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The Strategy Hierarchy: 1. Markets

Owner Sherry Morton hired Trey Denton to sell franchises, who sold 12 in a year, but the corporate goal is 200 in the next two years. The owner should create a new marketing strategy focusing on defining target markets, building relationships, determining investment needs, and setting objectives. The owner should also understand the selling process which includes prospecting, pre-approach, approach, needs identification, presentation, handling objections, closing, and follow-up in order to help salespeople successfully sell more franchises.

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Muhammad Mehdi Baloch
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33 views4 pages

The Strategy Hierarchy: 1. Markets

Owner Sherry Morton hired Trey Denton to sell franchises, who sold 12 in a year, but the corporate goal is 200 in the next two years. The owner should create a new marketing strategy focusing on defining target markets, building relationships, determining investment needs, and setting objectives. The owner should also understand the selling process which includes prospecting, pre-approach, approach, needs identification, presentation, handling objections, closing, and follow-up in order to help salespeople successfully sell more franchises.

Uploaded by

Muhammad Mehdi Baloch
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as RTF, PDF, TXT or read online on Scribd
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Owner Sherry Morton hired Trey Denton to sell franchises, Trey sold 12 franchises in 1-year,

Corporate goal is to sell 200 franchises in next 2 yrs., Hired 5 salespeople for Trey to manage.
After facing so, many problems, first of all owner should make a new strategy.

The Strategy Hierarchy


Corporate strategy encompasses plans and goals for the entire organizationAddress questions
such as what markets and sourcing options company should engageEx: hire sales force vs.
use distributorsEx: outsource mfg and focus internally on marketingBusiness units create
their plans to support corporate strategy
Three different strategies are given below
1. Corporate Strategy
2. Marketing Strategy
3. Sales Strategy
Now owner should make a new marketing strategy for its business. There are different
components for the marketing strategy.

Creating a Marketing Strategy


1. Markets
What markets do we serve with what products?

2. Relationships
What types of relationships do we form and with whom?

3. Investment
What level of investment will be required, and how will we locate and allocate the
needed resources?

4. Objectives
What are the detailed objectives and action plans?
Explanation is given below,

 What markets do we serve with what products?


Find a sustainable competitive advantageNeed expertise, technology or a patent
 What Types of Relationships Do We Form and with Whom?

1. Strategic plan considers network of relationships


 Investors, potential investors, bankers

 Suppliers

 Personnel sources

 Regulatory agencies

2. Relationship with customers is most important


3. A service advantage is often a function of the quality of relationships
4. Customers’ lifetime value is worth more than the average single purchase
 What Level of Investment Will Be Required, and How Will We Allocate the
Needed Resources?
1. Money, human or social capital
 Human capital decisions include:

 Determining number of salespeople

 What skills and experience they must have

 What training they require

 Other decisions include:


 Whether to hire telephone prospectors or to outsource

 Who handles customer service (a sales rep or a customer service rep)?

 What Are the Detailed Objectives and Action Plans?


Specific,Measurable,Achievable, yet challenging,Realistic,Time-based
After the marketing strategy now, sales manager should know about their duties, there are
different meanings of sales manager that are given below

1. Coaching
Coaching salespeople so they can improve

2. Developing
Developing strategies and delegating the responsibility for implementation to others

3. Motivating
Figuring out how to motivate people, some who are older than you

4. Convincing
Convincing others that what is right for the sales force is right for their departments, too

Owner should have knowledge about the selling process, because of it, sales persons will also
work hard if they know bout the process. After applying selling process there will be more
selling of the franchises. Selling process explained below.
There are eight steps in the selling process, each of them is given below,

Prospecting:
Prospecting involves identifying potential customers for a particular product or service,A
prospect is a MAD buyer,the Money to spend,the Authority to buy,the Desire to buy it.

Pre-Approach:
During Pre-Approach, the salesperson tries to learn everything he can about the account

Approach Approach: salesperson asks buyer to commit to a meeting:


Opening statement must get buyer’s attention

Needs Identification:
Needs identification: salesperson confirms prospect is MAD (Money, Authority,
Desire)Comprised of 3 elements
 Questioning

 Identification

 Pre-commitment

 Presentation:
Presentation: salesperson describes product and how it meets buyer’s
needs,Feature,Evidence,Benefit,Agreement.
Handling Objections:
Objections: reasons a buyer offers to not buy your productCan occur at any timeSalesperson
should find out root of concern and resolve it

Closing the Sale Close: when salesperson asks buyer for the sale:
 Good close

 Reinforce decision to buy

 Confirm implementation schedule

 Thank the buyer

 Ask for referral

Implementation/Follow-Up:
Follow-Up: After delivery, ensure that the customer has good experience with productTraining,
service, policies and procedures
After applying all the strategies, marketing strategy, selling process viewing and applying, and
having approach to the customers, Owner will be able to sell maximum franchise in upcoming
years. Owner can get back the contracts of others five to ten franchises.

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