Sales Management Principles and Techniques: A Case Study of HSBC

This report discusses the principles and techniques of sales management through a case study of HSBC. It covers the importance of sales reporting, planning, and selling methods. It also evaluates the relative merits of sales structures and recognizes the importance of selling through others. The report provides insights into the recruitment of sales staff, creating an effective reporting system, and acknowledging future and present situations. It also discusses the benefits of sales structures and the best methods to organize sales teams.

Submission Front Sheet
Submission Front Sheet
Programme BTEC HIgher National Diploma (HND) in
Business (RQF)
Unit and Title Number Sales Management (Unit 39)
Unit RQF level/Code Level 5: (R/508/0598
Credit Value 15
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Assignment Brief Code (A-J 2022) RQFBM-SM (39) 00V77
Cohort Sep 20B
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Word Count 5581
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I certify that the work submitted for this is my own. Where the work of others has been
used to support my work then credit has been acknowledged. I have identified and
acknowledged all sources used in this assignment and have referenced according to
the Harvard referencing system. I have read and understood the Plagiarism and
Collusion section provided with the assignment brief and understood the
consequences of plagiarising.
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Table of Contents
INTRODUCTION .........................................................................................................................1
MAIN BODY..................................................................................................................................1
Principles of sales management...........................................................................................1
Evaluate the relative merits of how sales structures are organised, and recognise the
importance of ’selling through others. ...............................................................................7
Explain the importance and the advantages of the concept of ‘selling through’ others.8
Application of the principles of the successful selling ....................................................11
Demonstrate an understanding of the finance of selling.................................................14
CONCLUSION............................................................................................................................17
REFERENCES ............................................................................................................................18

INTRODUCTION
Sales management is generally described as the process of implementation of the sales
techniques, development of a sales force and coordination of the sales operations activities. In
context to sales management, it helps in providing the data in relation to the right type of
marketing criterion and sales. In reference to organisation, each of them as their own way of
sales management development. In the present report, the organisation chosen is “HSBC”. It is a
British based multinational universal bank and holding organisation of various financial services.
The organisation was founded in the year 1865 and headquartered in London, United Kingdom.
The present report covers the sales management key principles and the importance of the sales
reporting, sales planning and the different methods of selling. In addition to that it involves the
sales structures and its benefits and the advantages and importance of selling through others.
Moreover, it comprises of the techniques and key principles of selling successfully and also the
contribution to managing and building relationship of customers in context to examples of the
organization. In the last it involves the significance of the development of the sales strategies that
yield highest profitability and incorporating the account management with the sales structure.
MAIN BODY
Principles of sales management
Sales management key principles and the importance of sales reporting, sales planning and
the methods of selling.
Sales management is basically the control and the coordination of the individuals in the company
for the purpose to efficiently and effectively attain the end objective (Jobber, Lancasterand Le
Meunier-FitzHugh, 2019).
In context to the sales management, below are few of the important elements of the sales:
Sales Planning: In context to sales planning, it basically means setting up the overall sales
quotas, targets, strategy and the sales forecasting.
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Sales planning requires a process that include the steps in the chart below:
https://funnelflare.io/blog/why-sales-planning-important-helping-you-achieve-your-sales-goals/
Sales planning process is a strategy that helps company to achieve its sales goals, target sales
quotas and forecasting the sales and also it supports the sales person in determining the end
objectives related to sales. In reference to the sales analysis, it is basically defined as the process
of understanding the performance in terms of sales. In reference to the sales targets, it helps in
successful running of sales.
Analysis: During this step of sales planning process, it basically involves determining where you
are going and analysing few important questions such as knowledge regarding customers, from
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where did the sales come, what are the internal and external factors such as Business
Environment, Industry Trends, Competition and Technology.
Goal setting: This step basically involves setting up of end objectives and it is important that the
goals should be SMART (Specific, measurable, attainable, relevant and Time Bound).
Developing the plan: This step is considered to be really important and critical as it helps in
achieving the end objectives. It basically involves outlining the tactics and strategies which are
used in order to overcome the threats that one might face in meeting the end objectives.
