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Strategies and Tactics in Sales Management, Study notes of Sales Management

West Bengal State UniversitySales Management

An in-depth exploration of the key strategies and tactics employed in successful sales negotiations. It delves into the three main bargaining strategies - distributive, integrative, and mixed-motive - and outlines ten essential negotiation tactics, including preparation and planning, anchor setting, concessions, building rapport, framing, and the use of deadlines and bluffing. Additionally, the document examines the critical functions and qualities of an effective salesman, covering areas such as prospecting, sales presentations, customer relationship management, market research, negotiation, order processing, customer service, and sales reporting. The comprehensive coverage of these sales management concepts equips readers with a robust understanding of the essential elements required to navigate complex negotiations and excel in sales roles. This document serves as a valuable resource for students, professionals, and anyone interested in enhancing their sales and negotiation skills.

Typology: Study notes

2023/2024

Uploaded on 08/03/2024

anwar-hossein
anwar-hossein 🇮🇳

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Sales Management
1. Bargaining Strategies and Tactics
Bargaining strategies and tactics are essential components of successful
negotiations. Here are some key strategies and tactics commonly used:
Strategies—
I. Distributive Bargaining:
• Focuses on dividing a fixed amount of resources, often resulting in a
win-lose situation.
• Commonly used in competitive negotiations where parties aim to
maximize their share.s
II. Integrative Bargaining:
• Seeks mutually beneficial solutions, creating a win-win scenario.
• Emphasizes collaboration and finding creative solutions that satisfy
the interests of all parties.
III. Mixed-Motive Bargaining:
• Combines elements of both distributive and integrative bargaining.
• Negotiators recognize that while some aspects of the negotiation
are zero-sum, there are also opportunities for mutual gain.
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Sales Management

1. Bargaining Strategies and Tactics

Bargaining strategies and tactics are essential components of successful negotiations. Here are some key strategies and tactics commonly used:

Strategies—

I. Distributive Bargaining:

  • Focuses on dividing a fixed amount of resources, often resulting in a win-lose situation.
  • Commonly used in competitive negotiations where parties aim to maximize their share.s

II. Integrative Bargaining:

  • Seeks mutually beneficial solutions, creating a win-win scenario.
  • Emphasizes collaboration and finding creative solutions that satisfy the interests of all parties.

III. Mixed-Motive Bargaining:

  • Combines elements of both distributive and integrative bargaining.
  • Negotiators recognize that while some aspects of the negotiation are zero-sum, there are also opportunities for mutual gain.

Tactics—

I. Preparation and Planning:

  • Thoroughly researching and understanding both your own and the opposing party’s needs, interests, and constraints.
  • Setting clear goals, priorities, and BATNA (Best Alternative to a Negotiated Agreement).

II. Anchor Setting:

  • Introducing the first offer to set the tone and range for the negotiation.
  • High initial offers can set a favorable anchor point, but must be realistic to avoid alienating the other party.

III. Concessions:

  • Strategically giving up certain demands to gain concessions in other areas.
  • Ensures reciprocity, fostering a cooperative atmosphere.

IV. Building Rapport:

  • Establishing a positive relationship to build trust and facilitate communication.
  • Often involves small talk, finding common ground, and showing empathy.

V. Framing:

  • Presenting information in a way that highlights its benefits to the other party.
  • Helps in guiding the negotiation towards favorable outcomes.

2. Functions and Qualities of a Salesman The functions and qualities of a salesman are critical to the success of any business, as they directly influence customer satisfaction and sales performance. Here are the key functions and qualities: Functions of a Salesman—

I. Prospecting:

  • Identifying potential customers through research and networking.
  • Generating leads and assessing their potential to convert into sales.

II. Sales Presentation:

  • Presenting products or services to customers effectively.
  • Demonstrating features, benefits, and value propositions to persuade potential buyers.

III. Customer Relationship Management:

  • Building and maintaining strong relationships with clients.
  • Ensuring customer satisfaction and loyalty through consistent follow-ups and support.

IV. Market Research:

  • Gathering and analyzing market information to understand customer needs and preferences.
  • Keeping up with industry trends and competitor activities to adjust sales strategies accordingly.

V. Negotiation:

  • Negotiating terms and conditions of sales to reach mutually beneficial agreements.
  • Handling objections and finding solutions to address customer concerns.

VI. Order Processing:

  • Managing the paperwork and logistics involved in processing orders.
  • Ensuring timely delivery and accurate fulfillment of orders.

VII. Customer Service:

  • Providing post-sales support and addressing any issues or queries customers may have.
  • Ensuring a positive customer experience and fostering repeat business.

VIII. Sales Reporting:

  • Keeping records of sales activities and performance.
  • Reporting to management on sales targets, achievements, and market feedback. Qualities of a Good Salesman—

I. Communication Skills:

  • Strong verbal and written communication abilities to convey information clearly and persuasively.
  • Active listening skills to understand customer needs and respond appropriately.

VII. Adaptability:

  • Being flexible and adaptable to different customer needs and market conditions.
  • Adjusting sales strategies and approaches based on feedback and changing circumstances.

VIII. Problem-Solving Skills:

  • Identifying and addressing customer problems and concerns effectively.
  • Finding innovative solutions to meet customer needs and enhance satisfaction.

IX. Integrity and Honesty:

  • Conducting sales activities with honesty and ethical standards.
  • Building trust with customers through transparent and reliable interactions.

X. Time Management:

  • Managing time efficiently to balance prospecting, selling, and administrative tasks.
  • Prioritizing activities to maximize productivity and achieve sales goals. A successful salesman combines these functions and qualities to meet and exceed sales targets, build strong customer relationships, and contribute to the overall growth of the business.