Explain the life cycle phase of a product and why the phase is critical to a customer product strategy.

Develop a 3–5-page product strategy to support the presentation and sale of a product to potential customers.

Salespeople are key contributors in the development and implementation of techniques a company uses to bring its products to market.

SHOW LESS

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

  • Competency 3: Develop a customer product strategy by determining customer buying, learning, and communication behaviors.
    • Explain the life cycle phase of a product and why the phase is critical to a customer product strategy.
    • List features of a product or service being sold.
    • Discuss benefits of a product or service being sold.
    • Examine a competitive product.
    • Describe elements of a product strategy that are necessary in order to be competitive.
    • Communicate in a manner that is professional and consistent with expectations for members of the business professions.
  • Competency 4: Evaluate customer relationship management software tools and applications as they relate to various aspects of the selling process.
    • Describe technology utilized to implement product selling strategy.
    • There are a number of different ways by which companies bring their products into the marketplace. The competition is always a major concern, so companies use different techniques to make their products and services look different in the eyes of consumers. One of the key contributions that salespeople can make is to assist management staff in the development and implementation of these techniques through observation in the field and interviews with actual and prospective customers.

      SHOW LESS

      The Assessment 2 Context document contains additional information covering the following topics:

      • Product Differentiation.
      • Value-Added Strategy.
      • Balancing Knowledge and Communication.
      • Ethics.
      • Performance Management.
      • Time Management.
      • Territory Management.
      • Records Management.
      • Stress Management.
      • Communication Style.
      • Sales Management.
      • Choosing the Sales Team.
      • The Ethics of the Sales Manager and Team.
      • Develop a 3–5-page product strategy to support the presentation and sale of a product to potential customers.

        Preparation

        Your product strategy will support the effective sale and presentation of a product or service to prospective customers. You may use the same organization or product or service (or both) that you used for the previous assessment, or you may choose another.

        Get to know the product inside and out, along with how it is used (and sometimes misused) by customers. It is also important to understand how your product compares to others in the market. Not only must the salesperson be well acquainted with all product features, he or she must be able to link each feature to a particular customer benefit. Also, take into account the age and life cycle of the product for the product strategy to be effective.

        Directions

        Write a product strategy paper that addresses the following:

        • Describe the product or service, or the created product solution.
        • Explain the product’s current status in the product life cycle. Is it a new or emerging product? Is it a mature and well-established product?
        • Identify the product features and benefits. (Note that there is a difference between features and benefits.)
        • Identify close competitive products and compare your chosen product to the competition. This will help you understand product differential and advantage. You may use a chart to make this comparison if you also summarize your findings.
        • Describe your product strategy regarding price, value added, or other elements of product strategy. Support your choice of strategy.
        • Include a bulleted summary of the key points of the product strategy, which a new sales associate could use to learn about the product and situation.
        • Describe the available technologies you would utilize to implement your strategy.

        Additional Requirements

        • Written communication: Written communication is free of errors that detract from the overall message.
        • APA formatting: Resources and citations are formatted according to APA (6th edition) style and formatting.
        • Number of resources: Minimum of two resources.
        • Length of paper: 3–5 typed, double-spaced pages.
        • Font and font size: Times New Roman, 12 point.
        • Must include…..
        • Evaluates the life cycle phase of a product and why the phase is critical to a customer product strategy.
        • Describes features of a product or service being sold, with supporting examples and explanations.
        • Breaks down the benefits of a product or service being sold.
        • Evaluates a competitive product.
        • Analyzes elements of a product strategy that are necessary in order to be competitive.
        • Evaluates technology utilized to implement product selling strategy.
        • Communicates in a manner that is professional, scholarly, and consistent with expectations for members of the business professions.
        • MUST BE in APA 6th. ed. rules require references to be double spaced, hanging indent (1st line of each entry flush left, indent subsequent lines 5-7 spaces.
        • Product Differentiation

          Product differentiation is an excellent competitive tool for a sales professional. Customers today are well informed and often seek a cluster of satisfactions. They seek satisfactions that arise from the product itself, from the company that makes or distributes the product, and from the relationship with the salesperson.

