Marketing and Sales

11 Key excerpts on "Marketing and Sales"

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  The Guide to Entrepreneurship

  How to Create Wealth for Your Company and Stakeholders

  • Ph.D Szycher(Author)
  • 2018(Publication Date)
  • Productivity Press

    (Publisher)

  181 Chapter 9 Marketing and Sales 9.1 Introduction Marketing is the process for creating, communicating, delivering, and exchanging company offerings to customers and stakeholders. Marketing is a critical business function for attracting customers. 1 Selling is offering to exchange an item of value for a different item. The original item of value being offered may be either tangible or intangible. The seller most often sees the second item, usually money, as being of equal or greater value than others being offered for sale. 2 A sale is the act of exchanging a prod-uct or service in return for money or other form of compensation. The Marketing and Sales functions differ greatly, but have the same end-goals as shown in Table 9.1. Selling is the final stage in marketing. Both Marketing and Sales share the goal of increasing the desirability and value to the customer. Achieving this goal may involve the sales team using promo-tional techniques such as advertising, sales promotion, publicity, and public relations, creating new sales channels, or creating new/innovative products, among other things. It includes bringing the potential customer to (1) visit the organization’s website for more information, (2) directly contact the orga-nization for more information, or (3) interact with the organization via social media such as Twitter, Facebook, and blogs. 3 A manufacturer may use a marketing pull strategy by focusing its pro-motional efforts on opinion leaders, celebrities, or end customers to create a demand or “pull.” Pharmaceutical companies are now publically informing consumers about the availability of new prescription drugs. The public is 182 ◾ The Guide to Entrepreneurship: How to Create Wealth for Your Company then urged to “see your doctor for a prescription.” This is a classical market-ing strategy to stimulate demand and create product sales.

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  Sales Management

  A Research Overview

  • Kenneth Le Meunier-FitzHugh, Kieran Sheahan(Authors)
  • 2023(Publication Date)
  • Routledge

    (Publisher)

  The sales’ function plays a fundamental role within the organisation, which is selling goods or services directly to their customers (Blocker et al., 2012) in a way that meets the customers’ needs. While marketing's main function is to create value for the customer by creating and communicating a product whose value is aligned with the needs of the buyer over a longer period of time (Hinson, Adeola and Amartey, 2018 ; Kotler, Rackham and Krishnaswamy, 2006). This process can be expensive, and it can be difficult to accurately measure the benefits of this expenditure. Consequently, sales are the organisation's revenue generating centre, while marketing is a cost centre. The challenge is that these roles and activities often overlap in a way that makes sales and marketing reciprocally interdependent, as they work in tandem to sell the organisations’ product offering to customers (Hetenyi, 2020). The result can be that sales and marketing tend to experience ineffectiveness in the sales/marketing ecosystem that reduces the overall productivity of organisations (Hawthorne et al., 2019 ; Hughes, LeBon and Malshe, 2012). The lack of integrated goals and a clear delineation of roles and activities can contribute to the interface's problems. These fundamental differences may be further intensified if marketing feels that sales get the ‘rewards’ for achieving sales on the back of marketing's hard work, or if sales feel ignored in the planning of marketing activities that means that marketing collateral is not fit for sales use (Kelemen-Erdős and Molnar, 2019). The sales function is close to the customer and is focused on tasks such as developing customer relationships, exploring pain points, making sales and delivering pre- and post-sales support

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  Analysis and Processes of Business

  • (Author)
  • 2014(Publication Date)
  • College Publishing House

    (Publisher)

  ____________________ WORLD TECHNOLOGIES ____________________ Chapter- 14 Marketing and Sales Marketing Marketing is the process of performing market research, selling products and/or services to customers and promoting them via advertising to further enhance sales. It generates the strategy that underlies sales techniques, business communication, and business developments. It is an integrated process through which companies build strong customer relationships and creates value for their customers and for themselves. Marketing is used to identify the customer, to satisfy the customer, and to keep the customer. With the customer as the focus of its activities, it can be concluded that marketing management is one of the major components of business management. Marketing evolved to meet the stasis in developing new markets caused by mature markets and overcapacities in the last 2-3 centuries. The adoption of marketing strategies requires businesses to shift their focus from production to the perceived needs and wants of their customers as the means of staying profitable. The term marketing concept holds that achieving organizational goals depends on knowing the needs and wants of target markets and delivering the desired satisfactions. It proposes that in order to satisfy its organizational objectives, an organization should anticipate the needs and wants of consumers and satisfy these more effectively than competitors. Further definitions Marketing is defined by the American Marketing Association (AMA) as the activity, set of institutions, and processes for creating, communicating, delivering, and exchanging offerings that have value for customers, clients, partners, and society at large. The term developed from an original meaning which referred literally to going to a market to buy or sell goods or services.

