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MKT 100 (488)
Chapter

Module 8 Notes

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Department
Marketing
Course
MKT 100
Professor
Paul Finlayson
Semester
Winter

Description
Module 8: Pricing Section 1: Sales Objectives Product and service always goes through several selling effots o Must be personally sold to invenstors or senor execs o Personally sold to production and sales force o Salesfroce get the chance to personally sell the product to distributors, retailers or end users Good sales people know more about their slice of the marketplace than anyone else in the company Objectives of personal selling o To keep current customers happy and loyal, particularily highly profitable customers o Persuade a current customer to buy more o Persuade a potential customer to buy a new product or service o To feedback ideas on customer needs, improved product positioning, and the success of company and competitor marketing tactics Most important goal to achieve financial and marketing goals Some salesforce spend all their time selling to distributors Typical Functions of a Field Salesforce Most of a sales persons time is spend not in contact with the customer Different industries have different jobs for their salesforce Relationship Selling Processes Creative relationship innovations should be highly valued, even though they are seldom discussed in sales literature Much of the popular sales training literature still stresses the importance of teaching standard operating procedures that were developed in the 1920s (eg how to close a sale) www.notesolution.comFour Approaches to Relationship Selling Expanding the size of the pie o Expand size of current deal through economies of scale, reduce the costs to the seller and buyer of both selling and buying Giving back part of the pie o Buyer and seller frankly talk about which parts of the trading terms are most important to each Adding a new ingredient to the pie o Expand the terms of the trade by adding another dimension, such as offering and extended after-sales service and consumables, long term relationship[ Reengineering the whole pie-making process o Bridging: Create a completely different trading relationship by changing the existing relationship processes For a seller to embark on any of the four relationship selling approaches, a foundational relationship must exist based on mutual respect expected cooperation, and performance Fitting the sales function to customer buying behaviour Many business customers have regular purchase cycles and buying review cycles Customers buying behaviour and channel use will define the selling role of top management A key to making customers more profitable is to reduce the cost of servicing and selling by timing the sales effort around the customers decision making Order takers: involved in transactional sales Order getters: required to uncover customer needs by understanding their product or service usage processes Section 2: Salesforce Structure Gives special service consideration to the few major customers who constitute most of the business (house accounts) www.notesolution.com
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