Question:* Which of the following is the most common mistake made by salespeople when speaking to prospects?
Answer: • Talking too much and not listening to the prospect enough
Question:* ______ is the process of acquiring information to ensure that clients will benefit from a product .
Answer: • Prospecting
Question:* When a prospect raises objections in a sale, a salesperson should...
Answer: • Expect them and be prepared to answer
Question:* Generally the purpose of a pre-purchase meeting is to ________.
Answer: • explain product features, problem solve, and schedule another meeting.
Question:* In what way should a salesperson handle a situation where an angry customer calls to report the poor service he received?
Answer: • Listen to customer patiently and take notes to understand the gravity of the problem, then apologize
Question:* How can you differentiate a "champion" from the crowd?
Answer: • They can introduce you to decision makers in the organization and are willing to advocate on your behalf.
Question:* In a company that has not launched yet, when should you look into customer segmentation?
Answer: • When you have identified a consumer base.
Question:* True or false? As long as a salesman closes, it doesn't matter how much product customization they commit to.
Answer: • False
Question:* Which of the following should be avoided when setting up a breakfast meeting with a prospect?
Answer: • Setting the meeting in a popular and noisy restaurant
Question:* True or false? When making a sales call you should always do most of the talking.
Answer: • False
Question:* Answering which of the following questions does NOT help in understanding a niche?
Answer: • How will the Board of Directors help implement capital controls?
Question:* What is the best way to leave a compelling voicemail for a prospect?
Answer: • Mention that a contact with whom the prospect has done business with has referred you for a business need
Question:* As a part of go-to-market plan you must figure out the proper sales _________.
Answer: • channels
Question:* What determines the types of data to leverage?
Answer: • It depends on what is relevant and what is available.
Question:* What is the definition of the common business development term "pipeline"?
Answer: • The flow of potential clients which a company has started developing
Question:* Which of the following is NOT good data to leverage?
Answer: • Their number of siblings
Question:* What is the first step in customer segmentation?
Answer: • Gathering data.
Question:* True of False: Vertical Integration means to integrate companies that are suppliers, distributors, or clients of the current products and services.
Answer: • True
Question:* Generally, you can think of _______ as the strategy and ______ as the execution.
Answer: • marketing; sales
Question:* Which of the following is a good listening technique during a meetings with a prospect?
Answer: • All of these
Question:* One of the foundational aspects of business development, is to assess the current assets of the company as they relate to the maintenance and expansion of the business.
Answer: • True
Question:* What is a cold call?
Answer: • A call made without an introduction or appointment
Question:* Which of the following is NOT a method of customer segmentation?
Answer: • Religion
Question:* What does market share mean?
Answer: • the portion of a market controlled by a particular company or product.
Question:* What does market share mean?
Answer: • the portion of a market controlled by a particular company or product.
Question:* What is the best way to service a last minute, highly critical request from a prospective client in an area in which you don't have the expertise?
Answer: • Stay on, ask questions, confer with people to ask for help, and coordinate to deliver the service until the issue is resolved
Question:* What is the purpose of an elevator pitch ?
Answer: • To effectively communicate the value of the company in a succinct manner
Question:* Which of the following is a concern caused by a incentive based compensation plan?
Answer: • All of these are potential issues
Question:* Most Companies Business Models are:
Answer: • Cyclical
Question:* True or False The definition of a product life cycle is: the time and maturation of a product between it's initial introduction to the market and eventual removal.
Answer: • True
Question:* Business development combines which two of the following business functions?
Answer: • Marketing and sales
Question:* Identifying how to communicate with customers is a __________ strategy:
Answer: • Communications Strategy
Question:* True or false? Maintaining a relationship with a customer after a sale is worthless.
Answer: • False
Question:* PPC is a common term for internet companies meaning:
Answer: • Pay Per Click
Question:* Which of the following techniques will be most likely to generate a response from a voicemail?
Answer: • Leaving a voicemail with a reference, an introduction, the way you can solve a business problem, and leaving off with your contact information
Question:* True or False: Narrowing the target for potential clients helps because it: Concentrates sales efforts to a selective group that is most likely to be most profitable
Answer: • True
Question:* True or False: Start up companies are almost always succesful in the first few years.
Answer: • False
Question:* Which of the following qualities would help close the most deals?
Answer: • A knowledge of how the product can help the customer and a genuine belief in the product.
Question:* For which of the following reasons is cold calling generally discouraged?
Answer: • All of these
Question:* What is a commission?
Answer: • A percentage of a sale that goes to the sales representative
Question:* True or false? There is no need for the marketing and the sales department to communicate.
Answer: • False
Question:* Long term relationships are important to business development.
