Importance of Sales Management in Academic Curriculum
Sales management is a business discipline which focused on the management of sales and management of firm’s sales operations. There are 2 important indicators of sales management are net sales through products and services and profit drive. It includes more than tracking your business and managing sales. It starts with developing sales, choosing right prices for products and delivery at right places and continues with marketing through social media. Setting plans keep monitoring and tracking results eliminates weakness and take advantage of opportunities. Sales reports not only provide you what are you selling and where are you selling. It also provides you distribution methods and how to maximize their use. Adding a product to your item or changing it or dropping it all will maximize your sales and profits.
Why students seek advice in Sales Management
As we all know career path in sales management is getting popularity day by day especially for students. As a student you want to pursue your career in sales management. There are few reasons why student want to pursue your career in sales management are first, Sales management have a good career path ahead for students Seconds, by becoming sales manager in company you get a chance to meet new peoples and this helps to develop your skills.
Difficulties encountered in Sales Management
There are few challenges which encountered in sales management. Some of those become overwhelmed with your responsibilities and neglect the development. Second, Data driven approaches and data analysis can be big asset for you and your team but when applied incorrectly can cause confusion and frustration. Third, Time management can be tricky some time in such fast paced evolution. Fourth, maintaining consistency is a key for sales manager. You might let your top sellers get away with using their own techniques rather than company established technique. Inconsistency from you will undermine your company culture.
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Subject approach divides sales opportunities into 4 categories: - Repurchase, Replacement, expansion and innovation. The skill set require to manage each type of opportunity may overlap but they are different. The companies that do best are those take a portfolio approach to manage sales. Repurchase occurs when customer buy more of product from same vendor. Replacement occurs when customers with repurchase opportunities substitute a new vendor with existing one. For successful replacement opportunities vendors need to be good at monitoring competitor’s sales activities. Expansion occurs when vendor identifies and fulfills customer needs that are not being serviced. A common way companies support sales in expansion efforts are by creating business development organization. Innovation occurs when vendor engage with existing customers to identify needs that they did not realize they had and develop new solutions. Vendors that found sales innovation able to grow its business widely.
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