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MKTG

MKTG. Lamb, Hair, McDaniel 2007-2008. 16. CHAPTER. Sales Promotion and Personal Selling. Designed by Amy McGuire, B-books, Ltd. Prepared by Deborah Baker, Texas Christian University. Learning Outcomes. Define and state the objectives of sales promotion

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MKTG

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  1. MKTG Lamb, Hair, McDaniel 2007-2008 16 CHAPTER Sales Promotion and Personal Selling Designed by Amy McGuire, B-books, Ltd. Prepared by Deborah Baker, Texas Christian University

  2. Learning Outcomes Define and state the objectives of sales promotion Discuss the most common forms of consumer sales promotion List the most common forms of trade sales promotion Describe personal selling LO1 LO2 LO3 LO4

  3. Learning Outcomes Discuss the key differences between relationship selling and traditional selling List the steps in the selling process LO5 LO6

  4. Sales Promotion LO1 Define and state the objectives of sales promotion

  5. Marketing communication activities, other than advertising, personal selling, and public relations, in which a short-term incentive motivates a purchase. Sales Promotion SalesPromotion LO1

  6. Sales Promotion Advertising Reason to buy Sales Promotion Incentive to buy LO1

  7. ConsumerSales Promotion Consumer market Goal Drive immediate purchase Influence behavior Trade Sales Promotion Marketing channel Sales Promotion LO1

  8. Type of Buyer Desired Results Sales PromotionExamples Loyal Customers • Reinforce behavior • Increase consumption • Change purchase timing • Loyalty marketing • Bonus packs Competitor’s Customers • Break loyalty • Persuade to switch • Sampling • Sweepstakes, contests, premiums Brand Switchers • Persuade to buy your brand more often • Price-lowering promotion • Trade deals Price Buyers • Appeal with low prices • Supply added value • Coupons, price-offpackages, refunds • Trade deals Objectives of Sales Promotion LO1

  9. REVIEW LEARNING OUTCOME LO1 The Objectives of Sales Promotion

  10. Tools for Consumer Sales Promotion LO2 Discuss the most common forms of consumer sales promotion

  11. Coupons and Rebates Premiums Loyalty Marketing Programs Contests & Sweepstakes Sampling Point-of-Purchase Promotion Tools for Consumer Sales Promotion LO2

  12. Coupon A certificate that entitles consumers to an immediate price reduction. Rebate A cash refund given for the purchase of a product during a specific period. Premium An extra item offered to the consumer, usually in exchange for some proof of purchase. Tools for Consumer Sales Promotion LO2

  13. Loyalty Marketing Program A promotional program designed to build long-term, mutually beneficial relationships between a company and key customers. Frequent Buyer Program A loyalty program in which loyal consumers are rewarded for making multiple purchases. Tools for Consumer Sales Promotion LO2

  14. Contests Promotions that require skill or ability to compete for prizes. Sweepstakes Promotions that depend on chance or luck, with free participation. http://www.sweepstakesonline.com Online Tools for Consumer Sales Promotion LO2

  15. Sampling A promotional program that allows the consumer the opportunity to try a product or service for free. Tools for Consumer Sales Promotion LO2

  16. Direct mail Door-to-door delivery Packaging with another product Retail store demonstration Methods of Sampling LO2

  17. Point-of-Purchase Promotion • Build traffic • Advertise the product • Induce impulse buying LO2

  18. Online Sales Promotion Effective Types of Online Sales Promotion • Free merchandise • Sweepstakes • Free shipping with purchases • Coupons LO2

  19. REVIEW LEARNING OUTCOME LO2 Consumer Sales Promotion Coupons and rebates Premiums Loyalty marketing programs Contests Sampling P-O-P Online

  20. Tools for Trade Sales Promotion LO3 List the most common forms of trade sales promotion

  21. Trade Sales Promotion Trade Allowances Push Money Training Free Merchandise Store Demonstration Conventions & Trade Shows LO3

  22. Trade Allowance TradeAllowance LO3 A price reduction offered by manufacturers to intermediaries, such as wholesalers and retailers.