Executing the plan: It is a well known phrase that action speaks louder than words. Execution of
plan plays a very critical role and helps in using the creativity for the purpose to achieve end
objectives.
Evaluating the plan: The last and the final step is reviewing and evaluating the entire process
which basically comprises of score card, review the plan quarterly in meetings and much more.
Recruitment of the sales staff: In context to the sales management, the sales managers plays a
very important role and it basically understands the position for the right person.
Importance of Sales Management
 It can reduce the cost related to selling, administration, and distribution
 Helps in rising GDP in economy
 Reduces the overall cost
 supports in launch of the new products (Schrock, Hughes, Zhao, Voorhees and
Hollenbeck, 2021).
In context to organisation, the sales management is considered to be one of the most important
activities and the profitability and the success of the company is totally dependent upon the sales
management. With the help of effective and efficient sales management, it really helps the
company to achieve the sales goal of the company. The proper implementation and the effective
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planning really supports the company to achieve the sales objective. Monitoring, proper
planning, controlling and organizing are basically considered to be the most important factors for
the objective to attain the goals and aims of the sales of an enterprise.
Effective sales team members: In context to HSBC, in order to achieve the sales target, it is
very important to recruit the right sales person who are highly efficient. In context to the sales
team, it is very important to combined with the individuals who are skilled with vast knowledge
and diversified skills in relation to the preferences of the customer, market and the products. For
the objective to increase the team members capacity, it is very essential to provide right training
which will support the sales team members for the purpose to develop their capacity and also the
ability to deal with the customers (Razmochaeva and Klionskiy, 2019).
Creating an effective reporting system: In context to sales management, reporting is
considered to be a highly important factor and with the help of an effective reporting process, it
really helps in enhancing the degree of the sales team and their performance reliability. In
context to HSBC, the effective sales reporting process really helps in determining the
performance of the individuals of the team members which support the managers in carrying out
the strategic decisions. For the purpose to determine the future prospects and sales growth, the
effective sales reporting helps in looking for the right way. The right type of sales reporting
system helps the managers of the HSBC to monitor the performance of the entity and also
formulation of the strategies and the formulation of the policies so that the level of sales could be
increased.
Practice Manager Fundamentals Consistently: In context to organisation, it is very important
for the sales managers to focus on improving the sales member quality and also increasing the
sales volume management. With the help of offering proper training and working on the sales
team member ability it can help the sales team for the purpose to perform in a most efficient and
effective way. The right skilled team members could contribute in achievement of the sales target
and also achievement of the organization’s sales objectives (Adriansyah and Ridwan, 2020).
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Acknowledging future and present situation: In context to the HSBC, for the purpose to
ensure an effective management of the sales, it its very important for the managers to forecast
and analyze the market’s future condition, preferences and the choices of the customers. Without
the understanding and proper knowledge of the external and internal business environment, the
managers will not be able to formulate the policies in relation to sales management in a effective
manner. As a outcome, the company might fail in completion of the sales target. For the purpose
to have a effective formulation of the sales management policies, it is very important to
acknowledge the future and the present situation of the company.
Looking for the creative ways: In context to HSBC, it is very important for the sales managers
to work upon looking for the creative methods or ways. Uniqueness is considered to be a
important factor which really helps in creation of the difference. With the help of the creative
ways, it can really help the sales team in attracting new customers and the also performing the
sales in a skilful manner. It is very important to appreciate the differential approach of the sales
team which can be highly creative and motivated. The various ways of innovation could really
help the company in order to achieve the objectives and the goals( Hase and Busch, 2018).
Sales Planning is highly important as it helps the managers of the sales department of an
organization to forecast the potential risks so that you can mitigate and try them beforehand. The
right process of sales planning will help in formulation of a better plan and also helps in
determining the current status of the products.
Selling Method Techniques
Traditional Selling Method: In reference to the traditional selling method, it is basically
considered to be pressure filled process and also a manipulative process designed for the purpose
to buy regardless of what the consumers what to buy and not (Åge, 2018). In reference to the
traditional method, it can help enhancing the sales objectives of the company through increasing
profits and sales.
