What is Marketing? Then ask for the order. Discuss and define marketing and how advertising relates to marketing strategy Its organization and compensation methods. The personal selling process is a 7 step approach: prospecting, pre-approach, approach, presentation, meeting objections, closing the sale, and follow-up. The steps of personal selling are also knows as the sales process or cycle. Performed marketing strategy is the case which is determination of the place of financial institutions on customers’ mind. In retail, sales representatives interact with customers who come to the business in pursuit of products or services. Presentation and demonstration: The sales presentation should be based on AIDA formula.In other words, the presentation should gain attention, ho!d interest, arouse desire and obtain the action of the buyer. 2. Planning the sales call (pre-approach) 7. The resistance of the customers may either be psychological or logical. Benefits explain the economic, technical aspects and social benefits delivered by the offering. 1. Personal Selling Steps. The stages in personal selling are briefly explained below. 2. Many sales representatives rely on a sequential sales process that typically includes nine steps. Stage One - Prospecting. For example, salesmen go to different societies to sell the products. In most cases, there are a multitude of tasks that must be completed prior to obtaining a commitment to move forward with the deal. My company and I appreciate your willingness to see me. Prospecting. Personal selling is a form of selling that many companies rely on heavily to promote and move their products. Personal selling and Competition: 12 A Five Stage Personal Selling Process. 2. Scene 1: NEW FIRM, NEW PRODUCT LINE/MIX 13 The Selling Process includes: 1. A Five Stage Personal Selling Process Marketing Essay. When communicating the value of your products or, INTRODUCTION 3 Five stages in this evolution of selling are presented and discussed: provider, persuader, prospector, problem-solver, and procreator. It also helps to obtain necessary information about the market and pass on the same to the producer. Persuader Stage: Selling involves an attempt to … Stage One – Prospecting. Prospects should be qualified, which meansthat they need to be assessed to see if there is business potential, otherwise you could be wasting your time. Getting the names of the prospects from organizations and associations. Stages of the selling process 9 This will enable the firm to produce products that match with prospect needs and wants thus it will be easy for the, as the stage, and goods as props, to engage individual customers in a way that creates a memorable event. Personal selling allows the marketer to communicate directly with the prospect or customer and listen to his or her concerns, answer specific questions, provide additional information, inform, persuade, and possibly even recommend other products or services. The salesperson should be properly dressed which coincides with the temperament of the buyer. Some sales organisations will blend together some of these stages. Objection handling. Desire: Build desire by starting with the OBJECTIVE and designing for the total project. Canned approach is memorized sales talk covering the main points while formulated approach identifies the buyer’s needs and buying style and then uses an appropriate approach. Describe the role of the advertising agency. 5 steps of the sales process. Logical resistance is based on some reasons associated with price, delivery schedule; product or company characteristics, etc. This helps in making sales. The salesmen aim to inform and encourage the customer to buy, or at least try the product. Prospects should be ‘qualified,’ which means that they need to be assessed to see if there is business potential, otherwise you could be wasting your time. Bank marketing does not only include service selling of the bank, Advertising and the Marketing Process 5. Personal selling: the conceptual framework: 9 This is to identify and qualify prospects in order to help sales people in the process of selling. Sales presentation varies in style. 3. Industrial Selling Environment 3 Marketing and sales differ greatly, but have the same goal. 4. Commodity selling was popular in the late 1950s through 1960s and focused on price through discounts. It was first described by Dr. Elisabeth Kubler-Ross in 1969. Prospecting and qualifying: ‘Prospecting and qualifying’ are the first steps the personal selling process. This is the first and the most basic step in the selling process. This is the first stage of every sale. Prospecting and qualifying: ‘Prospecting and qualifying’ are the first steps the personal selling process. By Wayan Vota on October 22, 2009. For example, if the prospect is a company, then he should know what the company needs, who takes purchase decisions and who are its buyers. However, today, the concept of selling experiences, in banking sector should be considered under the service marketing framework. 4. Pickton and Broderick (2005) mentioned, most important and vital strategic areas of an organization's success. Salesperson should overcome these objections by adopting a positive approach. 