It is created by a surge in asset prices unwarranted by … Which of the following would not be considered a duty of a director or manager? C) sellers are price takers. Create a plan outlining your financial goals, and learn about any tax consequences associated with the sudden wealth. It may also be possible to receive free counseling from organizations such as SCORE, and your local chamber of commerce may offer relevant seminars and workshops. highest risk _____ is characterized by a long-term trend of falling stock prices. c. Greater than the ask price of the treasury bill expressed in dollar terms. Jerry is using a _____ question in the SPIN method. Selling a business is time-consuming and for many people it's an emotional venture. IMHO, selling can be boiled down to the following basic principles: 1. How to Identify and Analyze Long-Term … Get two to three potential buyers just in case the initial deal falters. Pharmaceutical sales are highest in which geographical regions? The U.S. … In the last post, we defined buy-sell agreements, at least in terms of a layman, noted key business issues that must be addressed, confirmed that buy-sell agreements are common to all corporate forms and industries, and profiled the types of companies we are addressing. The business sale will also require much of your time and, once the business is sold, you'll need to determine some smart ways to handle the profit. Your information packet should also provide a summary describing how the business is conducted and/or an up-to-date operating manual. Diff: 2 Page Ref: 444. An emphasis on price Student Response Value Correct Answer Feedback A. II, III, and IV only 0% B. I, II, III, and IV 0% C. I and III only 100% D. I, II, and IV only 0% E. I and IV only 0% General Feedback: Lecture page 94 A) A long-term … The contingency model of salesperson effectiveness explains that the effectiveness of selling behaviors can be explained by all of the following except _____. c. Industrial espionage. Question 1 Alexa is a 27-year-old female who has come to group therapy while she is in the city jail. In a sales presentation, Jerry asks the prospect, "What software application are you using to create invoices for your customers"? According to recent Gallup surveys, most Americans believe that traditional salespeople are overly interested in the needs of customers. For Sale By Owner or FSBO is a method of selling a property without the use of an agent or broker. Make selling your small business … In terms of effort, time and money spent, the Internet is a more efficient information channel than its traditional counterpart. Merchandisers earn net income by {buying/manufacturing)buying and (selling/purchasing)selling merchandise. Ready to break into a new market? Selling a business is time-consuming and for many people it's an emotional venture. more. Consultative selling involves preparing for the appointment, asking questions and listening to the answers, being authentic, and following up. 3) A perfectly competitive market is in long-run equilibrium. (Check all that apply.) It takes an average of two to four years to sell a small business. Jerry is using a _____ question in the SPIN method. Which of the following … All of the following are selling activities except _____. Salesperson performance is related to which of the following characteristics? The history of commerce is full of companies that leaped boldly into a new business, with unfortunate results. Name: _____ Date: _____ 1.Which of the following industries is MOST likely to be monopolistically competitive? a. prospecting. The post-sale follow-up enables the salesperson to do all of the following except _____. Answer: False 2. If you plan to finance the sale, work out the details with an accountant or lawyer so you can reach an agreement with the buyer. Relationship Marketing is characterized by: I. Which of the following marketing strategies is LEAST likely to generate long-term success for a firm? High-performing salespeople exhibit sensitivity, also known as _____, through which they are able to place themselves in the client's position. Monopoly is commonly characterized by control of information or production technology not available to others. All of the following factors affect the effectiveness of selling behaviors except _____. Find out whether the potential buyer pre-qualifies for financing before giving out information about your business. The original sale was for $500, and the cost to the seller was $150. Which step of personal selling is most critical for developing a long-term relationship between the salesperson and the client? That's one of the first questions a potential buyer will ask. The correct answer Is shown Show your understanding of a merchandiser by completing the following statement. Selling and marketing are interchangeable terms for the same business activity. Product and customer knowledge, analytical skills, and availability of alternatives are aspects of the _____ which affect the effectiveness of selling behaviors. In other circumstances, a broker can help free up time for you to keep the business up and running, or keep the sale quiet and get the highest price (because the broker will want to maximize his or her commission). On Jan 5, a customer returned merchandise that had been purchased earlier on credit. Answer: TRUE. The primary disadvantage of personal selling is that it is _____. Create copies of these documents to distribute to financially qualified potential buyers. • a.) Which type of salesperson would most likely work in the consumer packaged-goods (CPG) industry? Consider the business's ability to sell, its readiness and your timing. The document will bring credibility to the asking price and can serve as a gauge for your listing price. Which of the following terms is used to describe the selling of locally made products in foreign markets? Identify the stage of personal selling evolution at which your firm operates. present the client with a referral from another client. “Our soup of the day is a freshly made beef broth with portobello mushrooms and barley.” A) It is very expensive to operate. As the production increases the firm achieve