Workshop on Selling Skills Mkt 312

 

Course Code: Mkt 312                                  Course Title: Workshop on Selling Skills

Course Instructor: Dr. Mohit Jamwal                                                         

Academic Task No.: 03                                       Academic Task Title: Question/Answer

Date of Allotment: 10-04-21                         Date of submission: 20-04-21

Student’s Roll no: A05                                                Student’s Reg. no:  

Evaluation Parameters: 

 

 

Learning Outcomes: (Student to write briefly about learnings obtained from the academic tasks)

 

Declaration:

I declare that this Assignment is my individual work. I have not copied it from any other student’s work or from any other source except where due acknowledgement is made explicitly in the text, nor has any part been written for me by any other person.

Student’s Signature: Rajinder Singh

 

Evaluator’s comments (For Instructor’s use only)

General Observations	Suggestions for Improvement	Best part of assignment

Evaluator’s Signature and Date:

Marks Obtained: _______________                          Max. Marks: ______________

 

 

 

 

 

 

 

 

 

 

 

Q.1 Anmol Financial Services

•      You are the salesperson for Anmol Financial Services. You have worked hard recently on prospecting and have a meeting with Mr Karan, regarding his personal finances. You have sent some information to him prior to your call. You are about to begin your sales call, and your objective is to sell the client a pension scheme Complete the following Tasks:

 

    Ans. Let’s suppose Abhi is the salesperson of Anmol Financial Services, who try to convince Mr. Khan for pension scheme. As per conversation Mr. Khan ask few questions.

 

A.)  Mr Karan raises the following objection – ‘Your pension scheme seems very expensive’ – How would you handle it?

Ans. Mr. Khan - Your pension scheme seems very expensive.

 

Sales person (Abhi): I appreciate your honesty sir. But setting the price aside, do we have the Pension Scheme you would want to purchase?

 

Let’s suppose Mr. Khan says ‘Yes’

 

Sales person (Abhi): Which features did you like the most? Like, dual benefit of investment and insurance cover.

 

Sales person (Abhi): Using these type of features, Mr. Khan Set aside the price for some time and mull over this solution that would help Sales person (Abhi) in saving time and efforts.

 

Let’s suppose Mr. Khan responds with a ‘No’ to the question “do we have the Pension Scheme you would want to purchase?”

 

Sales person (Abhi): What are you looking for in a solution?

Mr. Khan: Then Khan share their need which he want in the product.

 

If Sales person (Abhi) have the features that the Mr. Khan is looking for, then link it to their needs and explain to them how it can help. If not, then thank them for their time and focus on another deal.

 

If Mr. Khan has a cash flow or budget over flow issue then, this question gets to the heart of whether they are asking for a discount (budget) or payment terms (cash flow). They can negotiate more effectively.

If Mr. Khan doesn’t have enough allocated funding, then Abhi try to find a workaround. Suppose their department has a set budget for software and a separate one dedicated to maintenance. Instead of charging them one flat price, you might send one contract for your product and another for your service fees. Now that you’ve unbundled or unpackaged your solution, your prospect can fit it into the budget.

Abhi can also bill the Mr. Khan in stages. Let’s say pension scheme would max out their quarterly budget and they need to save money for other purchases. Charge them half now, and half next quarter.

Not only will the Mr. Khan appreciate flexibility, but you’ll rescue the deal without compromising on price.

B.)  You have reached the end of the sales call. How would you close the deal for the pension scheme with Mr karan?

Ans. Our confidence and positive thinking is contagious, and makes the Mr. Khan think the answer related to pension scheme should be as obvious to them as it is to us. Mr. Khan now feels that they are losing out on something, so if they are probably going to say yes eventually, it just makes sense to do it now.

Many people object simply because of price. If we can counter that objection by removing things they don't need, everybody wins. Making what Mr. Khan want clear helps them and feel a little more at ease, and though they may not say yes, at least they will give us a firm answer so you now longer have to spend time following up for pension scheme.

If Mr. Khan opt Pension Scheme, the benefits talk them they would get become real, and ideally, something they realize they can no longer live without. With two viable options in front of them, a person is more likely to choose one, or even choose the cheaper option of two choices because it feels like they are saving money.

(c) How you will handle if some-one is saying to finalize it next week?

Ans. Asking Mr. Khan event immediately gives us credibility and shows the buyer that you have done your research. They will feel obligated to respond and once they given Mr. Khan some context, follow up with something along the lines of that many of our clients experience similar. I have some ideas for dealing with them. Would you like to hear those?

