Welcome To
UNIT 39/45 Sales Management
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INTRODUCTION
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PRE-CLASS SURVEY
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LO 4 LESSONS
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GRADING THE ASSIGNMENTS
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RULES AND RESTRICTIONS
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INTRODUCTION
This unit introduces students to the discipline of sales management for the 21st century. Changing dynamics between buyers and sellers, driven by the fast-paced evolution of e-commerce and globalization, has led organisations to review and adapt their sales management approach in response to a customer driven culture.
This unit gives a comprehensive overview of sales management and equips students with the tools and knowledge they need to succeed in today’s increasingly complex and fast-paced sales environment. Learning Outcomes By the end of this unit a student will be able to: 1 Demonstrate an understanding of the principles of sales management. 2 Evaluate the relative merits of how sales structures are organised, and recognize the importance of ’selling through others’. 3 Analyse and apply principles of successful selling. 4 Demonstrate an understanding of the finance of selling.
STUDENTS LEARNING OUTCOMES
LO1. By the end of module 1 you will be able to:
Demonstrate an understanding of the principles of sales management
Introduction and scope of sales management:
LO2. By the end of module 2 you will be able to:
Evaluate the relative merits of how sales structures are organised, and recognise the importance of ’selling through others’
Sales leadership and the sales executive:
LO3. By the end of module 3, you will be able to:
Analyse and apply principles of successful selling
Turning customer information into knowledge:
LO4. By the end of module 4, you will be able to:
Demonstrate an understanding of the finance of selling
Portfolio management:
This unit introduces students to the discipline of sales management for the 21st century. Changing dynamics between buyers and sellers, driven by the fast-paced evolution of e-commerce and globalization, has led organisations to review and adapt their sales management approach in response to a customer driven culture.
This unit gives a comprehensive overview of sales management and equips students with the tools and knowledge they need to succeed in today’s increasingly complex and fast-paced sales environment. Learning Outcomes By the end of this unit a student will be able to: 1 Demonstrate an understanding of the principles of sales management. 2 Evaluate the relative merits of how sales structures are organised, and recognize the importance of ’selling through others’. 3 Analyse and apply principles of successful selling. 4 Demonstrate an understanding of the finance of selling.
STUDENTS LEARNING OUTCOMES
LO1. By the end of module 1 you will be able to:
Demonstrate an understanding of the principles of sales management
Introduction and scope of sales management:
- Definition of sales management and the key aspects of sales management, including planning, selling and reporting.
- Strategies for measuring and monitoring, including the sales funnel and hit rate metric.
- Different modes of selling (B2B and B2C) and their impact upon buyer and seller roles and dynamics.
- Consumer buying behaviour process.
- Business buying behaviour process.
- Sales promotions and incentives.
- the use of Skype, video conferencing on tablet devices for improved communication; online events and sales training to improve sales skills and productivity and cloud computing to improve information access.
LO2. By the end of module 2 you will be able to:
Evaluate the relative merits of how sales structures are organised, and recognise the importance of ’selling through others’
Sales leadership and the sales executive:
- Ethics of behavior, law and sales leadership.
- Designing and organizing the sales force and choosing the right structure: geography, product and customer-based design.
- Appropriate recruitment and training to develop an efficient sales force.
- Supervising, managing and leading the sales force.
- Goal setting, managing performance and reward of the sales force
- ‘Selling through others’ − the advantages of using different sales channels.
LO3. By the end of module 3, you will be able to:
Analyse and apply principles of successful selling
Turning customer information into knowledge:
- Classification of sales leads: hot, warm and cold.
- The cold vs warm approach. Successful pitching and positioning.
- Negotiation techniques and tactics: closing sale, handling objections, when to say ‘no’, ethics of behaviour and overpromising.
- Building and managing relationships.
- Exit and terminating relationships.
LO4. By the end of module 4, you will be able to:
Demonstrate an understanding of the finance of selling
Portfolio management:
- Calculating margins. Payment mechanisms and terms.
- The sales cycle.
- Industry specific sales cycle management.
- Overall, performance management.
RECOMMENDED TEXTS
Textbooks
HAIR, J., ANDERSON, R., MEHTA, R. and BABIN, B. (2008) Sales Management: Building Customer Relationships and Partnerships. 1st ed. London: Cengage Learning.
JOBBER, D. and LANCASTER, G. (2015) Selling and Sales Management. Harlow: Pearson.
TANNER, J., HONEYCUTT, E. and ERFFMEYER, R. (2013) Sales Management. Harlow: Pearson.
WEINBERG, M. (2015) Sales Management. Simplified: The Straight Truth About Getting Exceptional Results from Your Sales. New York: Amacom.
Textbooks
HAIR, J., ANDERSON, R., MEHTA, R. and BABIN, B. (2008) Sales Management: Building Customer Relationships and Partnerships. 1st ed. London: Cengage Learning.
JOBBER, D. and LANCASTER, G. (2015) Selling and Sales Management. Harlow: Pearson.
TANNER, J., HONEYCUTT, E. and ERFFMEYER, R. (2013) Sales Management. Harlow: Pearson.
WEINBERG, M. (2015) Sales Management. Simplified: The Straight Truth About Getting Exceptional Results from Your Sales. New York: Amacom.
