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Submitted to: (LOVELY INSTITUTE OF MANAGEMENT) MBA Ist – B(Ist Sem.) (Session 2009-2011)
Date- 05 Dec 2009
Submitted To: Mr. Krishan Gopal
Submitted By: Suman Tiwari Roll No. A-22 Reg. No.10904478
Table of Contents
Introduction ..............................................................................................................4 Overview ................................................................................................................6 Industry Trends and IT- BPO sector- overview......................................................8 Selling Strategies........................................................................................................9 The Selling Process ..............................................................................................14 Sales Forecasting Methods ................................................................................20 Sales Territory..........................................................................................................22 Developing And Conducting A Sales Training Program .........................................24 Output Factors used as Evaluation Bases .........................................................26 Dealing with Competition ........................................................................................28 Competitive strategies Of Mid- sized IT Company ...............................................31 Market Follower Strategy...................................................................................33 Conclusion………………………………………………………………………………………………… ………………………………………….34 Bibliography and References……………………………………………………………………………………………… …………………35
I would like to confer my heartiest thanks to my coordinator of Marketing Management, Mr. Krishan Gopal for giving me the opportunity to expel and work in the field of Marketing Management, and especially its practical applications. While preparing my term paper I got to have an in depth knowledge of practical applications of the theoretical concepts and definitely the things which I have learned will undoubtedly help me in future, to analyze many processes going on in our economy. I would also like to thank all those people who directly or indirectly helped me in accomplishing this project.
The Indian software industry has grown from a mere US $ 150 million in 1991-92 to a staggering US $ 5.7 billion (including over $4 billion worth of software exports) in 1999-2000. No other Indian industry has performed so well against the global competition. The annual growth rate of India’s software exports has been consistently over 50 percent since 1991. As per the projections made by the National Association of Software and Services Companies (NASSCOM) for 2000-2001 (April 1, 2000 March 31, 2001), India’s software exports would be around $ 6.3 billion, in addition to $ 2.5 billion in domestic sale. Indian Software Industry 1995-2000 (US $ million)
1995-96 1996-97 Domestic software Market Software Exports Indian Software Industry 490 734 1224 670 1085 1755 1997-98 1998-99 920 1750 2670 1250 2650 3900 1999-2000 1700 4000 5700 2000-01* 2450 6300 8750
(* Source: NASSCOM Report) Today, India exports software and services to nearly 95 countries around the world. The share of North America (U.S. & Canada) in India’s software exports is about 61 per cent. In 1999-2000, more than a third of Fortune 500 companies outsourced their software requirements to India.
Promotion of IT - governmental incentives
With the formation of a new ministry for IT, Government of India (GOI) has taken a major step towards promoting the domestic industry and achieving the full potential of the Indian IT entrepreneurs. Constraints have been comprehensively identified and steps taken to overcome them and also to provide incentives. Thus for example, venture capital has been the main source of finance for software industry around the world. However, majority of the software units in India is in the small and medium enterprise sector and there is a critical shortage of venture capital kind of support. In order to alleviate this situation and to promote Indian IT industry, the Government of India has set up a National Task Force on IT and Software Development to examine the feasibility of strengthening the industry.
The Task Force has already submitted its recommendations, which are under active consideration. Norms for the operations of venture capital funds have also been liberalized to boost the industry. The Government of India is also actively providing fiscal incentives and liberalizing norms for FDI and raising capital abroad. Recently, an IT committee was set up by the Ministry of Information Technology, Government of India, comprising Non Resident Indian (NRI) professionals from the United States to seek expertise and advice and also to step up U.S. investments in India's IT sector. The committee is chaired by Minister of Information Technology, Government of India, and the members include Secretary, Ministry of Information Technology and a large number of important Indian American IT entrepreneurs. The group will:
Monitor global IT developments and refine Indian IT policy to meet global requirements. Specifically, this will help angel investors, venture creators and incubation; Promote the growth of human resource development in the IT sector with the aim of creating quality-based education; Promote R&D in the sector by identifying thrust areas and drawing up a blueprint for action.