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Consultative Selling method technique: In context to such selling method technique, it basically
comprises of reps act which is more like salespeople's advice. It is a needs-based selling
approach which generally focuses on solving and identifying problems of customers through
asking question for the purpose to have understanding their needs and developing different
solutions to their challenges. Such concept of selling method technique contributes in the overall
development of the organization and also improves the selling process.
In context to organisation, the Sales Reporting it really helps the organisation in taking guess
work out the various decisions of the business through offering a clear picture of the organisation
and their level of the sales process.
Evaluate how principles of sales management will be different in response to consumer and
business buying behaviour.
In context to the organisation, the buying behaviour of the customers is considered to the key
factor in relation to the strategies and the policies of the formulation of the sales management. In
case of the broad selling concept, the selling system of the company can be divided into the two
modes which is Business to customer( B2C) and Business to Business (B2B).
Consumer Buying behaviour Process: In context to the Consumer Behaviour, it is basically the
study process of the identification of the reaction, customer choice and the attitude regarding the
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services or the particular commodity. In the modern business, the changing taste in the customer
preferences and the individuals are now becoming much more sensitive in relation to the
features, quality and price of the product. In reference to the consumer pricing decision, it not
only depends upon the price but also on the features and the quality too. In context to the HSBC,
it is very important to have deep understanding about the customer and their buying behaviour
for the formulation of the effective policies. For the purpose to fulfil the demand and the needs of
the customer, it is very important to have deep understanding about the buying behaviour of the
customers.
Business Buying behaviour process: In context to the organisation, the buying behaviour of the
customers is totally shaped by the consumer behaviour model and the overall structure. In
context to the business environment business buying behaviour, it totally depends upon the
demand the need of the customers in relation to the services or the products which will help in
enhancing the consumption and further more helps in adding the value to the consumer lifestyle.
In context to the business buying behaviour, the company had to deal with the B2B
communication in order to establish the selling and buying process of the organization. In
context to the sales management, the effective communication system plays a very important role
in conducting efficient B2B.
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Evaluate the relative merits of how sales structures are organised, and recognise the importance
of ’selling through others.
Benefits of the sales structure
In context to HSBC, the effective sales structure really helps the company to achieve the
sales growth in the most efficient and the effective manner. It is very important for the
organisation to focus on development of the sales management activities while focusing on the
organization and its sales structure. In context to the sales management structure, it is based on
the following factors:
 Maintaining and developing the efficient and effective human resources (Matsuo, 2018).
 Responsibility of the team members and the delegation of the authorities
 Developing the non financial and financial motivation package for the sales team
members
 Establishing and positioning the unique place in the customer mind.
 Ensuring profitability through providing services and the quality goods.
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In context to the sales structure, it helps in establishing clear responsibilities for the role of the
individual. In addition to that, it helps in incorporation of the communication and the stronger
coordination and the cultivating the more knowledgeable sales force. In context to organisation,
the sales management plays a very important role in carrying out effective core activities and the
profitability and the success of the company totally depends upon the sales management (Wei,
and Jiang, 2022).
In context to organisation, determining the best method to organize the sales team is
considered to be really significant and important. It is very important for the organisation to pay
much emphasis on the sales team organization as it could result in affecting the sales made by the
organisation. In context to the company, before making a structure change, it is really important
to defined and identify the major problem and also it is very important to find out the most
possible solutions. In context to the sales organizational structure, it could be divided into
product sales force structure, functional structure, market based structure and the geographic
structure. Each organizational structure has their own cons and prose which need to be taken into
consideration before implementation of any kind of business structure.
Functional structure: In context to the functional structure, it basically refers to as the sales
organization structure that generally focuses on the specialization within the team of marketing
and it basically involves people who have their objective to fulfil within the team based on the
various factors, interests and specialities. When a sales team generally runs based on the
functional structure, it becomes more efficient. But specialization can sometimes be difficult
when you are dealing with accounts and clients from the various geographic regions.
Geographic Structure: In context to the geographic sales structure, it basically runs by the
location. In the sales world, the geographic sales structures are highly popular and helps in
offering various benefits. In context to the geographic location, the clients cost are much less and
it does not take a lot of time to leave certain sales reps in different areas. Another advantage that
it provides is continued growth. The disadvantage of this structure is that it gives rise of conflict
between local and central management as its leads to duplication of resources.