Once you have fulfilled the Mr. Khan order, it could be tempting to think of this as the end of the sales process. However, it can be very rewarding to build on this initial order and establish a mutually beneficial client relationship. We should arrange a further meeting to discuss future business at the earliest possible opportunity.

 

It's possible that our prospect has several other pressing projects that need to be completed. If we have the whole picture, we will be able to tell how much of an impact our offering can really make right now, or even better how our product can help achieve the other goals.

 

(d) What is a pension scheme? List three Advantages of it?

Ans. Pension Scheme is a system for saving money for our retirement. In another words, a pension scheme is just a type of savings plan to help us to save money for later life. It also has favourable tax treatment compared to other forms of savings.

 

Advantages

1.)  Tax Benefits Allowed- under section 80c, own contribution of a subscriber towards Tier I investments tax-deductible within the total ceiling of Rs.1.5 lakh u/s 80C.

In addition to deductions under section 80CCD (1), subscribers are allowed up to Rs.50,000 as deductions towards Tier I contributions.

 

2.)  Guaranteed Income- we can get a fixed and steady income after retiring or immediately after investing, based on how we invest. This ensures a financially independent life after retiring. we can use a retirement calculator to have a rough estimate of how much we might require after retiring.

 

3.)  Payment Period- Investors often confuse this with the accumulation period. This is the period in which we can receive the pension post-retirement. For example, if one receives a pension from the age of 60 years to 75 years, then the payment period will be 15 years. Most plans keep this separate from accumulation period, though some plans allow partial/full withdrawals during accumulation periods too.

 

Q.2 Suppose you are a representative of a company and want to sell a new product newly launched by company to potential customers.

 

a.      How will you sell it. Which features will you highlight and how?

 

    Features of ALEXA- Home Assistant to an Indian Homemaker

Alexa Smart Home, from lights and plugs to thermostats and cameras, Alexa can help make our home smarter and more automated by simplifying our everyday routines.

 

The feature allows a video doorbell to bring up the camera on the screen of the Echo Show device. The new Echo Show makes it also possible to speak to the person at the door. Included in the update is the ability to receive door chimes when the Echo Show is connected to a door camera. Once the doorbell is ringed, the Echo Show lets us know and you will be able to answer that ring right on our Echo Show two device as well as speak to the person at the door.

 

Alexa can be our go-to sidekick for fun at home. Just ask her to play a game and He/she can open it on our FireTV streaming device, Echo Show, or Echo Dot. we can also ask her to tell jokes and play trivia. Check out some examples below, and scroll down to discover all the ways Alexa can entertain the whole family.

 

 

 

    Features of Forbes Robotic Home Cleaner

 to an Indian Homemaker

1)    Installation is not provided on this product

2)    3 in 1 robotic vacuum cleaner – Dry suction + Mop + UV Action

3)    Smart Sensors - Robo Vac N Mop comes equipped with SMART sensors that help detect obstacles in way of its cleaning.

4)    Long battery life: Forbes Robo Vac n Mop comes with an unmatched 90 mins runtime

5)    Multi-Cleaning Modes: Forbes Robo Vac n Mop comes with different modes it gives its user choice of cleaning and flexibility as per requirement like Spirial, Random, S shape and Edge cleaning for corner and edges. Spot mode for intensive cleaning for selective spot.

6)    Dual Cleaning Brush: Forbes Robo Vac n Mop comes with two brush gives better cleaning experience and suitable for different floor surface like marble, tiles and wooden.

 

    Features of MI Smart Bulb

MI Smart Bulb is control at our fingertips through Mi Home app control which Convenience is the key with the Mi LED Smart Bulb. With Mi Home app we can pick any color, control the bulbs and even schedule it to turn on the moment when reach home. we can connect and control multiple bulbs through the Mi Home app.

 

The highlight of the Mi LED Wi-Fi Smart Bulb is the support for Google Assistant and Amazon s Alexa voice assistant. The Smart bulb is rated at 10W and it provides 800 lumens of brightness to its users which is quite bright

 

b.     Highlight how will you compare against traditional products serving same purpose?

    Google VS Amazon Alexa

Alexa can only be used on an Android smartphone as of now and the Alexa app in iOS is only used to connect to echo devices. In some countries, Alexa can be used on an iOS device via the Amazon shopping application but that feature is not present in India.