5. Each step of the process has sales-related issues, skills, and training needs, as well as marketing solutions to improve each discrete step. Merits of Personal Selling: Closing the sale: A goods sales talk results in clinching a sale. Scene 2: NEW UNKNOWN FIRM AND OLD, ESTABLISHED PRODUCT CONCEPT 14 While personal selling positions have been categorized into taxonomies, a longitudinal view of how selling jobs change or evolve has not yet been provided. establishing a booth at trade shows and exhibitions, getting the names of the prospects from existing customers. The opening line should be positive. The 5 Basic Stages of Selling. Prospects should be 'qualified, ' which means that they need to be assessed to see if there is business potential, otherwise you could be wasting your time. Interest. He may give details about delivery time, purchase terms and mode of payment of price, etc. The salesperson should qualify the prospect, collect information and make an immediate sale. Personal selling ensures development of relationship between the sales person and the prospective customer. Each layer adds more customer value, and the five levels are: Personal selling becomes necessary for a firm to achieve quick sales. Pre-approach: Having found out the prospective customers, the salesperson should collect some important details about the prospects. The sales process can be used in face-to-face encounters and in telemarketing. FOUNDATIONS OF PERSONAL SELLING: AN ORGANIZATION CUSTOMER FOCUS: 5 Personal selling happens when companies and business firms send out their salesmen to use the sale force and sell the products and services by meeting the consumer face – to – face. Each stage of the process should be undertaken by the salesperson with utmost care. This is a “features, advantages, benefits and value” approach. Scene 3: OLD FIRM, NEW PRODUCT-SERVICE 14 searching names by examining data sources such as newspapers, directories, CD-ROMs etc. Exogenous Variables: 3 A Five Stage Personal Selling Process. A Five Stage Personal Selling Process. Besides he should also decide on the timing of approach, based on the convenience of the prospects. All the earlier stages of sales talk namely, prospecting, pre-approach; approach, presentation and handling the objections have been designed to induce the prospect to make decision to buy so that a sale can be concluded. In planning its market offering, the marketer must address the five product levels of the customer-value hierarchy. It is the personal selling process that allows marketers the greatest freedom to adjust a message to satisfy customers' information needs. The personal selling process involves seven steps that a salesperson must go through with most sales. Read on for 5 examples of personal selling that take place over email. There are many sources from which potential customers can be found: observation, social contacts, trade shows, commercially-available databases, commercially-available mail list and cold calling. Thus, follow up is necessary if the salesperson wants to ensure repeat purchase. Personal Selling Examples. The personal selling process consists of a series of steps. 3. To what extent are the ‚Äòself‚Äô and ‚Äòidentity‚Äô separate from society? For example, 'You need product X in blue, by Friday, packaged accordingly, and delivered to your wife 's office. ' Prospecting is all about finding prospects, or potential new customers. Stage One - Prospecting. A Five Stage Personal Selling Process. Prospects should be 'qualified,' which means that they need to be assessed to see if there is business potential, otherwise you could be wasting your time. You can have the best or most innovative products or services, but if your internal and external communications are weak, then the demand for your products or services raises a personal flag of concern. He must convert the objections into reasons for buying. The first step of the personal selling process is called ‘prospecting’. into one of five (5) stages of the personal selling process: (1) prospecting and qualifying, (2) approach, (3) presentation, (4) handling objections, or (5) gaining commitment. Handling and overcoming objections are the most important part of sales process. 2. The Nature of Personal SellingTo integrate the PS effort into the overall promotional program, we must understand the nature of this tool.Wotruba has identified five distinct stages of personal selling evolution:1. He should know how to greet the buyer before starting his conversation. Interest: Build interest through an emotional appeal such as how good they will look. Using the telephone, mail and the internet to find leads. 3, point in the selling process, personal selling usually becomes involved. The steps are what a salesperson has to go through to sell a particular product or service. in this video i try to explain the concept of personal selling with the help of white board animations. Arguments against personal selling. It encourages the customer to talk of his own needs. Remember the marketing section earlier? Personal Selling Process: Steps and Stages. Stage One – Prospecting. Consider the target market It is seen that in some cases, despite knowing some shortcomings of a product, customer tend to purchase it simply because of personal relationship with the seller. 1. 2. Please click this link to view samples of our professional work witten by our professional essay writers. 