Student Assignment Covering Form

Course/Unit Information

Course Pearson BTEC Level 5 Higher National Diploma

Unit No. Unit 39

Unit Name Sales Management

Unit code R/508/0598

Batch HNDSMONL2109B

Instructor Information

Name Mr. Shankar Subramanian

Phone +971 55 521 0294

Email shankar.s@westford.org.uk

Assignment Information

Full/ Part Assignment Full

Date Assignment Issued 14th November 2021

Date Assignment Due 18th December 2021

Student Information
(To be filled by the student prior submitting the assignment)

Name

Email

Date of Submission

Student Declaration

pg. 1
I, _____________________ hereby confirm that this assignment is my own work and not copied
or plagiarized. It has not previously been submitted as part of any assessment for this
qualification. All the sources, from which information has been obtained for this assignment,
have been referenced as per Harvard Referencing format. I further confirm that I have read and
understood the Westford University College rules and regulations about plagiarism and copying
and agree to be bound by them.

Students Signature: (signed)

Student Name:

Date:

Achievement Feedback Summary

Assessor’s Name Mr Shankar Subramanian

pg. 2
 Grades
Awarded (P1,
P2, P3, P4, P5,
Pass Merit Distinction
P6, M1, M2,
M3, M4, D1,
D2)

LO1 Demonstrate an understanding of the principles of sales management

P1 Explain the key D1 Produce a P1 Achieved /

M1 Evaluate how coherent, fully Not Achieved
principles of sales
principles of sales justified critical
management in relation
management will be evaluation based M1 Achieved /
to the importance of
different in response to upon a Not Achieved
sales planning, methods
consumer and business comprehensive
of selling and sale D1 Achieved /
buying behaviour. understanding of
reporting. Not Achieved
sales
LO2 Evaluate the relative merits of how sales management,
structures are organised, and recognise the structure and  
importance of ’selling through others’ selling techniques
within an
organisational P2 Achieved /
context. Not Achieved
P2 Evaluate the benefits
of sales structures and P3 Achieved /
how they are organised, M2 Critically evaluate the Not Achieved
using specific implementation of different
types of sales structures M2 Achieved /
organisational examples
using specific Not Achieved
organisational examples
(e.g. geographic,
P3 Explain the marketing, product sales).
importance and the D1 Achieved /
advantages of the Not Achieved
concept of ‘selling
through’ others.

LO3 Analyse and apply principles of successful

 
selling.

P4 Analyse the key M3 Critically analyse the P4 Achieved /

principles and techniques application of successful Not Achieved
for successful selling and selling principles and
M3 Achieved /

pg. 3
 Not Achieved

D1 Achieved /
how they contribute to techniques in application to
Not Achieved
building and managing specific organisational
customer relationships in examples.
application to specific
LO4 Demonstrate an understanding of the finance of selling

D2 Critically P5 Achieved /
P5 Explain the
evaluate and Not Achieved
importance of M4 Evaluate how core
make
developing sales finance principles and
recommendations M4 Achieved /
strategies that yield successful portfolio
on how sales Not Achieved
highest profitability and management can lead to
structures and
incorporating account increased profitability and a
approaches can
management within sales competitive edge D2 Achieved /
improve financial
structures. Not Achieved
viability.
[To Achieve a PASS, all P grade
PASS/ descriptors should be achieved; To
MERIT/ Date:
achieve a MERIT, all P and M grade
Overall Result/Grade DISTINCTION descriptors should be achieved; To
/REDO achieve a DISTINCTION, all P, M
and D grade descriptors should be
achieved.]