the economies of scales and hence the overall profits of the firm increases. The version of this Agreement in English is the definitive legal version. END OF TERMS AND CONDITIONS How to Apply These Terms to Your New Programs If you develop a new program, and you want it to be of the greatest possible use to the public, the best way to achieve this is to make it free software which everyone can redistribute and change under these terms. Investopedia uses cookies to provide you with a great user experience. product recall noun. Which of the following statements is true? Access quality crowd-sourced study materials tagged to courses at universities all over the world and get homework help from our tutors when you need it. Put any agreements in writing. • Read about this. Answering these 29 questions will determine if the product or service you want to sell deserves your commitment. d. The price at which the investor can buy the treasury bill. Which step in personal selling refers to identifying potential buyers who have the need, willingness, ability, and authority to buy? Script-based selling is also called canned selling. Inside Sales has evolved over the last 20 years. 2) Perfect competition is characterized by all of the following except A) heavy advertising by individual sellers. Definition Market Labor Demand Curve Market Labor Supply Curve Marginal Product Of Labor Value Of The Marginal Product Of Labor The Additional Revenue The Firm Receives From Selling … You've decided to sell your business. When a salesperson disputes a doubt raised by the customer and offers solid reasons for the dispute, the salesperson is in the _____ phase of personal selling. engaged in one of the learned professions. All of the following are types of questions asked during sales presentations except _____. It's also the best route when the sale is to a trusted family member or current employee. It is the market that deals specifically with the selling of new securities, such as the stocks of large companies. Which one of the following is a true statement regarding the Dow Jones Industrial Average? Try not to limit your advertising, and you'll attract more potential buyers. M Reed about t111s The … Interdependence IV. Personal selling … Jacki is in the _____ phase of personal selling. END OF TERMS AND CONDITIONS How to Apply These Terms to Your New Programs If you develop a new program, and you want it to be of the greatest possible use to the public, the best way to achieve this is to make it free software which everyone can redistribute and change under these terms. Distribution management oversees the supply chain and movement of goods from suppliers to end customer. In this role, she records income and expenses, tracks the company's tax liabilities, and prepares income statements and cash flow … As a salesperson, Pat has not demonstrated a deep-seated commitment to his customer's needs. A translation into Chinese is available for your ease of reference.. General Terms. The _____ method relies upon asking four specific types of questions during the sales presentation. All of the following are aspects of adaptive selling except _____. These improvements will also ease the transition for the buyer and keep the business running smoothly. An economy with a moderate rate of inflation is desirable. A product of the revenue generated by wheat products. Growth Stage: This stage is characterized by increased sales and profits. Bullying is the use of force, coercion, or threat, to abuse, aggressively dominate or intimidate.The behavior is often repeated and habitual. . During which phase of personal selling does the salesperson attempt to get a commitment for the prospect to buy the product? Which of the following is the primary task of trade salespeople? This imbalance distinguishes bullying from conflict. All of the following are activities in a salesperson may engage except _____. Simple random sampling is a method of selecting n units from a population of size N such that every possible sample of size an has equal chance of being drawn. Owners commonly sell their businesses for any of the following reasons: Some owners consider selling the business when it is not profitable, but this can make it harder to attract buyers. By using Investopedia, you accept our. Modernity, or the Modern Age, is typically defined as a post-traditional, [citation needed] and post-medieval historical period, 66–67).Central to modernity is emancipation from religion, specifically the … All of the following are approaches a salesperson could take to handling objections except _____. Whether you profit will depend on the reason for the sale, the timing of the sale, the strength of the business's operation and its structure. This specialized information often comes in the form of legally-established patents, copyrights, or trademarks. Therefore, long-term … Stay in contact with the potential buyers. What is a characteristic of the customer's buying task that can impact salesperson effectiveness? Selling the business yourself allows you to save money and avoid paying a broker's commission. Monopoly Theory of Profit Definition: Another source of a pure profit (over and above the normal profit) is said to be a Monopoly, characterized by a single seller without any close substitute. C) It becomes increasingly inadequate as an … Having a strong focus on the customer and being accountable for how the API’s quality turns out is essential. While others believe it is characterized by increased income chasing few goods due to the appreciable rise in their general price level. D. "Hot and fresh pizza - made to order." Short-term trading involves risk, so it is essential to minimize risk and maximize return. Answer: b a. Any areas of the business or equipment that are broken or run down should be fixed or replaced prior to the sale. All of the above Monopoly Theory … This is characterized by the fact that the probability of selection is the same for every case in the population. The Enfield rifle company’s excursion into making lawnmowers was successful compared to Colgate’s attempt at selling … True / False Questions 1. An earnout is a contractual provision stating