 

During our research, it was surprising that Alexa's dominance with music services didn't translate into similar performance for video services on smart displays. While Alexa has competent devices, we ultimately preferred Google's approach as an easier product to use. But they do have one advantage over Google smart displays every model includes a camera for video calls.

    Forbes Robotic Home Cleaner Vs Panasonic Home Cleaner

Traditionally we used Panasonic vacuum cleaner manually to clean something but now many Robotic Vacuum cleaner is present in market with a slim and powerful body. It comes with large wheels that allow it to roll over carpets and climb edges without any manual intervention. Its drop sensing feature ensures it doesn’t fall over ledges or stairs. It uses a triple filter system that helps it deliver maximum cleanliness. These features is not available in Panasonic previously. These robot vacuum cleaner comes with features like self-charging that helps it deliver non-stop cleaning without human intervention but not in Panasonic at that time.

 

    MI Smart Bulb vs Normal Bulb

Smart lighting is perhaps the most common entry point for anyone looking to start automating their home. If we don’t know anything at all about intelligent lighting, we might initially feel confused by the terminology we encounter. We’re here to clear that up for us today. By the time we have finished, we will be aware of the key differences between smart bulbs and normal yellow bulb.

1.     Unbeatable Convenience

2.     Reduced Energy Consumption

3.     Improved Lifespan of Bulbs

4.     Create Customizable Mood Lighting

c. Potential customer does not find the products user friendly; how will you meet this objection?

Ans. Objection handling means responding to the buyer in a way that changes their mind or alleviate their concerns.

Some reps argue with their prospects or try to pressure them into backing down but this isn't true objection handling. Prospects typically end up more convinced than ever of their position worse, salespeople lose the trust and rapport they've built up.

Instead of telling our prospect they were wrong, help them come to a different conclusion of their own accord. And if we can't persuade them, that's a good sign they were a poor fit.

1.     Confirm you’ve satisfied the objection- Don’t assume you have just because they accept what you say. Ask your potential buyer how they feel about what you’ve said, or if you’ve alleviated their concerns. This can help you move in for the close, or if necessary, move on to addressing further concerns they have.

2.     Try to resolve their objection in real time - The better you can satisfy their concerns right away, the more likely they are to proceed further in the sales process.

d. How will you demonstrate the product?

Ans. Every customer is unique, so every demo should be uniquely matched to that customer. Before you demonstrate a product, do our research. 

Gather some specific information about the people or group who will be viewing the demo. Then change the data and the contents to match.

 

Tell the customer's story- A product demonstration should never be a tour of a product's features and functions. Instead, it should tell the customer's story, with the product playing a key role. For example, suppose you were demonstrating a software product that helps companies better control their inventory of parts.

After the demo, close the deal- There is no better time than after a successful demo to close a sale or ask for the next step, such as a meeting with a decision-maker. So, when we demo, we must ask something that will move the sale forward.

If we don't do this, it implies that either the demo was a dud or product isn't worth buying in the first place.

 

 

 

 

 

 

Q.3 Suppose you are representative of a company and want to sell a new product newly launched by company to potential customers. How will you use the FAB approach? Discuss for each of these products separately.

 

    FAB approach of Toothpaste

Features of Toothpaste

1.     To make the teeth more beautiful and shiny and even whiter

2.     Having an excellent taste and smell

3.     Do not damage the enamel

4.     Producing more salvia in the mouth

5.     Prevent tooth decay

6.     Prevent building up tartar on the teeth

7.     Having a reasonable price

8.     Reduced tooth sensitivity

9.     Sensitive formula- If we have sensitive teeth or receding gums that expose the unprotected roots, shop for toothpaste designed to treat this.

10. Avoid stain-Causing Foods- Good hygiene Toothpaste is essential, but we can also avoid new stains or deepening stains by avoiding foods and drinks with acids and colors known to stain teeth. Intensely pigmented foods like red wine, berries, and coffee should be a treat, but not something we consume throughout the day.

Advantages of Toothpaste

 

1.     Using toothpaste when brushing is the primary step to proper oral hygiene. Fluoride with correct brushing will remove dental bacteria and plaque. Toothpaste contains abrasive materials that are gentle on the enamel of the teeth, but strong enough to help remove plaque from the teeth.

 

2.     Toothpaste generally has a good flavour and makes our mouth feel clean, so it serves as an important motivator, particularly for children. Some persons use baking soda instead of toothpaste. Baking soda cleans effectively, and we can save money by using it. In addition, it actually prevents the process of tooth decay, because the alkaline nature of this compound neutralizes the harmful acid found in dental plaque.

