Subhankar Mishra | Freelancer Portfolio Item #218123

Sales Management Table of Contents Introduction4 Task 1(LO1) Demonstration of the key principles of sales management5 Introduction5 Various definition and some significant salesmanagement's principles5 Sales management principles5 Some relevant strategies in order to measure and monitor5 Demonstration of the consumer buying behaviour process7 Difference between B2B and B2C sales process8 Benefits of technologies:8 Sales incentive program in Argos:10 Conclusion11 Task 2 (LO2): Evaluation of the merits of how sales structures are organized and recognized in order to identify the importance of "Selling through others"12 Introduction12 Sales executive and sales leadership Ethics of behaviour, sales leadership, and law:12 Selection of appropriate structure by designing and organizing the sales force:12 Training and recruiting for developing an efficient salesforce13 Supervising, managing and leading the developed salesforce13 Performance management, goal setting, and reward14 Significance of “Selling through others"14 Conclusion14 Task 3 (LO3): Analysis and application of the significant principles of successful selling15 Introduction:15 Different sales lead:15 Successful selling related principles16 Tactics and techniques of negotiation16 Managing relationship17 Terminating relationship17 Conclusion17 LO4 Demonstrate an understanding of the finance of selling19 Introduction:19 Explain the importance of developing sales strategies that yield highest profitability and incorporating account management within sales structures.19 Conclusion:23 References:25 Introduction Sales management plays a significant role in the business operation of an organization. So, the sales manager can be defined as the process of developing an efficient and effective workforce that can assist an organization to fulfill its selling related targets. Apart from that, the sales force also used for implementing some techniques that lead an organization to continuously surpass and hit its organizational goals related to sales. Among the management operations that take place within an organization sales management plays the utmost important role. Moreover, the sales management department of an organization has to identify the prospective buyers for an organization that leads an organization towards business growth. Therefore, this assessment efficiently elaborates on different aspects of sales management of Argos in Holborn that is a renowned catalog retailer company of the United Kingdom. Task 1(LO1) Demonstration of the key principles of sales management Introduction In this section of this assessment, multiple aspects interrelated with key operational activities of sales management are included briefly. Apart from that, some strategies for monitoring and measuring process takes place within an organization regarding sales management are also provided. In addition to this, different modes of selling such as B2B and B2C are given precisely that are truly significant for understanding their impact on the seller and buyer role. Various definition and some significant salesmanagement's principles The sales management department is one of the most vital segments of the marketing mix of an organization. This department tackle merchandising, pricing as well as sales strategies. Sales management principles Sales have to focus precisely on the three aspects of sales management. By dealing appropriately with the three aspects sales of an organization can be optimized by the sales manager. Therefore, the key aspects are, ● Planning- The sales management department of an organization has to figure out some proficient strategies that should allow them to achieve the sales target (Hinson et al. 2018). In this stage, the sales force of Argos fixes some targets regarding sales and conduct some promotional activities on the official website of the organization. Apart from that, the sales manager assigned the team members to a task. ● Selling- The sales department of Argos execute the planning into action through sales channels. The sales department of Argos explain the features of their products to buyers, process the order from the warehouse and deliver orders on time in this stage. ● Reporting- In this stage, Argos uses Key Performance Indicator in order to measure the efficiency of its workforce (Luenendonk,2017). A sales report is usually prepared by authorities in order to measure the capability of sales manager along with that sales report is also a crucial requirement of Argos for convincing investors. Some relevant strategies in order to measure and monitor A metric system that is named as Hit Rate is very useful in order to measure the efficiency of the sales team (Metcalf,2017). It is usually a percentage of the number of sales to the number of attempts regarding the sale. If Argos achieve higher percentage in Hit Rate metric then it can be said that the sales manager is very efficient for sale product. Argos should retain that salesperson who scored a high score in the Hit Rate metric. Figure 1: Hit rate metric Source: (CrazyCall, 2020) Along with that, sales funnel is one of the core concepts of the digital marketing industry (RudovaandPrikhodko,2018). By using sales funnel Argos can increase its sales to the threshold position as well as the company can saturate its sales figures. For implementing sales funnel within Argos,the organization should