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  Value-creation in Middle Market Private Equity

  • John A. Lanier(Author)
  • 2016(Publication Date)
  • Routledge

    (Publisher)

  “Marketing” and “sales” are often interchangeable synonyms within the middle market. Moreover, when the two are communicated as separate functions, the relationship between Marketing and Sales is typically backwards. For example, a business card might brandish “vice-president of sales and marketing.” When the term “marketing” is used, it is commonly subservient to sales. In these instances, “marketing” is tantamount to marketing communications—not strategic marketing. Marketing communications includes activities such as social media blasts in advance of an industry trade show to remind prospects and customers where to find the company’s booth. The value of marketing communications is not discounted here. Rather, the point is not to confuse it with strategic marketing. Indeed, marketing communications is an integral part of strategic marketing.

  Figure 7.1 A depiction of Porter’s basic strategies

  Source: Reprinted with the permission of Simon & Schuster Publishing Group from the Free Press edition of Competitive Strategy: Techniques for Analyzing Industries and Competitors by Michael E. Porter. Copyright © 1980, 1988 by The Free Press. All rights reserved.

  The correct relationship between Marketing and Sales is similar to that between strategic thinking and strategic planning. The former is strategic (marketing and thinking) and the latter is tactical (sales and planning). Ideally, the Marketing and Sales functions should recognize themselves as partners in a three-legged race.

  Marketing

  The population is by nature fickle; it is easy to persuade them of something, but difficult to confirm them in that persuasion. Therefore, one must urgently arrange matters so that when they no longer believe, they can be made to believe … .

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  Marketing strategy is developed and executed in existing and potential markets. According to Richard L. Daft, there are four stages of global market development. The first is domestic, which is germane to the home country. The second is international, often commenced by simple exporting before considering joint ventures, acquisitions, or greenfield operations. The third is multinational, whereby duplicative efforts pepper the globe. The fourth is global, in which a boundaryless, integrated company defers to the core competencies of the business model units based on economics—irrespective of geography.7 Competing in an increasingly boundaryless environment demands that strategy must encompass the issues of speed, flexibility, integration, and innovation.8

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  Business Planning: A Guide to Business Start-Up

  • David Butler(Author)
  • 2007(Publication Date)
  • Routledge

    (Publisher)

  Chapter 9    SalesChapter 9    andChapter 9    marketing

  The vast majority of people who are setting out to start a new business can usually tell you about how their goods or services will be made or provided, what basic resources are needed and roughly what each item will cost, but their most common deficiency is a lack of marketing knowledge and sales skills. Unless they have worked in a marketing environment, they will often not know how to research their market and how to prepare a marketing plan. Similarly, without having worked in a sales capacity they are likely to be unaware of the skills needed to identify potential customers, to investigate and match their needs and to close the sale. In fact there are many who do not even realize that sales and marketing are two fundamentally different disciplines. Marketing is concerned with identifying the level of demand for the goods or services, where potential customers might be found, the competition which exists, and creating a mixture of product features and means of delivery that will ensure the goods or services will be desirable. Sales is about actually persuading the customer to buy the goods, to pay the right price for them and then to come back to you for more at a later date. It is quite possible to make excellent goods for which there is a potentially high demand in a readymade market, but without the sales skills to actually make the customer buy them they will just sit on the shelves.

  The objective of this chapter is, first, to describe the processes of market research, identifying suitable market segments, and then designing a marketing plan. Second, we will examine some basic sales skills and techniques that should assist the reader, and show how these can be implemented to meet the objectives of the marketing plan.

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  Understanding Marketing

  • (Author)
  • 2010(Publication Date)
  • Harvard Business Review Press

    (Publisher)