5. Scene 4: OLD FIRM, OLD PRODUCT/SERVICE. Identifying Stages in the Personal Selling Process. Some sales representatives develop scripts for all or part of the sales process. As listed in the text, “there are countless small tasks in the personal selling process that are generally organized into seven major stages that overlap and interact which are: There are five stages in every sale, whether you are selling a hamburger or a Caterpillar tractor: 1. 6. When you identify their responsibilities, interests, and needs, you take one giant leap for saleskind. But the audience with the customer should * The American Marketing Association defines marketing as, At the last stage, profits start to decline. Prospecting and Qualifying For example, “Mr. Advantages describe why the features provide an advantage to the customer. The 5 Cs of Selling ... Cronyism emerged in the industrial boom following World War II when the sales process was about making personal connections and home visits were common. Moreover, the salesperson should adopt FABV approach. This is to identify and qualify prospects in order to help sales people in the process of selling. Review of Literature for Poverty Measurements. I will do my best to make this visit profitable for you”. At this point your only goal is to get the prospect’s attention so that you can determine what kind of product or service best fits their needs. Prospecting is all about finding prospects, or potential new customers. But personal selling must not be overlooked: it remains an extremely important part of a salesperson’s arsenal and is a skill every good salesperson must master. Overcoming objections: Customers when pressed for orders, voice their objections known as customer’s resistance. They can ask for the order by drawing the attention of the customers towards colour, size or type of the product. Personal selling can take place through two different channels – through retail and through direct-to-consumer channel. Relationships to management practice and implications for future research efforts are also noted. “Commodities are fungible, goods tangible, services intangible, and experiences memorable.” Moreover, two people cannot have the same experience because each experience derives from the interaction between the stages event and the individual’s state of mind. The salesperson can ensure customer satisfaction by properly attending matters which are important to the customers. 4. How to Piss People Off: The Opposite of Personal Selling . The opening line must pay importance to the buyer’s needs. The rep asks questions, listens to buyer concerns and recommends the right product or service solution. Features narrate physical characteristics of a market. Closing the sale Prospecting: This stage includes finding potential customers to approach to. The sales call. Experiences were usually associated with the entertainment business, such as Disney World. Understanding these seven steps can help improve your individual sales or the sales of your company. Psychological resistance includes resistance to interference, giving importance for well established brands, apathy, impatience, reluctance to participate in the talk, unpleasant situation created by the salesperson, aversion towards decision making, etc. The Personal Selling Process The personal selling process is a consecutive series of activities conducted by the salesperson, the lead to a prospect taking the desired action of buying a product or service and finish with a follow-up contact to ensure purchase satisfaction. 1. Jacob, I am Rahim from Jeevan Company. Sales person can send an email and ask whether a customer is happy in a very quick and efficient way. Attention: Get the attention of your prospect through advertising or promotions. Chapter Objectives Under the retail channel, a sales person interacts with potential customers who come on their own to enquire about a product. Finally, value describes the overall worth in terms of money. P-6: Analyze the stages in personal selling process. All of them involve the action you need to take when you haven’t spoken yet: looking them up online. In this two-way communication, the seller can identify the specific needs and problems of the buyer and tailor the sales presentation in light of this knowledge. Prospecting is all about finding prospects, or potential new customers. The need-satisfaction approach starts with a search for customer’s real needs. Endogenous variables: 3 After knowing the important particulars about the prospects, the salesperson should set call objectives. We’ve all been there. As a result of these developments seven steps selling became more customer oriented compared to original paradigm and serves businesses in a much economically efficient and productive way. 3. Personal selling is the most expensive, Pre-approach phase, this is the second step where by after identifying prospects in the prospecting stage now sales professionals should find a way to know what their customers prefer much, how they behave, what are their needs and wants. For each of the nine activities that Joseph has obtained from Mr. Gorman select the appropriate step of the personal selling process. Follow-up and maintenance: Immediately after closing the sale, the salesperson should take some follow up measures. Attention. For Example– Beauty and health-related products which require personal selling to match customize needs. Approach the client; Discover client needs; Provide a solution; Close the sale; Complete the sale and follow up; The sales process has taken on almost mythical status, with consultants and presenters around the world promising that they alone have the best trick for consistently closing sales. The success in earlier stages will lead to the last stage of closing the sale and clinch the deal. 2. 