ASSESSMENT OF PRIOR LEARNING
Mandatory Survey. Rate your competency against the learning outcomes in this module
Please complete this Survey before you start the new course. You'll be asked to review your answers later in the course as part of a graded assignment. You'll be instructed to look back (reflect) and assess what you've learned on this course. PLUS! your answers will useful to the Lecturer to determine your prior knowledge in the subject and tailor the lessons and learning activities to better support your needs
Please complete this Survey before you start the new course. You'll be asked to review your answers later in the course as part of a graded assignment. You'll be instructed to look back (reflect) and assess what you've learned on this course. PLUS! your answers will useful to the Lecturer to determine your prior knowledge in the subject and tailor the lessons and learning activities to better support your needs
STUDENTS LEARNING OUTCOME 4
LO4. Demonstrate an understanding of the finance of selling
LO4. Demonstrate an understanding of the finance of selling
How familiar are you with the content covered in this module?
Rate your current competency against the learning outcomes for this module on the following scale:
1 = Novice. This subject matter is completely new to me.
2 = Partial understanding or competence. I have a basic understanding of the subject matter but still require support.
3 = Average understanding or competence. I have a fair grasp of the subject matter and its application.
4 = Above average understanding or competence. I have a strong grasp of the subject matter and could easily apply it in a variety of contexts.
5 = Expert. I have mastered this subject area, and I could teach it to others.
Read the questions provided in the Student Survey Form below and check the appropriate answers...
LEARNING OUTCOME 4
EXPECTED STUDENT LEARNING OUTCOME
After completing this module you will be able to:
LO1. Investigate the range of resources required to launch a new business
ASSESSMENT CRITERIA
- P1 Investigate and explain a new venture, identifying specific target markets and undertaking competitive analysis
- P2 Determine specific tangible and intangible resources that would be required for the launch of a new venture P3 Produce a credible proposal to launch a new venture
LO4. LEARNING CONTENT
Portfolio management:
Portfolio management:
- Calculating margins. Payment mechanisms and terms.
- The sales cycle.
- Industry specific sales cycle management.
- Overall, performance management.
TEACHING AND LEARNING ACTIVITIES IN THIS UNIT
- We want to make learning fun, and so we’ve included many practical and interactive elements in the program. To increase your learning and engagement, we’re using a wide variety of teaching methods and assessments: traditional lecture, powerpoint, video, audio, field study, abstract models, diagrams, case studies, concept maps and examples to help connect what we’re teaching to make the information and learning experience practical, relevant, relatable and meaningful to the students.
- For assessments and activities, we mix traditional paper methods, mandatory class discussions, short assignments, and online multiple choice quizzes to help you to memorize the vocabulary and concepts that you might be struggling to remember and retain. For the quiz, the use of testing software allow you to take the test and receive the results immediately.
- Direct engagement encourages students to take responsibility for their learning and we have research papers, essays, debates, forums, video and audio assignments, and teamwork so you can work through problems with a partner and support each other in the areas that you’re most challenged.
- We make sure we calculate all your efforts so everything count towards your grades.
THREE FACTORS WE CONSIDER WHEN SETTING THE ASSIGNMENTS:
- Your prior knowledge,
- The contents you’re learning now, and your
- Development of your cognitive abilities to undertake more complex task as you progress in the program.
How The Tasks In the Assignments Are Constructed And The Grading Criteria
- Course-related knowledge (called content knowledge);
- Correct use of the command verb
- Applying and using the content knowledge in a context and constructive way e.g. to solve problem and make decisions in the case situation/context given; solve an accounting problem; create a concept map etc.
OTHER CONSIDERATIONS:
- Competencies in the academic domain e.g. quality and breath of the discussion, use of appropriate language, vocabulary, grammar and sentence construction; comprehension of the assignment and executing the task correctly; Harvard Referencing Standards
- Attention to instructions
- Grade Achievement e.g. Pass, Merit and Distinction
- Attitudes, values, and self-awareness
USING CONSTRUCTIVE AND ACTIONABLE FEEDBACK TO MEET THE GRADING CRITERIA
Your performance on the assessment will indicate if you’re reading, memorizing, paying attention, and taking the right notes. To do well, you’ll need to apply what you’re learning to the situations presented to you in the assignment. Here are ways you can correctly use what you’re learning to improve your grades, become more confident, and contribute effectively to group work:
- The topic is the subject of the assignment. All information available on this topic is content knowledge. For example, what the topic is about, what it does, how it works, the positive and negative influences – how its impacting or being impacted by other issues (pros/benefits or cons/limitations/drawbacks). Learn all the information, so you’re ready to use this content knowledge in different ways..
- You’ll also need to show your assessor and audience the depth of your understanding. To test the level of your knowledge, you’re given specific commands, e.g. to explain, analyze, describe, compare, apply etc. These are the command verbs to tell you how to carry out the assignment correctly. You must also study what each Command Verb requires to use the content knowledge correctly. For example, comparing is not explaining, and explaining is not analyzing, and if you don’t know the difference, you’ll incorrectly execute the assignment.
- The assignments have command verbs, topic, and contexts to demonstrate that you can use content knowledge constructively and in different situations/contexts/settings, e.g. to solve a problem in a case study, accounting formula, or statistical equation, etc.