  Understanding Marketing: The Basics What Is Marketing? 3 4 Understanding Marketing W hat’s the first thing you think of when you hear the word marketing ? Do you imagine salespeople talking up their company’s products with potential customers? Flashy billboard ads lining a highway? Finance managers calculating the possible profits that a new product may bring in? If you envisioned any or all of these things, you’re on the right track: selling, advertising, and profitability calculations are all impor-tant parts of marketing. But marketing consists of so much more. In the pages that follow, we’ll examine a definition of market-ing, explore how marketing connects with an organization’s mis-sion, see how a marketing orientation works and how it connects to customers’ needs, examine several approaches to marketing, and review the marketing process. A definition The following is a comprehensive definition of marketing: MARKETING is the process of planning and executing the concep-tion, pricing, promotion, and distribution of ideas, goods, and services to create exchanges that satisfy individuals’ and companies’ goals. Marketing isn’t somebody’s responsibility—[it’s] everyone’s responsibility. —Jack Welch What Is Marketing? 5 Marketing and mission: A close connection Marketing starts with the organization’s mission, which answers the following questions: • How does the organization define itself ? • What are its goals? • Who are its customers? • How does it intend to fulfill its mission? • What is the company’s very reason for existence? For example, “Company ABC’s mission is to provide low-pollution cars at a price that customers consider affordable and to foster its employees’ and shareholders’ achievement of their per-sonal objectives.” Fulfilling an organization’s mission is the process of reaching its goals through the exchange of goods, services, and ideas. And it’s these activities that define the process of marketing.

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  Advertising & Promotions NQF3 SB

  TVET FIRST

  • Sparrow Consulting(Author)
  • 2013(Publication Date)
  • Macmillan

    (Publisher)

  So you can see that much preparation needs to be done before a business can start drawing up its marketing strategy. The content of the marketing strategy The marketing strategy contains the marketing mix, target market and marketing objectives. We will be dealing with all of them throughout this topic. Marketing strategy : A plan containing the steps a business takes to market its products and services to potential customers so that the company can achieve its marketing objectives. Words & Terms Marketing is the way to attract people to buy a product. A sale takes place when the customer buys a product. Think about it Did you know? Some workplaces use the term “sales strategy” and others the term “marketing strategy” to refer to the same thing. For the purposes of this topic, we will use the term “marketing strategy”. 102 Module 7: Interpreting the sales or marketing strategy Marketing mix The marketing strategy lies at the “heart” of the marketing plan, because it contains details about the marketing mix (often referred to as the four Ps of marketing: price, promotion, place and product), as well as the steps that will be taken to achieve the marketing objectives. The aim of the marketing mix is to give the business a competitive advantage by focusing on aspects that set its products apart from other products, or makes them better than those of their competitors. When a company identifies its marketing mix, it will know how to formulate its marketing or sales plan, which is the core or essence of the marketing strategy. Place Product Price Promotion Target market Figure 7.1: The marketing mix. The four Ps of marketing The marketing mix consists of the following components: • Price – This refers to the amount of money a customer has to pay to buy the product.

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  What Is Marketing?

  • Harvard Business Review, Alvin J. Silk(Authors)
  • 2006(Publication Date)
  • Harvard Business Review Press

    (Publisher)

  Part III Implementing Marketing Strategies 8. Personal Selling and Sales Management S ALES FORCES REPRESENT A MAJOR INVESTMENT for many firms, accounting for 1 percent to 40 percent of sales revenues. 1 Sales forces are employed by more than 70 per-cent of firms worldwide and account for approximately 10 percent of the global workforce. In the United States, more than a trillion dollars is spent annually on the nearly 12 percent of the total workforce employed in full-time sales positions. Because the success of any marketing strategy depends on im-plementation, the fortunes of firms that employ the personal sell-ing approach can rise or sink with the performance of their sales forces. Such firms need to carefully understand and manage their salespeople (personal selling) and sales organizations (sales man-agement). This chapter explores the unique role of a salesperson (or sales rep) and management of the selling effort. 169 This chapter was written by Tom Steenburgh and Das Narayandas and originally published as “Note on Personal Selling and Sales Manage-ment” Class Note 9-506-038 (Boston: Harvard Business School Publish-ing, 2005). It was lightly edited for consistency. The Sales Representative: A Boundary-Spanning Role Salespeople work on the boundary between a firm and its cus-tomers. They represent their company to, and are entrusted with, its most precious assets, its customers. A salesperson is to cus-tomers the physical embodiment of the firm; to the firm, the voice of the customer. This boundary-spanning role creates a unique tension. Situated between firm and customer, the sales rep is often called upon to manage conflicting rules, procedures, and task re-quirements (see figure 8-1). Since the role of marketing is to help the field salesperson exe-cute the boundary-spanning role as effectively as possible, the job of the marketing or product manager is to attend closely to whether and how marketing policies and programs help or hinder the sales rep.

