...objectives of sales management • Definition of sales management • How a Sales executive acts as a coordinator • To know about personal selling In this lesson we will study about an overview of Sales Management. today must develop an integrative management style using adaptive, problem solving, extensive information, in many cases is an ever changing market place. The overwhelming majority of business environment workers are service providers such as investment bankers, consultants, and information technology specialists. Sales Mangers in the current business environment must have the ability to add value, which means functional expertise in sales and marketing along with knowledge of industry. However managers must also have the skills to lead, communicate, use changing technologies, build teams, motivate sales people, form strategic alliance with customers. These are times of drastic corporate downsizing in which sales orgranisations are expected to do more with less. Many internal and external changes in organizations have dictated the need to conduct business differently. External business environment has experienced changing technology, globalization, more competition and more demanding and sophisticated customers. Internal changes have included greater emphasis on quality levels in product and service output, faster communication channels and more educated, skilled employee base. The relationship between sales people and customer is changing faster than sales orders can be...
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...| | |PART FOUR COMPENSATION | | | | | |CHAPTER | |T Twelve | | | | | |Pay for Performance |12 | | |And Financial | | | |Incentives | | | |Lecture Outline | | | |Strategic Overview |In Brief: This chapter gives an overview of money | | |Money and Motivation: An Introduction ...
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...In today’s economy, keeping the morale of the sales force in a high gear is vital if a company is to achieve profitability. One of the factors that boost the morale and productivity of the sales force is a reward program that recognizes and addresses their needs. It is in the company`s best interest to keep the sales force motivated for higher sales revenue and elevated levels of financial growth. To assist in understanding the impact and role played by reward programs, General Motor`s compensation plan will be used as a guide in creating an effective workforce compensation program (Hay Group., 2001). An effective compensation program needs to incorporate the aspect of fairness .This means recognizing each employee`s worth and value contribution to the ultimate success of the company. The reward program needs to be impartial to all employees involved so that it can gain unfailing support from every member of the sales team. An unfair program will create conflict and division amongst employees and cause resentment and discontent amongst those who feel sidelined by the program (Clow & Baack, 2012). It will hinder the smooth running of operations as employees get involved in a battle to counter each other’s efforts thus leading to reduced levels of productivity. The vision and mission of the company should also be considered when hatching a reward program. It is only by aligning it to the core values of the company that it will attain sustainability. The rewards program will be...
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...……………….5 Research Findings…………………………………………………………………………………………………………………….6 Bonuses…………………………………………………………………………………………………………………...................7 Sales Commissions……………………………………………………………………………………………………………………8 Medical Benefits………………………………………………………………………………………………………………………11 Retirement Benefits………………………………………………………………………………………………………………..12 Stock Options………..………………………………………………………………………………………………………………...13 Recommendations……………………………………………………………………………………………………………………14 Conclusion………………………………………………………………………………………………………………………………..15 Reference…………….……………………………………………………………………………………………………………………16 Executive Summary Employee Compensation Strategies There are many ways a company can compensate an employee for their contribution to the organization. Companies offer a wide range of bonus/commissions to employees so that they can share in the company’s success. They come as cash and non-cash awards. Many corporations use profit sharing as a way to motivate an employee to work harder so they sell more. Bonus/commissions range from 2.5% - 7.5% if the corporation earns a profit. Spot bonus awards can be for providing exceptional customer service. They can be a gift card to a movie discount retailer, or cash. Recognitions are announcements in front of other employees. Sales commissions awards from the sales department when the employee sells over a certain amount of product. The percentage goes up the more they sell. Do we pay Employees to Exist or to...
