ACTIVITY 5:

1. WHAT FACTORS SHOULD BE CONSIDERED IN PRICING?

According to Duncan (1972), The factors that ought to consider in pricing;

Consistency, Long-run point of view, Price-level and maximum profits, Pricing as

an art, Basic pricing decisions, Competitors’ prices, One-Price policy, Variable-

Price Policy, Leader-Pricing, Unit-Pricing, Price-Lining, and Discounts. It ought to

consider because it affects everything. For instance, if you set it too high, few

people will buy it, and if you lay it too low, you artificially give it no value; hence, it

regards as inessential. Also, you could lose money selling them not as good

either; a product should have a worth that is reasonable to other similar products.

2. WHY DO SOME CUSTOMERS PREFER TO BUY ON CREDIT?

Some customers prefer to buy on credit because they think it's more

convenient than carrying cash. Also, it can be financially flexible, and getting

some reward points is one of the factors. Hence, you can also get some good

stuff. For some, it's also a lifeline when they don't have cash on hand to pay.

3. EXPLAIN THE THREE C’S IN CREDIT GRANTING. WHICH DO YOU THINK IS

MORE IMPORTANT?

The three C's in credit granting are; Character, Capacity, and Capital.

First, the character has to do with the individual's sense of responsibility in

 meeting his financial obligations. Second, capacity refers to the person's ability to

earn money. And lastly, capital refers to the wealth of the person/applicant. I

think the most significant of the three C's in credit granting is the character

because you have to need to know if the person is reliable and has a good

nature.

4. WHAT IS MEANT BY PROSPECTING?

Prospecting is significant in marketing strategy. It is an act where the

salesman finds or searches for a customer or client. If you can’t sell your existing

customers more products, also you will have to “prospect” to find new customers.

Prospecting is a significant activity for every salesperson because it is the

primary way to grow revenue. Also, it allows salespeople to keep new customers

coming in to replace the other customers who they lost.

5. GIVE AND EXPLAIN SOME OF THE METHODS OF PROSPECTING.

Some of the methods of prospecting are as follows: (1) the use of lists, (2)

leads from sales managers, and (3) group prospecting. First, the use of lists in

this method of prospecting, the salesman may develop prospect lists of their own

by referring to such sources as public records, classified telephone directories,

chamber of commerce directories, trade association membership, and religious

membership lists. Second, leads from sales managers there are some fields of

selling where the salesman

 make regular calls on customers. Usually, the sales manager provides the new

salesman with a list of their predecessors’ active and inactive customers. And

lastly, group prospecting is a means of stimulating sales and finding new

customers by displaying and demonstrating the merchandise.

6. WHY SHOULD A SALESMAN ORGANIZE HIS PROSPECTING PLAN?

A Salesman should organize his prospecting plan because it's the way to

make revenue and have a new client. First, have to get the information or track

the prospects' contact details, needs, buying preferences, issues, and decisions.

It also helps the sales to identify strategies for achieving sales. Also, a

prospecting plan allows the salesman to equip your sales team with an efficient

and highly scalable process that empowers them to target high-quality prospects.

Meeting with a client gives them to have an opportunity to sell themselves, the

company, and the product or service they offer.

7. HOW CAN A SALESMAN GET THE ATTENTION OF HIS PROSPECTS?

There are many ways to get the attention of the prospect. The first method for

gaining the customer's attention is to give the customer a curiosity-appealing,

concise, clear-cut picture of how he will benefit from the product. Second,

organize inside influence so that they will work in your favor. As a salesman, you

must communicate with them and listen/attend to what they say. Also, a
salesman' should have patience and be friendly. And lastly, secure the

customers' trust.