Answer: • True
Question:* Underservicing a territory will hurt sales because ________.
Answer: • Both of these
Question:* True or Fales: An Organization Chart is a diagram that shows the structure of an organization and the relationships and relative ranks of its parts and positions/jobs.:
Answer: • True
Question:* B2B stands for business to business, True or False
Answer: • True
Question:* Which of the following provides value to a business?
Answer: • All of these
Question:* Business networking is a relevant tool in business development.
Answer: • True
Question:* Which of the following parties does a business have to manage relationships with?
Answer: • All of these
Question:* True or False? Business development involves creating relationships of long term value.
Answer: • True
Question:* Which of the following does Sales Management Information include?
Answer: • All of these
Question:* Business development is the creation of long-term value for an organization from customers, markets, and relationships.
Answer: • True
Question:* SEO is a common internet term meaning?
Answer: • Search Engine Optimization
Question:* What does CRM stand for?
Answer: • Customer Relationship Management
Question:* International sales can be hampered by:
Answer: • All of the above
Question:* What is upselling?
Answer: • Selling a customer premium upgrades
Question:* True or false? Salesmen are generally not protective of their territory and enjoy the opportunity to move to new locations.
Answer: • False
Question:* The more often you call a client, eventually the incremental value is worth less than the costs of making the calls. This is an example of ________ .
Answer: • The Law of Diminishing Returns
Question:* ________ can motivate a client to close on a deal because there is limited access to the resource.
Answer: • Scarcity
Question:* Which of the following is a common email syntax?
Answer: • first initial + last name@domain.com
Question:* Which of the following traits distinguishes an excellent salesperson from a good sales person?
Answer: • Any of these
Question:* True or False? Business development units have a monopoly on new business opportunities.
Answer: • False
Question:* Which of the following should segmentation impact?
Answer: • Every facet of business.
Question:* What is a common cause of a "sales trap"?
Answer: • Misaligned or inconsistent strategy
Question:* What is the most popular CRM in the US?
Answer: • Salesforce
Question:* Segmenting your sales team to correspond with prospect locations is an example of _________.
Answer: • territory design
Question:* A _____ lead is expected to be responsive.
Answer: • warm
Question:* What is the definition of selling in a business development sense?
Answer: • Selling is done when a deal is signed, executed and delivered to the customer to his satisfaction.
Question:* NPV and ROI agree except when:
Answer: • Projects with multiple non-continuous profitable years, will not be calculated correctly
Question:* Which of the following is NOT a benefit of customer segmentation?
Answer: • It allows for one easy strategy
Question:* A company interested in horizontal growth opportunities is looking to:
Answer: • Increase market share in the current markets.
Question:* What should you do once you've organized your data in Excel?
Answer: • Use it to find meaningful trends among customers
Question:* Gathering data on consumers during marketing campaigns is important because:
Answer: • Need to track impact of campaign
Question:* One common method for selecting prices is using discriminatory pricing strategies. This means:
Answer: • Attempting to provide different prices (discounts, coupons) to different groups of people (Ladies Night, Sr Citizens)
Question:* Which of the following is NOT an important question to answer concerning a product's distinguishing characteristics?
Answer: • How is the cost structure impacted by the current Inventory Management?
Question:* Which of the following is an example of a compelling elevator pitch?
Answer: • "I serve customers and stakeholders in IT, uncover their business problems, prioritize and resolve them, and deliver effective solutions through collaboration and teamwork, thereby increasing revenues and satisfaction."
Question:* When is a good time to roll out your segments?
Answer: • After you've validated them
Question:* Measuring a project through a Pay Back Period metric often ignores:
Answer: • Riskiness
Question:* NPV takes into account all but:
Answer: • All of the above
Question:* Which of the following is NOT part of the SMART sales framework?
Answer: • Sellable
Question:* Selling someone a complimentary good along with a primary good, is an example of ________.
Answer: • cross selling
Question:* Why are breakfast meetings effective?
Answer: • All of these
Question:* ROI is a typical measure of return. One of its flaws is:
Answer: • Projects with multiple non-continuous profitable years, will not be calculated correctly
Question:* What is customer segmentation?
Answer: • A means of identifying and organizing current and future customers.
Question:* What is one way to gather primary data?
Answer: • Interviews
Question:* True or False: When targeting companies to partner with, one should contact any organization in the target industry.
Answer: • False
Question:* In general, business development is another name for traditional sales.
Answer: • False
Question:* True or False: allowing time to accumulate between touches (ie. voicemails, emails, etc) will always "kill" a deal.
Answer: • False - Properly timed delays show both respect and persistence.
Question:* Which of the following functions generally does NOT fall under business development?