go through four key stages of the sales funnel. They are, Awareness, Interest, Decision, and Action. Figure 2: Sales Funnel Source: (Cannon, 2019) Demonstration of the consumer buying behaviour process The customer's buying behaviour process is very important for an organization in order to align the sales strategies with the objectives. According to John Dewey, five stages are very important to recognise the aspects of the customer's decision-making process (Zhang et al. 2019). The stages are as follows; Need recognition- Argos should not increase its sales volume without recognizing the needs and requirements of buyers. Although, the needs are triggered by the external and internal stimuli. Information search- After recognizing the needs Argos should identify the most effective way to meet customers' needs. In this stage, the sales management department identify external and internal business environments in order to evaluate the proficient information sources. Evaluate the alternative- In this stage, two factors mainly influence the decision-making process of buyers. They are the customer's involvement and attitude. Purchase decision- According to Philip Kotler (2009), the final decision of buyers influence by two factors they are intention regarding acceptance and buyer's feedback (Johnston,2016). Post-purchase behaviour- In this stage customers compare their purchased product with their expectation level. Therefore, customers may be satisfied or disappointed at this stage. Argos should consider this stage more focus fully in order to saturate their sales volume. Apart from that, Argos should allow their customers to provide feedback regarding their products in Argos' official website or other channels. Difference between B2B and B2C sales process B2B B2C B2B is the short form of “Business to Business”. B2C is the short form of “Business to Customer”. B2B or business to business is of the most significant types of commerce transaction that takes place between manufacturer and wholesaler or retailer and wholesaler. It is the selling process that takes place between a business organization and customers. If Argos considers the process of B2B the authorities should spend much more time developing trustworthy bonding with customers. In this regard, the sales manager of Argos should deliver a proposal to the higher authorities as per the requirement. B2C is a shorter decision-making process as compared to B2B. Argos should aware of the aspects of B2C sales. Apart from that, the organization can gain more prospective buyers through B2C sales. B2B sales conception includes multiple stakeholders. Therefore, in the case of B2B selling, there are multiple influencers are present. B2C sales involved a smaller number of stakeholders. Therefore, Argos can develop an emotional relationship with the buyer more easily regardless of time provide for making the relationship. Table 1: B2B and B2C Source: (Iankova et al. 2019) Benefits of technologies: In this present era of modernization technology advancement occurs rapidly. Thus, organizations should incorporate new and advanced technology within business operations in order to seek a competitive advantage. Argos should incorporate various technical aspects within the sales department in order to saturate the sales volume. Some of the most significant social media platforms are described below; Social media- Nowadays the use of social media applications raises to a greater extent. From a global perspective, 3.499 billion people are active users of social media (Avocadosocial, 2019). On the other hand, in the UK 67% of people use social media platforms significantly. In also can be added that 45 million people are using social media platforms in the UK (Statista, 2020). Therefore, the Argos sales department should consider social media platforms in order to grab more traffic. Skype- In this present time, most of the companies utilize video conferences rather than traditional team meeting. Argos has 880 stores in the UK and occupied 29,000 employees (Argos, 2020a). Therefore, the authorities have to conference with them frequently in order to operate optimally. Thus, skype should be a more efficient one regarding the factor. Argos app- Another crucial technology that can assist an organization to grab success is developing an application. Multiple organization launches its business applications that built with a seamless user interface. Those applications are very crucial in increasing the sales volume of companies. The authorities of Argos are not separate from those organizations. The company also launches Argos application in both iOS and Android. With near about four-point rating, it is justified that Argos captures customers' attention crucially. Alongside, the authorities also launched an application for the iOS devices that positioned in 30th among the shopping apps with 4.8 ratings. Figure 3: Argos app in the apple store Source: (Apple, 2020) Sales incentive program in Argos: Authorities of Argos significantly focus on the incentive programs in order to motivate its sales team, inspire them as well as to encourage them to increase the sales volume. Argos tactically conduct their incentive programs such as the authorities allow its employees to choose their required rewards. Gift card providence is the utmost tactic of the organization. According to Riaz Resh, the sales and marketing manager of Argos stated that the