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Selling Hospitality

Selling Hospitality. Chapter 4 The New World of Buying: Changing Perceived Value has Reshaped Buying Decisions. Selling Hospitality. Buyers command the majority of the power, and successful sellers learn to give them what they want: value, as the buyers define it.

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Selling Hospitality

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  1. Selling Hospitality Chapter 4 The New World of Buying: Changing Perceived Value hasReshaped Buying Decisions

  2. Selling Hospitality Buyers command the majority of the power, and successful sellers learn to give them what they want: value, as the buyers define it.

  3. Forces Changing Customers’ Perception of Value • Products/services are becoming commodities. • Technology advances impact on the sales process. • Customer is barraged and short of time. • Quality of products and services quickly rises to meet rising consumer expectations.

  4. Evolution of Excitement Attributes to Threshold Attributes High Low Excitement attribute Customer satisfaction Low High Performance relative to competition

  5. Evolution of Excitement Attributes to Threshold Attributes High Low Excitement attribute Performance attribute Customer satisfaction Low High Performance relative to competition

  6. Evolution of Excitement Attributes to Threshold Attributes High Low Excitement attribute Performance attribute Customer satisfaction Threshold attribute Low High Performance relative to competition

  7. What Are the Consequences of Value Shifts? • If customers perceive products to be interchangeable with others (a commodity), why doesn’t the lowest price always win?

  8. Value Defined Value = Benefits minus Cost

  9. Value Defined Value = Benefits minus Cost Reduce cost by making it easier for the buyer to acquire the product.

  10. Value Defined Value = Benefits minus Cost Increase benefits through the sales process. Reduce cost by making it easier for the buyer to acquire the product.

  11. Value Defined Value = Benefits minus Cost Increase benefits through the sales process. Reduce cost by making it easier for the buyer to acquire the product. Lower costs by removing the cost of exchange.

  12. Three Types of Value Buyers • Intrinsic value buyers see the product as a commodity and place value on the lowest price. They see little value in interacting with a salesperson. • Extrinsic value buyers seek solutions to complex problems. Quality product is a foundation for value. They are willing to invest time and effort (costs) with the salesperson in return for advice, customization, and problem-solving capabilities. • Strategic value buyers want to create synergies that only partnerships and alliances can provide.

  13. Remember • In sales negotiations, you are not negotiating with XYZ Corporation, you are negotiating with people. • Understanding of buyer motives is important.

  14. Types of Buyer Motives • Emotional • Rational • Hybrid or combination of both

  15. Need Satisfaction Buying Process • Traditionally salespeople have viewed the exchange process from their own perspective— the selling process. • The smarter way is to include the buyer’s perspectives—the buying/selling process.

  16. The Buying Process • Recognition of needs • Evaluation of options • Resolution of concerns • Logistics of acquisition • Implementation

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