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Introduction to Business

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Introduction to Business ­MGT 211
VU
LESSON 33
PERSONAL SELLING
A promotional tool in which a salesperson communicates one-on-one with potential customers.
It is the most expensive form of promotion per contact. Most companies spend twice as much
on personal selling as on all other marketing activities combined.  Expenses include
salespeople's compensation and overhead, usually travel, food, lodging. The cost of a single
sales call has been estimated at about $300.
Sales force automation and new technologies are relieving salespeople of nonproductive
tasks, making the time they spend with customers more efficient and profitable.
Telemarketing and Personal Sales
Telemarketing, selling over the telephone, is a low-cost, efficient way to reach many people.
However, its intrusive nature has led many states to enact legislation that gives consumers
rights to place their names on "Do Not Call" lists, restricts telemarketers from calling at certain
hours, and prohibits telemarketers from blocking their caller ID technology.
Sales Force Management
Sales force management means setting goals at top levels of the organization, setting
practical objectives for salespeople, organizing a sales force that can meet those objectives,
and implementing and evaluation the success of the overall sales plan.
Personal Selling Situations
i.
Retail Selling--personal selling situation in which products are sold for
buyers' personal or household use.
ii.
Industrial Selling--personal selling situation in which products are sold
to businesses, either for manufacturing other products or for resale.
Personal Selling Tasks
i.
Order Processing--personal selling task in which salespeople receive
orders and see to their handling and delivery.
ii.
Creative Selling--personal selling task in which salespeople try to
persuade buyers to purchase products by providing information about
their benefits.
iii.
Missionary Selling--personal selling task in which salespeople
promote their firms and products rather than try to close sales.
The Personal Selling Process
i.
Prospecting and Qualifying--Prospecting is the process of identifying
potential customers; qualifying identifies those who have the authority to
buy and the ability to pay.
ii.
Approaching--the all-important first few minutes of contact with a
qualified prospect.
iii.
Presenting and Demonstrating--a full explanation of the product, its
features, and its uses, linking its benefits to the prospect's needs.
iv.
Handling Objections--Objections show the prospect is interested and
pinpoint the parts of the presentation with which the buyer has a
problem. The salesperson must work to overcome these objections.
128
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Introduction to Business ­MGT 211
VU
v.
Closing--the most critical part of the selling process in which the
salesperson asks the prospect to buy the product.
vi.
Following Up--a key activity for relationship marketing in which sellers
supply after-sale support that provides convenience and added value.
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Table of Contents:
  1. INTRODUCTION:CONCEPT OF BUSINESS, KINDS OF INDSTRY, TYPES OF TRADE
  2. ORGANIZATIONAL BOUNDARIES AND ENVIRONMENTS:THE ECONOMIC ENVIRONMENT
  3. BUSINESS ORGANIZATION:Sole Proprietorship, Joint Stock Company, Combination
  4. SOLE PROPRIETORSHIP AND ITS CHARACTERISTICS:ADVANTAGES OF SOLE PROPRIETORSHIP
  5. PARTNERSHIP AND ITS CHARACTERISTICS:ADVANTAGES AND DISADVANTAGES OF PARTNERSHIP
  6. PARTNERSHIP (Continued):KINDS OF PARTNERS, PARTNERSHIP AT WILL
  7. PARTNERSHIP (Continued):PARTNESHIP AGREEMENT, CONCLUSION, DUTIES OF PARTNERS
  8. ORGANIZATIONAL BOUNDARIES AND ENVIRONMENTS:ETHICS IN THE WORKPLACE, SOCIAL RESPONSIBILITY
  9. JOINT STOCK COMPANY:PRIVATE COMPANY, PROMOTION STAGE, INCORPORATION STAGE
  10. LEGAL DOCUMENTS ISSUED BY A COMPANY:MEMORANDUM OF ASSOCIATION, CONTENTS OF ARTICLES
  11. WINDING UP OF COMPANY:VOLUNTARY WIDNIGN UP, KINDS OF SHARE CAPITAL
  12. COOPERATIVE SOCIETY:ADVANTAGES OF COOPERATIVE SOCIETY
  13. WHO ARE MANAGERS?:THE MANAGEMENT PROCESS, BASIC MANAGEMENT SKILLS
  14. HUMAN RESOURCE MANAGEMENT:Human Resource Planning
  15. STAFFING:STAFFING THE ORGANIZATION
  16. STAFF TRAINING & DEVELOPMENT:Typical Topics of Employee Training, Training Methods
  17. BUSINESS MANAGERíS RESPONSIBILITY PROFILE:Accountability, Specific responsibilities
  18. COMPENSATION AND BENEFITS:THE LEGAL CONTEXT OF HR MANAGEMENT, DEALING WITH ORGANIZED LABOR
  19. COMPENSATION AND BENEFITS (Continued):MOTIVATION IN THE WORKPLACE
  20. STRATEGIES FOR ENHANCING JOB SATISFACTION AND MORALE
  21. MANAGERIAL STYLES AND LEADERSHIP:Changing Patterns of Leadership
  22. MARKETING:What Is Marketing?, Marketing: Providing Value and Satisfaction
  23. THE MARKETING ENVIRONMENT:THE MARKETING MIX, Product differentiation
  24. MARKET RESEARCH:Market information, Market Segmentation, Market Trends
  25. MARKET RESEARCH PROCESS:Select the research design, Collecting and analyzing data
  26. MARKETING RESEARCH:Data Warehousing and Data Mining
  27. LEARNING EXPERIENCES OF STUDENTS EARNING LOWER LEVEL CREDIT:Discussion Topics, Market Segmentation
  28. UNDERSTANDING CONSUMER BEHAVIOR:The Consumer Buying Process
  29. THE DISTRIBUTION MIX:Intermediaries and Distribution Channels, Distribution of Business Products
  30. PHYSICAL DISTRIBUTION:Transportation Operations, Distribution as a Marketing Strategy
  31. PROMOTION:Information and Exchange Values, Promotional Strategies
  32. ADVERTISING PROMOTION:Advertising Strategies, Advertising Media
  33. PERSONAL SELLING:Personal Selling Situations, The Personal Selling Process
  34. SALES PROMOTIONS:Publicity and Public Relations, Promotional Practices in Small Business
  35. THE PRODUCTIVITY:Responding to the Productivity Challenge, Domestic Productivity
  36. THE PLANNING PROCESS:Strengths, Weaknesses, Threats
  37. TOTAL QUALITY MANAGEMENT:Planning for Quality, Controlling for Quality
  38. TOTAL QUALITY MANAGEMENT (continued):Tools for Total Quality Management
  39. TOTAL QUALITY MANAGEMENT (continued):Process Re-engineering, Emphasizing Quality of Work Life
  40. BUSINESS IN DIGITAL AGE:Types of Information Systems, Telecommunications and Networks
  41. NON-VERBAL COMMUNICATION MODES:Body Movement, Facial Expressions
  42. BUSINESS ORGANIZATIONS:Organization as a System
  43. ACCOUNTING:Accounting Information System, Financial versus Managerial Accounting
  44. TOOLS OF THE ACCOUNTING TRADE:Double-Entry Accounting, Assets
  45. FINANCIAL MANAGEMENT:The Role of the Financial Manager, Short-Term (Operating) Expenditures