- Pay attention to further instructions given the assignment and meet academic conventions. Carefully read the instructions and assignment given then identify the critical parts of the task. You must satisfactorily demonstrate three main criteria to pass the course.
- Set up a meeting with your Success Manager to go-over the feedback and plan for the achievement of these competencies.
Module Rules And Restrictions
Learning Outcomes (LO) are called modules. There are four (4) modules to be covered on Unit 45 Sales Management. Each module has graded assignments.
Pass Grades
Assignments marked as P e.g. P1, are compulsory. You must do all all P tasks on the module. If you achieve the grade, you're award Pass for that assignment.
Referred Grade
If you do not achieve the pass grade, you're awarded the Referred Grade, and can re-sit the assignment. Resit fee is $12.00 per task. You'll only be allowed to resit a module twice. Any unit that has a referred grade is capped at a pass. This means that you cannot earn a higher grade for this unit e.g. if you earn a referred grade on P1 in module 1 of unit 35, you cannot earn a merit or distinction on unit 35.
Late Work
Your assignment must be submitted no later than 11:30 PM on the due date. Submitting late work is strongly discouraged. If an unplanned event occurs, you have a maximum of two days to submit with late fee of $5 paid with the late assignment.
Extenuating Circumstances
If you have supporting evidence of extenuating circumstances you can apply for further extension for late assignment submission. See the published list of issues considered 'extenuating'. Permission for extenuating circumstances cannot extend beyond the final day of the semester. You'll pay the late penalty of $15, when submitting the assignment on the given date.
Fail Grade
If you fail to complete and submit the 'P' tasks on the assignment, your grade is Incomplete (IC/NC), which is a fail grade. If you earn a fail grade on the unit, you must retake the assignments at the full 'per-course rate' that is published in Tuition Schedule.
If you fail to secure a pass grade after resitting twice on a module, you'll be awarded a fail, and will need to take over the class and all the assignments at the full 'per-course rate' published in the Tuition Schedule.
If you plagiarize at any point on this unit, your paper will awarded a fail. Plagiarism can be committed in a number of ways, please see the handbook. If you earn a fail grade, and will need to take over the class and all the assignments at the full 'per-course rate' published in the Tuition Schedule.
Higher Grades
You can earn a merit or distinction grade on this Module when you achieve the criteria for the tasks listed as M and D e.g. M1, D1 etc. While we'll encourage you to attempt all tasks on the assignment, it's not compulsory for you to attempt the tasks for merit and distinction in the assignments. In other words, you don't have to do the tasks listed as M and D. If you miss one M or D task, do not attempt the others, as you'll need to earn the grades for all M tasks, to earn Merit. For the distinction, you'll need to earn the grade for all the Ms and Ds.
Merit
You can achieve the merit grade only when you earn both the pass (P) and merit (M) grades on the module. If you're undertaking task on the assignment marked 'M' e.g. M1 you're attempting the merit grade. If you do not earn the merit grade, you can only be awarded the pass grade, as long as you satisfied the Pass criteria. You cannot resit a M task after you attempted it once. The grade will be capped at a pass for the unit.
Distinction
You can achieve the distinction grade only when you earn the pass (P), merit (M) and distinction (D) grades on the module. If you're undertaking the task on the assignment marked 'D' e.g. D1, you're attempting the distinction grade. If you do not achieve the grade, you can be awarded the merit grade, as long as you satisfied the criteria for the pass and merit. You cannot resit a D task after you attempted it once. The grade will be capped at a merit for the unit.
Learning Outcomes (LO) are called modules. There are four (4) modules to be covered on Unit 45 Sales Management. Each module has graded assignments.
Pass Grades
Assignments marked as P e.g. P1, are compulsory. You must do all all P tasks on the module. If you achieve the grade, you're award Pass for that assignment.
Referred Grade
If you do not achieve the pass grade, you're awarded the Referred Grade, and can re-sit the assignment. Resit fee is $12.00 per task. You'll only be allowed to resit a module twice. Any unit that has a referred grade is capped at a pass. This means that you cannot earn a higher grade for this unit e.g. if you earn a referred grade on P1 in module 1 of unit 35, you cannot earn a merit or distinction on unit 35.
Late Work
Your assignment must be submitted no later than 11:30 PM on the due date. Submitting late work is strongly discouraged. If an unplanned event occurs, you have a maximum of two days to submit with late fee of $5 paid with the late assignment.
Extenuating Circumstances
If you have supporting evidence of extenuating circumstances you can apply for further extension for late assignment submission. See the published list of issues considered 'extenuating'. Permission for extenuating circumstances cannot extend beyond the final day of the semester. You'll pay the late penalty of $15, when submitting the assignment on the given date.
Fail Grade
If you fail to complete and submit the 'P' tasks on the assignment, your grade is Incomplete (IC/NC), which is a fail grade. If you earn a fail grade on the unit, you must retake the assignments at the full 'per-course rate' that is published in Tuition Schedule.
If you fail to secure a pass grade after resitting twice on a module, you'll be awarded a fail, and will need to take over the class and all the assignments at the full 'per-course rate' published in the Tuition Schedule.