Summative
Feedback:

Overall Feedback on
current work with
emphasis on how the
student can improve
and achieve higher
grades in future.

pg. 4
 Table of Contents
Introduction......................................................................................................................................6
LO1 Demonstrate an understanding of the principles of sales management...................................6
P1.................................................................................................................................................6
Key principles of sales management.......................................................................................6
Specific business and technology functions............................................................................7
Basic organizational principles for both functions..................................................................8
Importance of sales planning...................................................................................................8
Methods of selling and sale reporting......................................................................................9
M1..............................................................................................................................................10
inbound..................................................................................................................................10
Outbound...............................................................................................................................10
LO2 Evaluate the relative merits of how sales structures are organised, and recognise the
importance of ’selling through others’..........................................................................................11
P2...............................................................................................................................................11
P3...............................................................................................................................................12
Importance of Selling Through..............................................................................................12
Advantages of Selling Through.............................................................................................13
M2..............................................................................................................................................14
Geographical or territorial sales organization chart...............................................................14
Sales organization chart by line of products / services..........................................................14
Sales organization chart by account / client size...................................................................15
LO3 Analyse and apply principles of successful selling...............................................................15
P4...............................................................................................................................................15
Sales person and teams..........................................................................................................15
The SPIN method..................................................................................................................16
The SNAP method.................................................................................................................16
The challenging seller............................................................................................................16
M3..............................................................................................................................................16
LO4 Demonstrate an understanding of the finance of selling.......................................................17
P5...............................................................................................................................................17
Sell solutions to customer problems......................................................................................18

pg. 5
 Make use of new technologies...............................................................................................18
Referral marketing based on social proof..............................................................................18
M4..............................................................................................................................................19
Conclusion.....................................................................................................................................20
References......................................................................................................................................22

pg. 6
Introduction
Sales management includes laying out strategic sales objectives, creating and observing the
ongoing activity plan, arranging and dealing with the assets expected for continuous sales
support. Sales the board overall is the same as the organization of some other action. Anyway,
the sales chief must: characterize the targets of the work, regulate the accomplishment of these,
deal with the most common way of accomplishing the objectives (Rapp, and Beeler, 2021). The
assignment is focused on developing understanding about the principles of sales management
and how it influences sales and customer behavior in the marketplace. In addition, it also
evaluates the relative merits of how sales structures are organised, and recognise the importance
of ’selling through others’. It studies key principles and techniques for successful selling, and
determine the understanding of the finance of selling.

LO1 Demonstrate an understanding of the principles of sales management

P1
Key principles of sales management
The basic principles of sales management are the principle of optimization and the principle of
direction.

Principle of Optimization and Direction

The principle of optimization is based on directing a set of influences on the sales channels and
the entire organization to maximize sales in the current environment. To apply the principle, it is
usual to use organizational resources and actions. In the case of the principle of direction, the
sales figures necessary to achieve it are fixed in advance (Ingram, et al 2019). The application of
this principle leads to the required indicators being achieved or not in any condition. In any
organization dedicated to trade, success is guaranteed through the application of a set of
organizational, technical, economic and legal measures. In fact, one of the most important places
it occupies is the development of optimal management decisions, which are enhanced by the
fullest possible consideration of the factors that affect sales performance (Malek, et al 2018).

It should be borne in mind that the principle plays a no less important role here, according to
which 20% of the factors that determine 80% of the properties of the entire system are of great

pg. 7
importance. As far as management is concerned, all the factors can be divided into two
categories. There are manageable factors , that is, those that can be adjusted if necessary or kept
at the same level for the benefit of the company, and there are non-manageable factors , that is,
all the other factors that the subject of the market cannot influence but that must be taken into
account in planning, management and forecasting (Jobber, et al 2019). The set of selected factors
must not contain mutually exclusive and contradictory components (what is called the condition
of mutual compatibility). Taking into account all the above, the factors can be considered as the
cause of the changes in sales. In addition, statistical data is needed to reflect its structure and
numerical values (Ingram, et al 2019).

