Post on 05-Apr-2018
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Retail ManagementRetail Management
Week 4: Motivation, Personal
Selling, Leadership, Training
and Compensation
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Benefits of motivationBenefits of motivation
Work harder
Work smarter
Increased creativity
Higher self-esteem
More relaxedIncreased use of win-win negotiations
Enhanced relationships
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Motivational theories-Motivational theories-
MaslowsMaslows HHierarchy ofierarchy ofNNeedseeds
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Hertzbergs dual factor theory distinguished factors which
can cause dissatisfaction but cannot motivate (hygiene
factors) and factors which can cause positive motivation.
Hygiene factors includes the following:
physical working conditions;
security;
salary and interpersonal relationships.
Hertzberg
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Hertzberg
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1. Expectancy. This refers to a persons perceived
relationship between effort and performance, i.e. to theextent to which a person believes that increased effort
will lead to higher performance.
2.Instrumentality. This reflects the persons perception ofthe relationship between performance and reward; for
example, it reflects the extent to which a person believes
that higher performance will lead to promotion.
3. Valence. This represents the value placed upon aparticular reward by a person. For some individuals,
promotion may be highly valued; for others, it may have
little value.
Vrooms expectancy theory
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Vrooms expectancy theory
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Feelings of inequity (unfairness) can arise when anindividuals effort or performance on the job exceeds
the rewards they receive. For a salesperson inequity
can be felt in the following areas:
Monetary rewards
Workload
Promotion
Degree of recognition Supervisory behaviour
Targets
Tasks.
Adamss inequity theory
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Motivating factors for salespeopleMotivating factors for salespeople
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Motivation in practiceMotivation in practice
Performance is a function of ability and motivation.
Ability depends on education, experience and
training.Motivation can be improved quickly;
Financial incentives
Setting sales targets or quotasMeetings between managers and salespeople
Promotion
Sales contests
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Retail mRetail motivation in practiceotivation in practice
Low-Cost Perks
Discounts on Merchandise
Company Parties
Event Tickets to events
Free Food
Time Off for Charity
Break-room Entertainment
Random Acts of Kindness
http://retail.about.com
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Prospecting
Database and knowledge management Self management
Handling complaints Providing service
Relationship management.
Secondary Functions
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Sales Process PersonalSales Process Personal
SellingSelling
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The Opening
Need and problem identification
Presentation and demonstration
Dealing with Objections
Negotiations
Closing the Sale
Follow Up
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The OpeningThe Opening
What factors are likely to beimportant?
Punctuality
Attire
Body Language
Opening Remarks17
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Need and ProblemNeed and Problem
IdentificationIdentificationUnderstand the customers requirements
Needs AnalysisQuestion Types
Avoid Product Presentation!
Summarise
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TYPES OF QUESTIONSTYPES OF QUESTIONS
Open questions
Closed questions
Specific questions
Probing questions
Hypothetical questionsReflective questions
Leading questions.19
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Question FunnellingQuestion Funnelling
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Dealing with ObjectionsDealing with Objections
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Dealing with
Objections
Listen and do
not interrupt
The straightdenial
Forestall the
objections
Hidden
Objections
Question the
objection
Agree andcounter
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NegotiationNegotiation
Start high but be realistic
Concession for concession
Behavioural skills
Beware of buyers techniques
Shotgun
The future looks bright
Noahs Ark
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The level of buyers purchase intentions
throughout a sales presentation
Close the Sale
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Close the SaleClose the Sale
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Dealing with
Objections
Ask for the
orderThe
concessionclose
The
objection
close
Action
agreement
The
alternative
close
Summarise
and ask
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Follow-upFollow-up
Delivery
InstallationTraining
Reassurances
Referrals?
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Leaders have a strong, defined sense of purpose.
Leaders are affective communicators.
Leaders are persistent and hard working.
Leaders are self-aware.
Leaders are learners.
Leaders love their work.
Leaders inspire others.
Leaders establish human relationships.
Leaders are risk takers. Leaders are keen to help others attain their goals.
Leaders have the ability to motivate and inspire salespeople
to grow and learn.Futrell, C.F.(2000) Sales Management, Dryden Press, Orlando, FL.
Leadership
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Definition of a LeaderDefinition of a Leader
A person who has commanding authority or influence.http://www.merriam-webster.com
A person who influences a group of people towards theachievement of a goal.
http://www.vtaide.com/gleanings/leader.htm
A person who has control or direction of an institution, business,
etc., or of a part or division of it.
Definition of a ManagerDefinition of a Manager
http://dictionary.reference.com/browse/manager
The act of getting people together to accomplish desired goals and
objectives using available resources efficiently and effectively.
Management comprises planning, organizing, staffing, leading or
directing, and controlling an organization.
http://wikipedia.org
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Retail Management and LeadershipRetail Management and Leadership
1. Understand that there is no such thing as a natural-born
leader- trainings required.2. Explain to your retail managers that being a leader is
different from being a manager.
3. Teach your leaders how to communicate messages to
their employees, customers and contacts.
4. Communicate with your retail managers how they can
possess other leadership skills such as enthusiasm,
confidence, courage, pride, adaptability and sincerity.5. Motivate your employees to be better leaders by
rewarding them for their success.
6. Continue to develop leaders.http://www.ehow.com/how_2156404_teach-leadership-retail-managers.html
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Components of a training programme
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CompensationCompensation
Types of compensation Plan
Creatures of Habit
Satisfiers
Trade-off-ers
Goal-orientated
Money-orientated
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