mistakes",except:

Accepted Answer

The answer of All of the following are listed in...

Question 17

When entering a meeting where you are presenting your product to a decision maker,it is best to:

Accepted Answer

Sitting across from the decision maker allows for a more equal and comfortable interaction. Standing in a visible position during the presentation shows confidence and helps to engage the audience. It is also important to give the decision maker the opportunity to ask questions and have a conversation, rather than just doing all the talking.

Question 18

Those accounts that have a verified need in your products and/or services are called:

Accepted Answer

Prospect accounts are those who have a verified need for the products and/or services offered by a business. These accounts are more likely to convert into customers as compared to subject, verified or concrete accounts.

Question 19

When preparing a sales presentation,it is important to do all of the following,except:

Accepted Answer

It is not ethical to begin a sales presentation by discrediting the competition. Instead, focus on emphasizing the unique strengths and benefits of your product or service.

Question 20

According to infographics from Clarity.fm,which of the following is cited as the number one startup struggle for entrepreneurs?

Accepted Answer

Lost sales are cited as the number one startup struggle for entrepreneurs according to infographics from Clarity.fm. This highlights the challenge of generating consistent and sufficient revenue, which is critical for the survival and growth of a startup.

Quiz 9: Assessing Your Potential for an Entrepreneurial Career