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...Horton is ranked as the largest house builder by units closed in the United States since 1978. The company has its headquarters in the D. R. Horton Tower in Downtown Fort Worth, Texas. .DR. Horton is dedicated to building quality crafted, distinctive homes across the United States. The Company has developed a reputation for high quality homes with features and amenities other builders often consider options or upgrades. The flexible home designs, attention to detail and affordable pricing are what make D.R. Horton a national leader in the residential home building industry. D.R. Horton's homes generally range in size from 1,000 to 5,000 square feet and in price from $90,000 to $900,000. The Company has differentiated itself in the industry through its pursuit of quality and its unique ability to offer customers the features and amenities they look for in a new home. Home designs are created by award winning architects to appeal to the tastes and desires of the local community. By taking advantage of the national purchasing power generated by building thousands of homes each year, D.R. Horton is often able to offer exclusive features to each homebuyer at an affordable price. D. R. Horton builds single-detached dwellings in 71 markets, in 27 states by partnering with large real estate brokers such as New Home Source and Marketplace Homes, LLC. It employs 4,000 workers nationwide. Additionally, D.R. Horton provides mortgage and title insurance services in many of its markets. The...
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...Wright, 2011). An effective compensation plan plays a dynamic role in all organizations. When an ideal compensation system is designed, it will have a positive impact on the efficiency and results produced by employees. Evaluate whether or not the compensation system at Collegiate Promotions is effective. The compensation system at Collegiate Promotions is highly effective as it is designed to attract, retain, motivate and reward a quality work force of independent sales representatives. They employ independent sales representatives to achieve more sales, faster, and at a lower cost than other recruiting methods. According to Simon (2010), in today's economy with the rising costs of employee benefits and increasing pressure from international competition, U.S. manufacturers are looking for every advantage they can get. Collegiate Promotions is able to save a tremendous amount of money by alleviating the expenses of employee benefits, compensation and all of the overhead costs associated with recruiting employees. The greatest benefit for this option is that it reduces financial risk for the company dramatically. Since the independent sales representatives work on commission, they are only paid when they complete a sale. Compensation Master (2011) states that more experienced sales associates, confident in their ability to generate sales, prefer to maximize their income with high commission plans – witness the success of 100% plans. As independent contractors...
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...Enter the business name Cleanliness is DOG-liness Enter tag line if any Insert your logo BUSINESS PLAN Business Plan Prepared By P.T. Enter your full name Groomer and Consultant Enter your title Phantastic Dog Grooming Enter the company name XXX Oceanside Avenue Enter the company address Oceanside, CA 92057 Enter city, state, and zip code 760-509-4845 Enter the phone/fax number(s) phantasticcleandog@gmail.com Enter your e-mail and Web addresses Date Prepared Enter month and year June 18, 2012 Table of Contents Action Step 10.3 (table of contents) The page numbers on the table of contents are inserted automatically but need to be updated as you add to your plan. Click on the page number, or select all page numbers, and press F9 to update. Updating the Table of Contents will eliminate the hidden links to the Action Steps and any formatting you have added. After you update the TOC automatically, you may want to format the type so it looks as you prefer. Executive Summary 1 Management and Organization Plan 2 Legal Form of Business 2 Management Team 2 Board of Directors/Advisory Board 2 Recruitment and Selection of Employees 2 Compensation and Ownership 2 Employee Reward and Incentive Plan 2 Communication 2 Infrastructure 2 Product / Service Plan 3 Purpose of Product/Service 3 Features and Benefits 3 Stage of Development 3 Product/Service Limitations 3 Product/Service Liability 3 Production...
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...equity (unless there is a mandatory redemption feature). Note the example and journal entry on page 799. III. Another type of dilutive security is a stock warrant. A. A stock warrant is a certificate that entitles the holder to acquire shares of stock at a certain price within a stated period. B. Stock warrants may be attached to bonds as incentives to buyers; attachment of warrants enables the issuer to pay a lower interest rate (because the buyer expects to receive value in the future by exercising the warrant, so he/she is willing to accept less interest income). C. Stock warrants may be either detachable or nondetachable from the bond or other financial instrument. D. If the warrant is detachable, at issuance, the value of the warrant is recorded as a credit to “Paid-in Capital—Stock Warrants.” E. If the warrant is not detachable, no separate account is credited at issuance. The credit is to “Bonds Payable” only. F. The relative value of the warrants and the bonds may be established either through the proportional method or the incremental method. Note the issuance of bonds with detachable warrants and calculation of the values using the proportional method in Illustration 16-1 on page 801. IV. Preemptive privilege stock rights give existing stockholders the right to purchase newly issued shares in proportion to their holdings. V. Often granted to employees as a form of compensation, stock...