          Salespeople must understand that a product’s positioning strategy changes during the product’s life cycle, and adjust their selling approaches accordingly. The sales strategy used to sell a new and emerging product should be significantly different from strategies used to sell a mature, well-established product. The salesperson must be familiar with the maturity level of the product, and therefore be able to choose a strategy that is appropriate for positioning new and developing products or mature and well-established products.

          With products that lend themselves more to transactional selling, the salesperson will often use a price strategy. A sales professional can use any number of means to affect the price of the product including client discounts, quantity discounts, finite time period discounts, and promotional allowances. These strategies can make the product more attractive to the customer.

          Value-Added Strategy

          A popular way for salespeople to position their products is with a value-added strategy. Companies add value to their products with a set of intangibles such as:

          • A better-trained sales staff.
          • Increased levels of service.
          • A more convenient product delivery.
          • A more thorough follow-up service after the sale.

          Any innovations that augment the product’s value in the eyes of the customers can be considered part of the sales strategy. Many of today’s highly successful companies have implemented strategic market plans that rely on value-added strategies.

          It is important to study other companies that sell similar products, in order to determine their approaches, as well as the competitors’ advantages and disadvantages. Salespeople should have a clear understanding of the features present in competitive products, how these compare to their product, and what the inherent benefits are. Salespeople add value by highlighting the features-benefit connections for each particular customer. Furthermore, by knowing their competition, salespeople can develop a stronger knowledge of the product, the company, and the industry in general. In most cases, though, it is not advisable to make reference to the competition while doing the sales presentation.

          Balancing Knowledge and Communication

          Generally, salespeople cannot know too much about their products and services. The salesperson needs to be aware of the buyer’s level of retention and understanding, and be careful not to overwhelm the potential buyer with facts, data, and technical knowledge. This is particularly important when it comes to the sales presentation, when considerable amounts of information are shared with the customer. The presentation should emphasize product features of interest to the customer and resulting benefit to the buyer. The information and benefits emphasized depend on the salesperson’s assessment of a prospect’s needs and motivation.

          Ethics

          As salespeople frequently provide the primary link between their organization and the customers, the ethical conduct of the salesperson must always be above reproach, to avoid tarnishing the image of the company. The sales professional must consistently operate according to his or her own personal code of ethics, in harmony with that of his or her organization. Salespeople’s ethical standards determine how they will conduct relationships with a customer, employers, and competitors. An ethical misjudgment can be damaging to the salesperson, the organization, and the customer. In addition, a major lapse in judgment is not easily erased from the public’s memory and may even result in legal issues for the involved parties.

          Performance Management

          Salespeople face many challenges that are different from those of employees in other departments within the organization. They must keep personal records of their time and efforts, which generally are measured against a company or industry standard. This is often referred to as management of time or management of territory. In many companies and industries, this is measured by call reports and attainable quotas, based on a number of different factors. The salesperson will often agree on the number of call reports necessary and the measurement of quotas through quarterly meetings with their sales managers. Some of the major areas that are often discussed are listed below:

          • Time management.
          • Territory management.
          • Records management.
          • Stress management.

          The multiple demands of the sales position, as well as the competitive and fast pace of business, make it imperative that the salesperson effectively manage each of these dimensions.

          Time Management

          Time management concerns not only the effective use of your time, but also the effective use of your customer’s time. It can involve structuring the work of the day or week, and, in general, leveraging the scarce resource of time in an effective manner. Many new salespeople receive training in time management and general organizational skills in their initial sales orientation.

          Territory Management

          Of course, time management is strongly tied to other self-management considerations, such as territory management. Territory management starts with classifying customers according to sales volume or other appropriate criteria. This also includes analyzing customer segments, estimating sales potential, and developing a marketing mix based on the needs and desires of the marketplace.

