Sample ENT201 Sales and Negotiation Strategies Assignment

ENT201 Sales and Negotiation Strategies Assignment Sample

Assignment Brief

Individual/Group Individual
Length 2000 words (-/+ 10%)

Learning Outcomes

The Subject Learning Outcomes demonstrated by successful completion of the task below include:

a) Apply knowledge of consumer behaviour to communicate effectively in sales and negotiation processes.

b) Select and demonstrate the use of an appropriate sales and negotiation strategy to best serve a variety of business contexts.

c) Implement an ethical and sustainable approach to sales and negotiation.

d) Identify and reflect on personal challenges in sales and negotiation, and develop a strategy for your development as an entrepreneur.

Task Summary

Prepare, test and evaluate appropriate sales and negotiation strategies with your own venture or proposed venture. Please refer to the Task Instructions for details on how to complete this task.

Task Instructions:

To complete this assessment task, you must:

1. Select a sales and negotiation strategy from the strategies provide in the learning resources, for your current or proposed venture.

2. As an introduction, provide an overview of your task.

a. Include a brief background and overriding objectives for the project/venture.

• This will guide your testing and give important background to your Learning Facilitator.

b. Explain your choice of consumer, sales and negotiation strategies chosen, and methods to be used in the test and why these suit your venture.

3. Test your strategy using social media or direct face to face/phone/online contact with potential consumers.

a. Include all of the following activities in your project as you test:

i. Generating leads
ii. Making initial contact
iii. Qualifying the prospect
iv. Presenting your product or service
v. Overcoming objections
vi. Closing the sale or achieving a commitment to talk/meet again
vii. Asking for referrals to generate more leads

b. Appropriate social media might include:

i. Facebook discussions, polls, Facebook Live
ii. Instagram
iii. Whatsapp, Messenger or other messaging social media app

c. Face-to-face/phone or other methods may include:

i. Setting appointments and conducting presentations using PowerPoint
ii. Online live webinars using Zoom or other live video
iii. Networking events and Expos, demonstrations of product or service

4. Outline, explain and evaluate your test results in your project.

• Be mindful to protect the privacy of your consumers by deleting names and images, or obtaining permission to use images and video.

• Your explanation and evaluation should demonstrate your knowledge and understanding of all modules studied in this subject so far.

a. You should plan to include both the tests and the results from your testing and add these results to an appendix to your project. These may include:

i. Social media tests and analytics
ii. Feedback from potential customers
iii. Screen shots or other examples of your test discussions and comments
iv. Sales and negotiations scripts
v. Saved brief videos or audio recordings of webinars

Solution

Introduction

Negotiation is not the cup of tea, instead, this is a complex process in marketing in any company. This involves persuasion, reasoning, and psychology. There is a need for specific skills and mindset to make a successful negotiation. This is a social strategy that includes effective communication and strategic reasoning. An average human needs lots of experience to achieve this skill set. There is a need to focus on the strategic aspect, this is a sequence of the decision-making process.

Sales and negotiation are part of the marketing strategies for any organization. Selling is an important part to run any business whether this is a service sector or product sector. Communication is the key to negotiation. The negotiation may be between clients and company, between company and customer, between company and vendors, etc. the company strategies include understanding the customer behaviour and replying in such a way that, it could be a win-win position. The demonstration is the key to selling. A good demonstration of the product or services will increase sell of the company. Effective communication will lead to the success of the company in any department including sales and collaboration. There are various kinds of sales and negotiation strategies. This project will be based on the one negotiation strategy that can be used in sales and marketing. As earlier said there are various kinds of sales and marketing strategies available in the market. Out of many Sales and Negotiation Strategies, the telephonic Sales and Negotiation Strategy has been selected for this project. This task will explore the various factor of Sales and Negotiation Strategies in marketing. This task will consider ethical and personal challenges in this strategy for best assignment help. One going through this project will understand the importance of communication in Sales and Negotiation Strategies in various contexts.
 

Test strategy

To check the strategy, there is a need to conduct a live test over the phone with the parents on behalf of the company. There are a few factors that need to be considered here say lead generation, making initial contact with the customer, qualifying the prospect, presenting your product, over company problems during the sale, closing the sale, and asking for a referral. Let’s see them one by one

Activities

• Generating leads: Telephonic strategy is a good way to generate leads for sure. As earlier said this is a vaccine-making company and its target customer is kids. The company employee can talk to the local hospital for the leads or data. This will be very much beneficial in collecting data for the company. Another thing is that company can call the local authority for the data over call. A company employee will explain every detail that will include the benefits of the vaccine to the kids. If a sales employee is manipulative and good at communication, then the company will get access to the newborn baby in that area.

(Source: Author)

• Making initial contact: making initial contact with the kids born in a specific area will be a little bit difficult. Is that parents will not entertain the person who will speak over the phone initially. If the company employee is good at communication, he will explain all the benefits to the parents that they will kids have after having the vaccine. So initial communication is very much important here. Only an experienced person is supposed to talk with the parents and explain all the benefits of the vaccine, then, only parents will be convinced and they will allow visiting for a vaccine to the vaccine company(Pane, & Hermawan, 2022).