Answer: • IT
Question:* Conversion ratios are important to monitor because they:
Answer: • Are a metric for efficiency
Question:* ________ in one territory may cause you to lose sales in other territories.
Answer: • Overselling
Question:* What is one of the main differences between an early, project based, business development unit and a matured, institutionalized unit?
Answer: • The institutionalized unit has strongly defined BD roles and processes while the project based unit typically does not
Question:* True or false? Total closed deals is always the best measure of performance.
Answer: • False
Question:* After you've gathered data, what is the second step in customer segmentation?
Answer: • Analysis
Question:* Many deals are lost due to the perception that the vending organization does not understand the needs of the client organization. What percentage of potential clients think that way?
Answer: • About 60%
Question:* Business development is often viewed as bridging the gap of obstacles between:
Answer: • Business goals and sales
Question:* Which of the following is an example of a Columbo Close?
Answer: • "Just one more thing..." and ask a question when the prospect's guard is down
Question:* Which of the following is NOT a Salesforce report type?
Answer: • Provisional
Question:* True or False: A salesperson should close a deal by asking, "What's the next step?"
Answer: • False
Question:* After you've launched, when is a good time to perform customer segmentation?
Answer: • When you have 6-12 months of data.
Question:* An enthusiastic lead within a larger company is generally called a/an ___________.
Answer: • evangelist
Question:* How long is the typical B2B selling cycle?
Answer: • 6-12 months
Question:* Dividing Expenses by sales gives you the ____%.
Answer: • Sales for Expenses
Question:* Which of the following is a good time to perform customer segmentation?
Answer: • When you are looking to expand into new markets.
Question:* Sales potential is calculated by:
Answer: • Number of possible accounts x Buying power
Question:* What type of question should you ask once you've determined your customer personas?
Answer: • What is relevant to your business?
Question:* Marketing Strategies can be composed of:
Answer: • Growth Strategy
Question:* Which of the following is the most effective way to handle objections from a prospect?
Answer: • Soften up, isolate, and rephrase the objection
Question:* In the Competitive Analysis It's Important to include:
Answer: • Potential Barriers to the Market
Question:* True or False: Voicemail is an effective technique in sales calls.
Answer: • True
Question:* When should a salesperson back off from a prospect?
Answer: • When a prospect reveals that there are several people involved and that they will need time to decide
Question:* Why are breakfast meetings ideal for closing deals?
Answer: • Both parties are more alert and less prone to cancellation in the morning
Question:* Which of the following is NOT a common pitfall when finalizing segments?
Answer: • Groups being too different
Question:* A customer is interested in a fixed price of $2M for a service offering. The salesperson has $2.2M as his lowest price. How should he go about closing the deal?
Answer: • Explain the price in terms of smaller chunks, such as daily or monthly installments
Question:* Which of the following items do people working in business development NOT need to produce for their clients/partners?
Answer: • Merchandise
Question:* What are three phases of a sales cycle?
Answer: • Growth, maturity, decline
Question:* What is one way to go about validating segments?
Answer: • Talk to your customer service team about them.
Question:* _____ is a dollar measure based on the average company size, wealth, sales, and demographics of a territory.
Answer: • Buying power
Question:* What is a good way to gather indirect data on customers?
Answer: • Customer service employees
Question:* Which of the following is not a good question to ask while forming segments?
Answer: • What product should I create to cater to these groups?
Question:* After you've gathered and analyze your data, what is the next step in performing customer segmentation?
Answer: • Create segments
Question:* Which of the following is not a good question to ask while forming segments?
Answer: • What product should I create to cater to these groups?
Question:* Which of the following is the ideal ratio of speaking time between a prospect and a salesperson to effectively close a deal?
Answer: • 90% prospect and 10% salesperson
Question:* Which of the following types of people is the hardest to close deals with?
Answer: • Thinkers
Question:* Which of the following is the correct process for closing a sale?
Answer: • Building relationships > Analyzing needs > Presenting a solution > Closing the deal
Question:* The sales _______ is a helpful way to forecast future sales.
Answer: • funnel
Question:* A prospect is a/an _______.
Answer: • likely buyer
Question:* When a prospect refers the salesperson's product to their own contacts, they are referred to as _____.
Answer: • Apostles
Question:* Which of the following is NOT a Salesforce membership?
Answer: • Executive
Question:* Which of the following would be an example of "demand generation"?
Answer: • Defining a market
Question:* Market Penetration Strategy is one of the Strategies underlying Cost Control. True or False
Answer: • False
Question:* What is the most important trait(s) a salesperson needs to have to get business from a prospect
Answer: • Ability to become trustworthy
Question:* What is the "served market"?
Answer: • The market that is available to your firm
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