Principles of Sales Management and Methods of Selling

Sales Management

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK1.............................................................................................................................................3
Principles of sales management in relation to the importance of sales planning and methods of
selling.....................................................................................................................................3
Discuss how principles of sales management will differ in response to buying behaviour of
customers................................................................................................................................5
TASK2.............................................................................................................................................6
Benefits of sales structure in organisational context..............................................................6
Evaluate different sales structure with specific organisational example................................8
Significance of concept of “selling through”others................................................................9
TASK3...........................................................................................................................................10
Analyse the key principles and techniques for successful selling and how they contribute to
building and managing customer relationships in application to specific organisational
examples...............................................................................................................................10
Evaluate sales management and selling techniques, structure in organisational context.....13
TASK4...........................................................................................................................................14
Explain the importance of developing sales strategies that yield highest profitability and
incorporating account management within sales structures.................................................14
Evaluate how core finance principles and successful portfolio management can lead to
increased profitability and a competitive edge.....................................................................16
Make recommendations to improve sales structure and approaches to enhance financial
viability.................................................................................................................................16
CONCLUSION..............................................................................................................................16
REFERENCES..............................................................................................................................18

INTRODUCTION
Sales management is a process that is to develop sales strategies and implement those
strategies in an efficient manner in order to achieve predefined objectives. The main aim of this
function is to increase in revenue of company through increasing its sales (Dechawatanapaisal,
2018). It is a crucial business function that helps to driven revenue for whole organization to
undertake various other activities. In the current report HSBC is taken into consideration that is
an international bank situated in London. It offers wide range of banking services such as retail,
investment and private banking to cater the needs of huge segment. The report discuss
importance of sales management and its principles within company. In addition, sales structure
of company is also discussed in the report. Further, it comprises the concept of “selling by
others” sales techniques and its importance in organisational context. Moreover, the report
renders an overall prospective about sales management within company.
TASK1
Principles of sales management in relation to the importance of sales planning and methods of
selling
Sales management plays an important role in the sales planning and methods of the selling
as this department define the concept which refers to increase the selling with the help of
improving the condition of the company and to manage the requirement of the customers. In the
chosen organisation the top management of the company provide the training to the lower
department in order to increase the productivity and complete their targets. Also for the selling
concept they needed to provide the proper training related to the customer's products and
services.
To earn potential profit, it is crucial to increase in sales of company. Effective sales
management helps to increase in revenue and presence of organisation in market. There are
ample of principles such as managing team, lead by example and many more that need to be
follow by managers in order to achieve predefined sales targets. In context of HSBC, it uses
these principles are discussed as under:
Manage sales force- It is crucial to pay individual attention to each member of sales
team. With this, managers get to know the problems faced by employees to achieve assigned

targets. Management team of HSBC asses the growth of every human resource and them provide
them training accordingly. It helps them to maintain a stress free environment at work place.
Lead by examples- To motivate human resources, it is vital to set an ideal before them so
that they act accordingly. For this, managers need to be discipline and share the sales record with
employees so that they also get inspired to attain assigned targets. Mangers of HSBC, conduct
meetings of sales team on timely basis in order to aware them with current performance of peers
and whole team (Dixon, LeBon and Wieseke, 2019).
Sales management is an essential function that is undertake to attract more number of
buyers towards the products and services of company. It helps to generate revenue to perform
several business operations in an appropriate manner. In context of HSBC, the significance of
sales management is discussed below:
Handle the sales force- Sales management is wide term that comprises ample of
techniques to manage sales force within organization. It is essential to keep proper control over
their performance in order to achieve predefined targets. HSBC defines standard to monitor the
performance of sales people and provide them necessary feedbacks for further improvements.
Increase in revenue- The main purpose of sales management is to adopt effective
strategies in order to attract more number of customers (Gasanov and Veliev, 2019). With this
company is able to get higher revenue thus minimize overall cost of production. Managers of
HSBC adopt ample of techniques to inflate sales and profit margin of bank. They advertise their
services among customers so that they get attracted towards the services of banking institution.
Sales process-
It is the set of the steps which include the process of sales to take the buyer from the
starting of the sales to the early stage of the closed sale. Mostly there are seven steps are included
in the sales process they are prospecting, preparation, approach, presenting the data, handling the
objection, closing the lead, and follow up. And these process is the never ending process which
use in the sales management team. In the HSBC the sales process is the most important aspect as
they directly deal with the customer and provide them the services which are needed by them.
 Analyze: It is the first and important step in which organization analyze its market
position. It is analyzed that manager of HSBC are required to analyze their current
market position in order to prepare appropriate strategies. There are several competitors
of organization such as CitiBank, Bank of America are present at market place.

