SALES AND RETAIL MANAGEMENTlavkush re.pdf

HR

1. KMBN MK04
SALES AND RETAIL MANAGEMENT

2. Introduction to sales,Roleof selling in
Marketing

23. Process of effective selling

Steps in Sales Process

Experts have suggested a five-staged formula known as A-I-D-A-S for effective selling process. However, this formula is
more closely related to sales presentation (only one step in selling process), and not the entire selling process.

The formula has been briefly discussed here:

(1) ‘A’ - Attention calls for drawing attention or attracting of prospect. Salesman should try to adjust his talk with the
needs of prospect or should talk according to the interest of potential buyers.

Interest calls for making the customer interested in products. Salesman should do all possible efforts to arouse

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customer's interest in product.

29. Theories of selling

Selling is a key element of a company's promotional mix. It is one-on-one interaction between a salesperson and a
prospect. In the early 21st century relationship-oriented consultative style approach to personal selling, salespeople get
to know prospects, find out their needs and make honest recommendations about product or service solutions. Anumber
of theories help sellers better understand the role they play in selling to customers.

1. Maslow's Hierarchy

One of the foundational need theories in psychology is Maslow's Hierarchy of Needs. Abraham Maslow introduced his five
levels of human need in a 1943 paper. He indicated that people have five basic needs, which they address in order of
priority. Physiological needs are first, followed by safety and security, social belonging, self-esteem and self-
actualization. This theory has huge value in selling in that salespeople get to know prospects and ask questions to discover
their needs in a buying situation. Realizing where people are coming from on the Maslow pyramid is a part of a seller’s
emotional intelligence. For instance, car buyers may be most concerned with basic survival or security and want an
‘economic, dependable vehicle. Others buy cars for social or esteem reasons.

37. UNIT 2

38. BARGAINING AND NEGOTIATION
DIFFRENCES AND SIMILARITIES

54. Negotiation strategies

When doing business we don’t have a choice as to whether or not we negotiate. The only choice we have is how well we
negotiate. We all go through some sort of negotiation each day. We promote products, services, thoughts: supervisors
use negotiating skills to mo:
parents negotiate with their cl
finances.

ate employees, set budgets and timelines, employees negotiate for promotions and raises,
Idren to clean up and spouses negotiate each time they decide how to manage their time or

Essential Negotiation Strategies

1. You Can Negotiate Anything

The first thing you should know about negotiating is that everything is fair game, not just cars and houses. At
stores, we tend to look at price tags and presume that the offer is final. It rarely ever is. At the very minimum,
you should always ask the clerk if they have any coupons available or if any other discounts apply.

2. Ask to Speak With a Manager or Owner

Most sales clerks don't really care if you make a purchase or not. They're getting paid minimum wage, and your
purchases won't put any more money in their pocket. So the second step is to find the person at the store who will
directly benefit from the sale. Ideally, you will want to speak with the owner of a small store, but that is impossible
with bigger retailers.

58. Conflict resolution

Conflict resolution can be defined as the informal or formal process that two or more parties use to find a peaceful
solution to their dispute.

A number of common cognitive and emotional traps, many of them unconscious, can exacerbate conflict and contribute
to the need for conflict resolution:

ㆍ Self-serving fairness interpretations: Rather than deciding what's fair from a position of neutrality, we
interpret what would be most fair to us, then justify this preference on the bases of fairness. For example,
department heads are likely to each think they deserve the lion's share of the annual budget.
Disagreements about what's fairlead to clashes.

+ Overconfidence: We tend to be overconfident in our judgments, a tendency that leads us to unrealis
expectations. Disputants are likely to be overconfident about their odds of winning a lawsuit, for
instance, an error that can lead them to shun a negotiated settlement that would save them time and
money.

+ Escalation of commitment: Whether negotiators are dealing with a labor strike, a merger, or an
argument with a colleague, they are likely to irrationally escalate their commitment to their chosen
course of action, long after it has proven useful. We desperately try to recoup our past investments ina
dispute (such as money spent on legal fees), failing to recognize that such “sunk costs” should play no
role in our decisions about the future.

+ Conflict avoidance: Because negative emotions cause us discomfort and distress, we may try to tamp
them down, hoping that our feelings will dissipate with time. In fact, conflict tends to become more
entrenched, and parties have a greater need for conflict resolution when they avoid dealing with thei
strong emotions.

62. Negotiation and discussion stages

64. Listening skills :cognitive process of
listening

67. Persuasion strategies and its
effectiveness

73. Ethics in sales

Markets present a clash of interest between various players. There is competition for resources, customers and price etc, which
breeds ground for activities that may not get ethical sanctions. A certain code of conduct, policies and practices called ethics are
required to manage markets and marketing.

Sales ethics refers to a set of behaviors that ensure that every lead, prospect and customer Is treated with respect, fairness,
honesty and integrity.

It means that, as a salesperson or marketer, you put the people you sell to first. You respect their choices and opinions instead of
forcing your agenda on them.

Marketing Is the heart of all businesses and all other functions depend upon the same for keeping the business moving. It is one
business function that interacts the most with markets, in fact markets are meant to sell and they exist only when they sell! In such
a scenario there are bound to be multiple players and a clash is inevitable. Such clash leads to malpractices like hoarding, price
competitions, brand wars and use of unfair tactics, which is precisely where marketing ethics come into play.

76. Adopt the serve don’t sell the method

80. Benefits of being assertive

One of the main benefits of being assertive is that it can help you to become more self-confident, as you gain a better
understanding of who you are and the value that you offer.

Assertiveness provides several other benefits that can help you both in your workplace and in other areas of your life. In general,
assertive people:

+ Negotiate successful “win-win” solutions. They are able to recognize the value of their opponent's position and

can quickly find common ground with him.

Make great managers. They get things done by treating people with fairness and respect, and are treated by

others the same way in return. This means that they are often well-liked and seen as leaders that people want

to work with.

+ Are less anxious and stressed. They are self-assured and don't feel threatened or victimized when things don't
go as planned or as expected.

« Are better doers and problem solvers. They feel empowered to do whatever it takes to find the best solution to
the problems that they encounter.

81. Body language

Body language is a kind of non verbal communication, where thoughts, intentions, or feelings are expressed by physical
behaviors, such as facial expressions, body posture, gestures, eye movement, touch and the use of space. Body language
exists in both animals and humans, but this article focuses on interpretations of human body language. It is also known as
kinesics.

The important elements of body language are:

Body postures: Emotions can also be detected through body postures. Research has shown that body postures are more
accurately recognised when an emotion is compared with a different or neutral emotion

Personal appearance: Appearance can alter physiological reactions, judgments and interpretations.as it
the first impression is the last impression.

ightly said that

Facial expression: Facial expression is integral when expressing emotions through the body. Combinations of eyes,
eyebrow, lips, nose, and cheek movements help form different moods of an individual (e.g. happy, sad, depressed, angry,
etc.)

Sitting or standing postures also indicate one’s emotions. for eg: A person sitting till the back of his/her chair, leans
forward with his/her head nodding along with the discussion implies that he/she is open.

89. The bargaining and closing stage,makingconcessions, the
techniques,confirmingagreement