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Market Based Structure: In context to the market based structure, it is also known as customer
sales force structure which basically refers to the sales team which is organized by the industry
or the customers. The market based structure is very beneficial for the industries who are not
focused on just one industry or few industries. In context to the company, through organizing the
team in a much more better manner and strategic way can result in building stronger bonds and
making much more sales and strong relationships with the clients. The main disadvantage of this
method is that it requires high research cost to identify customers needs and preferences.
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In context to organisation, the sales management basically encompasses motivating, hiring and
training the sales team, setting goals related to the sales, forecasting sales and also
development of the effective strategies for the increasing sales and also managing the leads.
In context to organisation, the efficient sales management process really helps in provide
better experience to the customers. It basically includes the customers who are generally
more inclined towards purchasing of the services or the products. Also the effective sales
management really helps the company to create a better goodwill for themselves. In
reference to sales organizational structure, it basically refers to the segmentation of the sales
team into the specialized groups. In context to organisations, selling skills plays a very
important role in the companies and it helps in generating repeat business, building customer
relationships and persuading them to make the purchases.
Explain the importance and the advantages of the concept of ‘selling through’ others.
In context to organisation, selling through others, the buyer can easily communicate with
the organisation in a direct manner with the support of the sales representative. In the process of
selling, the customer could get recommendations of the service or the products. In context to the
direct sales, the sales volume also increases as the sales representative could impact the customer
in the indirect manner. In context to organisation, the retail landscape is always shifting and the
rise of the speciality retail as a big box has declined. There are various advantages when it comes
to selling through “others and different sales channels which involves the following:
Direct to Consumer : In context to this sales channel, the companies do not have to share the
profits with the other parties. In such case, they could sell at the MSRP rather than the whole sale
pricing. In context to the D2C space, pricing control is considered to be the major advantage.
Big e-commerce : In context to organisation, the big ecommerce is another important volume
game when it comes to selling through others.
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Wider Customer Reach: In context to selling through others, another advantage of the
distribution channel is basically the speed at which the products could be distributed in the large
geographic areas( Chapman, Schetzsle and Zeiss, 2021).
Application of the principles of the successful selling
Techniques for successful selling and how they contribute in managing customer
relationships
In context to successful selling, it basically comprises of all the necessary steps taken at each and
every stage for the purpose of sales. With the help and support of the good sales training, it helps
the sales person in identifying the various steps and satisfying the needs of the customers. By
preserving existing sales structure and attaining huge profitability is a dream for any company.
Increasing individual sales is one of the techniques used for this purpose. Attracting frequent
buyers and following the current trends are also popular tools to achieve the above-mentioned
purpose. There are a lot of sales strategies experimented by different organizations to get
maximum benefits using structure. Seasonal pricing is a popular one nowadays.
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In context to organisation, below are few of the techniques of the successful selling mentioned
below:
Being systematic about generating leads: In context to selling, the first step is to make sure that
the organisation generates sufficient leads for the purpose to keep the business in the pipeline. It
is very important to use the time for the purpose to handle the ongoing sales projects, planning
the number of appointments and setting specific targets.
Knowing and having deep knowledge about the sales cycle: In context to organisation, the type
of business will help in determining the sales cycle which is basically the time between the initial
meeting and the closing of the deal. The customer relationship management technology will
really helps in getting a better picture of the sales pipeline and also helps in identifying the target
specific groups and the top clients.
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Securing appointments: Unless totally necessary, refrain from making a sales pitch on the phone.
Try to secure a meeting instead and be prompt about it. Prospects are turned off if you take too
much time on the telephone, especially on the initial call.
Listening and Follow up: In context to the selling process, it is very important to build a strong
relationship with the clients for the purpose to maintain the consistent sales. It is very important
for the sales manager to always show a proactive approach in meeting the clients and taking
notes.
