glossary

'O'

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Objectives - Indicate specific spheres of aim, activity and accomplishment that management must translate into the company's purpose.

Objection - A statement of challenge or rejection by a prospect or customer of a feature, benefit, product or service... can be helpful to the sales process in that it can indicate about what a prospect or customer is concerned-- allowing for a stronger sales discussion... objections can include a lack of perceived value in a product or service offering, a perception of an inferiority to a competitive offering, a lack of perceived urgency in purchasing the offering, an unknown internal political issue between departments, an unknown corporate initiative with an external party, a lack of funds to purchase the offering, an unknown personal issue with the decision maker(s) and an "it's safer to do nothing" perception by the prospect or customer... see also smoke screen.

Observation Method - The process of finding prospects by a salesperson constantly watching what is happening in the sales area.

OEM – An acronym... original equipment manufacturer... an acronym that originally defined a manufacturer who produced a product to be sold under other company's brands... now used in the sales world to describe when a company makes a product and sells it to other companies so that they can sell it under their label.

One Level Channel - A one-level channel contains one selling intermediary, such as a retailer.

Open-Ended Questions - Questions that cannot be answered with a "yes" or a "no", generally begin with the words, what, how or why and usually encourage a prospect or customer to expand on a response ... as a result, open-ended questions usually help the salesperson learn much more about the prospect or customer than a close-ended question.

Opinion Approach - An approach whereby a salesperson shows that the buyer’s opinion is valued.

Opinion Leader - See "Hub"

Order Getter - Salespeople that get new and repeat business using a creative sales strategy and a well-executed sales presentation.

Order Taker - Salespeople who only take orders by asking what the customer wants or waiting for the customer to order. They have no sales strategy and use no sales presentation.

Organizational Design - The formal, coordinated process of communication, authority, and responsibility for sales groups and individuals.

Organizational Marketing System - An organization and the set of significant interacting institutions and forces in the organization's environment that affect its ability to serve its markets. 

Organizational Structure - The relatively fixed, formally defined relationship among jobs within the organization.

Organizations: Types of organizations

1. Private-profit - single proprietorships, partnerships, corporations.
2. Private-nonprofit - private museums, private charities, private universities, private associations, private hospitals.
3. Public-profit - state-owned airlines, state-owned telephone co.
4. Public-nonprofit - government agencies, public schools, public hospitals.

Organizing - Setting up an administrative structure through which work activities are defined.

Orphaned Customers - Customers whose salesperson has left the company.

Outside Sales - Usually refers to those who sell by visiting others in-person.

Overfull Demand - A state in which demand exceeds the level at which the marketer feels able or motivated to supply it. 

Owner Financing - A type of financing in which the seller of a tangible item accepts a promissory note as a portion of the purchase price. Also called seller financing.

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