Crafting a Winning Sales Strategy for Lulu Hypermarket
Added on 2019-09-30
16 Pages4061 Words295 Views
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Running head: SALES MANAGEMENTSales ManagementName of the Student:Name of the University:Author Note:
SALES MANAGEMENT1ContentsTask 2: Gathering Marketing Research......................................................................................22.1 Summary of the differences between primary and secondary marketing research..........22.2 Evaluation of the various sources of market information available for LuluHypermarket...........................................................................................................................22.3 Examples of different ways of presenting qualitative as well as quantitative data..........32.4 Evaluation of the analytical tools that is used to analyse sales related information........42.5 Sales information for a product in the last 12 months and examples of trends evident inthe information as well as their interpretation........................................................................42.6 Analysis of suitability, relevance, validity and reliability of the market information.....52.7 Evaluation of the use of up-to-date and relevant market information to support salesrelated decisions.....................................................................................................................6Task 3.........................................................................................................................................73.1 Review of the feedback from colleagues about the usefulness of sales relatedinformation.............................................................................................................................73.2 Evaluation of the importance of realistic market information that the sales functionprovides to the marketing function........................................................................................73.3.1 Appraisal of the use of sales related information that will help in the evaluation ofmarketing mix........................................................................................................................83.3.2 Appraisal of the use of sales related information that will help in the evaluation ofmarket and sales strategy.......................................................................................................8
SALES MANAGEMENT23.4 Evaluation of the budget of Lulu Hypermarket in order to obtain the marketinformation.............................................................................................................................93.5 Evaluation of the organisation’s policy on storage of information that meets dataprotection requirements..........................................................................................................9Task 4.......................................................................................................................................10Proposed sales strategy that includes positioning statement to meet the needs of the targetmarket, review of the competitive advantage and analysis of the market trend andcompetitor activities.............................................................................................................10Benefit to the organisation in addressing the requirement of the target market..................10Estimated financial return that the organisation can expect to receive from the targetedcustomer group.....................................................................................................................11Review of the new products and services that will help the organisation to change theneeds of the customers and its generation on return on investment.....................................11Marketing strategy and the market plans that will help in the development of positiverelationship with the sales team and the customers.............................................................12Evaluation of the value of marketing in progressing sales..................................................12References................................................................................................................................13
SALES MANAGEMENT3Task 2: Gathering Marketing Research2.1 Summary of the differences between primary and secondary marketing researchMarket research is considered to be most important ways of running a successfulbusiness. There must be better understanding of the market or else it is considered to bedifficult to survive under different circumstances. This market research is generallyconducted in two ways: primary market research and secondary market research. Both thesemarket research are considered to be relevant for the successful survival of the marketingplan. Primary research indicates the research that is conducted by the company itself andthus it helps to gain insight into the market. This is considered to be the most common type ofresearch and thus it helps to answer relevant questions related to the research. LuluHypermarket has also conducted relevant research in the market and then found its targetedmarket. Secondary market is considered to be the research that is conducted on any datagenerally by other people or any other purpose. This data is collected for different reasons i.e.for the creation of financial reports in the market. Lulu Hypermarket has collected secondarydata from the annual report of the other supermarkets to get an insight of the market condition(Varadarajan, 2010). 2.2 Evaluation of the various sources of market information available for LuluHypermarketThere are two sources of information i.e. the internal source as well as the externalsource. The internal sources are considered indispensable to the research and there is nofinancial burden in gathering such information. On the other hand, the external sources can be
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