The organization and coordination of the activities of a business in order to achieve defined objectives. Management is often included as a factor of production along with‚ machines, materials, and money. Management consists of the interlocking functions of creating corporate policy and organizing, planning, controlling, and directing an organization's resources in order to achieve the objectives of that policy. What are the key functions of management and the role of each function? What are the steps in the Sales Management model?
Describing the Personal Selling Function -> Defining the Strategic Role of the Sales Function -> Developing the Salesforce -> Directing the Salesforce -> Determining Salesforce Effectiveness and Performance What are the 7 characteristics of the Best Sales Organizations?
Create a customer-driven culture throughout the sales organization and firm
Recruit and hire the best sales talent
Train and coach the right skill set
Focus on key strategic issues: Segmenting accounts in meaningful ways and providing differentiated offerings to find, win, and retain customers.
Implement formal sales and relationship- building processes
Integrate sales with other businesses functions, especially marketing
Define personal selling
Personal selling refers to interpersonal communication between buyers and sellers to initiate, develop, and enhance customer relationships. What are the 4 key roles of salespeople and in what ways do salespeople accomplish those roles?
Change agents: A change agent lives in the future, not the present; A change agent is fueled by passion, and inspires passion in others; A change agent has a strong ability to self-motivate; A change agent must understand people.
Customer Value Agents
How do sales people add value?
•Customer and Market Knowledge
•Coordination (manage internal networks)
•Strategic Alignment (understanding and contributing to customer’s strategic goals) •Trustworthiness
What are the five factors in Trust-Based Relationship Selling and in what ways do salespeople accomplish those factors? Selling Foundations
Trust and ethics
Selling Strategy Based on Customer Needs and Value
Each sales call
Initiating Customer Relationships
Assessing the prospect’s situation
Discovering prospect’s needs
Planning value-based sales dialogue and presentations
Activating the buying process
Developing Customer Relationships
Engaging prospects and customers through sales dialogue and presentations •
Co-creating and validating customer value
Earning customer commitment
Enhancing Customer Relationships
Building value through post-sale follow up
Assessing value and relationship performance
Creating new value opportunities
Increasing customer value through self-leadership and teamwork
What are the three key selling foundations?
Knowledge: product, market, customer, competitor
Skills: listen, ask questions, presentation, dialogue
Trust-building: customer orientation, competency, dependability, compatability, honesty Compare stimulus-response selling to consultative selling.
The stimulus response theory of selling is based o the assumption that certain actions (stimuli) on the part of the salesperson may initiate a response in the customer or prospect in the form of a buying action. Often actions used to stimulate the required behaviour are emotional in content. For instance, fear of the consequences of not purchasing a product may be induced in order to simulate the purchase response. Personal selling in which a salesperson plays the role of a consultant. He or she first assists the buyer in identifying his or her needs, and then suggesting...
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