 

3.     Put some toothpaste on a soft toothbrush. Rub on the diamond, cleaning off residue with a damp cloth. Our jewelry will shimmer and sparkle after just a few minutes.

 

 

Benefit of Toothpaste

1.     Toothpaste comes in many flavors and helps to leave our mouth and breath feeling fresh after brushing. It can also mask any scents from strong-flavored foods like garlic or onions.

2.     Most toothpastes contain fluoride, which many dental professionals agree that using fluoride can help prevent against cavities and keep tooth enamel strong by resisting early signs of tooth decay.

3.     Toothpaste has properties that help other dental problems like tooth sensitivity, teeth whitening, tooth decay, and gum disease.

 

    Fab approach for Travel package

Features of Travel Package

1.     Authentic Dining- Travel agency know that dining is an essential element when traveling away from home. Therefore, most meals are included as listed in our tour itinerary. We will enjoy a full American-Chinese buffet breakfast daily at hotels as well as lunches and dinners at hotels or at local restaurants which have met or exceeded standards for the reception of foreign tourists.

2.     Knowledgeable Tour Guide- One of the advantages of traveling with us is that there will always be someone to help us, to answer our questions and to make sure our stay is fully enjoyable. Our trip is completely escorted in every city by our experienced local tour guides.

 

3.     Travel Protections- Travel Insurance is as important as hotel accommodations in planning our trip. Remember, we are traveling half-way around the world! Any unforeseeable events can ruin an otherwise pleasant journey. Emergency medical needs, family issues, or a simple lost bag, it can happen. Protect yourself with Mag Vacations Travel Insurance options.

 

Advantages of Travel Package

 

1.     Pocket Friendly- The advantage of package tour is that it saves money. After travel agencies buy these packages in bulk, they sell it to the customers in affordable rates than the cost of individual bookings. So, we need not worry about any extra cost.

2.     Save Time- Availing a package tour not only saves money but also it saves a lot of time. we don't have to sit for hours to find flights and hotels or call them individually. Rather we can manage your booking with just a single call. Everything will be perfect under your budget.

 

3.     Peace of Mind- When we book a package tour, we buy peace of mind. There is no headache to find about places to visit, book a cab and think about where to eat.

 

Benefit of Travel Package

It is a hard task to plan a holiday. To make certain that we have an enjoyable and good trip a lot of things like hotels, flights, money and itinerary have to be kept in mind. Tourists who want to have a memorable holiday with little stress booking a tour package is the best option. The advantages of a package tour are Quality Services, time saver and affordable on price base. We will be able to relax and enjoy our travel and the places without having to worry about the tickets, and hotel reservations in our next stop.

Tour packages can be a great option when we are looking to plan a honeymoon or travel with our family. A poorly planned trip can be quite embarrassing as well as stressful. Therefore, going with a reputable travel company might be a safer option. Even we can making new friends during trip.

    Fab approach for Educational App

Features of Educational app

1.     Reducing the Gap- Advancement in technology has helped to remove various glitches that are present in the education system. One of the significant issues is the interaction between teachers and parents.

Different apps and websites can be developed to fill the gap between students & teachers and parents & teachers. Students and parents will be informed about any event or change in schedule or announcement.

 

2.     Quality Interaction- Education apps are also helpful in enhancing the interaction between parents and teachers. When a child uses an app, that is the best time for parents to engage with their children and help them in the process of eLearning app.

 

3.     Alexa is being used too much for better engagement and productive solutions in the education field. Using Alexa, we will be able to save more time and money that were actually spending on teachers.

 

Advantages of Educational App

 

1.     Better Communication- Using educational apps could mean better communication between parent and child, as they can attempt to complete tasks together. This can help to improve parent-child bonds, as well as boost the child’s self-esteem.

 

2.     Remote Learning- Learning away from the classroom not only helps students to progress faster, but also improve their ability to use technology.

 

Benefits of Educational App

 

1.     Books And Online Study- These days, students are generally very fond of online studying. This is where library apps and book search apps come into the picture. These applications make it easy for the students to search the appropriate study material in the mobile application.

 

2.     Parent-teacher communication- The ideal concept of frequent parent teacher interactions finds its space in the articles and books regarding performance enhancement but not in reality.

 

3.     New learning methods- The introduction of applications in the education sector has led to the introduction of new learning methods. There are fun games available on mobile applications that indulge the students into a healthy thought process and help them understand things from a different perspective.