Specific business and technology functions

In sales organizations there are many operations associated with bringing products to the
consumer. These include specific business and technology functions. The first category includes:

 Consumer research
 Formation of the product range
 Organization of purchases
 Organization of deliveries
 Customer service for users
 Product advertising

As for technological functions, they consist of a set of sequentially interconnected processes,

methods and operations, whose objective is to maintain the properties of the product for the
consumer and speed up its delivery to sales networks and customers. Technological functions
enable processing trade flows from the moment a product enters the retail environment to its
final preparation for pre-sale. This can cover operations such as receiving goods, storing, filling,
packing, transferring, placing, displaying, etc (Jobber, et al 2019).

It is essential to distinguish between business and technological processes. The commercial

process guarantees the change of the forms of value. The difference is that the object of the work
is both the product and the customers. Employees of business establishments sell products and
provide services to customers, while customers are directly involved in the business process and
provide benefits (Chunawalla, 2021).

pg. 8
Basic organizational principles for both functions
In general, the basic principles of the organization of business and technological processes are
the following:

 Ensure an integrated approach to create the most effective options to sell a product.
 Guarantee the best conditions for the choice of merchandise, a high level of service and
time savings for customers.
 Achieve the highest economic efficiency of the technological process by accelerating the
rotation of goods, saving and increasing labor productivity, as well as reducing the cost of
circulation.

These three principles are what define the dynamism of technological and commercial processes.
The main system that supports the life of any modern sales organization is, without a doubt, the
information system (Chunawalla, 2021). To manage sales effectively, the first thing to do is
establish an information interface between the marketing, sales and purchasing, warehouse,
finance, and accounting departments. Such interaction in practice takes the form of a document
management system that includes the development and implementation of the most appropriate
forms of digital and textual data recording. Finally, the information management system is
integrated into the organization's single database (Groza, et al 2021).

In terms of functionality, information management covers absolutely all business areas of the
organization, from product orders to invoices. Inattentiveness to the management information
system or treating it as unnecessary bureaucracy can lead to an inability to organize reliable
management accounting and huge staff time costs for data collection and processing (Schrock, et
al 2021).

Importance of sales planning

The sales plan is a record that gathers the rundown of activities, arranged and requested to
introduce the gauge of sales that the association will have in the following monetary year. To
acquire the information nearest to the real world, the information from the past activity is
typically taken as a kind of perspective, with which the projection is looked at (Jobber, 2020).
Because of making a sales arrangement to make an organization, sensible sales figures are made
that permit us to know the feasibility of the organization. In all actuality in most of the SME

pg. 9
network in our country they do not have a promoting and sales division, while they really do
have a deep-rooted sales organization. Thusly, they have no arrangement planned impromptu for
the association that permits them to capitalize on their business movement (Razmochaeva, et al
2018).

What is more, this plan additionally goes about as an alternate course of action where all factors
are considered, it is wild and capricious to incorporate every one of those that. A wide range of
situations should be thought of, from the most positive for the most negative. Then again,
assessing and arranging sales precisely can assist the organization with staying away from
potential issues in the future with the progression of capital, abundance or absence of HR,
inappropriate stocking in stock, or an error in the stock, and acquisition of natural substances.
Because of this arrangement, the organization can keep away from futile waste and utilize its
assets (Chapman, et al 2021).

Methods of selling and sale reporting

The concept of sales control is gaining increased importance, mainly in the scenario of small and
medium-sized companies. The process has always existed and was important for the
development of business, but today, sales control is mediated and is developed together with new
technologies and the evolution of customer expectations. Accompanying this rhythm is essential
for the success of the sales of any company. To establish an efficient sales control process, it is
necessary to follow the business closing step by step (Chapman, et al 2021). Only then will it be
possible to analyze the data and make decisions based on concrete information. This is where
cloud CRM platforms come into the picture to help the firms with this task. Today, small
business does not need to rely on local dashboards, notebooks, handmade cash flow notes, or
even post-its. As the amount of information, data available about businesses and customers
increases, it becomes more difficult to control sales in the old way (Rustenburg, and Steenbeek,
2019).

