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Marketing (39)
MKT 300 (20)
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Lecture 13

MKT 300 Lecture 13: MKT 300 Chapter 13 Notes

7 Pages
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Department
Marketing
Course Code
MKT 300
Professor
Susan Fant

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Description
Marketing 300 Chapter 13 Notes First Stop: IBM • Watson had a different vision for selling ➢ Hired only top-performing graduates from Ivy League universities ➢ Ensured high ethical standards were followed ➢ Provided intensive sales training on developing a deep knowledge of IBM and its customers ➢ Trained salespeople to listen, observe, and study through observation Personal Selling • Personal presentations by a sales force to make sales and build customer relationships • Salesperson: represents a company to customers by performing one or more of the following activities: ➢ Prospecting and communicating ➢ Selling and servicing ➢ Gather information and building relationships Role of the Sales Force • Links the company with its customers • Coordinates marketing and sales Sales Force Management • Analyzing, planning, implementing, and controlling sales force activities • Steps of sales force management: ➢ Designing a sales force strategy and structure ➢ Recruiting and selecting salespeople ➢ Training salespeople ➢ Compensating salespeople ➢ Supervising salespeople ➢ Evaluating salespeople Designing the Sales Force Strategy and Structure • Types of sakes force structures: ➢ Territorial ➢ Product ➢ Customer (or market) • Salespeople can be specialized by: ➢ Customer and territory ➢ Product and territory ➢ Product and consumer ➢ Territory, product, and customer Sales Force Size • May range from only a few to thousands • Companies may use the workload approach to set sales force size ➢ Accounts are grouped into different classes based on size, account status, or other factors ➢ The number of salespeople needed to call on each class of accounts is then determined Other Sales Force Strategy and Structure Issues • Outside sales force or field sales force ➢ Travel to call on customers in the field • Inside sales force ➢ Conduct business from their offices via telephone, the internet, or visits from prospective buyers o Technical sales support people o Sales assistants o Telemarketers and online sellers • Team selling ➢ Teams of people from different departments used to service large, complex accounts Recruiting & Selecting Salespeople • A company should analyze the sales job and the characteristics of its most successful salespeople • Sources for the recruitment of salespeople: ➢ Referrals from current salespeople ➢ Employment agencies ➢ Internet and online social media ➢ College placement services ➢ Salespeople at other companies Training Salespeople • Goals of training are to teach salespeople: ➢ About different types of customers ➢ How to sell effectively ➢ About the company’s objectives, organization, products, and the strategies of competitors • Online training builds sales skills using videos, internet-based exercises, or simulations ➢ Virtual instructor-led training (VILT) Compensating Salespeople • Elements of compensation ➢ Fixed amount ➢ Variable amount ➢ Expenses ➢ Fringe benefits • Types of compensation plans ➢ Straight salary ➢ Straight commission ➢ Salary plus bonus ➢ Salary plus commission Supervising Salespeople • Help salespeople work smart by doing the right things in the right ways • Tools of supervision: ➢ Call plan ➢ Time-and-duty analysis ➢ Sales force automation system Motivating Salespeople • Encourage salespeople to work hard and energetically toward sales force goals • Management can boost sales force morale and performance through its: ➢ Organizational climate ➢ Sales quotas ➢ Positive incentives Evaluating Salespeople and Sales Force Performance • Management gets information about its salespeople: ➢ From sales, call, and expense reports ➢ By monitoring the sales and profit performance data in the salesperson’s territory ➢ Through personal observation, customer surveys, and talks with other salespeople • Formal evaluations force management to develop standards for judging performance Selling Digitally: Online, Mobile, and Social Media Tools • Provide salespeople with powerful tools for: ➢ Identifying and learning about prospects ➢ Engaging customers ➢ Creating customer value ➢ Closing sales ➢ Nurturing customer relationships • Help sales forces to be more efficient, cost-effective, and productive Steps in the Selling Process • Prospecting and qualifying • Preapproach • Approach • Presentation and demonstration • Handling objections • Closing • Follow-up Personal Selling and Managing Customer Relationships • Value selling – demonstrating and delivering superior customer value ➢ Capturing a return on that value that is fair for both the customer and the company ➢ Requires: o Listening to customers o Understanding customers’ needs o Coordinating the company’s efforts to create lasting relationships based on customer value Sales Promotion • Short-term incentives to encourage the purchase or sale of a product or service • Sales promotion targets: ➢ Final buyers – consumer promotions ➢ Retailers and wholesalers – trade promotions ➢ Business customers – business promotions ➢ Members of the sales force – sales force promotions • Many factors have contributed to the rapid growth of sales promotion ➢ Product managers view promotion as an effective short-run sales tool ➢ Competitors use sales promotion to differentiate their offers ➢ Advertising efficiency has decline
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