Unit 39-LO1 Demonstrate an understanding of the principles of sales management-BTEC-HND-Level 4 & 5

Course: Pearson BTEC Levels 4 and 5 Higher Nationals in Business

Sales management is the process by which a company ensures that it has an adequate supply of goods or services to meet customer demand.

Sales management is a difficult job with long hours and high expectations. There are many skills required to be successful, such as excellent communication skills, the ability to inspire others, and the skill of building relationships.

Sales managers must have an understanding of their company’s products or services and how they compare with competitors so that customers know what sets them apart from other companies in their field.

In this article, I will discuss some tips for managing sales teams successfully; including identifying key performance indicators (KPIs), motivating team members through incentives, creating goals, setting deadlines for tasks, providing feedback after each meeting or training session on how well the team did overall and coaching individuals who need help improving their skillsets.

Also Read: Evaluate the relative merits of how sales structures are organized, and recognise the importance of ’selling through others’

Introduction and scope of sales management:

Definition of sales management and the key aspects of sales management, including planning, selling and reporting

Sales management is defined as the coordination and control of a company’s decisions related to sales. In other words, it’s defined as the ability to coordinate individuals and resources to achieve sales goals. It includes planning, selling, and reporting. Sales managers implement programs that focus on either marketing or customer service with customers.

Once a set goal is achieved, they plan new strategies for maintaining an increased level of success over time while also trying new methods of reaching their stated goals. They do this by focusing on improving both the product or service offered by the company while also improving customer satisfaction through increased levels of dependability in terms of experience for example when working with your company; soft skills such as negotiation skills are also of importance to sales managers.

The key aspects of sales management are planning (CRM or Business Intelligence tools), selling, and reporting. For more information about the technical parts of sales management, like potential necessary skills for success in that role, refer to the article on sales management.

Strategies for measuring and monitoring, including the sales, funnel and hit rate metric

Monitor and measure strategies are related to a store’s sales funnel, or the flow of potential customers that enter your store.

The rate metric is defined as the number of orders per 1,000 emails forwarded. This is what would be used in calculating the percentage of people who are leading towards purchase. In this particular example, one order would mean reaching checkout with at least 1 item – so 2 items equal 2 orders, for instance.

It’s also worth noting that there can be more than just an email forwarding strategy. For instance – advertising and promotion on social media may also influence customer decision-making before they reach your site or physical storefront location!

Different modes of selling (B2B and B2C) and their impact upon buyer and seller roles and dynamics

B2B (Business To Business)

A business can sell to another company’s employees through its marketing and salespeople. These people are also sometimes called “business marketers” or “enterprise marketers”.

Their job is to provide information about their respective business’ products, services, and opportunities- maintain relationships with prospect clients by generating interest in the products/services being offered; they may also work on developing marketing strategies for their businesses.

B2C(Business To Consumer) 

Typically a much more personable buy and sell relation exist between buyer and seller. It is rare that one person conducts all of the interactions with the other party such as in B2B. One would have a salesperson talking them through any options before they agree to purchase.

Consumer buying behavior process

Consumer buying behavior is about the thoughts, considerations, and evaluation processes that a person goes through to decide which products or services will meet their needs. Consumer buying behavior differs in all stages of life.

A lot of different dimensions determine consumer buying behavior including demographics, the society we live and market segmentation.

Marketing mix incorporates promotion tools like advertising, personal selling, or sales promotion as well as places (distribution) like retail stores, points of sale, and online store. Some words can not be left out in this process such as positioning-in other words what the company wants to achieve from product or service; a pricing-a price that meets customer’s perception; and product development-a final product that will be sustainable in long term.

Business buying behavior process

Business buyers typically follow the following process when buying a product or service.

1. There is an occasion for which a need exists, and the buyer will identify it.
2. The buyer then evaluates whether there are other products available to meet that need and assesses one’s options
3. Then they evaluate pricing and take into account any discounts or incentives being offered by those sellers of the goods or services
4. They investigate past experience with customers who used that vendor and what their opinion was about price, service, reliability not just one transaction but cumulative transactions over time
5. How long has this vendor been in business?
6. Are there competing vendors that offer anything close to meeting this requirement
7. Is there social media feedback from others they can use to gauge the reputation of this vendor
8. Can the same product be purchased elsewhere for a lower price if that is an issue?
9. Are there any warranties associated with the service or product being considered and how to do these impact the decision-making process in terms of risk factors?

Sales promotions and incentives

Sales promotions and incentives are methods of encouraging buyers to make the purchase. A buyer may be made more receptive to making a purchase by a competitor or because he/she is simply going through with routine shopping. Promotions and incentives can come in many forms, such as price discounts, free gifts with purchases, etc.

Promotions can also be used for products that crossover into two different markets–for example, Monster Energy Drink originally marketed suburban teens but then became mainstream when it was purchased by Coca Cola’s brand manager; now the company advertises on TV shows like American Idol where corporations would normally have spent much more money due to broader viewership and product exposure.

The impact of new technology on the sales management environment: the use of Skype, video conferencing on tablet devices for improved communication; online events and sales training to improve sales skills and productivity and cloud computing to improve information access

Use of Skype, video conferencing on tablet devices for improved communication

New technology allows managers to use Skype and video conferences with their team, and also to work remotely from a home office. This allows for increased efficiency in the workplace by reducing the traveling time required for meetings.

The new technology is also able to be used on tablet devices which are easier to carry around than laptops. It reduces the need for hard copy slides when presenting reports, giving more space for collaboration at meetings without distractions or tangles of wires.

Remote working does have some drawbacks, namely less face-to-face interaction time with co-workers who may not be based in the same location as you. However, this can be solved by using Skype or video conferencing on tablet devices so that workers can still interact with one another.

Online events and sales training to improve sales skills

One way is through online events and sales training to improve sales skills. A new trend in the technology space has been webinars, which tend to be interactive and provide an overall different experience than a regular face-to-face seminar. If some technological hurdles are surmounted (E-mail address change notification) then they will offer competitive advantages over conventional seminars.

Online events are highly convenient for traveling sales management teams that may never turn up at a physical event on time or at all if social due to geographical distance. More importantly, though, virtual events have ease of access much greater than conventional conferences and meetings as there is no need for them to travel given such convenience.

Productivity and cloud computing to improve information access

New technology has been gradually improving productivity management systems and sales strategies to keep up with the needs of today’s consumers. One successful solution is cloud computing which allows access to vast volumes of information without being constrained by an office or desk. This means anytime, anywhere access to information that is secure and dispersed on a large network.

The impact of new technology on the sales environment has created better customer satisfaction by allowing customers to have 24/7 access for product specifics such as pricing, ordering deadlines, and delivery dates straight through their smartphones—which in turn reduces costs associated with phone lines.

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