In Which of the Following Steps of the Selling Process

question 160

Multiple Choice

In which of the following steps of the selling process is a salesperson most likely to meet the customer for the first time?

• A) prospecting
• B) preapproach
• C) follow-up
• D) approach
• E) closing

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Definitions:

Commission

A fee or percentage of a transaction value paid to an agent or broker for facilitating sales, services, or other transactions.

Licensing Agreement

A formal agreement wherein a licensor grants the rights to its intellectual property to a licensee for a specified period.

Royalties

Royalties are payments made to copyright or patent holders, or to authors and musicians, as compensation for the use of their original work.

Kimble V. Marvel

A legal case where the Supreme Court decided on the issue of patent royalties continuing after the patent's expiration.