Question 1

"Unless your company is willing to pay more, there is no way I can do enough promotion to sell fifty cases." This statement is an example of a(n) ________ objection.

Accepted Answer

This statement is an example of a money objection, as it directly relates to the concern about the cost or budget necessary for promotion efforts to achieve the sales goal.

Question 2

The prospect says, "Your company has only been in business for two years. I like to buy from established companies." The prospect is using a ________ objection.

Accepted Answer

The prospect's concern about the company's relatively short time in business relates directly to the company's credibility or reliability as a source of the product or service, making it a "source" objection.

Question 3

Which of the following is the best example of a source objection?

Accepted Answer

A source objection occurs when a potential client prefers another company over yours, often due to the reputation or established nature of the competitor.

Question 4

________ objections are based on loyalty to a present supplier or salesperson.

Accepted Answer

Source objections occur when a buyer is loyal to an existing supplier or salesperson, resisting change due to this loyalty.

Question 5

Which among the following is the best example of a money objection?

Accepted Answer

The answer is A because the objection directly relates to the customer's ability to afford the product. They are stating that they cannot purchase the product because of financial constraints.

Question 6

After the sales presentation, the prospect responds by saying, "Your blood sugar monitoring devices are very nice, but we buy only from established brands." Identify the type of objection being projected by the prospect.

Accepted Answer

The objection is related to the source or brand of the product, not its quality or functionality. The prospect is indicating a preference for established brands, which is a source objection.

Question 7

Gus Boxley sells refrigeration equipment to supermarket and restaurant managers, and a prospect tells him, "The equipment we have still operates efficiently enough." Gus is experiencing a ________ objection.

Accepted Answer

The prospect's objection is related to the product itself, as they believe their current equipment is still efficient enough, indicating a product-related concern.

Question 8

An effective way to respond to some objections is to use someone else's experience as proof. This technique is called the:

Accepted Answer

The third-party answer technique involves using someone else's experience or testimonial as evidence to address and overcome objections. This method leverages the credibility and experiences of others to validate claims and reassure the concerned party.

Question 9

Which of the following statements about the price/value formula is true?

Accepted Answer

The price/value formula is often used in sales and marketing to compare the cost of a product or service to the value it provides. Price divided by value equals cost, so the formula can be used to determine if the cost of a product is reasonable based on its perceived value. Therefore, statement D is true. Statements A, C, and E are false, as the price/value formula is not just used to deal with objections, price does not refer to the total package of benefits, and buyers are not only concerned with price. Statement B is also false, as value can change depending on the perception of the buyer.

Question 10

Jessica sells exercise equipment to health clubs and similar facilities. During a sales call, her prospect says, "Our clients are quite happy with the results they are getting from the use of our current equipment." This is an example of a ________ objection.

Accepted Answer

This is an example of a product objection, where the prospect is satisfied with their current equipment and is not interested in purchasing new equipment.

Question 11

Alex sells veterinarian supplies. He has developed a close relationship with his customers. Which type of objection is Alex LEAST likely to hear when he tries to get one of his veterinarian customers to try a new type of shampoo that eliminates problems with ticks and fleas?

Accepted Answer

Alex's close relationship with his customers suggests that they trust him, making a source objection (doubts about the seller or the company) the least likely type of objection he would face.

Question 12

Which formula best describes the relationship among price, cost, and value?

Accepted Answer

Price divided by Value equals Cost is a simplification of the concept that the price of an item (what you pay) divided by its value (what you get) equals the cost (the expense or sacrifice made to obtain it). This formula encapsulates the relationship between these three elements from a consumer perspective, where the cost reflects the efficiency of the purchase.

Question 13

The prospect says, "I like your company's accounting software package, but our employees just don't have the time to learn a new system." This is an example of a ________ objection.

Accepted Answer

The answer of The prospect says, "I like your company's...

Question 14

James Anderson visits a hospital to sell functional trolleys. During his conversation with the buyer, he understands that the buyer is not seeing any product benefit and is seeing only the price. James' trolleys are not the cheapest available in the market. What action can be taken by James to overcome this situation?

Accepted Answer

The answer of James Anderson visits a hospital to sell...

Question 15

Iris sells a line of safety equipment for the petrochemical industry. When responding to a manager's objections about the safety of her product line, Iris produces an Occupational Safety and Health report. The report shows that the company's safety equipment exceeds all OSHA safety standards, which supports Iris' claims. Iris uses the:

Accepted Answer

The answer of Iris sells a line of safety equipment...

Question 16

Which of the following is an example of a source objection that a salesperson for a small publishing company might hear from a bookstore owner?

Accepted Answer

This is an example of a source objection because the bookstore owner is hesitant to work with a small publishing company and prefers to deal with larger, more established ones.

Question 17

Which of the following is most likely true about money objections?

Accepted Answer

Revealing that a product is not the least expensive can help overcome money objections by showing the customer that the product is worth the price.

Question 18

The price-value formula:

Accepted Answer

The price-value formula explains the buyer's thought process and why they often raise price objections, as it relates to their perception of value versus cost.

Question 19

Identify the type of objection that encompasses several forms of economic excuses.

Accepted Answer

Money objections are a category of objections that include various forms of economic concerns, such as the product being too expensive, not having enough budget, or seeing the purchase as not being a current priority.

Question 20

The price/value formula teaches the professional salesperson to:

Accepted Answer

The price/value formula is a strategy used by salespeople to address price objections by enhancing the perceived value of a product or service. By increasing the perceived value, the price seems more justified to the potential buyer, making it a powerful tool in overcoming price-related objections.

Quiz 11: Welcome Your Prospects Objections