Question 1

A _______ contains names of key contacts,their direct mail and e-mail addresses,corporate locations,and Web-site information,plus limited descriptive information on each competitor in the defined market.
A)customer relationship management (CRM)system
B)customer database
C)market database
D)prospecting plan

Accepted Answer

A market database typically contains information on key contacts, their contact information, corporate locations, and website information for competitors in a defined market. It may also include limited descriptive information on each competitor. Customer relationship management (CRM) systems and customer databases focus more on customer-specific information rather than competitive intelligence. A prospecting plan is a strategy for identifying and approaching potential customers.

Question 2

_______ entails the related activities of internally generating leads from databases,prompting and gathering inquiries externally from the marketplace,and qualifying leads and inquiries as significant prospects.
A)Leads
B)Inquiries
C)Prospects
D)Prospecting

Accepted Answer

Prospecting involves the generation, gathering, and qualification of leads and inquiries as significant prospects.

Question 3

To _______ a lead or inquiry,the supplier (or contracted third parties)contacts the potential customer via direct mail,fax,e-mail,or telephone and asks a series of preliminary questions to confirm that the firm has significant sales and profit opportunity
A)qualify
B)yield
C)mine
D)prospect

Accepted Answer

To qualify a lead or inquiry means to determine if the potential customer is a good fit for the supplier's products or services. This involves asking preliminary questions to confirm that the firm has significant sales and profit opportunity.

Question 4

_______ describes the cognitive,affective,and behavioral stages that a customer goes through during the purchasing process.
A)Integrated marketing communications (IMC)
B)Response hierarchy models
C)Market database
D)Prospecting plan

Accepted Answer

Response hierarchy models describe the cognitive, affective, and behavioral stages that a customer goes through during the purchasing process. Integrated marketing communications (IMC) is a strategic approach that combines different promotional methods to create a seamless and consistent brand message. A market database is a collection of customer information that can be used for marketing purposes. A prospecting plan is a systematic approach to identifying and reaching potential customers.

Question 5

A _______ is the set of tools and processes a firm uses to identify,attract,and retain customers and to leverage its relationships with customers.
A)customer relationship management (CRM)system
B)customer database
C)market database
D)prospecting plan

Accepted Answer

A customer relationship management (CRM) system is a comprehensive set of tools and processes that a firm uses to manage and analyze customer interactions and data throughout the customer lifecycle, with the goal of improving customer retention and driving sales growth. It includes strategies and technologies for identifying, targeting, and engaging with customers, as well as for analyzing customer data to gain insights that can inform marketing and sales efforts. A customer database and market database are both components of a CRM system, but they are not the full system itself. A prospecting plan is a specific strategy for identifying and reaching out to potential customers, and is not synonymous with a CRM system.

Question 6

Recognizing the variation in selling situations,sales professionals practice _______ in which they modify the sales approach,alter their communication style,modify message content,and change their call strategy.
A)adaptive selling
B)transactional selling
C)consultative selling
D)enterprise selling

Accepted Answer

Adaptive selling involves modifying the sales approach, communication style, message content, and call strategy to meet the specific needs and preferences of the customer in a given selling situation. This approach recognizes that every customer is unique, and the sales professional must adapt to the customer's context to build rapport, establish trust, and ultimately close the sale. Transactional selling, consultative selling, and enterprise selling are other selling approaches but do not specifically address the need for adapting to different selling situations.

Question 7

_______,on the other hand,are customer initiated business contacts with the supplier firm.
A)Leads
B)Inquiries
C)Prospects
D)Prospecting

Accepted Answer

Inquiries refer to the initial contact made by a customer to a supplier firm seeking information on a product or service. This contact is initiated by the customer themselves and not by the supplier firm. Leads are potential customers who have shown some interest in the product or service but have not yet made direct contact. Prospects are potential customers who have been identified as fitting the target market and have shown some interest, but have not yet made a commitment. Prospecting is the action of identifying and pursuing potential customers through various methods.

Question 8

To improve the _______ from prospecting,suppliers must gain the commitment and support of the sales force.To do so,business market managers must create programs and systems for the sales force that deliver four critical elements: knowledge,motivation,experience,and sales support
A)qualify
B)yield
C)data mining
D)prospect

Accepted Answer

The term "yield" refers to the results or returns from prospecting efforts. To improve these results, suppliers need the sales force's commitment and support, which can be achieved by providing them with knowledge, motivation, experience, and sales support.