ovation incentive program is another crucial activity of the organization regarding rewards and recognition (Argosforbusiness, 2020). With the help of this incentive program, the authorities fill the gap that exists in the voucher marketplace. Recipients are allowed to capture enormous products without any sort of hassle. Argos collection code significantly convinces people by delivering gift cards. Conclusion According to the above analysis, it can be asserted that sales management is an essential factor for every business organization. The above section entirely covered up minute aspects related to sales management and also included different sales mode that is using by Argos. Along with that, some technologies are also provided in the above section of this report that should be considered by the organization to gain more traffic. Task 2 (LO2): Evaluation of the merits of how sales structures are organized and recognized in order to identify the importance of "Selling through others" Introduction Sales structure can be defined as the structure propounded and managed by authorities of an organization regarding the allocation of tasks, accounting, channels through which products are sales to buyers (Brudner, 2019). In this section of this task, ethical behaviour in sales along with laws that should be obeyed by the salesperson of a company are discussed. Apart from that, the organizational sales structure is also given in this section below. Moreover, different aspects of managing and developing a sales force along with selling through others are also included in this section of this assessment. Sales executive and sales leadership Ethics of behaviour, sales leadership, and law: Every organization has its legislation and leadership approach in order to serve its customers without any flaw. Concerning that, ethical behaviour in relation to sales is another crucial factor. Authorities of Argos efficiently obey laws and ethical behaviour in order to develop and manage strong bonding with buyers. The unethical approach of business organizations can hamper business growth and also it can impact negatively the brand image. By managing ethical standards within an organization, the company just not secure excellent bonding with customers they also manage trustworthy bonding with employees. Hence, the authorities of Argos are fully committed to managing ethics and transparency in their operations in order to achieve the trust of all stakeholders. Multiple laws also exist within Argos such as competition policy, Anti-fraud policy, Code of Business Conduct and Anti Money Laundering (Argos, 2017). Apart from that, the Third-Party Act, 1999 represents that any other party who is not a member of the organization does not confer any benefits (Argos, 2020b). Moreover, the intellectual property rights of Argos demonstrate that every customer and other stakeholders are just allowed to use those materials that are only authorized by the company. Selection of appropriate structure by designing and organizing the sales force: Geographic structure: An organization should organize its sales department based on the geographic location of the company. Therefore, it can lead the firm to rapport with local companies (Brudner, 2019). An organization can seek in-depth vision about the local competitors and also set can strategies to beat them. Argos can gain more competitive advantage by utilizing this structure. Some advantages of this structure are that, ● This structure can minimize cost structure and can shorten salesperson meet up time with customers. ● It allows taking more efficient and effective knowledge about the territory. ● CRM data accessibility is the utmost use of this structure. Product-based structure: This structure enables the alignment with sales person's skill set with the products line up. With the help of this structure, Argos can increase its sales volume significantly. The organization can allocate every salesperson with a specific product according to their knowledge. Some advantages of this structure are as follows; ● This structure helps in positioning every salesperson. ● Salespersons are committed to selling a given product. Customer-based structure: This structured focus on the segments of customers. A salesperson sells the product to its customers according to their segments. This structure can lead Argos to efficiently implement some strategies According to customers' decision-making process. Advantages of this structure- ● It allows managers to make enhance service quality. ● Aligned customers' needs with products. ● Sales volume of the market and potential of market concentrate within a single structure. Training and recruiting for developing an efficient salesforce Recruitment procedure within an organization managed by the HR department of the company. Argos also hires employees with the help of its HR professionals. In regards to sales, HR department hires employees as per the knowledge and skills of the prospective applicants regarding the sale. Argos won several awards regarding its development programs conducted within the organization. The authorities of the company provide training programs according to the need for a specific job role. Moreover, the managers of Argos provide training programs with respect to employees' interests, strengths, and potential (Argos, 2020c). Supervising, managing and leading the developed salesforce The authorities of