BTEC HND Sales Management: Principles, Selling & Finance at HSBC

This report provides an overview of sales management principles and practices within HSBC, a multinational universal bank. It covers key aspects such as sales planning, the importance of sales reporting, and various selling methods, including traditional and consultative approaches. The report also evaluates sales structures, emphasizing the significance of 'selling through others' and understanding consumer and business buying behaviors (B2C and B2B). Furthermore, it discusses the application of successful selling techniques, the finance of selling, and the importance of building customer relationships. The analysis includes the recruitment and training of sales staff, the creation of effective reporting systems, and the need for sales managers to adapt to market conditions and explore creative sales strategies to achieve organizational goals and profitability. This document is contributed by a student and available on Desklib, a platform offering study tools for students.

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
Module Tutor
Name/email
Assignment set date
Distribution Date
Assignment Brief Code (A-J 2022) RQFBM-SM (39) 00V77
Cohort Sep 20B
Student name and ID
Submission Date
Word Count 5581
Is this a first sub mission Is this a Referral
Submission
Learner’s Statement of Authenticity
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.
Student’s
Signature
Date

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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