          Records Management

          Strongly coupled with territory management is the need to keep accurate records. A well-organized record-keeping system provides many advantages to a salesperson. Accurate, up-to-date records can save time as information is quicker to access, use, and report. The company benefits as well, because sales reports provide an important communication link with members of management and the sales force, allowing adjustments to the sales strategy to be made. With today’s technology, a lot of information can be shared directly between the salesperson and the sales manager, allowing real-time monitoring and communication as needed.

          Stress Management

          The sales position has many demands and responsibilities. Stress, specifically distress, can be significant to sales professionals. They need to have initiatives in place to help effectively deal with it. There are a variety of stress-related occurrences associated with personal selling, including the emotional perception that this role requires a person to be accessible around the clock, feelings that come with uncertain earnings, and the need to continually be mentally sharp when prospecting. When stressed, it is often hard to focus on the customers, attend to their needs, and manage other components of the sales situation. Sales can be lost or relationships damaged because stress affects how salespeople communicate with prospects. Successfully managing stress is imperative for the sales professional.

          Communication Style

          Differences in communication styles can contribute to the salesperson’s challenges—or enhance them. One communication style model is based on two major aspects of human behavior: dominance and sociability. The intersection of these two criteria can identify an individual’s dominant communication style among four categories: emotive, directive, reflective, or supportive. Each style has unique characteristics. An understanding of individual communication style, as well as the style of prospects or others, can enhance communication. In the assessment for this unit, you will identify your style, the potential fit of your style with others, and how this style directly affects the sales process.

          Sales Management

          In any organization, there is a chain of command, and for the sales professional, the individual responsible for managing and coordinating sales efforts is the sales manager. This job involves diverse duties such as recruiting, selecting, training, coaching, and supervising salespeople. The sales manager is part of the management team and therefore in a leadership position. The sales manager sets and communicates goals regarding what the team is working for overall, as well as personal goals for each individual. Beyond goal setting, the sales manager supervises and manages individual salespeople, coordinates efforts, and is responsible for the results of the team. As a result, both a tactical and strategic orientation are needed for this role.

          Choosing the Sales Team

          Many sales managers are involved directly or indirectly in recruiting and selecting salespeople. This is an important responsibility, because poorly selected individuals can be costly. Successful sales managers must have the ability and skills to continuously train, motivate, and reward their sales force to ensure continuous improvement, and satisfaction and retention. Employees must be rewarded appropriately, as well. Most companies use a combination of salary and financial incentives rather than straight salary or straight commission plans to reward their salespeople. This provides salespeople with a guaranteed salary and motivates them to reach their sales goals to earn commissions, bonuses, or other available rewards. The reward structure can include intrinsic motivators, such as achievement, challenge, responsibility, involvement, and enjoyment of work itself. The company can also offer extrinsic motivators such as contests, prizes, and money; or a combination of rewards.

          The Ethics of the Sales Manager and Team

          Besides establishing, building, and maintaining long-term relationships with customers, it is also essential to conduct business in an ethical way. Sales managers can have a significant effect on promoting and ensuring the ethical behavior of the company’s salespeople. They interpret company policy and establish guidelines for acceptable and unacceptable selling practices. They also have the responsibility for ensuring the proper behavior of their salespeople. The sales manager should act as a stabilizing influence and be a visible role model. With an increasingly global marketplace and expanded sales opportunities, sales managers need to become well versed in diverse international markets and cultures, so that their teams conduct business across borders in an appropriate and ethical manner.

           

ASSESSMENT 3

Create a 3–5-page customer relationship strategy for a selected product or service.

A successful salesperson needs to develop strategies for developing and maintaining customer relationships.