Argos crucially managed the sales force in order to seek the full potential of its employees. Every sales manager of the company focuses on its employees’ skills regarding sales and monitor their progress every time. Apart from that, leaders of the organization deliver knowledge and skills that can enhance skill sets of the employees. Performance management, goal setting, and reward In terms of rewards and recognition, the authorities of Argos take several measures. The authorities of Argos conduct Employee Motivation Day that creates a good and healthy relationship with its employees (Lombardi, 2016). Although, the authorities provide reward points to customers as per their buying amount (Epoints, 2020). The program organized by the company efficiently allows the organization to manage a loyalty bonding with its employees. Significance of “Selling through others" Selling through others is the concept in which organizations utilize other third-party retailers in order to sell their products. The Argos made collaboration with Third-party suppliers in order to increase their sales volume. Therefore, it can be said that Argos can gain more customers apart from their range of customers due to the assistance of its suppliers. With the help of the collaboration with Sainsbury's that allows the organization the sale of its toys at Christmas when people visited Sainsbury's to buy their required products (Butler, 2020). Argos opens several stores within the stores of Sainsbury's that crucially enhance the brand image of Argos. Near about 89,000 products are offered by Sainsbury's in 1200 stores (About, 2020). After taking over the Home retail group Sainsbury's open mini-shop that almost doubled the number of Argos outlets. Apart from that, Argos tied up with eBay and provide a new offer that is named as ‘Click and Collect' (Sellercentre.2020). This feature allows customers to control their receiving time of parcels and also the customers can select the location of delivery. Conclusion According to the above description, it can be asserted that the sales structure within a company supports the organization to gain business success. The selection of proper sales structures is the most important thing. Sales managers of Argos should consider the aforementioned advantages of every structure and implement strategies regarding the same. Furthermore, aspects of selling through other concepts are also elaborated in the above section. Task 3 (LO3): Analysis and application of the significant principles of successful selling Introduction: Sales lead can be defined as the process through which an organization significantly identify its potential and prospective customers and implement several strategies to provoke them in purchasing a product. An organization cannot achieve business objectives without recognizing the most effective leaders. Apart from that, it can be stated that customers relationship is one of the most significant factors in regards to marketing. This section of this assessment includes different categories of sales lead and also includes proficient pitching and position. Moreover, termination of relationship and exit from customers relationship are also provided in the section below. Different sales lead: Multiple organizations crucially focus and emphasize on the different sales lead in order to gain maximum efficiency. The different sales leads are described below; Hot leads Hot leads are often named as qualified leads. In this category of sales leads, customers like to patronize the products of an organization. In this segment, customers need the products of the company and also prefer to buy the products. Alongside, prospective customers also refer to the company's products to its family and friends. This lead is categorized into two segments they are MQL or Marketing Qualified Lead and SQL or Sales Qualified Lead (UnboundB2B, 2019). Hot leads mainly to deal with customers' decision-making process. As an example, customers of Argos visit the stores or online sites to buy a particular product. Knowing the excellence of the leads BANT concept is very significant. BANT consists of four arms they are, ● Budget- Need for money to buy a product (Julienne et al. 2019). ● Authority- This category describes that purchasing a product depends upon customers or it is influenced by authorities. ● Need- This category deals with customers' requirements regarding a product. ● Time frame- The time required to purchase a product. Cold leads Within an organization, some leads are present that are not useful to convert. In this type of lead customers never or just a few times visit the organizational store. This leads to a sale scan that satisfies two criteria of BANT. Authorities of an organization just want to seek knowledge about their customers. In this regard, the authorities conduct some research in order to get their details. In this type of lead, customers do not any sort of intention to buy a product. In this leads Argos may not decide the outcome. Warm lead This lead misses the 1 and 2 criteria of the BANT concept. Although, an organization can transform this type of lead into the hot lead by using some tactics. Argos launched iOS and Android applications in order to attract customers' attention which is a very crucial thing. Therefore, the authorities can track every action of customers through the rating of the apps. Argos can utilize email and Direct message marketing