India’s most prized resource in today’s knowledge economy is its readily available technical work force. India has the second largest English-speaking scientific professionals in the world, second only to the U.S. It is estimated that India has over 4 million technical workers, over 1,832 educational institutions and polytechnics, which train more than 67,785 computer software professionals every year. Government of India is stepping up the number and quality of training facilities in the country to capitalize on this extraordinary human resource. It is the knowledge industry that will help take the Indian economy to a sustained higher rate of growth and the policy makers are fully aware of this.
Overview The impact of IT is not restricted to its passive contribution to GDP alone; IT is a transformational agent for national economic development and should be treated as infrastructure just like highways, roads, water, electricity etc. The domestic IT market in India is not homogenous and instead represents an aggregation of discrete and heterogeneous segments. Sustainable linkages and collaborations between the various segments are essential for the growth of the domestic IT market.
While historically, the domestic IT market has been overshadowed by the strong export performance of the Indian IT industry, recent years have confirmed the emergence and potential of the domestic IT market. Some of the encouraging trends of the domestic IT market are:
• • • • •
The domestic software and services market has grown from USD 6.7 billion in 2005-06 to USD 8.2 billion in 2006-07, showing a CAGR of 23 %. In the total IT market, inclusive of software and hardware, share of software in 2006-07 is more than the share of the hardware E-governance is high on the agenda of Central govt. and most state governments Innovative business models e.g. PPP are beginning to be used in Government projects Large Indian firms are outsourcing IT and ITES operations resulting in large opportunities which are comparable to global deals in size
• • • •
Transformational investments in IT increasing IT infrastructure prices are showing a continuous downward trend Greater focus on increasing competitiveness of SME segment through increased IT adoption Household consumer across income segments and geographies is being exposed to technology through mobile penetration, B2C applications (Railway reservation, e-chaupal, NSE, MCX, e-seva etc) Increasing availability of funding options for entrepreneurs
A key barrier for increased IT penetration in the domestic market is the absence of active demand in key segments and industries. While there is latent demand present in most segments, ways and means need to be identified to trigger the latent demand and convert it into active demand. Some key challenges which need to be addressed to accelerate the growth of the domestic IT market are as follows:
• • • • • • • •
Pace of IT investment in e-Government initiatives IT spending among Indian businesses continues to trail US / UK benchmarks, 1.5 % of annual revenue v/s 5.5 % of annual revenue IT usage pattern is focused on automating processes instead of enabling business transformation IT penetration in many verticals significantly lags behind international benchmarks (insurance, education, healthcare, travel) IT penetration in emerging companies is low with only 17 % of SME’ computerized Lack of products / solutions / services for emerging companies segment Household consumer usage of IT is low due to very few B2C applications Regulatory environment needs to incentivize IT consumption
Worldwide technology products and related services spend is estimated to cross USD 1.6 trillion in 2008, a growth of 5.6 per cent over 2007. Worldwide BPO spending in 2008 grew by 12 per cent, which was the highest among all the segments. BPO today is an integral part of the global delivery chain and is increasingly involved in mission critical applications. Global sourcing market size has increased threefold since 2004, to reach USD 89-93 billion in 2008. Offshore IT-BPO service providers continued to build their global delivery footprint, expanding service lines and also growing inorganically by acquiring firms in the US and Europe to build skills and “nearshore” delivery capabilities. Therefore, though the established players dominated the market, Indian heritage service providers gained ground and market share.
• • •
Total IT-BPO industry to reach USD 71.7 billion accounting for 5.8% of India’s GDP; software and services revenues aggregated to about USD 60 billion Software and Services export revenues estimated to grow over 16-17% to reach USD 47 billion Direct employment expected to reach nearly 2.23 million, an addition of 226,000 employees, while indirect job creation estimated at ~8 million India’s fundamental advantages—abundant talent and cost—are sustainable over the long term. With a young demographic profile and over 3.5 million graduates and postgraduates that are added annually to the talent base, no other country offers a similar mix and scale of human resources Seven Indian cities account for 95 per cent of export revenues, focus on developing 43 new locations to emerge as IT-BPO hubs Higher growth in European/Asian market
Importance of Selling Selling is the only activity that generates revenue everything else is a cost centre only. It is the only opportunity to be in touch with the market. This allows for understanding and designing the value offering. It contributes to the image of the company and building of the Brand Equity. There can be two approaches to selling. One is selling by looking at the short term gains and second by considering the long term business.
