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DIFFERENTIATE BETWEEN THREE COMPANY PURCHASING ORIENTATION
- 1. This refers to measure of how well customer expectation from a purchased product or service have been met. a Consumer goods c. Marketing b.Satisfaction d. Brand equity 2. This is the appreciation in a brand’s value from the point of view of customers. a. Brand equity c.Marketing b.Satisfaction d. Consumer goods 3. These are products whose physical characteristics are so identical, that it would be difficult, it not impossible, to distinguish one purchased from one vendor or another. a. Brand equity c. Marketing b. Consumer goods d. Primary Demand 4. It is a form of communicating or promoting the value of a product, service, or brand to the consumers. a. Durable c.Marketing b. Primary demand d. Consumer goodsRivalry among competing sellers decreases as the number of competitors increases. as it becomes less costly for buyers to switch brands. when buyer demand is growing rapidly. ○ when there is excess production relative to demand. as the products of rival sellers become commoditized.During the preapproach stage of the selling process, a salesperson should: Question 14 options: a) learn as much as possible about a prospect's organization and its buyers. b) create point-of-purchase displays. c) handle price objections and close the sale. d) provide information about various referrals and discounts available.
- Which of the following statements is true of a skimming strategy? A) It involves setting prices based on research and analysis gathered from the target market. B) It involves addition of a profit percentage to the cost of production so as to determine the final selling price. C) It involves selling a product at a low price so as to expand the company’s market shares. D) It involves initial identification of high-paying customers, followed by a progressive lowering of the product’s price. E) It involves introducing a product at a low price to induce a maximum number of consumers to try it.Discuss in detail the 3 primary types of objections customers typically raise: 1. Price objection: Customer believes quoted price is too high. 2. Product Objection: Customer voices concerns about some element of product or service or customer might not be familiar with the product. 3. Time objection: Customer considering buying, but needs more time or customer has no intention of buying and wants to get rid of salesperson.The business marketer who is on top of the market, can always help the buyers identify their needs and deliver information about how valuable different pr haracteristics is to them. At which stage ot the buying process, does this activity takes place? a. Problem recognition b. General needs description c . Supplier search d. Supplier selection e. Order-routine specification
- Return on Marketing Investment (ROMI) has following components A. Internal Rate of Return B. Lifetime Value C. Costs associated with marketing investment D. All of the aboveWhich of the following is NOT likely to be found in a company with a marketing orientation? The company: Sells whatever it can make. Designs its packaging as a selling tool. Uses marketing research to see if it is satisfying its customers. Sees delivery as a service. Focuses on locating new opportunities. Please share solution with reasoningWhat percentage of the purchase decision-making process do customers typically complete before engaging with a sales representative, as per the CEB Marketing Leadership Council? a. About 80% b. Almost 50% c. Nearly 60% d. Approximately 30%
- Rivalry among competing sellers grows in intensity when A) rivals have similar strategies and buyer demand is growing rapidly. B) rivals' products/services are sold at widely varying prices and the number of rivals is fewer than 5. C) buyer demand is growing slowly and the industry is composed of several competitors that are fairly equal in size and competitive capability. D) the products/services of rivals are strongly differentiated and buyers have high switching costs. E) there are so many industry rivals that it is very hard to anticipate any one competitor's actions.Please answer in detail Name and discuss 3 primary types of objections customers typically raise: 1. Price objection: Customer believes quoted price is too high. 2. Product Objection: Customer voices concerns about some element of product or service or customer might not be familiar with the product. 3. Time objection: Customer considering buying, but needs more time or customer has no intention of buying and wants to get rid of salesperson. Imagine you are newly employed as an Assistant Vice President (AVP) of Corporate Sales at a marketing organization. In the upcoming week, your team will be hosting a presentation for a new line of Tennis Rackets for 75 prospects. As you are aware, prospects are going to raise objections about this product. Using the compensation technique (admits the objection is valid but also discusses other benefits). and the acknowledgment technique (admits the objection is valid) discuss how one can apply these techniques to overcome objections. Why?…Which one of the following personal selling approaches is designed to support customers reach strategic goals with goods, services, and sales organization expertise? a. Problem solving b. Mental states c. Need satisfaction d. Consultative