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Selling Today Partnering to Create Value 15e Michael Ahearne, Gerald Manning (Solutions Manual All Chapters, 100% Original Verified, A+ Grade) 1 / 4
1-1 Copyright © 2024Pearson Education, Inc.Chapter 1
RELATIONSHIP SELLING OPPORTUNITIES IN THE INFORMATION
ECONOMY
The two chapters that make up Part 1 establish a foundation for the entire textbook. Chapter 1 provides a contemporary definition and description of personal selling and describes information-age personal-selling career opportunities. Sales-training programs offered by academic institutions, sales-training companies, and employer-provided sales training are also presented. Chapter 2, in response to the developments associated with the information economy, presents the evolution of contemporary selling models that complement the marketing concept.Chapter 2 also introduces the major themes that connect all of the chapters.LEARNING OBJECTIVES: When you finish reading this chapter, you should be able to: •1.1: Define personal selling and describe the three prescriptions of a personal-selling philosophy.•1.2: Describe the emergence of relationship selling in the age of information.
•1.3: Discuss the rewarding aspects of a career in selling today.
•1.4: Discuss the different employment settings in selling today.
•1.5: Explain how personal selling skills have become one of the master skills needed for success in the information age and how personal selling skills contribute to the work performed by knowledge workers.•Identify the four major sources of sales training.
CHAPTER SUMMARY :
Chapter 1 introduces the concept of selling and its evolution over the past century and a half.From the initial way of peddling, to when the industrial economy transformed how goods/services were brought to the marketplace with the industrial revolution, to the information economy where the marketing concept was first created, to today’s digital age where data is king, sales has evolved as society and the marketplace changed over time. This chapter provides insight into the concept of personal selling and how it came about in the 1950s with the marketing concept. It then discusses how the information gathered provides the opportunity to create values for customers.The evolution of sales over time has changed how much the profession goes into the marketplace to meet the needs of customers. This chapter will introduce you to the various career opportunities in sales, defining channels, industries, and specific job titles that support the sales efforts in organizations.
EXTENDED PRESENTATION OUTLINE
Today’s workforce is made up of millions of knowledge workers who succeed only when they add value for the customer, using information and data to best understand what the customer needs/wants to create that value. Salespeople, and many other knowledge workers, add value to information when they collect it, organize it, clarify it, and present it in a convincing manner. 2 / 4
1-2 Copyright © 2024Pearson Education, Inc.As part of the Reality Selling Video Series, this chapter features Alex Homer from the Tom James Company, selling luxury clothing.I.Personal Selling – A Definition and a Philosophy LO 1.1 A.Definition: Personal selling occurs when a company representative interacts directly with a customer to present information about a product or service.
1.Personal selling is a process of:
a.Developing relationships; b.Discovering needs; c.Matching the appropriate products with these needs; d.Communicating benefits through informing, reminding, or persuading.
2.A product is broadly defined as information, services, ideas, and issues.
3.Increasingly, personal selling is viewed as a process that adds value.
4.In an ideal situation, the salesperson:
a.Builds a mutually rewarding relationship; b.Diagnoses the customer’s needs; c.Custom fits the product to meet these needs.d.Ensures the solution creates value and meets the needs to have a repeat purchase
5.Having knowledge of customer needs will:
a.Establish credibility and trust; b.Lead to higher customer satisfaction;
- Willingness to purchase a product.
B.Developing a personal selling philosophy includes three prescriptions, which are part of
the Strategic/Consultative Selling Model:
1.Adopt the marketing concept; 2.Value personal selling;
- Become a problem solver or partner.
- Shifts from an industrial economy began in the 1950s to an information
- Major advances in information technology and electronic commerce allowed the
- Strategic resource is information.
- Sales success depends on adding value. 3 / 4
II.Emergence of Relationship Selling in the Information Economy LO 1.2
economy and now 70 years later has evolved to the digital economy.
ability to collect and understand data on individual customers, rather than just the marketplace at large.
1.Information is often too plentiful.
2.Salespeople help filter information.
3.Data collected today when used ethically creates more value for customers than in previous history.D.Business is defined by customer relationships.
1.The real new economy is the customer economy.
2.Customers have taken more control of their destinies and have more access to information than before.
3.Relationships build a conduit of trust for information exchange.
1-3 Copyright © 2024Pearson Education, Inc.
1.Value-added selling is defined as a series of creative improvements in the sales process that enhance the customer experience.
2.Salespeople can create value by:
a.Developing a quality relationship focused on trust and providing value.b.Carefully identifying customer needs.c.Configuring and presenting the best possible product solution.
3.The value added by salespeople today is increasingly derived from intangibles
such as:
a.Quality of advice offered and having a greater understanding of how the services/products/solutions they offer can make an impact on their customer; b.Level of trust that underlies relationship between salesperson and customer, such as creating a relationship that is customer-focused and not sales driven.III.Considerations for a Future in Personal Selling LO 1.3 A.Wide range of employment opportunities.
1.The 500 largest sales forces in America employ more than 24 million salespeople.
2.There is no single “selling” occupation.
3.Opportunities exist that match your interests, talents, and ambitions.
4.Old stereotypes about sales are gradually going by the wayside.
5.Careers of highly successful relationship salespeople discover that ethical sales practices represent the key to long-term success.B.Activities performed by salespeople.
1.Outside salespeople spend 26% of their time in face-to-face sales and 75% in prospecting, data collection, sales prep, travel, waiting, and administrative tasks.
2.Salespeople have tremendous freedom to manage their time and activities and manage their relationships with customers to create value.
3.The proliferation of sales titles in today’s business world has two causes:
a.The shift from selling to consulting and partnering to ensure customer satisfaction.b.The increased skill sets and education needed to fill selling positions.C.Titles used in selling today.
1.Just as selling occupations differ, so do the titles by which salespeople are known.
2.Two factors have contributed to the creation of new titles.a.Shift from “selling” to “consulting” and “partnering.” b.New titles reflect a difference in education and skill sets needed for the position, creating a sense of credibility with customers.c.Regardless of title, salespeople play an important role in sustaining the growth and profitability of organizations of all sizes.d.Sales also supports the employment of many non-selling employees as the sales organization generates all revenue for companies.D.Above-average income.
1.Table 1.1 describes sales force compensation for different performance levels/ a.Research indicates that salespeople involved in transactional sales earned the lowest compensation.b.Sales personnel involved in value-added sales earned the highest compensation.c.Strategic Account Management Association report:
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