The Nature of Personal Selling
• Transaction Selling Get new accounts Get the order Cut the price to get the sale Manage all accounts to maximize short-term sales Sell to anyone • Relationship Selling Retain existing accounts Become the preferred supplier Price for profit Manage each account for long-term profit Concentrate on high-profit-potential accounts Relationship Marketing: Four key issues • Open communication • Empowered employees • Customers to be included in planning • Working in teams
Selected Activities of Salespeople
Sales jobs differ from other jobs because salespeople
• • • • • • • • •
Implement a firm’s marketing strategies in the field. Are authorized to spend company funds. Represent their company to customers and to society in general. Represent the customer to their companies. Operate with little or no direct supervision and require a high degree of motivation. Develop innovative solutions to difficult problems. Need more tact and social intelligence. Travel extensively, which takes time from home and family. Have large role sets.
Face role ambiguity, role conflict, and role stress.
Sales Management Responsibilities
Executive Ladder in Personal Selling
Executive Ladder in Team Selling
Sales Force Management Challenges in the 21st Century
• • • • • • •
Customer relationship management (CRM) Sales force diversity Electronic communication systems and computer-based technology Selling teams Complex channels of distribution An international perspective Ethical behavior and social responsibility
The Marketing Concept
A philosophy: Achieving organizational goals depends on the firm’s ability to identify the needs and wants of a target market, and then to satisfy those needs and wants better than the competition does. Based on three fundamental beliefs • Company planning and operations should be customer or market oriented. • Marketing activities in a firm should be organizationally coordinated. • The goal of the organization should be to generate profitable sales volume over the long run.
• • •
Objectives are the broad goals around which a strategic plan is formulated. Strategies are the plans of action. Tactics are the specific activities that people must perform in order to carry out the strategy.
Sales Force Objectives, Strategy and Tactics
Strategic Selling Trends
• Internet Selling • Multiple Sales Channels • Multiple Relationship Strategies Transaction selling à Consultative selling In this era of global warming, toxic waste, pollution, and other concerns, marketing executives must act in a socially responsible manner if they wish to succeed or even survive.
Customer Relationship Management
Customer Relationship Management practices involve • Software application utilizing Information technology. • Aggregate all information about customers into a single database. • Provide salespeople/customers access to timely and relevant information. • Allow effective management of every aspect of the buyer-seller relationship. • Needs a different mindset at the top. Only effective if salespeople embrace it willingly
The Selling Process
The selling process shows how to proceed with the process of Selling. It covers all the critical steps to follow for selling a company’s product. Here all the right steps are to be handled carefully in order to achieve the firms selling objective. Here planning is the key which includes Determining the Sales Objectives, Developing Customer Profile Customer Benefits and Developing the Sales Call Presentation.
The Eight Steps of the Sales Process
It is the method or system by which sales-people learn the names of people who need the product and can afford it. Leads or prospects can be identified through - Referrals from customers
- Referrals from internal company sources i.e. from sales manager; Marketing dept.; Telemarketing dept. - Referrals from external agencies - Published directories - Industrial directories, Published data, governmental records - Networking by the Salesperson
- Cold canvassing A qualified prospect… Has a need for the products being sold. Can afford to buy the products. Is receptive to being called on by the salesperson.
Pre approach: Planning the Sale
It includes all the information-gathering activities salespeople perform to learn relevant facts about the prospects, their needs, and their overall situation.
Adaptive selling: When a salesperson alters the initial objectives or plans of the sales process because of new information gained from the customer during the actual call. Planning is the Key which includes Determining the Sales Objectives Developing Customer Profile Customer Benefits Developing the Sales Call Presentation
3. The Approach
A good approach makes a favorable impression and establishes some degree of rapport between the salesperson and the buyer. A lot can happen in the first minute. What all would you do in the first minute? Expectations are: • Firm handshake • Professional attire • Good eye contact.
4. Need Assessment
The stage in which the salesperson must discover, clarify, and understand the buyer’s needs. The best way to uncover and understand needs is by asking questions.
Situational questions How often do you change the cutting oil in your drill presses? In addition to the hospital administrator, who else has an influence on the decision?
