Market and Sales

8/22/2019 Market and Sales

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INTRODUCTION

To

Market & Sales

Presented To :

Saurabh Mishra

Submitted By :Vivek Bhattacharya

Kunwar Vikram

Shreyas Bharadwaj

Sandeep Mishra

Balram Mishra

Gyanesh Shukla


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PERSONAL SELLING


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Definition of Personal Selling

Personal selling1) two-way flow of communication

2) between a buyer and seller

3) a face-to-face or real time encounter

Why are face to face and two-way important?


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Provides a detailed explanationor demonstration of product

Message can be varied to fit the

needs of each prospectivecustomer

Can be directed to specific

qualified prospects

Instant feedback

Personal persuasion can be usedA good salesman can get

you to buy ice in winter

Advantages of Personal Selling


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When to Use Personal Selling

Customers are concentrated

There are few customers

Product is technically complex

Product is custom made

Product has a high value

Selling image, not product


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Creating Value Through Salespeople

Relationship Selling

building ties to the customer, based on

a salespersons attention and

commitment to customer needs overtime.


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1) Prospecting

2) Pre-approach

3) Approach4) Presentation

5) Close

6) Follow-Up

Six stages of Personal Selling


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Personal Selling: Prospecting

Prospect-possible customer

Qualified Prospect-customer who has desire,

means and power to decide

Cold Canvassing- seller initiated contact of,potential

customers without advance warning.


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3) Approach-First meeting(Physical impressions highly important-appearance, timeliness, confidence)

2) Pre-approach-Gathering information

(when to call, income level, risk tolerance)

Personal Selling:

Pre- Approach & Approach


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Personal Selling:Presentation

A) Stimulus-Response Format (suggestive selling)keep suggesting items until the buyer responds, like the

McDonalds order taker

B) Formula Selling Formatmore formal and planned,

like a telemarketer

Canned Selling Presentation

Memorized, standardized message

conveyed to every prospect.

Works when seller is a novice or

does not know the buyer well


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Personal Selling: Presentation

Need-Satisfaction Format-Let the customer do the talking-

Salesman probes, listens then suggests,

like a financial planner

Adaptive Selling- pro-active but selective

presentation of offerings,

based on pre-approach data

Consultative Sellingre-active presentation

for problem solution


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Personal Selling: Presentation

Handling Objections

Acknowledge and Convert the Objection-

use the objection as a reason to buy (expensive)

Postpone

hold off answer because next info will convince buyer(complicated)

Agree and Neutralize

show the objections insignificance (side effects)

Denialrefute objection with clear facts


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Personal Selling: Close

Trial Close-Can I put you down for blue or green?

Assumptive Close-ask about delivery or warranty choices.

Urgency Close-Offer valid for today only.

Final Close-Buyer initiated acceptance of the sale.


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Address concerns with delivery and installation,

so todays customer becomes tomorrows

qualified prospect or referral source

Personal Selling: Follow-Up


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Sales Force Motivation

Compensation

Straight Salary Compensation Plan

Straight Commission Compensation Plan

Combination Compensation Plan


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Sales Force Evaluation

Quantitative Assessmentssales quotaseasy but ignores selling environment

attitude

attention product knowledge

selling skills

appearance and professionalism

Qualitative Assessmentsbehavioral evaluations


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Personal selling involves the

two-way flow of communication

between a buyer and seller, often

in a face-to-face encounter,

designed to influence a persons or

groups purchase decision.

Personal Selling


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The personal selling process consists

of six stages: (1) prospecting,

(2) preapproach, (3) approach,

(4) presentation, (5) close, and

(6) follow-up.

Personal Selling Process


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Adaptive selling involves adjusting

the presentation to fit the selling

situation, such as knowing when to

offer solutions and when to ask for

more information.

Adaptive Selling


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Consultative selling focuses on

problem identification, where the

salesperson serves as an expert on

problem recognition and resolution.

Consultative Selling


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THEORIES OF SELLING


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THEORIES OF SELLINGSelling is considered as an art by some and a

science by others.

This has produced two contrasting approaches

to the theory of selling.


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Four Theories of Selling

AIDAS

Right set of circumstances

Buying Formula

Behavioral Equation


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AIDAS and Right Set Of Circumstancesare seller oriented theories.

Buying Formula theory of selling is Buyeroriented.

The Behavioral Equation theoryemphasizes the buyers decision process

but also takes the salespersons influence

process into account.


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AIDAS theory of selling

A-Securing attention.

I-Gaining Interest.

D-Kindling desire.

A-Inducing Action.

S-Building Satisfaction.


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Right Set of Circumstances

Theory can be summarized as Everything was right.

This theory is also known asSituation-responsetheory.

A sales person needs to be well skilledto handle the set of circumstances.


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BYUING FOMULA THEORY

OF SELLING


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The name buying formula has

been given by the late E.K.Strong. It is a step-by-step explanation of the

buyers needs. Reduced to its simplest form, the

mental processes involved in a

purchase are

need solution purchase


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After adding the fourth element,

it becomes

Need(or problem) solution purchase

satisfaction


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After modification in the solution

and satisfaction, the buying

formula becomes

need product and/or service and tradename purchase

satisfaction/dissatisfaction


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After adding adequacy and

pleasant feelings, it becomesadequacy pleasant

feelings

need product and/or service and trade

name purchase

satisfaction/dissatisfaction


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Behavioral Equation

Theory


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Using a stimulus response model and

incorporating findings from behavioralresearch, J.A. Howard explains buyingbehavior in terms of the purchasingdecision process, viewed as phases ofthe learning process.

Four essential elements of the learningprocess included in the stimulus-response model are:

1. DRIVES:

a) INNATE DRIVESb) LEARNED DRIVES


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2. CUES:

a) PRODUCT CUES

b) INFORMATIONAL CUES

3. RESPONSE

4. REINFORCEMENT


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Howard incorporates these

four elements into anequation

B =P * D * k * VWhere

B= response or internal response tendency

P= predisposition or the inward response tendency

K= incentive potentialV= intensity of all the cues


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Carrier In Marketing In Sales &

Profession Of Personal Selling

Many managers believe that experience in selling is

critical to a good understanding of the business and is

an important place to start.

The opportunities are numerous, ranging from clerking

in retail stores, order taking, telemarketing and manyother direct marketing activities, managing clients in

endless settings, upto the sophisticated handling of

customers for multimillion dollar purchases of raw

materials, commodities, and equipment. Sales representation occurs in almost all organizations,

including manufacturing, wholesaling, retailing,

insurance, real estate, financial services, and many

other service businesses.


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THANK YOU

Market and Sales

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