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In psychology, prospection is the generation and evaluation of mental representations of possible futures. The term therefore captures a wide array of future-oriented psychological phenomena, including the prediction of future emotion (affective forecasting), the imagination of future scenarios (episodic foresight), and planning.
Salespeople encounter a multitude of objections in their attempts to connect with and qualify prospects. These objections are a chance to explain the value of the product or service to try to qualify the prospect and close the sale. [2] Sales prospecting is the process to reach out to a potential customer. It is the first part of a sales process.
Lead Generation Funnel: Aimed at capturing the contact information of potential customers and converting them into qualified leads, this funnel often employs incentives like free e-books or webinars. Follow-up typically involves targeted communication aimed at building relationships and advancing prospects through the funnel.
Personal selling can be defined as "the process of person-to-person communication between a salesperson and a prospective customer, in which the former learns about the customer's needs and seeks to satisfy those needs by offering the customer the opportunity to buy something of value, such as a good or service". [1]
It is an idea introduced in prospect theory. Normally a reduction in the probability of winning a reward (e.g., a reduction from 80% to 20% in the chance of winning a reward) creates a psychological effect such as displeasure to individuals, which leads to the perception of loss from the original probability thus favoring a risk-averse decision.
Status quo bias has been attributed to a combination of loss aversion and the endowment effect, two ideas relevant to prospect theory.An individual weighs the potential losses of switching from the status quo more heavily than the potential gains; this is due to the prospect theory value function being steeper in the loss domain. [1]
In prospect theory it is appropriate to use the selected status quo to determine the reference point. However, depending on the particular research being conducted researchers have proven reference dependence from more than just well known brands and the status quo.
Prospect (marketing), a marketing term describing a potential customer Prospect (sports) , any player whose rights are owned by a professional team, but who has yet to play a game for the team Prospect (mining) , a particular geological area on which searching for minerals or fossils is commonly carried out