• Problem discovery questions Have you experienced any delays in getting repair parts? In which part of the production process is quality control the most important? • Problem Impact questions
How do these delays in getting parts affect your production costs? What impact do the quality consistency problems have on your production costs?
Solution value questions
If your inventories could be reduced by 20%, how much would that save you? If your rejection rate on final inspection was reduced to under one percent, how much would that save you? • Confirmatory questions
So, you would be interested in an inventory control system that reduced your inventories by 20%? If I can provide evidence to you that our products would lower your rejection rate to under one percent, would you be interested?
5. The Presentation
A discussion of those product and/or service features, advantages, and benefits that the customer has indicated are important. It is built around a forceful product demonstration.
• Tips for effective presentations Keep it simple Talk the prospects language Stress the application of the product/service to the prospects situation Seek credibility at every turn.
Presentation of Product, Features, Benefits, Advantages
6. Meeting Objections
Objections should be welcomed because they indicate that the prospect has some interest in the proposition. • In responding to an objection… Listen to the buyer Clarify the objection Respect the buyer’s concern Respond to the objection • Common types of objections Price or value objections Product/service objections Procrastinating objections Hidden objections
Trial Close is a great way to uncover needs and push the sale forward. It checks the attitude of the prospect.
It can be used at the following points After making a strong selling point After the presentation After answering an objection Immediately before closing the sale
7. Gaining Commitment
It relates to asking the buyer to commit to some action that moves the sale forward. • Common Sales Closes The Assumptive Close “Now what size do you want?” Special Offer Close “If you buy this product today, we’ll double the length of the warranty.” Summary Close “You have agreed that our product is the best on the market. Correct? Then I suggest that you place your first order today so we can have it to you by the end of the week.”
This includes • Sales Forecasting • Quotas and Territories • Management Information Systems Importance of Sales Forecast • Basis for all the activities for the company • Help decide the levels of production • The need of raw materials required
• • • • • •
Leads to the level of funds needed Level of working capital required Calls for decisions on the level of activity This helps in the manpower planning Sets the level of activities required Decision on the level of operational expenses
Sales Forecasting Methods
Methods Executive Opinion
Advantages Quick, easy, and simple
Subjective For new products Lacks analytical rigor
Sales force Relatively simply Salespeople are When reps are of a high composite Usually fairly accurate sometimes overly caliber When each rep has a Involves those people optimistic small number of who are responsible Salespeople may sandbag (estimate low) customers for the results to look better Time consuming Survey of buyers intentions Done by those who will buy the product, so accuracy should be good. Time consuming High cost Customer may not cooperate No consideration for major product or market changes Require some statistical analysis For new products When there are a small number of customers For established products When market factors are predictable For aggregate company forecasts
Trend Objective and projections inexpensive : Use historical data -moving average exponential smoothing -regression analysis
Analysis of Objective market Fairly accurate and factors simple Test markets Very accurate
Unforeseen changes in When market factors are the market can lead to stable and predictable inaccuracy Time consuming Cost For new products which do not require large investments
Guiding Principles for Forecasting
• • • • • •
Fit the method to the product/market Use more than one method Minimize the number of market factors Recognize the situation limits Use the minimum/maximum technique Understand math and statistics
Flow of Information from Sales Budget to Other Budgets
It comprises of a number of present and potential customers, located within a given geographical area and assigned to a salesperson, branch, or intermediary (retailer or wholesaling intermediary). Benefits of Good Territory Design • • • • • • Enhances customer coverage Reduces travel time and selling costs Provides more equitable rewards Aids evaluation of sales force Increases sales for the sales organization Increases morale
Procedure for Designing Sales Territories
Guiding Principles for Forecasting
• • • • • •
Fit the method to the product/market Use more than one method Minimize the number of market factors Recognize the situation limits Use the minimum/maximum technique Understand math and statistics
Routing the Sales Force
Routing is the managerial activity that establishes a formal pattern for sales reps to follow as they go through their territories. It reduces travel expenses as it ensures a more efficient territory coverage. It is best for routine sales jobs with regular call frequencies.