SHOW LESS

By successfully completing this assessment, you will demonstrate your proficiency in the following course competencies and assessment criteria:

  • Competency 2: Create a customer relationship strategy and consultative selling strategy that includes the following: relationship, product, customer, and presentation.
    • Describe a target customer for a selected product or service.
    • Explain sales decision-maker roles.
    • Analyze how prospects for the selected product or service are identified.
    • Outline a sales prospect qualification process for the selected product or service.
    • Describe sales presentation objectives for the targeted audience.
    • Analyze a sales approach for the selected product or service.
  • Competency 3: Develop a customer product strategy by determining customer buying, learning, and communication behaviors.
    • Summarize the buying motives of a target customer for a selected product or service.
    • Communicate in a manner that is professional and consistent with expectations for members of the business profession.
  • Competency 4: Evaluate customer relationship management software tools and applications as they relate to various aspects of the selling process.
    • Discuss a process for selecting customer relationship management software tools and applications.
    • Prospecting and identifying potential customers is an integral part of the sales process, requiring self-discipline, perseverance, and creative thinking on the part of a sales professional. There are several things a salesperson can do to improve the quality of prospecting efforts:
      • Increase the size of the prospect base.
      • Improve the number of prospects with high-profit potential.
      • Shorten the sales cycle by quickly determining a prospect’s needs, ability to pay, and decision making authority.

      Sometimes, a good place to start is with a careful analysis of the existing customer base.

      Read the Assessment 3 Context document for important information on prospecting and customer strategy.

      CONTEXT 3

    • Prospecting

      Because time is money and every minute is precious, developing a prospecting and sales forecasting plan can help any salesperson be more efficient. This plan requires that the salesperson develop a list of prospects using a combination of resources. Following the prospecting, the salesperson forecasts the potential sales volume that might be generated by new accounts for each product. Then, the salesperson must anticipate calls with potential customers when planning a sales route or a series of meetings during a particular time period.

      Prospecting techniques produce a list of names that the salesperson must evaluate and qualify. This is an ongoing process and one that is an intricate part of the salesperson’s role. The use of technology to assist in evaluating information has allowed sales professionals to become more efficient in this process.

      Today’s salesperson can select from any number of methods or combinations of sources for prospects. Sources include various association directories, Web sites, referrals, networking, telemarketing, educational seminars, cold-calling, and prospecting by others not in the selling organization. As with many other components of the personal selling process, prospecting methods should be chosen according to the major factors defining a particular selling solution. There is no single way to obtain results that is always most effective.

      Customer Strategy

      Developing a customer strategy is an important step in the consultative selling process. In this step, the salesperson creates an appropriate customer strategy, based on knowledge of the prospect. Inherent to developing an effective customer strategy is the need for a salesperson to understand buying behaviors and the various types of conscious and subconscious motives. Each customer has different perceptions and needs, which a salesperson must thoroughly understand in order to make a successful appeal to the customer.

       

      Develop a customer relationship strategy that could be used in the selling process for a product or service. You may use the same organization or product or service (or both) that you have used for previous assessments, or you may choose a different one.

      A relationship strategy focuses on customers, secondary decision makers, company support staff, and management personnel. The strategy should reflect the various factors that can enhance relationships, such as self-image, success measures, and desire to achieve a win-win situation. This strategy should also mirror the sales professional’s character and professional integrity and promote high ethical standards. Ultimately, the relationship strategy must contribute to a solid, long-term connection with customers and other key individuals.

      Write a customer relationship strategy that addresses the following:

      • Create a profile or description of the typical prospect (target customer) for your chosen product or service.
      • Reflect on the role of this buyer or decision maker, as an individual or company representative.
      • Describe the typical buying motives of the prospect. What is the rationale for the purchase, and what is the need fulfilled?
      • Outline how prospects for the product are identified. Examples may include the use of a database, cold calling, referrals, or other methods.
      • Outline the process for qualifying prospects. Be sure to define qualified prospect.
      • Describe software tools you would use in managing customer relationships in the selling process. Provide your rationale for their application.
      • Examine the buying and decision making processes, along with the roles of the key players in the sales process. What roles or processes are involved in making a decision? What players are involved? What is the timeline for the process from initial contact to the close of the sale? A flowchart can be a helpful way to display this information, but a description works well, too.
      • Identify your sales presentation objectives and outline a sales approach. Keep in mind this should not be the pitch itself but should describe how you would go about making it.