If you plagiarize at any point on this unit, your paper will awarded a fail. Plagiarism can be committed in a number of ways, please see the handbook. If you earn a fail grade, and will need to take over the class and all the assignments at the full 'per-course rate' published in the Tuition Schedule.
Higher Grades
You can earn a merit or distinction grade on this Module when you achieve the criteria for the tasks listed as M and D e.g. M1, D1 etc. While we'll encourage you to attempt all tasks on the assignment, it's not compulsory for you to attempt the tasks for merit and distinction in the assignments. In other words, you don't have to do the tasks listed as M and D. If you miss one M or D task, do not attempt the others, as you'll need to earn the grades for all M tasks, to earn Merit. For the distinction, you'll need to earn the grade for all the Ms and Ds.
Merit
You can achieve the merit grade only when you earn both the pass (P) and merit (M) grades on the module. If you're undertaking task on the assignment marked 'M' e.g. M1 you're attempting the merit grade. If you do not earn the merit grade, you can only be awarded the pass grade, as long as you satisfied the Pass criteria. You cannot resit a M task after you attempted it once. The grade will be capped at a pass for the unit.
Distinction
You can achieve the distinction grade only when you earn the pass (P), merit (M) and distinction (D) grades on the module. If you're undertaking the task on the assignment marked 'D' e.g. D1, you're attempting the distinction grade. If you do not achieve the grade, you can be awarded the merit grade, as long as you satisfied the criteria for the pass and merit. You cannot resit a D task after you attempted it once. The grade will be capped at a merit for the unit.
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Lesson 10 Graded Activities
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Lesson 11 Graded Activities
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Lesson 12 Graded Activities
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Satisfaction Survey
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STUDENT EXPECTED LEARNING OUTCOME
You will be able to:
LO4: Demonstrate an understanding of the finance of selling
You will be able to:
LO4: Demonstrate an understanding of the finance of selling
ASSESSMENT CRITERIA
LESSON AND ASSESSMENT GOALS:
LO 4. By the end of this lesson you will be able to:
LESSON CONTENTS AND LESSON RESOURCES FOR READING AND MANDATORY CLASS DISCUSSIONS:
Core Concepts Of The Lesson
The Importance of developing sales strategies and key account management
- P5 Explain the importance of developing sales strategies that yield highest profitability and incorporating account management within sales structures.
LESSON AND ASSESSMENT GOALS:
LO 4. By the end of this lesson you will be able to:
- Explain the importance of developing sales strategies
- Explain the importance of developing sales strategies that yield highest profitability
- Explain the importance of incorporating account management within sales structures.
LESSON CONTENTS AND LESSON RESOURCES FOR READING AND MANDATORY CLASS DISCUSSIONS:
Core Concepts Of The Lesson
- Sales Strategies are the defined plans that a business develops for positioning and selling its products and/or services to its target market, and in a way that differentiates the benefits of its products from the competition.
- Sales structures are: Geographical organizational structure, Product Sales Force Structure, Market-based Structures, and Functional Structures
- Account Management: a business has two important objectives, to grow their customer base and to retain them. To achieve these two important growth opportunities, Account Managers are sales professionals who focus exclusively on building and nurturing strong client relationships with key customers who are providing stable revenue stream for the company. The use of Account Managers is to provide individual and personalized post-sale customer experience in the sales cycle in order to learn their clients' needs, and help them to achieve them. Thus, the goals of account management are to create solutions for the key customers, build long term (everlasting/lifetime) business relationships with these important customers, and improve the companies opportunities for growth.
- Sales Cycle is the concurrent and exact steps in the sales process through which a prospect journeys to become a customer e.g.
- Prospecting
- Researching
- Connecting
- Presenting
- Addressing Objections
- Closing the sale
- Delivering
- Asking for referrals
The Importance of developing sales strategies and key account management
SUMMATIVE ASSESSMENT
High Stakes Assignment
Activities For Lesson Ten (10)
- Speech writing (required activity: graded)
ACTIVITY ONE:
Review the literature surrounding the importance of sales strategies, customer accounts management, and core financial principles within the sales organisation, then answer the questions given in the tasks below:
Review the literature surrounding the importance of sales strategies, customer accounts management, and core financial principles within the sales organisation, then answer the questions given in the tasks below:
CASE CONTEXT
RYDE South Florida is a travel and tourism business selling scheduled airport transportation, packaged vacations, and attraction tours directly to consumers through its website and in-house travel representatives. RYDE South Florida is developing new sales strategies. Sales Strategy is a plan to meet annual business objectives and ensure long-term viability that drives future shareholder value. The new sales strategy will include:
1) growing market share and launching new products. The company is expanding it's vacation and tour packages into a new destination market, Jamaica.
2) Revising it's product sales cycle
2) expanding the sales team, and bringing aboard Business Account Managers to peak productivity by growing and retaining the key customer accounts of tour operators and travel agents (business customers). These key accounts will increase sales and optimize the revenue lift. Accounts Management is a focused sales strategy of using Accounts Managers to sell exclusively to, and directly service, satisfy and maintain the company's business customer accounts.
4) increasing sales margins
YOUR ROLE IN THE COMPANY
You are the Director of Sales and your role is primarily to develop sales strategies and provide oversight of Accounts Management. You must enable your sales team to focus 100% on selling and execute the perfect sales process to drive efficient growth.