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  Contemporary Marketing

  • Louis Boone, , David Kurtz, , Louis Boone, David Kurtz(Authors)
  • 2018(Publication Date)
  • Cengage Learning EMEA

    (Publisher)

  Describe the four sales channels. Personal selling occurs through several types of com-munication channels: over-the-counter selling, field selling, telemarketing, and inside selling. Explain how each step in the sales process relates to the AIDA concept. The selling process includes a series of steps which can be aligned with the AIDA concept to be in sync with the consumer’s decision process and enable the seller to achieve their sales objectives. Summarize the seven steps of the sales process. Professional sales representatives utilize a sequen-tial sales process that typically includes seven steps: (1) prospecting and qualifying, (2) approach, (3) pre-sentation, (4) demonstration, (5) handling objections, (6) closing, and (7) follow-up. Describe the seven key functions of a sales manager. The sales manager performs seven basic managerial functions: (1) recruitment and selection, (2) training, (3) organization, (4) supervision, (5) motivation, (6) compensation, and (7) evaluation and control. Summarize eight types of sales promotion. Sales promotion techniques are classified as consumer- oriented or trade-oriented and several forms for each technique are utilized by marketers. Given an example of market conditions and promotional objectives, identify the most effective promotional tactic. Determining the most appropriate promotional tech-nique involves analyzing the situation and selecting the option that best achieves the firm’s goals in an efficient and cost-effective manner.

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  Cross-Cultural Personal Selling

  Agents' Competences in International Personal Selling of Services

  • Anna Antczak, Barbara A. Sypniewska(Authors)
  • 2017(Publication Date)
  • Palgrave Macmillan

    (Publisher)

  2 Personal Selling in the Service Sector as One Marketing Promotional Tool 2.1 The Essence of Promotion, Its Functions and Goals Building effective customer relationships is not an easy task, and it is certainly a long-term process in which successful communication plays a very important role (sometimes even constituting the competitive advantage of the company). Promotion comprises all activities connected with communication techniques aimed at informing, influencing and persuading customers to buy or use a particular product or service. Promotion involves various activities of the company aimed at ensuring that customers are aware of the product’s existence as well as its positioning and persuading customers that the product is better than the competing one and reminding them why they may want to buy it. Promotion can also be understood as a set of means by which the company communicates with the market, and provides information about its activities and products (including services). Its task is therefore to strengthen the impact of each element of the marketing mix, reflecting the unique features of the product (including quality), packaging, price, appearance, availability, etc. © The Author(s) 2017 A. Antczak and B.A. Sypniewska, Cross-Cultural Personal Selling, DOI 10.1007/978-3-319-55577-5_2 35 Currently, the marketing communication mix consists of eight tools: advertising, sales promotion, direct marketing, public relations and publicity, personal selling, events and experiences, online and social media marketing, and mobile marketing (Kotler and Keller 2016). Clearly, the communication mix has to be blended according to the purpose of communication and the objectives the company has set (McDonald and Wilson 2012). Of course, it is also related to many other factors such as the product itself and its life cycle, competition, market segmentation, marketing strategy and budget, target market, customer preferences, etc.

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  Wiley Pathways Selling

  • Tom Hopkins, Douglas J. Dalrymple, William L. Cron, Thomas E. DeCarlo, Terri Horvath(Authors)
  • 2015(Publication Date)
  • Wiley

    (Publisher)

  Customer relationship Software designed to ensure that every person management software from a supplier’s organization who comes into contact with a customer has access to all the lat- est information on the customer. Go-to-market participants Avenues used to access customers, such as the internet, telemarketing, advertising, direct mail, and person-to-person selling. Go-to-market strategy Identification of who will perform sales activi- ties and for which customers. Interaction Actions initiated while interacting with decision makers, calling on such skills as relating and needs discovery. Market segmentation The part of a marketing strategy that involves aggregating customers into groups that have one or more common characteristics, have similar needs, and will respond similarly to a marketing program. Marketing mix Marketing considerations regarding the blend- ing of price, product, promotion, and chan- nels. Marketing strategy The set of integrated decisions and actions a business undertakes to achieve its marketing objectives by addressing the value requirements of its customers. Post-interaction The activities following a transaction involving supporting skills. Positioning The consumer’s perception of your product, brand, company, and competition. 142 PLANNING A SALES CALL Pre-interaction The actions initiated prior to interaction with key decision makers, requiring skills in pre-call planning. Sales process activities The activities needed to serve a customer properly. Target marketing The part of a marketing strategy that refers to the selection and prioritization of segments to which the company will market. APPLYING THIS CHAPTER 143 ASSESS YOUR UNDERSTANDING Go to www.wiley.com/college/hopkins to evaluate your knowledge of planning a sales call. Measure your learning by comparing pre-test and post-test results. Summary Questions 1. The actions that require skills in planning for a sales call fall into the category known as: (a) pre-interaction.

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