D099 Sales Management - Set 1 - Part 1

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This is the correct sequence of steps in the B2B buying process. Incorrect answers mix up the order of steps.

Correct Answer: The person who uses the product after the purchase

Gatekeepers control access to the members of the buying center, affecting when and how individuals can influence the decision.

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Knowledge discovery is the phase in which customer data is collected and analyzed to understand customer needs, which will guide future CRM strategies.

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While CRM systems may have strategic implications, the three primary functions are operational, collaborative, and analytical. Strategic is not one of the main CRM functions.

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An RFP is a formal request issued to suppliers, inviting them to submit a proposal on how they can meet the organization’s needs.

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The economic buyer is responsible for managing the budget and ensuring that the purchase aligns with financial considerations.

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Descriptive analytics is focused on understanding what has already happened by analyzing historical data.

Correct Answer: Providing expert knowledge to improve buying decisions

Influencers provide insights, expertise, or recommendations that help the buying center make better purchasing decisions.

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A straight rebuy occurs when a company repurchases the same goods or services without any changes in the order.

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Predictive analytics is used to forecast future trends based on patterns in historical data, helping companies anticipate what will happen next.

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A modified rebuy occurs when the buyer makes adjustments to the original order, such as changing the quantity, terms, or specifications.

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Relationship selling is about creating long-term customer relationships that result in repeat purchases, unlike transactional selling, which focuses on one-time sales.

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Amiables are characterized by their high responsiveness and low assertiveness. They prioritize personal relationships and want to understand why things are done a certain way.

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The "R" in the RACI matrix stands for Responsible, indicating the person who is assigned to complete a task or objective.

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Sales analytics helps sales teams understand past performance and trends to predict future outcomes, improving decision-making and strategy.

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After-sales service ensures that customers are satisfied with their purchase and can contribute to customer retention and loyalty, adding long-term value.

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CLV is a prediction of the net profit attributed to the entire future relationship with a customer.

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A value proposition is the unique value or benefit that a product or service provides to customers, setting it apart from competitors.

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ROCI measures the value a business generates per customer, helping companies understand the long-term profitability of their customer relationships.

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Adaptive selling involves adjusting the sales approach to suit the customer’s social style, increasing the likelihood of a successful outcome.