Question 9

_______ is a concept of marketing communications planning that recognizes the added value of a comprehensive plan.It evaluates the strategic role of a variety of communications disciplines and combines these disciplines to provide clarity,consistency,and maximum communications impact through the seamless integration of discrete messages.
A)Integrated marketing communications (IMC)
B)Response hierarchy models
C)Market database
D)Prospecting plan

Accepted Answer

The description given fits the concept of integrated marketing communications (IMC), which emphasizes the importance of coordinated messaging across different promotional channels to achieve a more effective and cohesive marketing strategy. The other options, response hierarchy models, market database, and prospecting plan, do not relate to this specific concept.

Question 10

As a consultant,the salesperson asks a series of focused SPIN questions during calls.Through these questions,the rep helps the customer manager uncover _______ questions to gather general background information about the customer firm.
A)implied
B)explicit
C)situation
D)problem

Accepted Answer

The SPIN questions are meant to uncover the customer's situational context, so the correct choice is "situation." The other options (implied, explicit, and problem) are not directly related to gathering general background information.

Question 11

_______ is the application of disciplined tactics that predict customer behavior at the micromarket level and that optimize product availability and price to maximize revenue growth.It is applicable to market offerings that include perishable products and opportunities,and markets featuring seasonal or periodic demand.
A)Revenue management
B)IMC planning
C)Situation analysis
D)Value cycle

Accepted Answer

The given description matches the definition of revenue management, which involves using data and analytics to predict consumer behavior and adjust pricing or product availability in order to maximize revenue. This strategy is commonly used in industries like hospitality or airline travel where prices can fluctuate based on supply and demand, and perishable goods (such as hotel rooms or airline seats) must be sold before they expire. IMC planning (B) refers to integrated marketing communications, which is a broader strategy for coordinating various promotional tactics in a cohesive campaign. Situation analysis (C) is a process for assessing the external and internal factors that may impact a business, but it does not necessarily involve the same level of granular data analysis as revenue management. Value cycle (D) is not a recognized term in business or marketing, and is not related to the given description.

Question 12

The process of generating leads from databases entails first developing a profile of key descriptors of targeted firms or managers,and then using a variety of statistical programs to search databases for names that match the profile.

Accepted Answer

This statement accurately describes the process of generating leads from databases. It involves identifying key characteristics of the desired target audience, and then using database search tools to find individuals or firms that match those characteristics. The process often involves the use of statistical programs and other data analysis techniques to refine the search criteria and identify the most promising leads.

Question 13

_______ is (are)leads and inquiries that the supplier firm has qualified as having significant sales and profit potential.
A)Leads
B)Inquiries
C)Prospects
D)Prospecting

Accepted Answer

Prospects refer to leads and inquiries that have been qualified by the supplier firm as having significant sales and profit potential. The other options, leads and inquiries, refer to potential customers who have shown some interest in the supplier's offerings but have not yet been fully qualified. Prospecting is the process of identifying and generating leads or inquiries.

Question 14

As a consultant,the salesperson asks a series of focused SPIN questions during calls.Through these questions,the rep helps the customer manager uncover _______ requirements,which are vaguely defined areas of discontent,dissatisfaction,and discomfort with current operations,
A)implied
B)explicit
C)situation
D)problem

Accepted Answer

Implied requirements are those that are not directly stated or clearly defined but are inferred from expressions of dissatisfaction or discomfort with current situations. SPIN questioning helps uncover these by digging deeper into the customer's issues.

Question 15

The process of _______ focuses on gaining an order as quickly as possible.In fact,advocates urge salespeople to structure the entire sales call as a prelude to closing or "asking for the order."
A)adaptive selling
B)transactional selling
C)consultative selling
D)enterprise selling

Accepted Answer

The process described in the statement is transactional selling, where the primary objective is to close the sale and obtain the customer's order as quickly as possible. Adaptive selling focuses on adapting to the customer's individual needs and preferences, consultative selling focuses on building a relationship with the customer and understanding their needs before presenting a solution, and enterprise selling focuses on complex, high-value sales to large organizations.

Question 16

_______ are names of possible clients that business market managers generate from computer databases.
A)Leads
B)Inquiries
C)Prospects
D)Prospecting

Accepted Answer

Leads are names of possible clients that business market managers generate from computer databases. Inquiries refer to communication initiated by potential customers seeking information or expressing interest in a company's products or services. Prospects are potential clients who have been qualified as potential customers. Prospecting is the act of actively searching for new customers or clients.

Question 17

With _______,the sales representative becomes a long-term,trusted,and value-adding resource for a customer firm by gaining an in-depth understanding of its operations and by contributing analytical expertise to resolve pressing problems.
A)adaptive selling
B)transactional selling
C)consultative selling
D)enterprise selling

Accepted Answer

Consultative selling focuses on building a long-term relationship with the customer by becoming a trusted resource and providing analytical expertise to solve their problems. This approach requires sales representatives to understand the customer's operations and tailor their solutions to meet their specific needs, thereby adding value to the customer's business.