Provoke desire in another individual: In context to organisation and in the concept of successful
selling, it basically means identifying what is important for the customers and also helps them in
suggesting the product will meet their desires and needs as compared to anything else (Danyliuk,
and Dashkevych, 2020).
Making a strong appeal to the self interest of others: In order to successful sell, it is very
important to let them know how much they would get benefit from product they are using and
also providing differences among the services offered and the perceived value among the various
individuals. In addition to that, it also allows the customers to decide what they want which can
easily satisfy their needs.
Using social proof: In context to the organisation, the use of case studies, testimonials and others
will help in convincing the prospects that you have benefitted a lot of individuals just like them
(Shan, 2020).
In critically analysing the application of successful selling principles and techniques in
application to specific organisational examples, Unilever is considered to be the ideal one for the
purpose to have the understanding and the knowledge of the successful selling principles. It
basically comprises of the conversion of the first time customers in to the regular customers
which is one of the key selling principle used by the company in their successful selling
management. The organisation has basically positioned their product in the mind of the
customers and the closing sale concept is effectively used by the company. It also comprises of
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offering price pack offers, giving samples and coupons as the promotional tools used by the
organisation.
Customer relationship management
It is a process which companies and business make analysis and use of data to understand
customers trend throughout their life cycle (Kuong, 2021). In context to the customer
relationship management, it helps in having better understanding of the specific requirements of
the customers, anticipation of needs as per the latest trends and much more. All these activities
helps the organization is enhancement of the process of successful selling.
As per the successful selling basically requires carrying out effective steps at every phase
of the sales process. According to successful selling, it involves basically the right knowledge
from company’s salesperson. It is important for a purpose to successful sale, it involves the right
principles and right strategies at every stage of the selling process in order to handle the
consumers’ buying behaviour. In reference to core principles of successful selling which
basically involves long term relationship with customers.
Demonstrate an understanding of the finance of selling
Importance of developing sales strategies that yield highest profitability and incorporating
account management within sales structure.
The finance selling.
A sales strategy is considered as a plan which assist an organisation to sell their products or
services to the qualified buyers which help in gaining the competitive advantage. Sales strategies
provides clear objective to the organisation so that it can help in achieving the maximum profits.
In involves the information related to the growth goals, KPIs, buyer’s personas, team structure,
competitive analysis and so on. In order to develop a successful sales strategies an organisation is
required to build a powerful value proposition in messaging. Sales strategies assist the
organization in increasing the productivity because with effective strategies the time is not
wasted by the team members and have clear understanding of the objectives. A business concern
is able to the needs of the customers and make them more loyal. By developing the sales
strategies a team is able to give their best performance and help in generating more revenues. A
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sales team is required to adopt the strategic approach in order to build relationships and drive
leads. In relation to HSBC, the importance of developing sales strategies are as under:
Long term growth: To develop an effective sales strategy is important for the growth of the
business. When an organization have clear defined strategies so it make the company enable to
plan for future by analyzing the problems and managing different approaches across the
organization. Therefore, a best sales strategy must involve various objectives with plan that are
reviewed constantly. In relation to the HSBC, an organization should make goals to achieve the
long term growth or success. It must have an effective sales strategy to sell their policies to the
customers which involves aspects such as selling across multiple platforms and develop the
strategic partnerships with the other businesses(Alderman, 2021). Thus, it is important for the
company to have a direct and manageable sales strategy which enable an organization to enhance
the brand image of the employer and generate more revenue for the company.
Establishes focus: This is assumed to be the most important aspect of the sales strategy which
helps in creating more focus on the organization. A sale leader of an organization requires
everyone to be on the same platforms and ensures great understanding of the sales strategy. As
regard with HSBC, an action to create a sales strategy needs a teamwork that make them enable
to understand the tactics which assist in gaining the more customers. As a result, a firm is
capable to make the functional and cohesive team in order to operate the business. It even allow
the organization for further clarity when the higher professional are hired by it. The focus of the
organization can be challenging for which an organization have make efforts to increase the
profits for the business(Nigro, Favara and Abbate, 2021). By having a sales strategy, an
organization must have a clear understanding of the goals that assist in building the unity among
the team members.