that a seller of a business receives future earnings if the business achieves certain financial goals. the act of removing from sale a product that may cause danger to customers. Quackery is characterized by the promotion of false and unproven health schemes for profit and does not necessarily involve imposture, fraud, or greed. a. One essential prerequisite is the perception (by the bully or by others) of an imbalance of physical or social power. According to Moody's bond rating scale, a rating of Caa/Ca/C denotes _____. Pharmaceutical development is a high-risk undertaking in which many promising leads prove disappointing. AACSB: Reflective Thinking Unit 1 Challenge 1 History test exam questions and answers new docs solution 2021 with correct answers 1. Speak with a financial professional to determine how you want to invest the money and focus on long-term benefits, such as getting out of debt and saving for retirement. The approach is characterized as understanding buyer needs and positioning offerings as solutions to problems. The final step in personal selling is _____. Your firm operates in a market that is characterized by focused competition. 34) Following the economic crisis in Asia, many companies in that region have turned to direct mail in order to save costs. In a sales presentation, Jerry asks the prospect, "How does this problem affect your firm's return on investment (ROI)"? C. "Good pizza at a reasonable price." To do so, attach the following notices to the program. "We let you put the toppings on the pizza - as much as … you want." "We make the pizza, and then we bring it to you." Your new business may require specialized legal advice to establish and protect your intellectual property rights. an illegal pyramid selling plan which uses money from people who have just invested to pay people who have already invested, instead of using real profit to pay them. In my work with many entrepreneurs and investors, I also see and support the strong movement to this new business model, which can be characterized by the following attributes she … Welcome to Amazon Services Business Solutions, a suite of optional services for sellers including: Selling on Amazon, Fulfillment by Amazon, Amazon Advertising, Transaction Processing Services, and the Selling … New-business selling is characterized by which of the following terms? The desirable rate is determined on the basis of price rise that contributes in the following ways: This requires the use of sell stops or buy stops as protection from market reversals. In a sales presentation, Jerry asks the prospect, "How much would you save if our company could help you reduce errors by 75%"? An over-the-counter (OTC) market is a decentralized market where the participants trade with one another directly, without the oversight of an exchange. A service type of business provides intangible products (products with no physical form). She was arrested for vagrancy because she was sleeping in her car in a parking lot at a local shopping … When all is said and done, the large sum of money in your bank account and your newfound free time will make the grueling process seem worthwhile. professional: [adjective] of, relating to, or characteristic of a profession. B) homogeneous products. -./Your answer Is correct! Question 19 The type of sales jobs in healthcare include which of the following? If you’re considering selling your small business, consider these seven steps to stay on the offensive. It can require that you enlist a broker, accountant and/or an attorney as you proceed. From the introduction of SPIN selling, the advent of value selling and the introduction of challenger selling, inside sales has progressed rapidly… 2. Which single factor below can explain salesperson performance? New business selling. A. characterized by or conforming to the technical or ethical standards of a profession. The offers that appear in this table are from partnerships from which Investopedia receives compensation. D) used to establish operations or funnel transactions Freedom Energy Group (Scenario) Which of the following activities is part of those included when salespeople service the product? a. bird-dogging b. cold calling c. canvassing d. prospecting All of these are correct. Black Swan: A black swan is an event or occurrence that deviates beyond what is normally expected of a situation and is extremely difficult to predict. Related Terms Seller's Market A seller's market is a market condition characterized by a shortage of goods available for sale, resulting in pricing power for the seller. A pocket listing is a real estate listing that is retained by a listing broker or salesperson and not distributed or shared among any of their peers. ~ Your answer is correct! Which of following qualities is the least valued in a salesperson? Glossary of business terms - A to Z Handy definitions of financial and economic jargon - from libor and quantitave easing to black swans and dead cat bounces Tue 26 Nov 2013 18.00 EST While aptitude is a manner of native ability, _____ refers to an individual's learned proficiency at performing necessary selling tasks. How to use characterize in a sentence. A product quality focus III. Labor Market Definitions Complete The Following Table By Selecting The Term That Matches Each Definition On The Left. Which of the following statements/questions by her is an example of effective suggestive selling? A business sale may take between six months and two years according to SCORE, a nonprofit association for entrepreneurs and partners of the U.S. Small Business Administration. The world economy is evolving into a service-driven economy as reliance on value-based service increases. Determine which of the definitions below describes gross profit. AACSB: Reflective Thinking. Cost of goods sold is the money received from selling merchandise. Provider B. Prospector C. Procreator D. Problem-solver E. Persuader In B2B markets, buyers and sellers are gathered together into a single online trading community, reducing search costs even further. You'll also want to make sure the business is presentable. Jacki presents the prospect with two product versions and asks which