5 Promotional Items for Boosting Your Business’s Sales Boosting your business’s sales is key if you want to compete in today’s intense economic landscape. One of the best ways to get people to notice your business, and become fond of your brand, is by handing out branded promotional items. If you want to use this … Read more
Factors Affecting Decision Making Process of a Consumer Various factors influence the decision-making process of a consumer. Some of these are internal factors or personal influences that are individualistic in nature. These factors are not visible, though they influence the consumer to a great extent. Learning, perception, motivation, attitude, self-concept, etc. are some such factors. … Read more
Stages of Buying Process The buying process is divided into various stages – Need recognition, Information search, Evaluation of alternatives, Purchase and Post-purchase evaluation of decisions. Below are various stages of buying process: Problem Recognition The decision making process begins with the recognition that a problem exists. The problem may be functional like a slow … Read more
External Affecting Consumer Behavior Besides the internal factors, external factors also Influence consumer behavior. These factors are not individualistic,and are external to the individual. These factors include culture, subculture, social class, reference group and family influences. These factors are associated with the groups that the individual belongs to, and interacts with. Culture Culture refers to … Read more
Customer Portfolio Management A company’s marketing strategies ‘should encompass an entire portfolio of customers at different relationship levels. This process is called ‘customer portfolio management.’ ‘Customer portfolio analysis enables managers and researchers to capture a customer’s value contribution to a firm’s portfolio of relationships rather than analyzing a customer’s value to the firm in isolation.’ … Read more
Competitive Strategy Success is achieved by choosing a generic strategy and following it. Below-average performance is associated with failure to achieve any of these generic strategies. The result is no competitive advantage, a stuck-in-the-middle position that results in lower performance. Firms need to understand the genetic basis of their success and resist temptations to blur … Read more
Segmenting Consumer Markets Markets can be segmented in many ways. Segmentation variables are the criteria that are used for dividing a market into segments. The chosen criteria should be good predictors of differences in buyer behavior. There are three broad groups of consumer segmentation criteria: Behavioral, Psychographic and Profile variables. Behavioral variables such as benefits … Read more
Management of the Sales Force A large proportion of employees of companies are engaged in sales activities. Efficiency and effectiveness of a sales force are very strong determinants of competitiveness of a company. Managing a sales force is an intricate task because most salespeople work away from the direct supervision of their managers. Setting Objectives … Read more
Designing the Sales Force Two critical decisions determine the design of sales force: sales force size and sales force organization. Sales Force Size Sales force size is decided by workload approach. Workload approach is based on calculation of total annual calls required per year divided by the average calls per year that can be expected … Read more
Phases of Selling Process There are different phases of selling process. A salesperson must know some of the personal selling strategies to make a sale. Moving step by step from preparation to presentation can help a salesperson to close a sale early and quickly. Preparation Preparation enhances confidence and performance when the salesperson comes face … Read more
Personal Selling Strategies Personal selling strategies should be derived from the marketing strategy and should be consistent with other elements of the marketing mix. The following variables should be considered while formulating a sales strategy. Below are few Personal Selling Strategies 1. Call Rates If the intensity of competitive rivalry is high in the … Read more
Different Sales Forecasting Techniques/Approaches The approaches to forecasting include the causal and non-causal approaches. In the causal approach, the business has no control over the causal variables in society. These variables include gross national product, population, and general economic conditions. However, a business does exercise some control over its prices, advertising, production lines, and the … Read more
Factors Influencing Pricing Decisions Price-quality Relationship Customers use price as an indicator of quality particularly for products where objective measurement of quality is not possible, such as drinks and perfumes. Price strongly influences quality perceptions of such products. If a product is priced higher, the instinctive judgement of the customer is that the quality of … Read more
Sales Responsibilities The primary responsibility of a salesperson is to increase sales. For order getters this will involve identification of customers, presentation, demonstration, handling objections and closing the sale. In order to generate sales, six enabling functions should be carried out. Prospecting Prospecting is searching for and calling upon potential customers. Most sales person rely … Read more
Major Sales Promotion Techniques Companies use various sales promotion techniques to promote their products. The intention is to increase sales, make a large customer base, encourage trial, encourage repeat purchases to stimulate consumers’ purchase. The types of sales promotion techniques used by the company depend upon the sales promotion objectives set by the company. Consumer … Read more