With the evolution of technology, systems have become more accessible and simpler. The
company can now count on intuitive and scalable tools to eliminate obsolete and manual
processes (Billups, and Poddar, 2018). Through the control of sales carried out in an online tool,
the leads are quickly monitored by the entire team, always with updated and organized
interactions. Sales management is simplified and happens in real time.

pg. 10
M1
Depending on the firm’s business model or market, there may be variations in the way the firm’s
prospect clients. There are different sales strategies to work on prospecting new customers for
the firm’s business. The main ones are:

inbound
The Inbound methodology is summarized in the sales funnel, that is, the attraction of visitors to
the site is worked on, generally through content and media, and conversion strategies are
subsequently executed to transform these visitors into Leads. With the information collected
from the Leads, it is possible to determine a relationship strategy via Email Marketing and other
mechanisms and, finally, analyze all the interactions and results in this funnel, arriving at the
Return on Investment (ROI) of this form of prospecting (Rustenburg, and Steenbeek, 2019).
Examples of inbound prospecting actions:

 Production of content via blog;

 Production of rich content in various formats: eBooks, whitepapers, infographics, videos,
etc;
 Promotion of Landing Pages focused on generating Leads;
 Email Marketing;
 Lead management and marketing automation strategies (Zhang, et al 2022).

Outbound
Outbound is the practice of actively going after the client, that is, defining an ideal target and
actively prospecting that buyer person. It is the practice of actively going after the client, that is,
defining an ideal target and actively prospecting that buyer person. It is a more traditional and
ancient practice — many even say that it is already obsolete — but many companies still use it
and obtain attractive results. Outbound communication is direct, it goes from the company to the
prospect, and is more focused on sales and less on education and nutrition of the Lead (Zhang, et
al 2022). It is a rather “straight to the point” strategy that gives the prospect little option to direct
the communication and approach they want to have. Examples of outbound prospecting actions:

 Flyers, billboards, direct mail

 Active prospecting via telemarketing

pg. 11
  Sponsorship and active prospecting in events
 Face-to-face active prospecting in companies
 TV commercials, radio and general advertisements (Zhang, et al 2022)

LO2 Evaluate the relative merits of how sales structures are organised, and recognise the
importance of ’selling through others’
P2
In an increasingly competitive environment and with an increasingly demanding market, we are
all obliged not to neglect this important area. While all of this sounds like common sense,
business reality tells a very different story. a defined sales process and need more reasons to do
so, here are some advantages of standardizing the company's sales structure:

 Offer the firm’s sellers a route to follow: A well-defined sales cycle is one that manages
to communicate to sales representatives what, how and when. Thanks to the
standardization of this process, the firm’s sellers can be able to carry out an exceptional
sale from the prospecting to the closing without the need to improvise without clutter and
adhering to the standards and policies of the firm (Basheleishvili, and Bardavelidze,
2018).
 It allows improving sales methods: A successful sales team is one that strives to improve
every day through constant review and modification of the strategies used to sell. Having
a standardized sales process allows sales executives to obtain measurable data on the
strategies that are positive for the company and those that, on the contrary, must be
modified. These data make it possible to improve sales methods and concentrate efforts
on those activities that generate the greatest benefits for the company. Likewise,
standardizing the commercial process of the firm’s company allows the firms to measure
the performance of the firm’s team (Abdullah, et al 2021).
 Quick onboarding of salespeople: When a company does not have a formal sales process,
it is difficult to train new salespeople. A formal sales process allows new hires to get on
board quickly, develop their negotiation skills much faster, and work on the go. This will
also benefit the leader or owner of the company by being able to reduce time and money
spent on training (Vasilev, and Kehayova-Stoycheva, 2019).

pg. 12
  Improves communication: When team members cannot understand each other or
communicate effectively, problems begin to arise that make collaboration between
departments difficult, delay sales cycles, affect productivity, etc. A standardized sales
cycle allows the firm’s sales representatives to be able to speak the same language, which
obviously generates a simplification of communications in the company, reduction of
confusion and delays, improvement in the service offered to customers and a better
organizational climate (Vasilev, and Kehayova-Stoycheva, 2019).
 Improving the customer experience, predicting company sales and revenue, and
generating quality leads: Every business owner or leader's dream! With the automation of
the commercial process, the firm’s company can create a valuable experience for the
customer from the first approach he makes with the firm’s company until he decides to
buy the firm’s product or service and even in the after-sales service (Darma, et al 2021).