TASKS
You'll be addressing your Sales Team at an upcoming meeting and presenting the 2020 sales plan. Prepare the meeting notes to address the following tasks:
1. RyDe South Florida is embarking on selling new tour and vacation packages in a new geographical market. Explain the importance of the four sales strategies being developed for RyDe South Florida.
2. Explain the importance of developing sales strategies that yield highest profitability
3. Explain the importance of incorporating account management within sales structures.
INSTRUCTIONS
1. Prepare meeting notes to be presented to your Sales Team.
2. Your message should be no more than 750 - 1,000 words and be completed and submitted by June 15.
3. You will review the class notes and conduct related research into the importance of sales strategies and accounts management in supporting company growth and profitability . Then explain how the importance of these same factors in building and managing long-term customer relationships and increasing the product sales margins.
4. You should think about what you have read, make clear arguments, and keep the discussion focused while honing the topic.
5. Draw on existential literature and the organisational exemplar to validate, reinforce and solidify your arguments.
6. You're expected to engage completely in the assignment and develop your answers in a meaningful way to demonstrate knowledge, understanding and the ability to apply what you've learned in a realistic and constructive way.
7. Your work should be neatly typed, using Arial Font and font size 11.
8. Use your own words, plagiarism is unacceptable. If you plagiarize on any assignment, you'll be awarded a fail grade for the unit. Before starting any assignments on the semester, be sure to read the information provided on what is plagiarism and how to avoid it.
9. You will submit this assignment twice: 1) First, you'll download the document that is attached to your Learn 'n Go account and complete the assignment. Save and upload the file using the upload option below; and 2) Copy and paste the same answer in the box provided below.
10. The only acceptable format for the uploaded work is in PDF.
11. Read these instructions carefully before you attempt the task.
12. This assignment is mandatory for passing the course.
13. Review the case information for RyDe South Florida at www.rydesouthflorida.com
Ten (10) Hours Recommended For Reading, Writing and Editing | 750 - 1,000 Words
Submission Date | June 17 - The assignment must be submitted before 11:30 PM
LATE ASSIGNMENT AND EXTENUATING CIRCUMSTANCES:
The assignment is to be submitted on-time. See the instructions about late submissions and special conditions for extenuating circumstances.
RYDE South Florida is a travel and tourism business selling scheduled airport transportation, packaged vacations, and attraction tours directly to consumers through its website and in-house travel representatives. RYDE South Florida is developing new sales strategies. Sales Strategy is a plan to meet annual business objectives and ensure long-term viability that drives future shareholder value. The new sales strategy will include:
1) growing market share and launching new products. The company is expanding it's vacation and tour packages into a new destination market, Jamaica.
2) Revising it's product sales cycle
2) expanding the sales team, and bringing aboard Business Account Managers to peak productivity by growing and retaining the key customer accounts of tour operators and travel agents (business customers). These key accounts will increase sales and optimize the revenue lift. Accounts Management is a focused sales strategy of using Accounts Managers to sell exclusively to, and directly service, satisfy and maintain the company's business customer accounts.
4) increasing sales margins
YOUR ROLE IN THE COMPANY
You are the Director of Sales and your role is primarily to develop sales strategies and provide oversight of Accounts Management. You must enable your sales team to focus 100% on selling and execute the perfect sales process to drive efficient growth.
TASKS
You'll be addressing your Sales Team at an upcoming meeting and presenting the 2020 sales plan. Prepare the meeting notes to address the following tasks:
1. RyDe South Florida is embarking on selling new tour and vacation packages in a new geographical market. Explain the importance of the four sales strategies being developed for RyDe South Florida.
2. Explain the importance of developing sales strategies that yield highest profitability
3. Explain the importance of incorporating account management within sales structures.
INSTRUCTIONS
1. Prepare meeting notes to be presented to your Sales Team.
2. Your message should be no more than 750 - 1,000 words and be completed and submitted by June 15.
3. You will review the class notes and conduct related research into the importance of sales strategies and accounts management in supporting company growth and profitability . Then explain how the importance of these same factors in building and managing long-term customer relationships and increasing the product sales margins.
4. You should think about what you have read, make clear arguments, and keep the discussion focused while honing the topic.
5. Draw on existential literature and the organisational exemplar to validate, reinforce and solidify your arguments.
6. You're expected to engage completely in the assignment and develop your answers in a meaningful way to demonstrate knowledge, understanding and the ability to apply what you've learned in a realistic and constructive way.
7. Your work should be neatly typed, using Arial Font and font size 11.
8. Use your own words, plagiarism is unacceptable. If you plagiarize on any assignment, you'll be awarded a fail grade for the unit. Before starting any assignments on the semester, be sure to read the information provided on what is plagiarism and how to avoid it.
9. You will submit this assignment twice: 1) First, you'll download the document that is attached to your Learn 'n Go account and complete the assignment. Save and upload the file using the upload option below; and 2) Copy and paste the same answer in the box provided below.
10. The only acceptable format for the uploaded work is in PDF.
11. Read these instructions carefully before you attempt the task.
12. This assignment is mandatory for passing the course.
13. Review the case information for RyDe South Florida at www.rydesouthflorida.com
Ten (10) Hours Recommended For Reading, Writing and Editing | 750 - 1,000 Words
Submission Date | June 17 - The assignment must be submitted before 11:30 PM
LATE ASSIGNMENT AND EXTENUATING CIRCUMSTANCES:
The assignment is to be submitted on-time. See the instructions about late submissions and special conditions for extenuating circumstances.
