Question
MP B - U3L2
What are the different kinds of buying decisions?
What is a customer relationship management system?
What are the steps of the selling process?
What are the different kinds of buying decisions?
What is a customer relationship management system?
What are the steps of the selling process?
Answers
GPT-4o mini
### Different Kinds of Buying Decisions
1. **Complex Buying Decisions**: These involve significant research and consideration due to high involvement and perceived risk. Often associated with expensive or highly significant purchases (e.g., cars or houses).
2. **Dissonance-Reducing Buying Decisions**: These occur when a consumer is faced with a choice between similar products but may have difficulty in differentiating due to high involvement but low differences (e.g., choosing between brands of furniture).
3. **Habitual Buying Decisions**: These involve low involvement and little thought, where consumers purchase out of habit rather than a conscious decision-making process (e.g., buying the same brand of toothpaste).
4. **Variety-Seeking Buying Decisions**: Consumers purchase by seeking variety or change rather than out of necessity. This can occur in low-involvement situations (e.g., choosing a new snack).
### Customer Relationship Management System (CRM)
A Customer Relationship Management (CRM) system is a technology for managing a company's relationships and interactions with potential and current customers. The primary goal of a CRM system is to improve business relationships, specifically in terms of customer service, sales management, and marketing. Key features often include:
- **Data Management**: Centralizes customer information, allowing for easier access to contact details and purchase history.
- **Sales Management**: Tracks leads, opportunities, and customer interactions to better manage sales processes.
- **Customer Support**: Manages customer inquiries, complaints, and service requests to enhance customer satisfaction.
- **Marketing Automation**: Enables automated campaigns and customer segmentation to enhance targeted marketing efforts.
### Steps of the Selling Process
1. **Prospecting**: Identifying potential customers or leads who may be interested in the product or service.
2. **Preparation**: Researching and gathering information about the prospect to tailor the sales approach effectively.
3. **Approach**: Making initial contact with the prospect, establishing rapport, and presenting oneself professionally.
4. **Presentation**: Communicating the benefits and features of the product or service, often through demonstrations or tailored discussions.
5. **Handling Objections**: Addressing any concerns or objections the prospect may have, providing solutions or reassurances.
6. **Closing the Sale**: Finalizing the sale by asking for the order, managing last-minute hesitations, and ensuring the customer is ready to commit.
7. **Follow-Up**: Maintaining contact after the sale to ensure customer satisfaction, address any issues, and encourage repeat business or referrals.
1. **Complex Buying Decisions**: These involve significant research and consideration due to high involvement and perceived risk. Often associated with expensive or highly significant purchases (e.g., cars or houses).
2. **Dissonance-Reducing Buying Decisions**: These occur when a consumer is faced with a choice between similar products but may have difficulty in differentiating due to high involvement but low differences (e.g., choosing between brands of furniture).
3. **Habitual Buying Decisions**: These involve low involvement and little thought, where consumers purchase out of habit rather than a conscious decision-making process (e.g., buying the same brand of toothpaste).
4. **Variety-Seeking Buying Decisions**: Consumers purchase by seeking variety or change rather than out of necessity. This can occur in low-involvement situations (e.g., choosing a new snack).
### Customer Relationship Management System (CRM)
A Customer Relationship Management (CRM) system is a technology for managing a company's relationships and interactions with potential and current customers. The primary goal of a CRM system is to improve business relationships, specifically in terms of customer service, sales management, and marketing. Key features often include:
- **Data Management**: Centralizes customer information, allowing for easier access to contact details and purchase history.
- **Sales Management**: Tracks leads, opportunities, and customer interactions to better manage sales processes.
- **Customer Support**: Manages customer inquiries, complaints, and service requests to enhance customer satisfaction.
- **Marketing Automation**: Enables automated campaigns and customer segmentation to enhance targeted marketing efforts.
### Steps of the Selling Process
1. **Prospecting**: Identifying potential customers or leads who may be interested in the product or service.
2. **Preparation**: Researching and gathering information about the prospect to tailor the sales approach effectively.
3. **Approach**: Making initial contact with the prospect, establishing rapport, and presenting oneself professionally.
4. **Presentation**: Communicating the benefits and features of the product or service, often through demonstrations or tailored discussions.
5. **Handling Objections**: Addressing any concerns or objections the prospect may have, providing solutions or reassurances.
6. **Closing the Sale**: Finalizing the sale by asking for the order, managing last-minute hesitations, and ensuring the customer is ready to commit.
7. **Follow-Up**: Maintaining contact after the sale to ensure customer satisfaction, address any issues, and encourage repeat business or referrals.