in order to transform the warm leads to hot leads. The marketers should message their customers frequently with the help of which Argos can gain more customers. Successful selling related principles Argos can increase its sales volume by utilizing the concept of pitching and positioning. The approaches of successful selling are described below; Appropriate pitching as well as positioning: According to the aforementioned analysis of sales lead it is found that an organization can transform its warm leads into hot leads by applying some efficient marketing tactics (Zenk,2017). Therefore, it can be asserted that Argos should incorporate customers' needs into products in order to pull customers. Therefore, the authorities of Argos should precisely position its products and also should emphasize on the pitching of the products. Eventually, the marketers of the company should interact with its customers more in order to seek their perception regarding the products. Throughout this method, Argos can showcase its products more efficiently and gain more prospective buyers towards the company. Tactics and techniques of negotiation Negotiation in terms of sales management plays a significant role although more negotiation can impact negatively the sales volume of the company. Therefore, Argos should use the most effective negotiation techniques regardless of just implement tactics to gain customers. some crucial and significant tactics that should Argos consider are as follows; ● Salesperson of Argos should allow customers to negotiate their products. In regard to this, the sales executives should keep a significant factor in mind that is the providence of such products regarding which customers have to think twice before negotiating the product. ● Argos should not negotiate the price. As an example, if a customer gets a product at a low cost then he or she wants to buy the product at a low cost every time (Softwareadvisoryservice, 2020). Therefore, the authorities of Argos should not allow this kind of scenario. ● The sales management team should allow customers to give their consent regarding a product. With the help of this strategy, salespersons can efficiently grab customers' perceptions regarding a product. Closing sale In terms of negotiation it consists of five stages they are as follows; Pre-closing approach- In this stage the company should have sufficient time and engage customers also in order to provide the essence of a part of this process to consumers. Discovery stage- In this stage, the authorities of Argos should devise some questions to find out the sections that need to improve. Although, if the issues are already then, the should take measures relevant to them. Presentation- Company has become ready to pitch the thoughts regarding sales. The presentation should be done concisely and also it should be distributed to employees. Handling with objectives- In this stage, customers provide their consent regarding an issue. Therefore, if the company has to say No to them the authorities should say it affirmatively for managing its vulnerability. Closing- Every issue should be closed by Argos after resolving it. The salesforce should not behave arrogantly in this phase. Managing relationship According to the BANT concept customers' decision-making process depends upon 4 factors. In which time plays an important role. Along with that, the influence of authority and need is also crucial. With respect to the analysis, it can be asserted that proper relationship management can assist Argos to increase the sales volume. Therefore, the sales executives of Argos should manage a loyalty bonding with buyers and manage it appropriately in order to retain customers. Argos should use CRM software regarding the aforementioned analysis in order to increase sales volume. Zoho CRM is one of the best software that every organization should consider (VijayaandAnitha,2020). By using the tool an organization can share information among the team members and also it can track every sale record. Terminating relationship After developing, relationships termination of that relationship is another significant factor in sales management. Though, the authorities precisely exit from the relationship. In regards to this, Argos in Holborn should develop a transition plan. Also, the authorities should deliver highlights of the relationship to the stakeholders that should include leads, acquisition cost, lifetime value of customers and so on. Moreover, the authorities of the company should grab an asset before terminating the relationship with customers (Oetting,2020). Lastly, Argos should survey with customers in order to terminate the relationship in an effective way. Conclusion Authorities of Argos should maintain ethical standards in order to manage the customer relationship. Alongside this, the authorities should keep the aforementioned analysis in mind and implement some business strategies regarding the same. It can be concluded that through implementing strategies Argos can increase their sales volume as well as they can transform warm leads into hot leads. LO4 Demonstrate an understanding of the finance of selling Introduction: This unit of this report will concentrate on those strategies that will enable Argos to achieve high sales by increasing their productivity. Therefore, it is also necessary to understand the concept of the sales cycle too. Below there is a detailed discussion