STUDENT EXPECTED LEARNING OUTCOME
You will be able to:
LO4: Demonstrate an understanding of the finance of selling
You will be able to:
LO4: Demonstrate an understanding of the finance of selling
ASSESSMENT CRITERIA
LESSON GOALS:
LO 4. By the end of this lesson you will be able to:
LESSON CONTENTS AND RESOURCES
- M3 Evaluate how core finance principles and successful portfolio management can lead to increased profitability and a competitive edge.
LESSON GOALS:
LO 4. By the end of this lesson you will be able to:
- Evaluate how core finance principles and successful portfolio management can lead to increased profitability and a competitive edge.
- Calculate sales margins
- Calculate ratio of revenue to costs
LESSON CONTENTS AND RESOURCES
- Sales portfolio contains customers and related information such as their order history, and benefits such as terms of sale, special deals, prices, types of discounts, and Portfolio Management (PMP) is the process used by the company to achieve maximum revenue from a group of accounts while ensuring that the customers are satisfied.
- Sales margin is the profit that the company makes on a sale of an item or service. To arrive at the sales margin, you'll add all the cost of providing the product/service e.g. raw material, manufacturing costs, salaries, advertising etc. This is Total Cost of producing the product/service. Sales margin is arrived at when you subtract the total cost from the final selling price of the goods/services.
- How to calculate sales margins: divide the gross profit by the revenue. To make this a percentage you'll multiply the results by 100.
- Ratio of revenue to cost is a financial ratio used to indicate the expenses as a percentage of revenue. That is, expenses/revenue. Businesses are expected to attempt to minimize efficiency ratios. That is, reduce their expenses and increase their earnings. The efficiency ratio is how much the business is spending to make a dollar.
- Calculating the ratio of revenue to cost: if expenses totals $550 and revenue is $750 (perhaps net of interest revenue/expense), the efficiency ratio is 0.75 or 75% (550/750) - meaning that 0.75 are spent for every dollar earned in revenue.
- How to reduce cost-to-income ratio: after reviewing the net income ratio, the company can look at how its expenses affect the bottom line. The best way to reduce the cost-to-income is to reduce costs.
- The Core Financial Principles in sales management
- What is Sales Margin?
- Calculating ratio of revenue to costs
- Calculating sales margins
- Sales versus Gross Profit Margin
SUMMATIVE ASSESSMENT
High Stakes Assignment
ASSESSMENT TOPIC:
Review the literature surrounding the importance of sales strategies, customer accounts management, and core financial principles within the sales organisation
Review the literature surrounding the importance of sales strategies, customer accounts management, and core financial principles within the sales organisation
Graded Activity For Lesson 11
- Report Writing and Financial Calculations (required and optional activity: graded)
ACTIVITY TWO: MEDIUM STAKE ASSIGNMENT
CALCULATIONS
1. Calculate the sales margin if the company's revenue for the month is 150,000 and the expenses is $135,000. Produce the answer in percentage.
2. What is the efficiency ratio using the revenue and expenses provided above.?
ACTIVITY THREE: HIGH STAKES ASSIGNMENT
CASE CONTEXT
RYDE South Florida is a travel and tourism business selling scheduled airport transportation, packaged vacations, and attraction tours directly to consumers through its website and in-house travel representatives. RYDE South Florida is developing new sales strategies. Sales Strategy is a plan to meet annual business objectives and ensure long-term viability that drives future shareholder value. The new sales strategy will include:
leveraging profitability through core financial principles such as increasing sales margins and reducing the income-ratio efficiency (reducing expenses and increasing revenue), and successful portfolio management.
MERIT TASKS | OPTIONAL
You'll be addressing your VP of Sales at an upcoming meeting and presenting the 2020 sales plan. Prepare a written Report to address the following:
1. Evaluate how RyDe South Florida can use core financial principles such as sales margin and efficiency ratios to increase profitability and gain competitive advantage?
2. Evaluate the different ways that the company can use Portfolio Management to increase profitability and gain competitive advance?
Recommended Time
(4 hours: 2 hours reading, 2 hours writing | 600 - 750 Words Maximum )
Instructions
1. Prepare a business report addressed to the Vice President Of Sales.
2. Your Report should be no more than 600 - 750 words and be completed and submitted by June 20.
3. You will review the class notes and conduct related research into the core financial sales principles and successful portfolio management. Then critically evaluate how these can build and manage the company's long-term profitability and competitiveness.
4. You should think about what you have read, make clear arguments, and keep the discussion focused while honing the topic.
5. Draw on existential literature and the organisational exemplar to validate, reinforce and solidify your arguments.
6. You're expected to engage completely in the assignment and develop your answers in a meaningful way to demonstrate knowledge, understanding and the ability to apply what you've learned in a realistic and constructive way.
7. Your work should be neatly typed, using Arial Font and font size 11.
8. Use your own words, plagiarism is unacceptable. If you plagiarize on any assignment, you'll be awarded a fail grade for the unit. Before starting any assignments on the semester, be sure to read the information provided on what is plagiarism and how to avoid it.
