Homework: Preparing for the sale
Select a product to sell. The product should be appropriate for sale to a company, B2B and not to retail customers. It might be better to choose a product you know something about or have some interest in.
A professional sales person gathers information before they approach a customer. At this time, the sales person gathers information on the potential prospect and their industry, the industry their firm participates in and the competitor product or service you are selling against. Please note that this homeworkis designed to illustrate the scope of knowledge required by professional salespeople. Some of the information will be unavailable to those outside the industry. However, you should check more than just a "Google" search. Look at annual reports, journals, magazines, and newspapers
Required: A brief email informing your instructor of the product you want to sell, your company who is selling the product and potential customers. Your instructor must approve your choice of products before you begin working on the next homework. If you are having trouble thinking of an appropriate product, please talk to your instructor before this homework is due.
In the report - about 4 - 5 pages - business style, single spaced.
I. Develop and describe your personal selling philosophy - short section.
II. Describe the product or service you want to sell for this homework, the company you are selling the product for,
Company Information
i. Company information and history of the company, product line, size, sales area.
ii. Have sales for the product been growing or declining?
iii. What major improvements have been made in recent years?
iv. How can this product best be demonstrated?
v. List several reasons why customers should buy from this firm
vi. Describe the features and benefits of the product relevant to your chosen target market.
vii. Does the firm offer any warranties or guarantees?
viii. What services does your company offer its customers after a sale is made?
ix. Pricing of product
x. Current promotional and distribution.
III. Prospect information. - describe to whom you want to sell this product (who is your B2B target market). Identify at least two firms by name and get the name of a possibly contact.
i. What type of organization is it? (manufacturer, wholesaler, retailer, etc.)
ii. How large is the firm? How long has it been in business?
iii. What industry is this firm and relevant information on this industry
iv. What product lines does it sell?
v. What are some potential problems and needs of this firm and how can your product or service solve the problems or satisfy the needs
vi. Who makes the buying decisions for your product or service at this firm? What is the person's title and major responsibilities for that particular company? More than just purchasing manager.
vii. If you are selling a product to a wholesaler or retailer who will resell it to the ultimate consumer (for example, food products or clothing):
a. What are the characteristics of the typical consumer (age, income, etc.)
b. What problems or needs does the consumer have that are related to your product?
IV. Industry Information - describe the industry your product services.
i. What is the history of the industry?
ii. What is the size of the total industry in terms of sales? Is the industry growing?
iii. What advancements have been made in the industry in recent years?
V. Competitor Information - Identify two of your firm's main competitors and secure the following information for this competitor: This can be written up using a competitor analysis grid.
i. Has your company been in business longer than your competitor? What is the size of your competitor in relation to your firm? Is it growing more quickly or more slowly than your firm is?
ii. What is your competitor's policy on extending credit to its customers? Are your firm's policies more or less liberal?
iii. What price does your competitor charge for its product or service? How does it compare to your firm?
iv. How does the product compare?
v. How quickly can your competitor deliver its product or perform its service compared to your firm?
vi. What services does the competitor offer its customers after a sale is made?
vii. What are your competitor's major strengths and weaknesses?
Format your homework according to the give formatting requirements:
a. The answer must be double spaced, typed, using Times New Roman font (size 12), with one-inch margins on all sides.
b. The response also includes a cover page containing the title of the homework, the course title, the student's name, and the date. The cover page is not included in the required page length.
c. Also include a reference page. The references and Citations should follow APA format. The reference page is not included in the required page length.