Entrepreneurship 10 (STUDY NOTES)
What is the last step in the chain of commerce where a buyer exchanges cash for a seller’s goods or services?
Selling
Which of the following refers to a seller’s attempt to persuade a buyer to make a purchase?
Personal selling
What is the market value or agreed exchange value that will purchase a definite quantity of goods or services?
Price
Which selling strategy involves approaching prospective customers who were not expecting such an interaction?
Cold calling
Which selling strategy focuses on understanding customers’ needs and providing solutions?
Consultative selling
What is the purpose of direct selling?
To sell products face-to-face, usually at the customer’s home or office
Which step in selling involves identifying potential customers?
Prospecting
What is the main goal of handling customer objections?
To understand and address their concerns
Why is closing the sale an important step in selling?
It is when the seller asks for the customer’s commitment to purchase
Why is building long-term relationships with customers important?
To create repeat buyers and customer loyalty
A customer tells you, "I like the product, but it's too expensive." How should you respond using persuasive selling
techniques?
Highlight the product’s value and long-term benefits
A competitor is selling a similar product at a lower price. How can you convince a customer to buy from you
instead?
Explain how your product offers better quality and value
If you are selling a new product in the market, which strategy would be most effective?
Building strong customer relationships and offering demonstrations
A customer hesitates to buy your product because they are unsure of its effectiveness. What should you do?
Give them a free trial or demonstration
If you owned a sari-sari store in a low-income area, what selling strategy would work best?
Selling affordable, essential items with discounts for bulk purchases
You are selling a high-end product to a customer who values quality over price. Which selling technique should
you use?
Emphasize the superior quality and long-term benefits
You notice that a loyal customer has stopped buying from you. What should you do?
Contact them to understand their concerns and offer assistance
In consultative selling, why is it important to ask open-ended questions?
To allow customers to explain their needs and preferences
If a customer is undecided after your sales presentation, what should you do?
Give them time to think and follow up later
You are selling a new skincare product, and a customer asks for proof of effectiveness. How should you respond?
Show testimonials and research data
If a new competitor enters the market with aggressive promotions, how should you respond?
Improve your customer service and offer better value
A customer buys a product but later complains about its quality. What should you do?
Apologize and offer a solution or replacement if necessary
How can a small business owner compete with larger businesses in selling products?
Provide excellent customer service and unique products
You want to increase sales for your business. Which of the following strategies is the most effective?
Build strong customer relationships and use effective sales techniques
What is the main objective of selling?
To understand and satisfy customer needs
What is the most effective way to close a sale?
Summarize benefits and ask for a commitment
What does follow-up mean in sales?
Maintaining contact with customers after a sale
Which factor is crucial in personal selling?
Building trust and relationships with customers
Why is customer satisfaction important in selling?
It increases customer loyalty and repeat sales
Why should a salesperson know the product well?
To answer customer questions accurately
What is an advantage of consultative selling?
It provides solutions based on customer needs
What is the best way to establish trust with a potential customer?
Listen actively and address concerns honestly
How does product demonstration help in selling?
It shows the product’s benefits in action
A customer tells you, "I’m not sure if I need this product." How should you respond?
Explain how the product solves their specific problem
If a competitor lowers their price significantly, what is the best strategy?
Highlight the unique value and benefits of your product
A customer asks for a feature your product does not have. What should you do?
Offer an alternative product or highlight other useful features
How can you turn an unhappy customer into a loyal one?
Apologize, listen to their complaint, and offer a fair solution
A customer is skeptical about a product’s effectiveness. What is the best way to convince them?
Show testimonials and product demonstrations
Which of the following is an essential selling skill?
Effective communication
Why is prospecting an important part of selling?
It ensures a steady flow of potential customers
What is the primary purpose of a sales pitch?
To inform and persuade customers about the product
A salesperson should actively listen to customers because:
It helps understand customer needs and concerns
What does handling objections mean in selling?
Addressing and resolving customer doubts
A customer is interested in your product but hesitant to commit. What should you do?
Offer a trial or money-back guarantee
Why is it important to understand customer behavior in selling?
To tailor sales strategies based on their needs and preferences
If you are selling a high-end product, which selling technique is most effective?
Emphasize quality, durability, and long-term value
What should you do if a potential customer is comparing your product to a competitor’s?
Provide an honest comparison highlighting your product’s advantages
A small business wants to compete with large companies. What is the best approach?
Focus on personalized service and product quality