Fig: Routing of sales force
Ten traits and abilities of top salespeople
Developing and Conducting a Sales Training Program
Objectives of Sales Training Programs
Procedure for Evaluating Salespeople
Output Factors Used as Evaluation Bases
• Sales volume In rupees and in units By products and customers (or customer groups) By mail, telephone, and personal sales calls • Sales volume as a percentage of: Quota Market potential (i.e., market share) • Gross margin by product line, customer group, and order size • Orders Number of orders Average size (dollar volume) of order Batting average (orders / calls) Number of canceled orders • Accounts Percentage of accounts sold Number of new accounts Number of lost accounts Number of accounts with overdue payment Quantitative Input Factors Used as Evaluation Bases • Calls per day (call rate) • Days worked • Selling time versus Non-selling time • Direct selling expense In total As percentage of sales volume As percentage of quota • Non-selling activities Advertising displays set up E-mails/letters written to prospects Telephone calls made to prospects Number of meetings held with dealers and/or distributors Collections made Number of customer complaints received
Qualitative Input Factors Used as Evaluation Bases • Personal efforts of the sales reps Management of their time Planning and preparation for calls Quality of sales presentations Ability to handle objections and to close sales • Knowledge Product Company and company policies Competitor’s products and strategies Customers • Customer relations • Personal appearance and health • Personality and attitudinal factors Cooperativeness Resourcefulness Acceptance of responsibility Ability to analyze logically and make decisions
Dealing with Competition
Competitive Forces Michael Porter has identified five forces that determine the intrinsic long run attractiveness of a market or its segment. These five forces of competition include three sources of “horizontal” competition: competition from substitutes, competition from entrants, and competition from established rivals; and two sources of “vertical” competition: the bargaining power of suppliers and buyers. The strength of each of these competitive forces is determined by a number of key structural variables, as shown in figure below.
Fig: The structural determinants of the Five Forces of Competition
Competition from Substitutes
It is the extent to which switching costs and brand loyalty affect the likelihood of customers adopting substitute products and services. The price customers are willing to pay for a product depends, in part, on the availability of substitute products. The absence of close substitutes for a product, as in the case of automobiles, means that consumers are comparatively insensitive to price (i.e., demand is inelastic with respect to price). The existence of close substitutes means that customers will switch to substitutes in response to price increases for the product (i.e., demand is elastic with respect to price).
The extent to which substitutes limit prices and profits depends on the propensity of buyers to substitute between alternatives. This, in turn, is dependent on their price performance characteristics. The more complex the needs being fulfilled by the product and the more difficult it is to discern performance differences, the lower the extent of substitution by customers on the basis of price differences.
Threat of Entry
It is the ease or difficulty with which new competitors can enter an industry.If an industry earns a return on capital in excess of its cost of capital, that industry acts as a magnet to firms outside the industry. Unless the entry of new firms is barred, the rate of profit will fall toward its competitive level. The threat of entry rather than actual entry may be sufficient to ensure that established firms constrain their prices to the competitive level.
Rivalry between Established Competitors
Intensity among rivals increases when industry growth rates slow, demand falls, and product prices descend. For most industries, the major determinant of the overall state of competition and the general level of profitability is competition among the firms within the industry. In some industries, firms compete aggressively – sometimes to the extent that prices are pushed below the level of costs and industry-wide losses are incurred. In others, price competition is muted and rivalry focuses on advertising, innovation, and other non price dimensions. Six factors play an important role in determining the nature and intensity of competition between established firms: concentration, the diversity of competitors, product differentiation, excess capacity, exit barriers, and cost conditions.
Bargaining Power of Buyers
It is the degree to which buyers have the market strength to hold sway over and influence competitors in an industry. The firms in an industry operate in two types of markets: in the markets for inputs and the markets for outputs. In input markets firms purchase raw materials, components, and financial and labor services. In the markets for outputs firms sell their goods and services to customers (who may be distributors, consumers, or other manufacturers). In both markets the transactions
create value for both buyers and sellers. How this value is shared between them in terms of profitability depends on their relative economic power. The strength of buying power that firms face from their customers depends on two sets of factors: buyers’ price sensitivity and relative bargaining power.
Bargaining Power of Suppliers
The relative number of buyers to suppliers and threats from substitutes and new entrants affect the buyer-supplier relationship. Analysis of the determinants of relative power between the producers in an industry and their suppliers is precisely analogous to analysis of the relationship between producers and their buyers. The only difference is that it is now the firms in the industry that are the buyers and the producers of inputs that are the suppliers. The key issues are the ease with which the firms in the industry can switch between different input suppliers and the relative bargaining power of each party.