  23. Push Money Push Money LO3 Money offered to channel intermediaries to encourage them to “push” products--that is, to encourage other members of the channel to sell the products.

  24. Benefits of Trade Promotions LO3 • Help manufacturers gain new distribution • Obtain wholesaler and retailer support forconsumer sales promotions • Build or reduce dealer inventories • Improve trade relations

  25. REVIEW LEARNING OUTCOME LO3 Forms of Trade Sales Promotion

  26. Personal Selling LO4 Describe personal selling

  27. Product has a low value. Product has a high value. Product is standardized. Product is custom made. There are many customers. There are few customers. Product is simple to understand. Product is technically complex. Customers are concentrated. Customers are geographically dispersed. Personal Selling Advertising & Sales Promotion are more important if... Personal Selling is more important if... LO4

  28. REVIEW LEARNING OUTCOME LO4 Personal Selling • Detailed explanation or demonstration • Variable sales message • Directed to qualified prospects • Controllable adjustable selling costs • More effective than other promotion in obtaining sale and gaining customer satisfaction PersonalSellingAdvantages

  29. Relationship Selling LO5 Discuss the key differences between relationship selling and traditional selling

  30. Relationship Selling A sales practice that involves building, maintaining, and enhancing interactions with customers in order to develop long-term satisfaction through mutually beneficial partnerships. Relationship(Consultative)Selling LO5

  31. Traditional Selling and Relationship Selling Traditional Personal Selling Sell advice, assistance, counsel Sell products Focus on closing sales Focus on customer’s bottom line Limited sales planning Sales planning is top priority Discuss product Build problem-solving environment Assess “product-specific” needs Conduct discovery in scope of operations “Lone wolf” approach Team approach Pricing/product focus Profit impact and strategic benefit focus LO5 Short-term sales follow-up Long-term sales follow-up Relationship Selling

  32. RepeatSales SuccessiveSales InitialSales Sales Increases Result From Creating Value Traditional Sales Relationship Sales REVIEW LEARNING OUTCOME LO5 Relationship Selling vs. Traditional Selling

  33. Steps in the Selling Process LO6 List the steps in the selling process

  34. Generate Leads Qualify Leads Probe Customer Needs Develop Solutions Handle Objections Close the Sale Follow Up Steps in the Selling Process LO6

  35. Time Spent in Key Steps of Selling Process LO6

  36. Advertising Publicity Direct Mail/ Telemarketing Cold Calling Internet Web Site Referrals Networking Trade Shows/ Conventions Company Records http://www.linkedin.com http://www.ryze.com Online Generating Leads LO6

  37. A form of lead generation in which the salesperson approaches potential buyers without any prior knowledge of the prospects’ needs or financial status. Cold Calling Cold Calling LO6

  38. Recognized need Buying power Receptivity andaccessibility Qualifying Leads LO6

  39. A determination of the customer’s specific needs and wants and the range of options a customer has for satisfying them. Needs Assessment NeedsAssessment LO6

  40. Product or service Salesperson must know everything about... Customers Competition Industry http://www.hoovers.com http://www.dnb.com Online The Consultative Salesperson LO6

  41. Developing and Proposing Solutions Sales Proposal Sales Presentation LO6

  42. Be well prepared Use eye contact Ask open-ended questions Be poised Use hand gestures and voice inflection Focus on the customer needs Incorporate visual elements Know how to operate the A/V equipment Make sure the equipment works PRACTICE, PRACTICE, PRACTICE! Powerful Presentations LO6

  43. Handling Objections • View objections as requests for information • Anticipate specific objections • Investigate the objection with the customer • Be aware of competitors’ products • Stay calm • Use the objection to close the sale LO6

  44. Look for customer signals Keep an open mind Negotiate Tailor to each market Closing the Sale LO6

  45. Cell phones Laptops Pagers E-Mail Electronic organizers Internet The Impact of Technology on Personal Selling LO6

  46. REVIEW LEARNING OUTCOME LO6 Steps in the Selling Process

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