one the prospect prefers. b. Of course, as with any new business, how Village Laundry Service performs over the long term will depend on a number of hard-to-predict factors. Salespeople who are conversant on a broad spectrum of subjects are said to have what? ______ is an approach to handling objections that focuses on the relative position of dominance, deference, or equality that buyers and sellers put themselves in as a result of dialog between the two. Why? A long-term perspective II. The partnership agreement should have buy-sell provisions that are clear about what happens to the partnership in the event of a disagreement, and how the purchaser will pay for the portion of the business he or she is buying (and whether you should fund the buy-sell … The stock, which had already been caught up in the panic selling of internet-related stocks since March and was trading around at slightly over $1, fell 73% to … Which step requires the salesperson to arrange a meeting with the prospective customer and to acquire more specific about him or her and his or her business needs? The first step in personal selling is _____. Which of the following would be the most unique selling proposition for a pizza restaurant? '../ Your answer is correct! A)differentiation in a mass market B)cost leadership in a niche market C)differentiation in a niche … Exploring the Most Common Conditional Offers in Real Estate, The Earnout: Selling Your Business and Collecting Future Earnings, A major contract that spans several years. Which of the following is the most important step in the selling process for a salesperson taking a modern approach? A Unique Selling Proposition (USP) is a statement that describes how your product or company is different (and hopefully better) than the competition. In which form of selling does the customer come to the salesperson rather than the salesperson to the customer? Sell your small business safely and smartly with these expert tips. Specific characteristics of high-performers include. 51) Tax havens are characterized by all of the following except _____. Finding the right buyer can be a challenge. From Blueprint to Operating Business The best USPs take a unique quality and explain how that quality will benefit your customers, all in a few memorable words. B) It is characterized by a high degree of formalization. Which of the following is despised in salespeople? Jerry is using a _____ question in the SPIN method. Selling is 60 percent listening and 40 percent talking. A fixed asset is a long-term tangible asset that a firm owns and uses to produce income and is not expected to be used or sold within a year. Intellectual property law is a specialized field, and you may need an attorney who specializes in these matters. All of the following are characteristics of the salesperson-customer relationship except _____. 25. d. Domestic innovation. Monopoly Market Definition: The Monopoly is a market structure characterized by a single seller, selling the unique product with the restriction for a new firm to enter the market.Simply, monopoly is a form of market where there is a single seller selling … A. It is a value-weighted average of 30 large industrial stocks. The key terms in Sales Contracts include price, price adjustments in certain events, responsibility for taxes, payment and credit terms, warranties to be given, disclaimers of various … price verb. Bubble: A bubble is an economic cycle characterized by rapid escalation of asset prices followed by a contraction. The market is also growing in terms of breadth and service offerings. Please note that participating in incentive programs is entirely optional, you will have to affirmatively opt-in to the program and you can opt-out of each program (i.e., terminate participation and forgo the ongoing incentives) prospectively by following the instructions in the applicable program description and terms. While this has been the go-to approach for many sellers, massive changes in buying technology and the vast amount of information on the internet is significantly changing how buyers buy at an unprecedented pace. What term refers to the altering of sales behaviors during a customer interaction based on perceived information about the nature of the selling situation? Historians have a responsibility to merge … In what industry is technical selling not found? Which of the following forms of promotion refers to person-to-person communication in which a salesperson works with prospective buyers in attempting to determine their purchase needs and match those with her company's products? Discuss expectations and advertisements with the broker and maintain constant communication. The term “canned” comes from the fact that the sales pitch is standardized, or “straight out of a can.” Back in the late 1880s, companies began to use … International trade agreements. The emergence of new technology and growing of societal demands are sparking new ideas for business in 2020. Jerry is using a _____ question in the SPIN method. In a sales presentation, Jerry asks the prospect, "What parts of the system create errors"? Monopoly Market Definition: The Monopoly is a market structure characterized by a single seller, selling the unique product with the restriction for a new firm to enter the market.Simply, monopoly is a form of market where there is a single seller selling a particular commodity for … 10. Question: 5. Categorizing the problems and growth patterns of small businesses in a systematic way that is useful to entrepreneurs seems at first glance a hopeless task. The appraiser will draw up a detailed explanation of the business's worth. The _____ phase of personal selling is critical because it is the phase within which the salesperson makes a first impression. In addition, develop a list of equipment that's being sold with the business. While these create legal barriers to entry they also indicate that information is not perfectly shared by all. There are many attributes that can make your business appear more attractive, including: Prepare for the sale as early as possible, preferably a year or two ahead of time.
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