Answer to Question #172777 in Management for Prabhdeep

Question

Subject: PROJECT PLANNING AND CONTROL

1. Discuss the various elements of a successful sales plan. Explain the various factors worth considering before formulating a sales plan. (Please answer in 200 to 250 words)

2. What is the significance of market segmentation and product differentiation? How future sales plans are prepared? (Please answer in 200 to 250 words)

3. Write short notes on the following: (Please answer in 200 to 250 words)

(a) Future demand and distribution Analysis.

(b) Market Survey. 

Answer 1

1)Components of Effective Sales Strategy

• Strategic Component One: Target Markets and Customer Segmentation.
• Strategic Component Two: Buying Personas and Influences.
• Strategic Component Three: Channel Strategy.
• Strategic Component Four: Sales/Customer Buying Process.
• Strategic Component Five: Sales Message and Your Value Proposition.

Here are the seven steps I recommend to create this type of strategy.

• Assess Where You've Been and Where You Are Now.
• Create A Clear Ideal Customer Profile.
• Time For A SWOT Analysis.
• Set A Clear Market Strategy.
• Create Clear Revenue Goals.
• Develop And Communicate Clear Positioning.
• Clear Action Plan.

2.

Differentiating your product from those of your competitors and segmenting a market can help you increase sales by creating a unique selling proposition. You can segment a market with product differentiation by making different versions of the same product. This helps you appeal to customers with different needs.

3 a) It is a technique for estimation of probable demand for a product or services in the future. It is based on the analysis of past demand for that product or service in the present market condition. This concept is called forecasting of demand.

B) Market survey is the survey research and analysis of the market for a particular product/service which includes the investigation into customer inclinations. Market surveys are tools to directly collect feedback from the target audience to understand their characteristics, expectations, and requirements