D099 Sales Management - Set 2 - Part 1

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Business Intelligence involves collecting, analyzing, and using data to improve decision-making and strategic planning within a company.

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Big Data Analytics uses advanced software to process large, complex datasets, enabling businesses to predict future trends and make informed decisions.

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Ethical behavior in an organization is often built upon having a clear code of ethics, ethics training programs, availability of advice on ethical dilemmas, and a system for confidential reporting of unethical behavior.

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A functional structure organizes employees based on their specific roles or tasks, grouping them into departments like marketing, finance, or sales.

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A sustainable competitive advantage comes from assets, attributes, or abilities that provide a company with long-term superiority over competitors, often due to factors like customer loyalty or unique product offerings.

Correct Answer: Relationship selling

Transactional selling is centered on making fast, one-time sales with minimal focus on establishing long-term customer relationships.

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Relationship selling is focused on fostering long-term relationships with customers by meeting their needs and building trust, which leads to repeat business.

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Adaptive selling tailors the sales strategy to suit each customer’s personality, preferences, and needs, making the sales process more effective.

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Drivers are highly assertive and goal-oriented, focusing on results and efficiency in the sales process.

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Amiables prioritize relationships and collaboration, often seeking a personal connection with those they interact with in a sales or business setting.

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Analyticals are focused on data, facts, and logical reasoning. They are less responsive to emotional appeals and prefer a slow, methodical approach.

Correct Answer: The network of retailers and wholesalers used to distribute products

The value chain includes all the steps a company takes to add value to its product, from production and marketing to after-sales service.

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An SBU focuses on specific products or markets, managing them as independent profit centers within a larger organization.

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Offering generic merchandise does not typically provide a competitive advantage, whereas factors like customer loyalty, strategic location, and strong vendor relations can.

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Direct quotas are assigned to front-line sales personnel who are directly responsible for closing sales and generating revenue.

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Cross-selling is the practice of offering customers products that complement their original purchase, increasing the overall value of the transaction.

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Pipeline management tracks potential sales opportunities through different stages, helping sales teams focus on deals that are likely to close soon.

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ABM is a focused strategy where sales and marketing efforts are directed toward key accounts with high potential value.

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After recognizing the need for a product or service, the next step is to define the specific requirements that will meet that need.

Correct Answer: To assess the need for new suppliers

Supplier selection involves reviewing bids and proposals to determine which supplier will best meet the company’s needs for quality, price, and reliability.