P3
In this form of sale, the important thing is that it is carried out outside the commercial
establishment where the company is located and the customer or buyer is sought; either at home
or at his work. Therefore, it is a sales strategy that companies use to avoid using intermediaries
or distributors, since the sales task is carried out by the company's sales force.

Importance of Selling Through

Since direct sales manage to establish a direct relationship between the company and its current
and potential customers; the seller is constituted as the point of connection between the company
and the clients. The way to make direct sales occurs when a seller presents a product to a
customer or a group of customers (Darma, et al 2021). This form of sale is important when:

The product is new or difficult to use

Generally, this form of product presentation is used when companies introduce a new product to
the market or when the product is difficult to use or understand its benefits. On the one hand,
what the seller does is offer a thorough and detailed explanation so that consumers observe its
use or understand the benefits offered to them. It can also be used for customers to formulate and
present their doubts, and in this way the seller solves them (Zmich, et al 2022).

The number of clients is considerable

pg. 13
In addition, the company also plans this sales mechanism when it considers that it can serve an
adequate number of customers, which could be very profitable, when it is able to market its
products. It turns out that, on some occasions, to attend to these groups of clients, meetings are
organized in homes or workplaces to carry out the presentation of the products, so that the seller
establishes a personal relationship with them and attends them in a personalized way. specific
and detailed (Sharma, 2018).

The price to be paid for the product is high

Therefore, this type of sale is usually used when the price paid by the customer for the product is
relatively high, for that reason a commission or sales incentive can easily be paid to the seller; so
that in this way the firms can make the firm’s r best sales effort and achieve effective sales for
the company (Sharma, 2018).

The firm must sign documents

On the other hand, sometimes the buyer is required to sign certain types of documents such as
orders or policies, in these cases it is more convenient for the seller to visit the client, to facilitate
the procedure without causing greater inconvenience to the client. Now, in any of these
situations, customers have access to the product, so they can touch, try and analyze it. By having
contact with the product, the customer can determine if it will be necessary for them and from
there, they can make a more rationalized decision about their purchase decision (Danyliuk, and
Dashkevych, 2020).

Advantages of Selling Through

Among the main advantages that a company obtains with the use of direct sales we have:

Greater control of message content

Since, in this way, the company does not use intermediaries to relate to its clients, it can have
control of the message it sends, which helps to handle homogeneous information.

Target market approach

Above all, as the company knows its customers better, this allows them to target their groups or
market segments more specifically and appropriately; achieving their highest level of satisfaction

pg. 14
and offering strategies that more precisely accommodate customers. Of course, to achieve a
better focus on the target market, the company needs to carry out good market research
(Danyliuk, and Dashkevych, 2020).

It is easier to measure results

Even though it is easier for companies to measure their results, based on the comparison that
must be made on the investment expenses and the yields achieved; this allows them to assess
whether they are doing it right or wrong (Cook, 2020).

M2
The structure of a sales force essentially impacts the company's r achievement. For instance, an
agent used to sell in a specific locale might bomb when requested to broadly work. Assuming
every one of the organization's items requires profound and explicit specialized information, it
may not seem OK for reps to sell all items by domain (Cook, 2020).

