Marketing Principles Unit 11 Selling Policies Product Information Product Features and Benefits.

10.8 Explain company selling policies. 10.9 Acquire product information for use in selling. 10.10 Analyze product information to identify product features and benefits.

Policies & ProductsMarketing Principles Unit 11

Policies and Products This PowerPoint is for Marketing Principles, Unit 11- personal selling 1In this PowerPointSelling Policies Product Information Product Features and Benefits

In this PowerPoint, we will cover Selling Policies Product Information and Product Features and Benefits

2Review: Goals of SellingTo help customers decide on purchasesMake a profit To ensure customer satisfaction so the firm can count on repeat businessObtain repeat business

Here is a quick review on the Goals of Selling Business sell tohelp customers decide on purchasesTo make a profit To ensure customer satisfaction so that the company can count on repeat businessAnd of course to obtain repeat business

The goals of POLICIES are to increase sales and to make the selling process easier

3Company Selling PolicyImportance of Selling Policies Important Terms Types of Active Policies Types of Terms-of-Sale Policies Factors That Affect Sales Policies Problems with Policies

First, lets talk about Company Selling Policy. In this section we will cover The Importance of Selling Policies Important Terms Types of Active Policies Types of Terms-of-Sale Policies Factors That Affect Sales Policies and Problems with Policies

4Important TermsSelling Policies: Guidelines for selling. How will products be sold?Selling-activity policies: Guidelines for sales people. What is required of the sales employees? What laws apply?Terms-of-sale policies: Determining conditions that apply to each type of sale? (Think airline tickets, e-Bay, close-outs)Service policies: Guidelines for servicing customers.

Important Terms

When talking about company policies, it would be good to understand the following terms.

Selling Policies: these provide the Guidelines for selling. They describe How will products be sold. And example would be sale dates

Selling-activity policies: These are Guidelines for sales people. Such as training requirements.

Terms-of-sale policies: these Determine conditions that apply to each type of sale like payment that the business that the business's accept

Service policies: Guidelines for servicing customers. This might be something like a delivery-on-time policy

5Importance of Selling PoliciesSelling policies standardize sales.Ensures that the company employees and the customers understand how products are sold.Protects the company, legally.

The Importance of selling policies

Selling policies standardize sales. This is especially important for chain companies because customers expect consistency.

Selling policies also Ensure that the company employees and the customers understand how products are handled and sold. This also creates a sense of consistency for both employees and customers

Lastly, selling policies Protect the company, legally. If a company has a legal standardized way of handling, selling, and returning products, it would be difficult for them to be under legal scrutiny once they follow the set standards.

6Types of Selling PoliciesItem description (code)Terms and conditionsProduct availabilityPostage and related chargesDelivery and dispatch time ReturnsEmployee training

Types of selling policies . Here are a few types of selling policies that you may see

Item description this means the way the business codes their items in their system

Terms and conditions these describe the terms and conditions of the sale and handling of the product

Product availability

Postage and related charges

Delivery and dispatch time

Communication and

Returns

7Types of Terms-of-Sale PoliciesForms of payment acceptedReturn PolicyRestocking feeS&P method, fees and other informationTaxes and any applicable government imposed fees

Types of terms-of-sale policies. These are policies that dictate the terms of sales within a company

Forms of payment the business acceptsReturn PolicyRestocking feeS&P method, fees and Taxes and any applicable government imposed fees

8Customer ProblemsEfficiently handle and resolve all types of customer problems and requests, including help desk calls, complaints, repairs, hardware and software problems, and information requests.