of the sales series and its stages. Explain the importance of developing sales strategies that yield highest profitability and incorporating account management within sales structures. Concept of the sales cycle: The sales cycle is a procedure that is adopted by the companies at the time of selling their product to the consumer (TrackMaven, 2020). The sales cycle is associated with all the activities of closing sales. The concept of sales cycle changes as per the business activities of the companies. However, the business sale operations of Argos can be tracked methodically by the sales cycle process. Because keeping track provides a boost to the sales operations to increase the business. Fast sale cycles are more effective for the companies as it increases the profitability of the sales. There are mainly seven stages in the sales cycle procedure (Lucidchart, 2020). They are discussed below briefly. Source: (Getbase, 2020) A figure of the Sales cycle 1. Prospecting for leads: The sales cycle process is generated to sell products to a new customer. That is why at the very first stage Argos should identify the prospective consumer. To simplify the prospecting of the leads process, Lucidchart diagram is useful. 2. Contacting the customers: After identifying the prospect of the sales of the business, then it is needed to make contact with the customer (Lucidchart, 2020). In this process, good communication skills are very necessary. Argos can contact their customer through e-mail or other channels. A sales cycle flowchart is very helpful in this case to track this contact. 3. Qualify the customers: This process can be generated right after contacting the customers. Qualifying the customer means procuring the customer to buy the products. This process is done in the first sales meeting generally. 4. Presenting the product: After identifying the potential new customer for Argos, it is needed to present the products in front of them briefly. This stage demands a lot of preparation because a good demonstration of the product will lead the company to achieve its business target partially (Lucidchart, 2020). 5. Mitigating customer issue: In the sales cycle procedure, it is essential to ask the new customer of Argos whether they have any objection or not regarding the products. This stage will generate trust for Argos in the mind of the customer. If there is any hesitation regarding the products, then the company should immediately confront those issues. 6. Closing the sale: At the time of the closing of the sale, the employees of Argos should be as enthusiastic as before when he starts the sales cycle. This is very important to remember that a sale cycle is not over after the first meeting with the customer. 7. Generating referrals: Lastly, it is very essential to ask the new customer whether they will recommend to their families and friends or not (Lucidchart, 2020). If yes, then the employees of Argos can ask for a referral letter from the new customers. Portfolio management: Portfolio sales define the selling of a large group of several financial assets in a single transaction. Therefore, Portfolio management is a procedure that is by the sales professionals to achieve the highest revenue from the accounts group by satisfying the customer fully (Investopedia, 2020). Through four stages the marketers of Argos can proceed with a Portfolio in their business. They are repurchase, replacement, then expansion and lastly innovation. Calculating margins: There are several processes through which Argos can calculate their profit margin. Generally, there are three stages to calculate the profit margin (Patriot Software, 2020). First, it is needed to identify net income. Net income can be measured by subtracting the overall expense from the earnings. Then, it is needed to make a division of the net income by the earnings or revenues. Lastly, the result needs to be multiplied by 100 to make the percentage of the profit margin. Performance management: For the ultimate success of a business, the performance of the employees needs to be super-efficient. So, it is the responsibility of the HR manager of Argos to manage the performance of the workers. Even the project manager of the company is equally responsible to maintain the overall performance of the organization. The employees are efficient in their area, then Argos can improve their business in the market by increasing their productivity. For this purpose, employees of Argus should be aware of their responsibilities perfectly. Performance management in sales has many benefits as it adds more value to the sales of the organization by managing the performance of the employees as per the standard of the organization. Source: (Shutterstock, 2020) A figure of performance management Payment mechanisms and terms: The payment mechanism is a policy of sharing the risks between the partners of the public and the private sector and then incentivize performance-based payments (SWG, 2020). The payment mechanism is two types, such as availability and revenue-based. In the case of Argos, payment mechanisms can be expressed precisely as there is a connection between the production of the company and the back office. Conclusion: At the end of this discussion, it can be said that sales management is a process of various stages. But, it has great importance in the business operation of Argos. 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