Question 18

A _______ is the supplier firm's repository for all relevant information about past and present customers.For each customer,it should contain transaction prices and profits from past orders,costs to serve,an estimate of the supplier's share of the customer's business,a forecast of potential sales,important customer firm characteristics,the names of buying team members and their roles in purchase decisions,previous account call reports,product or service applications,and relevant buying practices,policies,and patterns.(p.338; Use of IT)
A)customer relationship management (CRM)system
B)customer database
C)market database
D)prospecting plan

Accepted Answer

A customer database is specifically designed to store information about past and present customers, including transaction prices and profits, costs to serve, potential sales forecast, important customer characteristics, buying team members, account call reports, and buying practices. A customer relationship management (CRM) system is a software application that can be used to manage customer interactions, but it may or may not include a customer database. A market database is more broad, containing information about potential customers, competitors, and industry trends. A prospecting plan is a strategy for identifying and approaching potential customers, and is not a database.

Question 19

________ elaborates the benefits of combining and sharing complementary competences and capabilities across firms.The offering is a partnership and not just products and services.
A)Adaptive selling
B)Transactional selling
C)Consultative selling
D)Enterprise selling

Accepted Answer

Enterprise selling focuses on building a long-term partnership between firms, where they combine their competences and capabilities to create an offering that is greater than the sum of its parts. This approach encourages firms to share knowledge and resources, leading to enhanced innovation and competitive advantage.

Question 20

As a consultant,the salesperson asks a series of focused SPIN questions during calls.Through these questions,the rep helps the customer manager uncover _______ requirements,which are precise specifications of products and augmenting services that resolve the customer's problems.
A)implied
B)explicit
C)situation
D)problem

Accepted Answer

The focused SPIN questions help the salesperson uncover explicit requirements, which are precise specifications of products and augmenting services that resolve the customer's problems.

Quiz 8: Gaining New Business

A _______ contains names of key contacts,their direct mail and e-mail addresses,corporate locations,and Web-site information,plus limited descriptive information on each competitor in the defined market.

_______ entails the related activities of internally generating leads from databases,prompting and gathering inquiries externally from the marketplace,and qualifying leads and inquiries as significant prospects.

To _______ a lead or inquiry,the supplier (or contracted third parties) contacts the potential customer via direct mail,fax,e-mail,or telephone and asks a series of preliminary questions to confirm that the firm has significant sales and profit opportunity

_______ describes the cognitive,affective,and behavioral stages that a customer goes through during the purchasing process.

A _______ is the set of tools and processes a firm uses to identify,attract,and retain customers and to leverage its relationships with customers.

Recognizing the variation in selling situations,sales professionals practice _______ in which they modify the sales approach,alter their communication style,modify message content,and change their call strategy.

_______,on the other hand,are customer initiated business contacts with the supplier firm.

To improve the _______ from prospecting,suppliers must gain the commitment and support of the sales force.To do so,business market managers must create programs and systems for the sales force that deliver four critical elements: knowledge,motivation,experience,and sales support

As a consultant,the salesperson asks a series of focused SPIN questions during calls.Through these questions,the rep helps the customer manager uncover _______ questions to gather general background information about the customer firm.

The process of generating leads from databases entails first developing a profile of key descriptors of targeted firms or managers,and then using a variety of statistical programs to search databases for names that match the profile.

_______ is (are) leads and inquiries that the supplier firm has qualified as having significant sales and profit potential.

As a consultant,the salesperson asks a series of focused SPIN questions during calls.Through these questions,the rep helps the customer manager uncover _______ requirements,which are vaguely defined areas of discontent,dissatisfaction,and discomfort with current operations,

The process of _______ focuses on gaining an order as quickly as possible.In fact,advocates urge salespeople to structure the entire sales call as a prelude to closing or "asking for the order."

_______ are names of possible clients that business market managers generate from computer databases.

With _______,the sales representative becomes a long-term,trusted,and value-adding resource for a customer firm by gaining an in-depth understanding of its operations and by contributing analytical expertise to resolve pressing problems.

________ elaborates the benefits of combining and sharing complementary competences and capabilities across firms.The offering is a partnership and not just products and services.

As a consultant,the salesperson asks a series of focused SPIN questions during calls.Through these questions,the rep helps the customer manager uncover _______ requirements,which are precise specifications of products and augmenting services that resolve the customer's problems.