3. To meet the specific needs of the people-Personal selling can help in meeting the specific need of the customer. 7 Important stages in personal selling process, Internal factors affecting pricing decision. This activity is important because marketing students should be aware that finalizing a sale is only a stage in the ongoing personal selling process. cultivating referral sources such as dealers, suppliers, sales reps, executives, bankers etc. Personal selling should be part of a wider sales mix, alongside telesales, email marketing, sales promotion, advertising, and public relations. Promotion and role of personal selling: 7 6. Companies generate leads in the following ways: searching names by examining data sources such as newspapers, directories, CD-ROMs etc. Personal selling is just one of many skills you should have in your sales toolbox. A Five Stage Personal Selling Process.Stage One - Prospecting.Prospecting is all about finding prospects, or potential new customers. Advantages & Disadvantages of direct distribution method of services, Customer Relationship Management | Meaning | Objectives, Indirect Distribution | Roles of service intermediaries, Challenges in distributing services through electronic channels, Weaknesses of Trade Union Movement in India and Suggestion to Strengthen, Audit Planning & Developing an Active Audit Plan – Considerations, Advantages, Good and evil effects of Inflation on Economy, Vouching of Cash Receipts | General Guidelines to Auditors, Audit of Clubs, Hotels & Cinemas in India | Guidelines to Auditors, Depreciation – Meaning, Characteristics, Causes, Objectives, Factors Affecting Depreciation Calculation, Inequality of Income – Causes, Evils or Consequences, Accountlearning | Contents for Management Studies |. Making first contact. 1. Personal selling only helps to acquire the customers but also to grow and retain the customers. The "five stages of grief" is a set of emotional stages human beings go through during the grieving process. Approach: The salesperson should properly approach the prospects. If the buyers remain undecided, they may be guided in making the choice of the product. Not only the product lifecycle, the environment elements like social and cultural aspect should be concerned when companies set their marketing objectives. How to choose best agency for International Market Research? Personal selling to consumers takes place through retail and direct-to-consumer channels. In most cases, the salesman earns the ill-will rather than the goodwill of the buyer. Prospecting is all about finding prospects, or potential new customers. While their hacks and tips may be helpful, success starts with a solid … There was little focus on product differentiation or deeper buyer needs. Describe the “customer-value hierarchy” and identify and explain the five levels of product contained within. Companies generate leads in the following ways: 2. The core benefit—the service or benefit the customer is really buying; Published Date: 23 Mar 2015. The basic product—the actual product that provides, The personal selling process is a continuously revolving cycle of stages that assist the professional sales person of today in developing basic selling strategies and tactics that help them improve and prefect their own personal selling styles. Personal selling forces buyers to buy goods they may not actually require. A salesperson can successfully close the sale by studying the body language and the statements made by the buyers. Prospecting refers to locating potential customers. 1. Disclaimer: This essay has been written and submitted by students and is not an example of our work. Provider Stage: Activities are limited to accepting orders for the suppliers available offering and conveying it to buyer.2. There are three styles of sales presentation, namely. 5. The most common combination of the five-step model components is to merge Step 3 and 4, or 4 and 5 as follows: Meet and greet; Understand needs; Demonstrate and recommend; Close; Or, Meet and greet; Understand needs; Demonstrate; Recommend and close Personal Selling Process – Identifying the Prospective Buyer, Pre-Approach, Approach, Presentation, Demonstration, Overcoming Objection, Closing and a Few Others; Personal Selling Process – Prospecting, Evaluating, Approaching the Consumer, Preparing for the Sale, Making the Presentation, Overcoming the Objection and a Few Others Outline the four tools of marketing and explain advertising’s relationship to them 4. At this juncture, the salesperson closes the sale at the right moment. When you have completed this chapter, you should be able to Challenges in Personal Selling Personal selling involves face-to-face contact with a customer. 1. 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