Geographical or territorial sales organization chart

Coordinating the association's r sales group by geology or domain permits every salesperson to
get comfortable with a geographic area. The organizations can fabricate compatibility with
neighborhood organizations, find out about local contenders, and monitor target accounts. The
advantages of this structure include,

 A big advantage of this structure is that it can be easier to evaluate the firm’s r reps,
taking into account the performance and market potential of a specific geographic
location.
 In addition, it promotes the specialization of vendors and the knowledge they have about
purchasing habits in said territory.
 This organization chart lends itself to a better organization of time for each sales
representative (Schrock, et al 2021).

Sales organization chart by line of products / services

If the business sells a few unique items or administrations, the organizations can adjust venders
to those items and administrations. Like geographic ability, it empowers the reps to become

pg. 15
specialists on an item or administration, so they can more readily convey its worth and give
better use cases to individual clients (Razmochaeva, et al 2018).

Sales organization chart by account / client size

Putting together the sales force by account size is another well-known structure. The abilities an
agent need to offer to a SME are unique in relation to offering to a business account. These
organizations have various objectives, will pose various inquiries, and have various spending
plans. By permitting reps to get comfortable with the complexities of these records the
companies will want to more readily address the issues of the client and the company's reps
(Chapman, et al 2021).

LO3 Analyse and apply principles of successful selling.

P4
Sales person and teams
Salespeople and sales groups utilize sales procedures (or sales strategies) to create income and
assist with selling more actually. A method is not generally an all-inclusive system, however is
much of the time refined through experimentation, in view of involvement.

The expressions "selling cycle" and "selling strategy" are frequently erroneously utilized
conversely.

• A sales interaction covers every one of the means that take a likely new client without
exclusive requirements to turn into a purchaser. Everything spins around amazing
open doors, arrangements and achievement rates.
• The sales strategy or technique can be applied to fundamentally any sales cycle, even
though it by and large just covers a piece of the interaction. More than characterizing
the needed advances, it is tied in with preparing, consideration and correspondence
(Chapman, et al 2021).

There are numerous sales methods for finishing everything with quicker and selling more
proficiently, created by unbelievably clever subject matter experts and long-lasting sales masters.
Picking one: attempt a few procedures or even apply various philosophies in the various periods
of the sales process is not required:

pg. 16
The SPIN method
With the SPIN strategy it is tied in with posing the right inquiries. Some unacceptable inquiries
can wreck the whole sales interaction or put it on endless respite. With SPIN, administrators let
the purchaser talk. Turn is an abbreviation comprised of four distinct sorts of inquiries, intended
to excite the interest of the likely purchaser and urge him to think about purchasing: Situation,
Problem, Implication and Need-benefit (Billups, and Poddar, 2018).

The SNAP method

Current purchasers, prior to pursuing a buy choice, are over-burden with data that compels them
to purchase arrangement X or Y rapidly. This makes it challenging to catch the consideration of,
an additionally on the ready, purchaser, with respect to the sales specialists and their strategies.
The SNAP technique centres around the manner in which clients decide: impact them decidedly
and they will wind up believing that they have gone with the choice all alone (Rustenburg, and
Steenbeek, 2019).

The challenging seller

The challenger sales procedure creates some distance from the possibility that a decent sales
approach begins with building a relationship with the likely purchaser. The explanation:
Customers are excessively occupied, excessively learned, and have such a large number of
choices to put resources into a relationship. The model groups business-to-business sales
specialists into five characters: advertising, diligent employees, solitary individuals, responsive
solvers, and challengers. Upon inside and out examination, the challengers are by a wide margin
the best. Sales chiefs can embrace this procedure by following a three-way sales model:
mentor/tweak/assume responsibility (Jobber, et al 2019).