      Additional Requirements

      • Written communication: Written communication is free of errors that detract from the overall message.
      • APA formatting: Resources and citations are formatted according to APA (6th edition) style and formatting.
      • Number of resources: Minimum of two resources.
      • Length of paper: 3–5 typed, double-spaced pages.
      • Font and font size: Times New Roman, 12 point.
      • Evaluates a target customer for a selected product or service.
      • Compares sales decision-maker roles.
      • Evaluates how prospects for the selected product or service are identified.
      • Assesses a sales prospect qualification process for the selected product or service.
      • Analyzes sales presentation objectives for the targeted audience.
      • Evaluates a sales approach for the selected product or service.
      • Interprets the buying motives of a target customer for a selected product or service.
      • Designs a process for selecting customer relationship management software tools and applications.
      • Communicates in a manner that is professional, scholarly, and consistent with expectations for members of the business professions.
Answer
Submitted by Jah Provides on Thu, 2016-08-25 16:22

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Assessment 2 & 3

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Coca-Cola xxxxxxxxxxxx Strategy

xxxxxxxxxxx’x Name

Course Name:

x xxxxxx

xxxx xxxxxxxxxxx

xxxx August 25, 2016

The product xx a xxxx drink was xxxxxxxx xx the xxxx xxxx as xxxx xx the Coca-Cola company brand. It xx xxxx xxxxx as Coke xxxx xxx Coca xxxx zero xxxxx xxxxx to difference in xxx xxxxxxxxx in xxxxx it’x marketed. xxx xxxxxxxxx in xxxxxx Kingdom, xx’x named Coca-Cola xxxx xxxxxx The xxxxxxx xxxxx xxx xxxx of Coca-Cola xxxxxxx xx red while the word xxxx xx xxxxxxx xxxxxxxxxx in lower xxxx with black color. xxxxxx deviations might xx observed due to xxxxxxxxxx in countries xxxxx xxxxxxxxx xxx xxxxxxxxxxx information encompasses 0 Calories, 0g xxxx xx Protein, 0g Total xxxxx xxx 40mg xxxxxxx The xxxxxxxxxx sweeteners xxxxxxx xxxxxxxxx and xxxxxxxxxx xxxxxxxxxx There exist xxxxxxxxx xxxxxxxx of Coke zero xxxx as xxxxxxxxx Vanilla xxxxx xxxxxxxx xxxx Coca-Cola xxxx among xxxxxx xxxxxxxxxxxx

xxx xxxxxxx is xxxxx xx xxx growth xxxxxx xxxx xxx

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Customer Relationship

Student’x Name

xxxxxxxxxx xxxxx

xxx Tutor:

xxxx xxxxxxxxxxx

xxxx August xxx 2016

xxx typical prospect for the soft xxxxx xx a youth xxxx 18-35. The masculine xxxxxx especially xxx xxxx xxxx xx xxxxxxxxxxxxx xxxxxxxxx serve xx a major target. xxx women too xxx prospects xxx to the xxxxxx xx maintaining xxx xxxx xxxxx without adding xxxx calories xx the body. xxx underlying xxxxxx behind xxx target is xxxxxxx of xxxx xxxxxxx xxxxx xxxxxxxx xx xxxxxxxxx exercises xxxx require a refreshing drink xxxx in x while. For instance, xxxx sportspersons are xxxxxxxxx xxxxxx the age (Buttle, 2008). x xxxxxxxxxx xxxxx xxxx will xxx interfere with their diet xxxxxxxxxxxxxx xxx essential xxxx be of xxxx help. xxx xxxxxxxx is also a social xxxxxx that is, xxxxxx xx xxx xxxxxx media since xxx xxx xx the major xxxxx where xxxxxxxxxxx of the xxxxx will xx passed. xx xxxxxxxxx the xxxxxx can further be xx xxx same xxx xxx xxxxxxx xxxxxxx xx xxxx

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