 Set goals: At this stage, managers of respective institution are required to set goals and
objectives. Here, goal of HSBC is to increase in number of customers so that they can
earn potential profit margin.
 Develop plan: In this, appropriate plans are developed in order to attain set goals and
objectives. In this regard, managers of HSBC adopt effective marketing and promotional
strategy in order to attain set targets.
 Execute: This step is a crucial step in which company execute the plan which has been
prepared earlier in real context. At this stage management team of HSBC execute
predefined plans with the help of their employees and other members.
 Evaluate: This is the last and most crucial stage where managers evaluate actual results
with predefined targets so that they can undertake necessary corrective actions. In regards
of HSBC, they evaluate the progress of plan and strategies on regular basis with an aim to
undertake any improvements for further betterment.
Methods of selling-
Method of selling are the concept which persuade the customers to make the strong
competition in the market and make the strong competition for their competitors. Therefore the
methods of selling must be effective and ready to use by the different organisations. The methods
are define and explain below:
Cross-Selling-It is a crucial method under which companies sale some additional
products along with main product to its customers. It is generally used in financial institution
such as banks, investment firms and many more. HSBC executes cross selling by providing
additional services such as investment advice and more. In addition, it is also provide the export
and import the finance, foreign exchange services, transactional banking and net banking as well
as reporting facilities to customer which is providing competitive edge to entity. Further in
Canada people get It helps them to attract more number of clients that is crucial to receive
competitive advantage.
Strengths: This approach is helpful in formulating loyal customer base who will not switch over
other banks. Further this approach is also helps them to attract more number of clients that is
crucial to receive competitive advantage.

Limitations: There is great risk associated of disrupted relationship between clients and seller. In
addition, it might affect sales of existing product and services.
Consultative selling- In this method, the companies which use to make the long term
understanding and relationship with the customers, rather than doing selling without using the
customers prospective. HSBC provide the major focus on the appropriate solution to their client
related to their banking services. They take the queries of customers and provide them effective
solutions in order to make long term relationship with them. For this, entity has separate team of
investment advisories who provide appropriate suggestions to client to use their money wisely.
The HSBC provide the variant services to the customers in order to complete their demand and
needed activities which are using by the customer in order to increase the market image of the
company. With this, it is able to formulate positive brand image in market place (Johnson,
2020).
Strengths: In current environment, this approach is vital as it helps to build trust among
customers. Here, seller tries to provide appropriate solutions to customers for resolving their
issues in significant manner which is imperative for maintain positive brand image.
Limitation: For this, company needs to provide a lot of training to sales people which
incur huge cost. In addition, most of the sales person do not act as per the training which also
enhance overall cost of organization.
Discuss how principles of sales management will differ in response to buying behaviour of
customers
There are several principles of management that is also influences the behaviour of
clients of company (Gasanov and Veliev, 2019). It is essentials for organization to asses
consumer behaviour and make necessary modifications in present principles accordingly. For
this, HSBC carries out survey and take feedback from clients in order to make necessary
improvements. It is analysed that company needs to make some modifications in their existing
standards as per the current market condition. For instance, as per bank's strategy sales
personnels are required to be in touch with clients even after sales. Some time this practice may
frustrate customers and hamper the current brand image of banking institution. Sales
representatives are required to deal with customers in best possible way by providing appropriate