M3
Consumers are becoming more informed every day and communication; marketing and sales
channels are continually multiplying; which has meant that in the last two decades B2B and B2C
sales have changed significantly. Given this, many companies feel that their sales strategy and
process have stopped working and look for new sales techniques to revitalize their business.
According to one of the latest surveys by the consulting firm Gartner, the focus of sales leaders
in 2020 will be on improving the performance of their sales managers and optimizing the
prospecting phase and the first stages of their sales funnel. To achieve success in the three areas

pg. 17
highlighted by the Gartner study, one of the strongest pillars must be teamwork. For a sales team
to function well, there must be clear tasks or actions for each position and within each stage of
the sales process (Basheleishvili, and Bardavelidze, 2018).

Sales methods allow us to define and systematize these actions, and thus better coordinate the
entire team and have better control of sales. Sales methods and techniques are continually
evolving and being refined to meet the demands of Sales 2.0. Tools such as CRM, cloud
computing and applications to automate processes are being key support within sales methods
because they allow managers to get more out of the data, as well as unify the communication of
the different areas of the organization. The terms "selling process" and "selling method" are often
mistakenly used interchangeably. A sales process covers each of the steps that lead a prospect to
become a customer, while a sales method is the set of systematic and orderly techniques or
actions that allow this process to be carried out following a set of general principles (Zmich, et al
2022).

To do this, in addition to clarifying what client's needs are, it is important to describe

company's sales process through a visual map. In this map, the objective of each stage and who
oversees it must be understood, in addition to establishing indicators that measure the result of
the actions and the established objectives. When it comes to implementing a sales method, it's
often best to adopt elements of multiple methodologies because: “Sales methodologies are like
items in closet. Managers must choose the right one for the right occasion and managers must
feel comfortable combining different methodologies to meet the needs of buyer.” Now, for
sales methods and techniques to be effective, managers must make sure that they are being
adopted correctly throughout the organization. To do this, managers can create support guides,
reinforce training, and schedule meetings with sales team and role play sessions to monitor the
implementation of sales method (Rustenburg, and Steenbeek, 2019).

LO4 Demonstrate an understanding of the finance of selling

P5
The rise of the Internet and new technologies has changed the way companies do business,
opening new channels of communication and sales with the customer. However, the key to
success lies in a balance between traditional strategies and more innovative upselling techniques.

pg. 18
he most effective actions to attract new customers and boost business profitability (Darma, et al
2021).

Sell solutions to customer problems

Today's consumers do not buy products or services, they buy solutions to their needs.
Understanding those needs and solving them is the way to multiply sales conversions. A good
sales tactic must convince the customer that the product or service is the solution to their
problem or the answer to their need. The objective is to transform the purchase into an
investment. To do this, it is key to highlight the benefits and value of the purchase instead of
focusing efforts on describing the characteristics of the product or service. The basis for being
able to detect the needs of the client and justify the purchase based on the benefits is to carry out
an exhaustive X-ray of the target or ideal client profile. Knowing their context, their concerns,
their desires and their desires is the key to being able to give them what they need (Darma, et al
2021).

Make use of new technologies

Companies that want to increase sales cannot remain outside the technological revolution.
Internet, ICTs and Web 3.0 have made a huge amount of information and new ways of accessing
purchases available to consumers. Utilizing this innovation to help sales is fundamental in any
business procedure pointed toward accomplishing business goals. The utilization and
advancement of APPs, Artificial Intelligence, Big Data, Social Networks or chatbots, as stages to
further develop client assistance and the client experience with the brand, should be on the
rundown of forthcoming undertakings of companies (Rapp, and Beeler, 2021).

Referral marketing based on social proof

Social proof is one of the most effective marketing strategies today. This sales technique is based
on the concept of social psychology that states that people are more likely to carry out an action
if others have done it before. In this way, when a customer has purchased a product or service,
has been satisfied with it and recommends it to their environment, it encourages other consumers
to also buy it. Recommendation Marketing aims to convert the client into a promoter or
prescriber of the brand as a mechanism to transmit trust and credibility. To develop this tactic, it
is necessary to collect testimonials, references, opinions and experiences of satisfied customers

pg. 19
to spread them among potential customers through offline or online channels (website, Social
Networks, E-mail Marketing...) (Malek, et al 2018).

