Professional Documents
Culture Documents
Sales - Definition
- A sale is the pinnacle activity involved in selling products or services in return for money or other compensation. It is an act of completion of a commercial activity. - Sales is everything that you do to close the sale and get a signed agreement or contract.
Marketing Definition
Marketing is the process associated with promotion for sale goods or services. It is considered a "social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and values with others. It is an integrated process through which companies create value for customers and build strong customer relationships in order to capture value from customers in return. Marketing is used to create the customer, to keep the customer and to satisfy the customer. With the customer as the focus of its activities, it can be concluded that marketing management is one of the major components of business management. The evolution of marketing was caused due to mature markets and overcapacities in the last decades. Companies then shifted the focus from production more to the customer in order to stay profitable.
Marketing
Marketing starts with the buyer and focuses constantly on the needs of the buyer Emphasizes on identification of market opportunity Seeks to convert customer needs in to products Views business as a customer satisfying process Marketing views the customer as the very purpose of business
Sales Management
Sales management is attainment of an organization's sales goals in an effective & efficient manner through planning, staffing, training, leading & controlling organizational resources. Revenue, sales, and sources of funds fuel organizations and the management of that process is the most important function.
Sales Management
Managing Sales Force Offering Sales Training Managing Channel partners Managing Direct sales Managing Sales Promotion Managing Sales Territories Managing Sales Targets
PERSONAL SELLING
Personal Selling
Personal selling occurs where an individual salesperson sells a product, service or solution to a client. Salespeople match the benefits of their offering to the specific needs of a client. Today, personal selling involves the development of longstanding client relationships. In comparison to other marketing communications tools such as advertising, personal selling tends to: Use fewer resources, pricing is often negotiated. Products tend to be fairly complex (e.g. financial services or new cars). There is some contact between buyer and seller after the sale so that an ongoing relationship is built. Client/prospects need specific information. The purchase tends to involve large sums of money.
R.L. Stevenson
Operates more effectively when customers are on the verge of making a final decision and committing themselves.
Impact - sales representatives have a much greater chance of engaging initial attention and responding to situations.
Precision - targeting and message precision. Cultivation - sales force plays an important role in creating and maintaining buyer seller relationships. Cost - personal selling is very labour intensive so comes at a cost.
Missionary sales representatives - focus on particular segment of product to give enquiries and sales an initial lift.
Sales engineers - focus on the technical or application problems of the product.
Sources of prospects
(1) Prospecting Identify the potential customers Making warm contacts rather than cold calling
Leads - prospective customers. Prospects before a contact, find they with potential. Qualified prospects after a contact, find they with great potential.
It is to look for: Customers buying criteria and needs Customer organisations purchasing structures The application of the prodcut and the features and benefits required.
It is to build up mutual rapport, respect and trust between the buyer and seller before the formal and serious business discussion. Two approaches: Initial phone call for a meeting appointment Could calling/visiting for a lucky meeting arrangement
(4) -Sales presentation It is to show how the product offering and the customers needs match.
Stimulus response.
Formula selling.
Need satisfaction.
(5) Handling typical objections Typical objections: Your: company, product, service, pricing;
Co-operative or win-win - trading concessions results in a better deal for both parties.
(7) Types of sales closure It has reached the point where the customer agrees to purchase.
Questions