Final answer:
Modern personal selling emphasizes the development of a relationship between the salesperson and buyer, influenced by the importance of information and trust in transactional exchanges and also reflecting broader economic principles and cultural practices.
Step-by-step explanation:
Until recently, personal selling focused almost entirely on a planned presentation for the purpose of making a sale. In contrast, modern views of personal selling emphasize the relationship that develops between a salesperson and a buyer. This relational approach is influenced by the acknowledgment that every purchase is predicated on a belief regarding the satisfaction that the good or service will provide, which is, in turn, based on the information available to the buyer. In cases where information is imperfect or unclear, it becomes paramount for a salesperson to foster trust and understanding with the buyer to prevent purchase regret or avoidance of future transactions.
Such relationships are significant, mirroring broader economic principles where voluntary exchange benefits both parties involved, and personal connections can often be as crucial as professional qualifications. For instance, in the cell phone industry, private markets efficiently bring buyers and sellers together. However, the importance of relationships is not just confined to economic transactions; it extends to areas like employment, where personal connections can influence hiring decisions, particularly in competitive industries. The concept of guanxi in certain cultures is a testament to the importance of building trust through relationships rather than relying solely on formal transactions.