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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.
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.
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.
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.
Cumulative prospect theory has been applied to a diverse range of situations which appear inconsistent with standard economic rationality, in particular the equity premium puzzle, the asset allocation puzzle, the status quo bias, various gambling and betting puzzles, intertemporal consumption and the endowment effect.
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]
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]
Customer intelligence provides a detailed understanding of the experience customers have in interacting with a company, and allows predictions to be made regarding reasons behind customer behaviors. This knowledge can then be applied to support more effective and strategic decision making – for example, understanding why customers call makes ...