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...the future market potential for a specific product. * sales forecast * is a quantitative estimate, in either physical or monetary units, of the total sales for a product within a market. * Market potential * is the portion of market potential that one among a set of competing firms can reasonably expect to obtain. * Sales potential * based on primary research * Build-up approach * Forecast economic conditions, such as these: I. GNP II. consumer price index III. wholesale price index IV. interest rates V. unemployment levels * Breakdown approach * assumes that the next period’s sales will be the same as they were in the previous period. * Naïve forecast * method asks key managers within the company for their best estimate of sales in a given planning horizon and combines the results to develop the forecast. * Jury of executive opinion * method is similar, but it asks the sales force for their best estimates of sales in the planning horizon. * Sales force composite * survey of customers’ buying intentions or test marketing * Counting methods * are movements in a time series as a result of developments in population, technology, or capital formation. * Trends * are consistent patterns of sales changes in a given period generally called seasonal variations. * Periodic movements * are wave-like movements of sales that are longer in duration than a year, such as business recessions...
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...manifest within the marketing demographics of the newly popular Hoverboard. This technological prototype seems to offer a wide range of impressive but also simplistic hoverboard models. Living in today’s technologically advanced society, creators have been able to provide buyers with our most basic purchasing desire; variety. Some offer consumers the ability to mobilize themselves through the motor-powered two-wheeled model. Others that are bit higher-end offer consumers the ability to levitate off the ground onto the board using a magnetic gravitational technology. Never the less, regardless of the budget or style, the new popular fad has caught on with consumers and is certainly carving out its own place in the market. Features The Hoverboard features are limited but tend to range from Bluetooth capabilities to the synchronicity of GPS mapping and assisted personal transport at speeds between 5 to 8mph. Creators have also found ways to add cosmetic appeal to the devices that directly is reflective in pricing such as LED lighting or AM/FM radio. Some celebrities have gone as far as special ordering all gold or platinum in case Hoverboards. Product Life Cycle With respect to the Hoverboard initial introduction, the volume of its growth has been completely attributed to the two-wheeled prototype. The two-wheeled prototype accompanied with the celebrity factor, helped the market demand sore to incredible heights. This is considered the General Theory phase, as more people...
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...Exposure: Three-Year Strategic Plan Sean McNeely University of Maryland University College Table of Contents Table of Contents 2 Introduction 3 Vision Statement 3 Mission Statement 3 Core Values 3 Objectives 4 SWOT Analysis 5 Michael Porter’s “Five Forces” 8 Product Design and Assembly Strategy 10 Marketing Strategy 12 Compensation and Labor Strategy 13 Corporate Citizenship 15 Financial Strategy 15 Summary 16 References 17 Exposure: Three-Year Strategic Plan Introduction Exposure currently shares the global camera market evenly with four competing rivals. While we enjoy a strong competitive position in the North American market, Exposure’s future will depend on our ability to increase our competitive edge over rivals in the other three primary global markets. This Strategic Plan details the priorities, goals, and basis for decision-making we will use to gain a larger slice of the global camera market over the next three years, while ensuring good corporate citizenship, stability, and growth. Vision Statement We at Exposure pride ourselves on our core values, which ultimately filters into our products, employees, services, and reputation. Furthermore, we strive to be environmentally sound and safe so that our children are able to enjoy this beautiful world as we do today so that it is able to be captured by the quality cameras we produce. Mission Statement Our...