Customer Problems. Company policy also dictates how employees will handle customer problems. It lays out guidelines for:

Efficiently handling and resolving all types of customer problems and requests, including: helpdesk calls, complaints, repairs, hardware and software problems, and information requests

9External FactorsThe following are external factors that affect selling policies: City, county, state and/or Federal regulationsCompetitors actionsChanges in customer expectationsChanges in costs of producing the products

External Factors. External factors that affect selling policy are factors that are outside of the company itself. The Following are external factors that affect selling policies:City, county, state and/or Federal regulations in order for policies to be legal they much align with the law Competitors actions because companies want to be competitive, they will often match their policy to other competitors policies Changes in customer expectations If company policy does not meet customers expectations then less people will shop with the company, thus company policy must be flexible to customer wants Changes in costs of producing the products

10Internal FactorsThe Following are external factors that affect selling policies:

Sales quotas

New management

Changes in goals

Internal Factors. Internal factors that affect selling policy are factors that are within the company OR THINGS THAT THE COMPNAY ITSELF CAN CONTROL, SUCH AS Sales quotasNew managementChanges in goals11ProblemsProblems encountered with the use of selling policies:Policies cover specific circumstances, therefore, some situations will not fit the current policies.Misinterpretation by a salesperson.Some customers will ask for exceptions to policies in exchange for increased business or because of a history with your company.

Problems Sometimes problems arise from company policy, For example: Policies cover specific circumstances, and when the situation at hand is does not fit the policy itself, this could cause problems

There is also Miss-interpretation by a salesperson sometimes a sales representative may misinterpret the policy. In this situation usually, the company is forced to do whatever the sales representative said to the customer. When a sales representative does not understand something, it is best for him or her to go directly to a superior and ask or have the superior speak to the customer.

Lastly, Some customers will ask for exceptions to policies in exchange for increased business or because of a history with your company. Companies are NOT supposed to bend policy for any customer, regardless to how much business they do.

12Product InformationDefining Product InformationLearning Product InformationFeatures and Benefits

Now lets talk about Product Information

In this section we will define product information, then we will discuss different methods to learn product information, and lastly we will cover features and benefits 13Product InformationProduct Information consists of knowing:PriceComposition/ SizingCare/ Handling Manufacturing Process Allows a salesperson to explain why one product is better than another.

In order to talk about benefits and advantages, the sales representative must know product information. This means Knowing about the price, composition, care, and manufacturing process allows a salesperson to explain why one product is better than another.

Learning Product InformationDirect experience - Use the product!

Printed Material - User manual,manufacturer warranties, catalogs, labels, boxes, promotional material.

Salespeople must KNOW the product to SELL the product

To learn about different products, a sales representatives can use Direct experience meaning Use the product!

Or they can refer to

Printed Material - User manual, manufacturer warranties, catalogs, labels, boxes, promotional material.

Most of the time companies give their employees discounts on their products or benefits for using company products so that they employees can share and market to customers from first-hand or personal experiences with the good or service.

Companies also require that employees know information that would come from the company printed material.

Learning Product InformationOther People - Friends, relatives, and customers who have experience with the product.Formal Training - Attending classes and observing experienced sales representatives before going out on their own.

Sales representatives can also use Other people - Friends, relatives, and customers who have experience with the product.Or they can get Formal Training which means Attending classes and observing experienced sales representatives before going out on their own.

Features vs. BenefitsFeaturesPhysical characteristic or quality of a good or service; what is the intended use?BenefitsAdvantages or personal satisfaction a customer will get from a good or serviceFeatures that have been made into customer benefits are selling points.

When interacting in personal selling, the sales representative should be talking about the products benefits and features. These may not the same thing. A benefit is an Advantage or the personal satisfaction a customer will get from a good or service. A feature is A physical characteristic or quality of a good or service. For example, say that you are selling cell phones, a feature would be a the volume button on the side of the phone. The benefit of this would be would be easy access to volume control.

Feature Benefit SellingSelling to match the products features to the customers wants and needs.A quality salesperson or marketer will work to find a product that meets the customers needs.

Feature Benefit selling

Feature benefit selling is when a salesperson matches the features of a item to the customers needs and wants. Lets say a customer tells you that he wants a phone with a fast processing speed. Feature benefit selling would be finding a phone that matched his want and then persuading him to buy it based on that feature 18In Summary Selling Policies Product Information Product Features and Benefits

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