M4
Financial Administration is a period of general organization, which means to expand the
resources of an organization in the long haul, by getting monetary assets through capital
commitments or acquiring credits, their right administration and application along with the
productive coordination of working capital, ventures and results, through show and
understanding to settle on the ideal choices. It is common to observe that one of the partners or
owners is in charge of financial administration in small and medium-sized enterprises (SMEs).
This solution can be convenient when the company is looking for its first customers or in its
initial stage. In a highly competitive business scenario such as the current one, it is advisable to
have a financial administrator with previous experience in business financial management
(Billups, and Poddar, 2018).

Financial manager tasks range from budgeting, financial forecasting, and cash management to
credit management, investment analysis, and fundraising. As the organization develops,
accomplishing great control and appropriate administration on these fronts requires an
accomplished monetary chief or maybe even a committed monetary supervisory crew. The
outcome of any business depends on great administration of assets, development and being
serious with different organizations. Since good financial management is the backbone of any
company, here are five habits of highly successful companies in financial management
(Chunawalla, 2021).

Habits of highly successful companies:

 Have a prepared monetary manager: the job of the monetary head is of essential
significance for the organization. Unfortunate execution of monetary choices or
inadequately contributed capital can prompt genuine difficulties and, surprisingly,
bankrupt the business. Hence, employing a guaranteed bookkeeper or experienced
monetary manager is prudent. The thoroughness in bookkeeping and financial
administration is significantly more helpful for the organization than the expense related
with it.

pg. 20
  Occasionally complete the examination of monetary proportions: in this way chiefs will
actually want to gauge the vital financial parts of the organization. The main proportions
are monetary and monetary productivity, income age, obligation proportion and monetary
independence of the organization (Chunawalla, 2021).
 Audit budget summaries routinely: Reviewing fiscal reports with the monetary
administrator will permit directors to screen the wellbeing of the business and contrast it
with past periods or the opposition. Getting the organization to have a decent monetary
design will further develop exchange abilities, the expense of acquiring and assist
supervisors with pursuing the ideal choices (Basheleishvili, and Bardavelidze, 2018).
 Know about supporting choices: Being accomplished and having funding devices will
permit supervisors to contribute and develop the business. For this, it is vital to have
totally ready monetary data, since it is the business' letter of prologue to monetary
elements, expected financial backers or public bodies to demand supporting (Darma, et al
2021).
 Have an asset if there should arise an occurrence of crises: the sum relies upon the size
and movement of the organization. As a rule, it is prescribed to have basically what might
be compared to 90 days of working costs as a hold. This cash ought not be kept in a
container or in the organization, however in a monetary instrument that gives chiefs
benefit (Cook, 2020).

Conclusion
To conclude, it can be said that the advancement of effective sales the board is a prerequisite to
expand the benefits of any business. Nonetheless, arriving at that level expects that whoever is
responsible for the interaction endeavours to make the organization increasingly productive.
Sales the executives include various cycles: item advancement, estimating, client care,
promoting, arranging and assessment of results, are a portion of the areas that should get due
consideration for the business to develop and have more prominent advantages. More than
having a productive and prepared group, authority capability is fundamental for streamlining
sales the executives. The following are four stages to assist supervisors with overseeing sales all
the more gainfully.

pg. 21
Discoveries from this task establish that sales arranging is fundamental for organizations that
need to accomplish improved outcomes on the lookout. It fills in as an aide for the group, laying
out objectives and targets. With this asset, an additional useful sale the executives are made. For
this, characterizing a few models, for example, the ideal interest group of the organization, the
pattern of buys and sales, the market system and the approaches to managing the competition is
essential. Also, administrators need to put forth sales objectives. These should be practical and
conveyed to the whole group. The more dedicated the workers are, the more open doors there are
to arrive at the normal outcomes in a given period.

pg. 22
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