9. You will submit this assignment twice: 1) First, you'll download the document that is attached to your Learn 'n Go account and complete the assignment. Save and upload the file using the upload option below; and 2) Copy and paste the same answer in the box provided below.
10. The only acceptable format for the uploaded work is in PDF.
11. Read these instructions carefully before you attempt the task.
12. This assignment is mandatory for passing the course.
13. Review the case information for RyDe South Florida at www.rydesouthflorida.com
Due On | June 20 - The assignment must be submitted before 11:30 PM
LATE ASSIGNMENT AND EXTENUATING CIRCUMSTANCES: The assignment is to be submitted on-time. See the instructions about late submissions and special conditions for extenuating circumstances.
CALCULATIONS
1. Calculate the sales margin if the company's revenue for the month is 150,000 and the expenses is $135,000. Produce the answer in percentage.
2. What is the efficiency ratio using the revenue and expenses provided above.?
ACTIVITY THREE: HIGH STAKES ASSIGNMENT
CASE CONTEXT
RYDE South Florida is a travel and tourism business selling scheduled airport transportation, packaged vacations, and attraction tours directly to consumers through its website and in-house travel representatives. RYDE South Florida is developing new sales strategies. Sales Strategy is a plan to meet annual business objectives and ensure long-term viability that drives future shareholder value. The new sales strategy will include:
leveraging profitability through core financial principles such as increasing sales margins and reducing the income-ratio efficiency (reducing expenses and increasing revenue), and successful portfolio management.
MERIT TASKS | OPTIONAL
You'll be addressing your VP of Sales at an upcoming meeting and presenting the 2020 sales plan. Prepare a written Report to address the following:
1. Evaluate how RyDe South Florida can use core financial principles such as sales margin and efficiency ratios to increase profitability and gain competitive advantage?
2. Evaluate the different ways that the company can use Portfolio Management to increase profitability and gain competitive advance?
Recommended Time
(4 hours: 2 hours reading, 2 hours writing | 600 - 750 Words Maximum )
Instructions
1. Prepare a business report addressed to the Vice President Of Sales.
2. Your Report should be no more than 600 - 750 words and be completed and submitted by June 20.
3. You will review the class notes and conduct related research into the core financial sales principles and successful portfolio management. Then critically evaluate how these can build and manage the company's long-term profitability and competitiveness.
4. You should think about what you have read, make clear arguments, and keep the discussion focused while honing the topic.
5. Draw on existential literature and the organisational exemplar to validate, reinforce and solidify your arguments.
6. You're expected to engage completely in the assignment and develop your answers in a meaningful way to demonstrate knowledge, understanding and the ability to apply what you've learned in a realistic and constructive way.
7. Your work should be neatly typed, using Arial Font and font size 11.
8. Use your own words, plagiarism is unacceptable. If you plagiarize on any assignment, you'll be awarded a fail grade for the unit. Before starting any assignments on the semester, be sure to read the information provided on what is plagiarism and how to avoid it.
9. You will submit this assignment twice: 1) First, you'll download the document that is attached to your Learn 'n Go account and complete the assignment. Save and upload the file using the upload option below; and 2) Copy and paste the same answer in the box provided below.
10. The only acceptable format for the uploaded work is in PDF.
11. Read these instructions carefully before you attempt the task.
12. This assignment is mandatory for passing the course.
13. Review the case information for RyDe South Florida at www.rydesouthflorida.com
Due On | June 20 - The assignment must be submitted before 11:30 PM
LATE ASSIGNMENT AND EXTENUATING CIRCUMSTANCES: The assignment is to be submitted on-time. See the instructions about late submissions and special conditions for extenuating circumstances.
STUDENT EXPECTED LEARNING OUTCOME
You will be able to:
LO4: Demonstrate an understanding of the finance of selling
You will be able to:
LO4: Demonstrate an understanding of the finance of selling
ASSESSMENT CRITERIA
LESSON GOALS:
LO 4. By the end of this lesson you will be able to:
LESSON CONTENTS AND RESOURCES
How to identify key accounts: incorporating account management within sales structures
SBI recommends choosing three to five selection criteria. Here's a list of examples:
Key Principles In Account Management
- D2 Critically evaluate and make recommendations on how sales structures and approaches can improve financial viability.
LESSON GOALS:
LO 4. By the end of this lesson you will be able to:
- Critically evaluate and make recommendations on how sales structures and approaches can improve financial viability.
- Use ratio of revenue to costs and sales margins to evaluate financial viability of the product/service
LESSON CONTENTS AND RESOURCES
How to identify key accounts: incorporating account management within sales structures
SBI recommends choosing three to five selection criteria. Here's a list of examples:
- Product fit
- Solvency
- Existing relationships
- Possibility of becoming a channel partner
- Cultural fit
- Geographic alignment
- Purchasing process
- Revenue potential
Key Principles In Account Management
- The Company's Sales Revenue potential (new business)
- Review your current customers and their historical ratio of revenue to costs.
- Calculate how much potential there is to expand each account.
- Assess if they're a strategic partner, e.g. do they have the connections, resources, and/or industry reputation to significantly alter your company's trajectory?