Every company must capitalize on their strengths to overcome their weaknesses and utilize its opportunities and be aware of threats to its organization. Therefore every companies should analyze their internal (strengths and weaknesses) and external (opportunities and threats) environments. All the best management models have four quadrants, and the SWOT matrix is no exception. Each of the four quadrants is used to analyze where you are now, where you want to be, and then make an action plan to get there.
Strength GOOD NOW Maintain, Build, Leverage Opportunity GOOD FUTURE Prioritize, Optimize
Weakness BAD NOW Remedy, Stop
Threat BAD FUTURE Counter
Fig: SWOT Analysis
Competitive Strategies of Mid-sized IT Companies
Mid sized firms that occupy lower ranks in the industry are often called runner-up or trailing firms. These firms can adopt one of the two strategies. They can either attack the market leader and competitors in an aggressive bid for further market share as market challengers, or they can play ball and not as market followers.
Market Challenger Strategies
Many market challengers have gained the ground or even overtaken the leader. Toyota today produces more car than General Motors. Challengers set high aspirations, leveraging their resources while the market leader often runs the business as usual. A market challenger must first define its strategic objective. They most aim to increase their market share and must choose whom to attack. Attack market Leader: this is a high risk but potentially high payoff strategy and makes good sense if the leader is not serving the market well. It often have the added benefit of distancing the firm from other challengers. An alternative way is to out innovate the leader across the whole segment.
Attack Firms of its Own Size: These firms have aging products, are charging excessive prices, or are not satisfying customers in other way. Attack Small, Local and Regional Firms: Several major banks grew to its major size by gobbling up smaller regional banks. Tapal Tea of Pakistan is a good example of how a local company comes out of the shadow of a giant multinational and become a challenger in the market.
Choosing a Attack Strategy
Frontal Attack: In a pure frontal attack, the attacker matches its opponent’s product, advertising, price, and distribution. The principal of force says that the side with the greater resources will win. A modified formal attack such as cutting price can work if the market leader doesn’t retaliate and the competitor convinces the market that its product is equal to the leader’s. Flank Attack: A flank attack can be directed along two strategic dimensions, geographic and segmental. In the geographic attack, the challenger spots areas where the opponent is under performing. A flank attack can also be done by identifying the shifts in market segments that are causing gaps to develop, then rushing in to fill the gaps and develop them into strong segments.
Encirclement Attack: The encirclement maneuver is an attempt to capture a wide slice of the enemy’s territory through a blitz. It means launching a grand offensive on several fronts. Encirclement makes sense when the challenger commands superior resources and believes a swift encirclement will break the opponent’s will. Bypass Attack: The most indirect assault strategy is bypassing the enemy altogether and attacking easier markets to broaden the firm’s resource base. This strategy offers the three line approach: diversifying into unrelated products, diversifying into new geographical markets, and leapfrogging into new technologies to supplant existing product. Guerrilla Warfare: Guerrilla warfare consists of waging small, intermittent attacks to harass and demoralize the opponent and eventually secure permanent footholds. The guerrilla challenger uses both conventional and unconventional
means of attack. This includes selective price cuts, intense promotional blitzes and occasional legal action.
Market Follower Strategy
Counterfeiter: The counterfeiter duplicates the leader’s product and packages and sells into the black market or through disreputable dealers. Music firms, Apple, and Rolex have been plagued by the counterfeiter problems. Cloner: The cloner emulates the leader’s product, name and packaging with slight variation. Imitator: The imitator copies something from the leader but maintains differentiation in terms of packaging, advertising, pricing or location. The leader doesn’t mind the imitator as long as the imitator doesn’t attack the leader aggressively. Adaptor: The adopter takes the leader’s product and adopts or improves them. The adopter may choose to sell to different markets, but often it grows into the future challenger.
It is found that applying selling strategies by IT companies examined in changing competitive environment to offer useful insights into the strategies adopted need to formulate and put in place with efficiency and team work to develop tactics and along with that an alternative selling off. However, problem faced with mid- sized generators or enterprise are having critical connectivity and problems faced in context of liberalization and increased competition.
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