Target the right customers: An organization can target the right customers by having a clearly
defined strategy and we’ll develop action. Thus, an organization can be reachable to the right
demographics for the business. A company can set up the strategies for selling their products to
the customers which involves the various aspects such as creating profiles of the targeted
customers, building up broad picture that are required for the ideal customers. In relation to
HSBC, when an organization have clear Idea of the customers so it will be able to improve the
strategies for marketing and bring up their sales efforts(Kumar and Qiu, 2022). Thus, the
company will have a great understanding to find out the customers. Ultimately, the sales strategy
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help the concept to sale their products to the right people. When an organization select the right
people so it will make the brand stand out and attract high quality leads. Selecting the right
audience is Focus on a particular segment and assist in improving the communication related
with the customers as well.
Maximize results: When the strategies for sales are created by the organization so it emphasis
the organization to analyse the tactics and needs of the customers so that they can be provided
with the products according to their needs. A business concern find out the objectives that enable
the organization to ensure for the success(Yaoteng and Xin, 2021). In such ways an organization
can be able to improve the return on investment. Sales strategy help the organization to reduce
the operations cost and lower overhead.
Evaluation of the finance principles and successful portfolio management that lead to
increase in profitability and competitive advantage.
In relation to HSBC bank, it is required to have financial support which enable the
organization to run smoothly and constantly. A company is required to manage all their finance
in order to create wealth. Thus, the bank should teach and keep records of credit cards and bank
accounts, personal loans, mortgage accounts and retirement accounts. Finance help the
organization to manage their physical and financial resources. To manage all the resources, a
company hires the professionals to handle the responsibility of the finance. The principal of
finance help the organization in getting more profit by understanding the drivers of the business
performance(Garlappi and Song, 2021). An accountant of the company is required to have
profound understanding of the products and services in order to grow their business. The team
represent the financial report that assist in getting the better view of the business. The company
also make investment in the modern technology so that it can attract more customers and provide
them better understanding and services and improve their products and services. An organization
should use the innovative strategies enable the organization to bring something new in order to
gain the competitive advantage. An organization also make effective collaboration so that the
profitability of can be improved(Li, Pryshchepa and Wang, 2021). The portfolio management
refers to the selection, prioritization and controlling of the program and the projects in order to
achieve the goal of the business. This helps the organization to keep on the track with goals of
the investments.
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In context to HSBC, the organization uses functional sales structure in order to boost its
sales and improving their overall performance in context to the selling process. In case of HSBC,
the functional sales structure helps the company through offering various benefits such as
putting emphasis on specialization within the marketing team.
Recommendation on sales structure and approaches that can improve financial viability.
From the above discussion it has been recommended that an organization can improve the
sales structure by hiring the right people who have good understanding in the specific areas of
their field. Thus, HSBC bank should look for the skills and personality traits which make
employees able to perform their sales task. A business concern is needed to be optimized the
program that is appropriate for the business operations. An organization can make the right sales
structure by adopting better sales model which help the organization in increasing the financial
viability. To enhance the sales performance, it is important to refresh the strategies for sales so
that it can be aligned with the changes trends and effective services to the customers. An
organization should work with the proper data and make decisions on that basis. The company
analyse the data and find out the opportunities in order to grow their business by making
effective sales.
In context to sales force structure, it can be organized by the product a s per the markets or
customers. In context to companies, it could apply the sales management account with the use of
different structures which will help the company in boosting profitability and sales performance.
CONCLUSION
In conclusion, it has been stated that sales management assist the organisation in
improving the organisation structure and gaining more customers that leads to increase in the
profits. This also assist the organisation in saving time and make proper data entries with the help
of software. A sales management system assist in assigning the task to the employees by
establishing the deadline and make them accountable for the responsibilities. The report has
discussed the principles of the sales management in relation to the importance of the sales
planning and reporting as well. Further, it also showed the response of the principle to the
customers and business. It has demonstrated the structure of the sales and also include the
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advantages of the selling through. Moreover, it has explained the implementation of the different
types structure of sales that are used by the organisation in order to gain the more customers.
Apart from this the report has discussed the key principles and techniques of the selling and the
way of the contribution in order to build and managing customers.
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