SUMMATIVE ASSESSMENT
High Stakes Assignment
SUMMATIVE ASSESSMENT
High Stakes Assignment
ASSIGNMENT TOPIC: D2
Activity | Business Report
ACTIVITY FOUR: HIGH STAKES ASSIGNMENT
CASE CONTEXT
RYDE South Florida is a travel and tourism business selling scheduled airport transportation, packaged vacations, and attraction tours directly to consumers through its website and in-house travel representatives. RYDE South Florida is developing new sales strategies. Sales Strategy is a plan to meet annual business objectives and ensure long-term viability that drives future shareholder value. The new sales strategy will include:
leveraging profitability through core financial principles such as increasing sales margins and reducing the income-ratio efficiency (reducing expenses and increasing revenue), and successful portfolio management.
DISTINCTION TASKS | OPTIONAL
You'll be addressing your VP of Sales at an upcoming meeting and presenting the 2020 sales plan. Prepare a written Report to address the following:
Recommended Time
(4 hours: 2 hours reading, 2 hours writing | 300 - 400 Words Maximum )
Instructions
1. Prepare a business report addressed to the Vice President Of Sales.
2. Your Report should be no more than 600 - 750 words and be completed and submitted by June 20.
3. You will review the class notes and conduct related research into the core financial sales principles and successful portfolio management. Then critically evaluate how these can build and manage the company's long-term profitability and competitiveness.
4. You should think about what you have read, make clear arguments, and keep the discussion focused while honing the topic.
5. Draw on existential literature and the organisational exemplar to validate, reinforce and solidify your arguments.
6. You're expected to engage completely in the assignment and develop your answers in a meaningful way to demonstrate knowledge, understanding and the ability to apply what you've learned in a realistic and constructive way.
7. Your work should be neatly typed, using Arial Font and font size 11.
8. Use your own words, plagiarism is unacceptable. If you plagiarize on any assignment, you'll be awarded a fail grade for the unit. Before starting any assignments on the semester, be sure to read the information provided on what is plagiarism and how to avoid it.
9. You will submit this assignment twice: 1) First, you'll download the document that is attached to your Learn 'n Go account and complete the assignment. Save and upload the file using the upload option below; and 2) Copy and paste the same answer in the box provided below.
10. The only acceptable format for the uploaded work is in PDF.
11. Read these instructions carefully before you attempt the task.
12. This assignment is mandatory for passing the course.
13. Review the case information for RyDe South Florida at www.rydesouthflorida.com
Due On | June 20 - The assignment must be submitted before 11:30 PM
LATE ASSIGNMENT AND EXTENUATING CIRCUMSTANCES: The assignment is to be submitted on-time. See the instructions about late submissions and special conditions for extenuating circumstances.
CASE CONTEXT
RYDE South Florida is a travel and tourism business selling scheduled airport transportation, packaged vacations, and attraction tours directly to consumers through its website and in-house travel representatives. RYDE South Florida is developing new sales strategies. Sales Strategy is a plan to meet annual business objectives and ensure long-term viability that drives future shareholder value. The new sales strategy will include:
leveraging profitability through core financial principles such as increasing sales margins and reducing the income-ratio efficiency (reducing expenses and increasing revenue), and successful portfolio management.
DISTINCTION TASKS | OPTIONAL
You'll be addressing your VP of Sales at an upcoming meeting and presenting the 2020 sales plan. Prepare a written Report to address the following:
- D2 Critically evaluate and make recommendations on how sales structures, and approaches such as account management, and portfolio management can improve financial viability of the company.
Recommended Time
(4 hours: 2 hours reading, 2 hours writing | 300 - 400 Words Maximum )
Instructions
1. Prepare a business report addressed to the Vice President Of Sales.
2. Your Report should be no more than 600 - 750 words and be completed and submitted by June 20.
3. You will review the class notes and conduct related research into the core financial sales principles and successful portfolio management. Then critically evaluate how these can build and manage the company's long-term profitability and competitiveness.
4. You should think about what you have read, make clear arguments, and keep the discussion focused while honing the topic.
5. Draw on existential literature and the organisational exemplar to validate, reinforce and solidify your arguments.
6. You're expected to engage completely in the assignment and develop your answers in a meaningful way to demonstrate knowledge, understanding and the ability to apply what you've learned in a realistic and constructive way.
7. Your work should be neatly typed, using Arial Font and font size 11.
8. Use your own words, plagiarism is unacceptable. If you plagiarize on any assignment, you'll be awarded a fail grade for the unit. Before starting any assignments on the semester, be sure to read the information provided on what is plagiarism and how to avoid it.
9. You will submit this assignment twice: 1) First, you'll download the document that is attached to your Learn 'n Go account and complete the assignment. Save and upload the file using the upload option below; and 2) Copy and paste the same answer in the box provided below.
10. The only acceptable format for the uploaded work is in PDF.
11. Read these instructions carefully before you attempt the task.
12. This assignment is mandatory for passing the course.
13. Review the case information for RyDe South Florida at www.rydesouthflorida.com
Due On | June 20 - The assignment must be submitted before 11:30 PM
LATE ASSIGNMENT AND EXTENUATING CIRCUMSTANCES: The assignment is to be submitted on-time. See the instructions about late submissions and special conditions for extenuating circumstances.