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...------------------------------------------------- THE RIGHT TO FAIR COMPENSATION ANDTRANSPARENCY IN LAND ACQUISITION, REHABILITATION AND RESETTLEMENT ACT, 2013 ------------------------------------------------- THE RIGHT TO FAIR COMPENSATION ANDTRANSPARENCY IN LAND ACQUISITION, REHABILITATION AND RESETTLEMENT ACT, 2013 An Overview An Overview Contents 1. Introduction 2. Background 3. Why a new and combined law? 4. Aims and objectives 5. Purpose 6. Salient Features of the New Law – Scope of the Bill – Definition of “Public Purpose‟ – Urgency Clause – Definition of “Affected Family‟ – Safeguarding Food Security – Minimum Compensation for Land – Minimum R&R Entitlements – Special Provisions for SC‟s/ST‟s – Enhanced Role for Panchayati Raj Insitutitions especially Gram Sabhas – Special Provisions for Farmers – Special Benefits for Tenants and Sharecroppers – Infrastructural Amenities under R&R – Compliance with Other Laws – Process Flow – Institutional Structure – Safeguards against indiscriminate acquisition – Timelines 7. Some other Key Features INTRODUCTION Right to Fair Compensation and Transparency in Land Acquisition, Rehabilitation and Resettlement Act, 2013 is a legislation that regulates land acquisition and provides laid down rules for granting compensation, rehabilitation and resettlement to the affected persons in India. The Act has provisions to provide fair compensation to those whose land is taken away,...
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...1. Primary research vs Secondary research 104 Primary data are data freshly gathered for a specific purpose or for a specific research Project. Primary research is research that's tailored to a company's particular needs. By customizing tried-and-true approaches — focus groups, surveys, field tests, interviews or observation — you can gain information about your target market. Primary research delivers more specific results than secondary research, which is an especially important consideration when you're launching a new product or service. In addition, primary research is usually based on statistical methodologies that involve sampling as little as 1 percent of a target market. This tiny sample can give an accurate representation of a particular market. But professional primary research can be pricey Secondary data are data that were collected for another purpose and already exist somewhere. You can find much of this kind of information in local libraries or on the Web, but books and business publications, as well as magazines and newspapers, are also great sources Although secondary research is less expensive and fast than primary research, it's not as accurate, or as useful, as specific and customized research. 2. Consumer Buying Behavioral vs Business Buying Behavioral A colleague at your place of employment says to you that when it comes to the decision-making process within his company on a major capital equipment purchase, it's a frustrating experience...
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...------------------------------0505. Methodology-----------------------------------------------------------------------0506. Limitations of the study-------------------------------------------------------0507. Objective--------------------------------------------------------------------------- 0608. Overview of Long Beach Hotel-----------------------------------------------------0709. Features & Benefits of Long beach hotel ---------------------------------------0710. Vision-----------------------------------------------------------------------------------0811. Mission---------------------------------------------------------------------------------0812. Corporate Objective ----------------------------------------------------------------0813. Organizational Structure--------------------------------------------------------------0914. COMPENSATION FOR TOP MID AND OPERATING LEVEL-----------------1015. Compensation---------------------------------------------------------------------------1516 Employee Benefit------------------------------------------------------------------------1617. COMPENSATION DIMENSION----------------------------------------------18 * Leave & Holiday pay------------------------------------------18 * Disability income continuation----------------------------19 * Health and accident protection----------------------------20 * Income equivalent payments--------------------------------21 * Payment for Time...
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...Without a unified goal and a lack of leadership and communication, TerraCog has found itself in a tough situation on whether to sell its new GPS system, dubbed Project Aerial, at a competitive price or at a higher price. Their main competitor, Posthaste, has been slowly taking shares from the company with their satellite imagery GPS system that has been on the market for almost two years. As the threat of this competition continues to pressure the company, TerraCog seems to be straying away from its core competency of producing higher quality products compared to its competitors. Internal issues also arise as personal goals within departments interfere with other department goals, hindering the success of their main objective. Emma Richardson, the Executive Vice President, now must make a final decision on how to price the Aerial. With Harold Whistler, the VP of Design and Development, near retirement, Allen Roth, a current director within the same department, aims to take on the role of vice president. Project Aerial has been taking away time from Roth to complete more exciting projects that he could use to promote himself as a strong candidate for the soon to be available VP position. This is an example of Value Theory of Job Satisfaction: a theory suggesting that job satisfaction depends primarily on the match between the outcomes individuals’ value in their jobs and their perceptions about the availability of such outcomes. Without the opportunity to complete the projects...
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