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Answered 5 days AfterFeb 14, 2021UNIT 5

Answer To: Please follow learning out, assignmentstructure and student wants plagiarism report...

Abhishek answered on Feb 20 2021
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SALES MANAGEMENT
Table of Contents
P1 Key Principles of Sales Management in Relation to Importance of Sales Planning, Methods of Selling and Sales Reporting    3
Key Principles of Sales Management    3
Sales Reporting    3
Various Sales Methods    3
M1 Principles of Sales Management Being Different in Response to Consumer and Business Buying Behaviour    4
P2: Advantages of Sales Structures with Examples    4
P3 Significance and Benefits of Selling Through Others    5
M2: Implementation of Different Types of Sales Structures with Examples    5
P4: Main Principles and Techniques for Successful Selling and their Contribution to Building and Managing Customer Relationships with Examples    6
M3: Application of Succ
essful Selling Principles and Techniques with Examples    6
P5 Significance of Developing Sales Strategies for Highest Profitability and Incorporating Account Management within Sales Structures    7
M4 Core Finance Principles and Successful Portfolio Management Leading to Increased Profitability and Competitive Edge    8
D1 Critical Evaluation of Sales Management, Structure and Selling Techniques within an Organisational Context    9
D2: Recommendations on Improvement of Financial Viability through Sale Structures and Approaches    9
References    11
P1 Key Principles of Sales Management in Relation to Importance of Sales Planning, Methods of Selling and Sales Reporting
Key Principles of Sales Management
Sales Management is the coordination and control of people and resources in an organisation to attain the sales goal of the organisation. The goals of the sales management are sales planning and sales reporting. The principles of sales management and its success are four factors. The factors are as follows—
Consistency is the most important one. The rules and guidelines should be established and it should be followed. It does not mean that the rules should be rigid. There are times that require flexibility and the balance of flexibility and stability should be maintained.
Delegation is very important (Favia and Welliver, 2019). The sales department should all have their own tasks. These tasks should be distributed based on the strength of the employees. The tasks should give the team a sense of purpose.
Equality is also another part of sales management that ensures the sales is high. The standards and accountability should be applicable to all the staff. This ensures that all the staffs are working at their potential. This ensures that the sales department is able to increase their sales and maintain their record.
Conviction is to understand what requires criticism and when to replace a sales rep. Being Diplomatic will not ensure sales and will not ensure that, the department has the best sales reputations.
Sales Reporting
Sales Reporting is the analysis of the sales of the organisation. The report contains various performance indicators that will understand if the sales have reached the goals decided. The reports help to examine the sales team and the ways to improve the sales in order to always increase efficiency and grow as an organisation.
Various Sales Methods
One-Off Selling: In one off selling where, the relationship between the consumer and the organisation is not important. These sales occur in retail shops.
Relationship Selling: These sales that occur in organisations that have a B2B business model where the sale is from business to business. These sales occur from suppliers to businesses.
Customer Centric Selling: These Sales occur in a positive environment to the customer. The approach adds value to the process. The customer is the focus of the sale process.
M1 Principles of Sales Management Being Different in Response to Consumer and Business Buying Behaviour
Buying Behaviour is different between the consumers and businesses. Consumers tend to purchase goods and services for personal use. Businesses, on the other hand, their buying behaviour are based on needing supplies to purchase goods and to resell them to other businesses or consumers. The target market is also different hence the strategies involved and the way the buying process occurs is different as well.
One of the key differences is the differing behavioural characteristics. The buying habits differ within consumer groups. It is changed by the different geographies, different cultures and different economic situations. The business usually has a long term and close relationship with the business they buy from. The same product is used in multiple different ways by the business.
Consumers, on the other hand, tend to have casual relationships with the business and may not stay loyal to the product or the brand (Mizuho and Kanazawa, 2020). Due to this, the sale strategy that will be used with buyers will be different. Sales Strategy for the business might be more personal and based more on building a relationship between the organisations. The sales strategy for consumers will be more concentrated on the product/service provided.
Structure is another factor that is different based on the target consumers. The sale structure and the way the department works will also differ based on whether sales are done for consumers or businesses. The target behaviour will also help the sales department to keep track of the various trends of the industry.
P2: Advantages of Sales Structures with Examples
Sale structure refers to how the sales team is structured into teams in order to ensure that they are able to secure sales. The sales structure includes team organisation, the products individuals will learn about, the size of the team and sales strategy. The sales organisation structure also differs based on whether the company is selling to the organisation or to consumers directly.
H&M is a retail store and follows a horizontal structure of sales management. The sales management structure is made in such a way that the sales managers are very in control of their actions (Malininas et al. 2017). They consumers should view the sales staff as friendly and stylish. This is to ensure that the consumers ensure that the consumer trusts the sales advisor. The sales person is hired based on their abilities to be able to be fashionable and choose great pieces. This helps to ensure that the advisor can pick out outfit choices that will appeal to the consumer and to suit the consumer.
The hiring is the first process. Then the advisors are trained in order to ensure they are of impeccable behaviour. The advisors can be from an agency or walk-ins. The company has ensured to test the sales people with practical situations. The hiring process consists of real life scenarios and group interviews. This to ensure that the sales people are well rounded and they are able to strive in any situation. The training is rigorous as well. The training program is 12 month long and only when a salesperson is approved at the end of the program, they will be hired by the company.
P3 Significance and Benefits of Selling Through Others
‘Selling through Others’ is when the consumer...
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