Deck 9: Assessing Your Potential for an Entrepreneurial Career

Question 1

The marketplace is the first stage in the prospecting funnel.

Answer 1

False

Question 2

Which of the following is appreciated by customers who are having difficulty making a decision?

A)Ask them questions
B)Push them towards your own personal preferences
C)Take away options
D)Make the decision for them

Answer 2

A

Question 3

Which of the following is not included in the "five must-haves" for startup salespeople?

A)The ability to multi-task.
B)Being a "lone wolf".
C)Good listening skills.
D)Being a team player.

Answer 3

B

Question 4

If a prospective client is denying consideration of your business because they are satisfied with a current supplier,it is a lost cause-don't spend any more time trying to secure that business.

Question 5

If a prospective client will not make a decision on the spot,claiming that they need to get approval from others,it is best to:

A)Push harder until you secure the sale.
B)Offer more incentives,such as a discount or other form of financial benefits to secure the immediate transaction.
C)Accept their response,but stay in touch and follow up with them.
D)Go directly to the person from whom they need approval and secure the sale.

Question 6

At the top level of the prospecting funnel are the:

A)Prospects
B)Suspects
C)Concepts
D)Subjects

Question 7

Research shows that it costs as much as ___ times more to find a new customer than it does to keep an existing one.

A)5
B)10
C)15
D)25

Question 8

If a prospective client has an objection based on pricing,the best way to overcome this objection is to:

A)Offer the prospect discounts to gain their business
B)Show the prospect the value and benefits of what you're selling
C)Promise the prospect that you will beat the competitors' price
D)Convince the prospect that your product is superior to the competitors,thus explaining the higher price

Question 9

All of the following should be covered in your sales presentation,except:

A)Provide a sample of your product to the client.
B)Poise your questions in a way that the customer will have to respond with other than a yes-or-no answer.
C)Be prepared by knowing your product/service inside and out.
D)Delay providing answers to questions so that you can schedule a follow-up meeting.

Question 10

___ % of your company's future revenue will come from ____ % of your existing customers.

A)90; 10
B)80; 20
C)70; 30
D)60; 40

Question 11

Most customers appreciate all of the following,except:

A)Being greeted by their name
B)Being ignored
C)Being listened to
D)Transparency

Question 12

How should you deal with a prospective client for whom pricing is an issue?

A)Deal with this by offering the client a lower price immediately.
B)Deal with this by degrading the competitor's offering.
C)Deal with this by asking the client if the offering was identical to yours and offer to go over their proposal with them to ensure they are comparing apples to apples.
D)Deal with this by offering enhanced services and extending warranties beyond what the competitor is offering.

Question 13

When presenting your product/service to a potential client,you should do all the talking,take control of the meeting,and answer questions only at the end,once your presentation is complete.

Question 14

How frequently is it advised that you follow up with each of your customers?

A)Daily
B)Weekly
C)Twice per year
D)At a minimum of every 30 days

Question 15

Once a presentation and initial meeting is complete,it is a good idea to follow up with a personal thank-you note to the decision maker.

Question 16

All of the following are listed in the Canadian Professional Sales Association's "9 Account Management Mistakes",except:

A)The buyer feels sold
B)Not enough follow-up
C)The customer feels misunderstood
D)Letting competitors outdo you

Question 17

When entering a meeting where you are presenting your product to a decision maker,it is best to:

A)Do all the talking,take control of the meeting.
B)Sit beside the decision maker,never stand.
C)Never sit during the meeting,it is important to stand at the front of the room the entire time,even if there is only one other person present for the meeting.
D)Sit across the table from the decision maker,and stand in a visible position when you are presenting.

Question 18

Those accounts that have a verified need in your products and/or services are called:

A)Subject accounts
B)Verified accounts
C)Concrete accounts
D)Prospect accounts

Question 19

When preparing a sales presentation,it is important to do all of the following,except:

A)Write down your objectives
B)Develop a schedule for completion of your presentation
C)Find out as much information as you can about the person who will be making the business decision
D)Arm yourself with information that will discredit the competition and begin your presentation with those facts

Question 20

According to infographics from Clarity.fm,which of the following is cited as the number one startup struggle for entrepreneurs?

A)Credit terms
B)Lost sales
C)Delinquent customers
D)Unstable business conditions

Question 21

If,during a sales presentation,you do not know the answer to a question,it is okay to tell them this and promise to get back to them with the information.

Question 22

Customer service is important,but not significant enough to differentiate you from your competitor.

Question 23

You should never leave a sales presentation meeting without asking the prospective client when they will be making their decision.

Question 24

You have a meeting and sales presentation planned with an important prospective client.Where is the ideal place to position yourself in the room? Why?

Question 25

List a variety of ways for a salesperson to generate leads.

Question 26

Assume that you are a sales agent preparing to approach a group of prospective clients.Write down a list of possible objections you may run into.

Question 27

Describe the prospecting funnel.