Marketing Principles Unit 11

 Selling Policies  Product Information  Product Features and Benefits

To help customers decide on purchases Make a profit To ensure customer satisfaction so the firm can count on repeat business Obtain repeat business

Importance of Selling Policies Important Terms Types of Active Policies Types of Terms-of-Sale Policies Factors That Affect Sales Policies Problems with Policies

Selling Policies: Guidelines for selling. How will products be sold? Selling-activity policies: Guidelines for sales people. What is required of the sales employees? What laws apply? Terms-of-sale policies: Determining conditions that apply to each type of sale? (Think airline tickets, e-Bay, close-outs) Service policies: Guidelines for servicing customers.

Selling policies standardize sales. Ensures that the company employees and the customers understand how products are sold. Protects the company, legally.

Item description (code) Terms and conditions Product availability Postage and related charges Delivery and dispatch time Returns Employee training

Forms of payment accepted Return Policy Restocking fee S&P method, fees and other information Taxes and any applicable government imposed fees

Efficiently handle and resolve all types of customer problems and requests, including help desk calls, complaints, repairs, hardware and software problems, and information requests.

The following are external factors that affect selling policies: ▫ City, county, state and/or Federal regulations ▫ Competitors’ actions ▫ Changes in customer expectations ▫ Changes in costs of producing the products

The Following are external factors that affect selling policies: ▫ Sales quotas ▫ New management ▫ Changes in goals

Problems encountered with the use of selling policies: ▫ Policies cover specific circumstances, therefore, some situations will not fit the current policies. ▫ Misinterpretation by a salesperson. ▫ Some customers will ask for exceptions to policies in exchange for increased business or because of a history with your company.

Defining Product Information Learning Product Information Features and Benefits

Product Information consists of knowing: ▫ Price ▫ Composition/ Sizing ▫ Care/ Handling ▫ Manufacturing Process Allows a salesperson to explain why one product is better than another.

Direct experience - Use the product! Printed Material - User manual, manufacturer warranties, catalogs, labels, boxes, promotional material. Salespeople must KNOW the product to SELL the product

Other People - Friends, relatives, and customers who have experience with the product. Formal Training - Attending classes and observing experienced sales representatives before going out on their own.

Features Physical characteristic or quality of a good or service; what is the intended use? Benefits Advantages or personal satisfaction a customer will get from a good or service Features that have been made into customer benefits are selling points.

Selling to match the products’ features to the customers wants and needs. A quality salesperson or marketer will work to find a product that meets the customers needs.

 Selling Policies  Product Information  Product Features and Benefits