Should You Become an Entrepreneur?

Buying Decisions

• Chapter 6

• Slide

• rational buying decisions
• based on the logical reasoning of customers
• customers evaluate alternatives
• purchase after careful thought

based on the desire to have a specific product or service

• Chapter 6

• Slide

• based on the desire to have a specific product or service
• little time or thought is used when making the buying decision

• emotional buying decisions

Customer Decision-Making Process

• Chapter 6

• Slide

• A problem-solving approach for helping customers includes the following steps:
• define the problem
• gather information

evaluate alternatives

• Chapter 6

• Slide

• evaluate alternatives
• select the best option
• take action
• evaluate the action

• identify various solutions

• Chapter 1

• Slide

• Why is it important to meet customer needs and wants in the selling process?

• Customers purchase goods and services to satisfy needs and wants. If their needs cannot be met, a sale will not be made.

• Chapter 1

• Slide

• What are some emotional buying motives?

• Fear
• Protection
• Appearance
• Recreation
• Improved health
• Comfort

• Recognition
• Pride of ownership
• Imitation
• Prestige
• Popularity

• Chapter 1

• Slide

• What are some rational buying motives?

• Safety
• Simplicity
• Quality
• Reliability
• Economy
• Convenience

• Service
• Durability
• Knowledge
• Money gain
• Ease of operation

Other Types of Promotion

• Chapter 6

• Slide

• sales promotion
• an incentive offered to customers in order to increase sales
• rebate
• a refund offered to people who buy a product

Telemarketing

• telemarketing
• using the phone to market your product or service

• Chapter 1

• Slide

Visual Marketing

• visual marketing
• the use of visual media to promote, sell, and distribute a product or service to a targeted audience
• logo
• signage
• promotional tools
• company vehicles
• uniforms

• Chapter 1

• Slide

• Chapter 1

• Slide

• What is the purpose of sales promotions?

• Sales promotions offer incentives to customers in order to increase sales

Evaluation Strategies

• Is the volume of sales increasing?
• New leads/appointments
• How are you getting new customers?
• Does your advertising and/or promotional activity produce direct responses?
• Are you using the right media for target market?

• Chapter 1

• Slide

• Chapter 6

• Slide

• Do your networking activities create new opportunities for you?
• Need to know source of new business
• Do your marketing tactics make it easier to sell your services?
• What is your sales conversion rate?
• Does your plan have a positive return on investment (ROI)?

• Chapter 1

• Slide

• How can you determine the effectiveness of promotional activities?