• Qualifying the prospect: Once leads are received, there is a need to filter the prospective. Not all leads are useful. Qualifying the prospect means figuring out the prospective leads. There is a need to find useful leads. There is a need to filter the leads that one will get over the telephone from the hospital or the authority. The sales team needs to figure out which kind of leads will be useful for the company. Those kids who had been born before two years will not be a useful lead as those kids have already taken medicine. So leads are filtered here (Bolander, & Richards, 2018).

• Presenting your product: Now there Is needed to present their product to the customer. A salesman of the company will reach out to the parents of those kids from the available data and they will explain the benefits of the vaccine to the parents. This needs to be effective, the way of communication needs to be in such a way that one will be convinced enough to allow them for the vaccine. A salesman must have full knowledge of the product then only they will be able to explain it to the customer.

Figure 3: Presenting product
(Source: Author)

• Overcoming objections: The next factor is that salesperson will have to face the objection. The person or customer will not be convinced easily, they will raise cross questions such as the effect of the vaccine, the cost of the vaccine, and various other things. The salesperson of the company will be ready to counter these questions then only the customer will be convinced. A salesperson will have to counter these questions with communication and intelligence along with data then only parents will be convinced. A good demonstration of the product or services will increase sell of the company. Effective communication will lead to the success of the company in any department including sales and collaboration. The effective communication over the phone is requried to convince the customer to buy the product.

• Closing the sales: The next step is closing the sales, once the parents are convinced of the product or vaccine here then he needs to close the sale over the telephone by taking the address or payment details. The solution needs to be pitched successfully and overcome the objection. The person needs to be helpful but not pushy, otherwise, things will be different. Negotiation strategy will be telephonic. Company will collect leads from the hospital and call them for the vaccine, if sales person is good enough in communication sales will be converted.

• Asking for the referral: Once the sales are closed, then there is a need to ask for the raffle from the customer. parents are customers here. So they will have a referral for sure as they were in the hospital. There might be contact with the other parents in the hospital. So asking for a reference is a good idea. This will increase the positive customer database for the company and ultimately this is the best way to execute a sale. Here it can be observed that from a vaccine-making company, a sale has been executed to the parents For the vaccine process of their kids in various steps.

Face-to-face/phone or other methods

Setting appointments and conducting presentations using PowerPoint: The appointment and the presentation system will work once Parents will entertain the call from the company. Once the call will be entertained by the parents (customer) and they will allow for an appointment then only this will be possible. If sales are pitched effectively then our appointment could be fixed. This would bring a big chance for the salesperson to execute his project to the parents. Once parents will understand the importance of that vaccine and then this lead will convert. so this is the way to deal with this option (Setiawan, & Hakim, 2022).

Online live webinars using Zoom or another live video: This is another way to deal with this project. Companies can arrange online webinars, they can address hundreds collectively. This will be good for the company. Zoom call is a good way to deal with the project, this stops wastage of time, and one can explain things over call or messages. Recognize the way to collectively explain things to multiple people. But before that, there is a need to approach those people. If they will be convinced then only they will join the meeting, so the initial invitation needs to be catchy. This will be beneficial for the company (Boyer, & Jap, 2022).

Networking events and Expos, demonstrations of product or service: Again this is a collective way to demonstrate the product. That could be done in networking events. All these ways will bring benefits to the company by converting more and more leads (Stock, et al, 2022). The negotiation strategy will be telephonic. The company will collect leads from the hospital and call them for the vaccine, if a salesperson is good enough in communication sales will be converted.

Outline, explain, and evaluate your test results in your project

After going through the various test results, it can be concluded that. The telephonic conversation has more lead conversion as compared to any other method. Telephonic conversation gives a direct impact on the customer. It gives time to expand the product Effectively. Communication has played a good role in finding out this result. One more thing that could be concluded here is that communication is the key to the success. Apart from communication, another thing is writing. In all kinds of marketing such as WhatsApp marketing or Facebook marketing writing plays an important role. The things that are going to be written need to be catchy then only one will be attracted to the post. Another thing that can be concluded here is that Facebook has a more customer base as compared to any other social media site. While choosing among demonstrations of the product, networking events, and online live webinars play an important role.

End of the sale feedback was taken from the various customers, and it was observed that most of the customers are happy. They found out that sales are not pushy, but helpful. Even in WhatsApp messages or webinars, things have been explained in a very effective manner and in small time. Overall, this brought a big, successful sales pitch for the company.

Conclusion

For this task, a telephonic Sales and Negotiation Strategy has been selected. Consider a product-based company that is willing to sell its product to the market. The company is chosen here as vaccine making company. The product is here vaccine and the customer is here newborn kids. The sales will be made over the telephone by the company employee. This suits the company as the telephonic way is more convincing as compared to email or any other strategy. Everybody is concerned about the health of the kid so convincing parents about the vaccination over the phone will be a good idea for sure.

References