Report About Professional Selling Using Simulator Marketing Assignment (Essay Sample)

TITLE: THE PROFESSIONAL SELLING
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Table of Contents TOC \o "1-3" \h \z \u Introduction PAGEREF _Toc510869161 \h 3Main Lessons learnt PAGEREF _Toc510869162 \h 3Strategy PAGEREF _Toc510869163 \h 4Risk Taking & Prioritizing Opportunities PAGEREF _Toc510869164 \h 5Understanding the customer and Their Procurement strategy PAGEREF _Toc510869165 \h 7Developing a Good Value Proposition PAGEREF _Toc510869166 \h 8Understanding competition PAGEREF _Toc510869167 \h 11Working in a Team PAGEREF _Toc510869168 \h 12Conclusion PAGEREF _Toc510869169 \h 13Appendices PAGEREF _Toc510869170 \h 14Appendix A: Gross Profit Results PAGEREF _Toc510869171 \h 14Appendix B: Performance Map PAGEREF _Toc510869172 \h 15Appendix C: Team Work Matrix (Markwell, 2009) PAGEREF _Toc510869173 \h 16References PAGEREF _Toc510869174 \h 17
Introduction
This paper discusses the tactical strategies used by myself to ensure I emerged top of this marketing strategy game. The key account management refers to a structured approach to manage and expand defined sets of a company’s most vital clients to optimize the mutual value for benefit and achieve goals and objects that are set. This assignment defines key account strategies that were explored by marketing my lead that won the competition. It focuses on penetration techniques I applied, expansion strategies and protective measures I used against the competitors.
Main Lessons learnt
The main lesson I learnt is that it’s important to plan first before taking actions, it is important to develop a roadmap plan. The plan I developed covered the 4P’s (price, products, promotion strategy and placement) and was extensive to help in getting desired results in this case merging at the top. All the deliberate mistakes I avoided at all cost, when I was not sure about outcomes I used small increments when experimenting strategies. The small steps assisted me in developing steps to mitigate possible risks.
At some point the model I used in simulation was always present with a flaw therefore it is important for me to avoid complicated products which are not easy to sell. At some point there are markets and products that if I placed together definitely resulted in a flop. I tried my best and avoided them maximally. It was important for me to spy on competitors, the simulation offers reports on competition and strategies for products, which enabled my team, come up with effective strategies to challenge others. It is also advantageous to come up with something new from already available products into the market. This delivered business advantage over other competitors.
Strategy
Excellent account management requires high-level skills in sales and marketing. The simulator supported me develop of the strategy in ths competition. The key four strategies that I applied include reviewing performance, discussing and coming up with the best strategy, constantly updating the business plan and implementing the decisions that have been collectively agreed upon (Varadarajan, 2010). Effective marketing is relative to business excellence, any team that wants to succeed in this market2win challenge must be fully equipped with good marketing skills and capacity to come up with real-world strategies for excellence in business.
It was important for me and my team to work as a group with all members actively participating in all activities including decision making. Tools such as swot analysis enabled me to know my positions in business, considering areas I had advantage and others that I was disadvantaged.
I identified my team functional capabilities to enable me devise mechanisms that supported my excellent performance and penetration in the competitive platforms of business opportunities. It was important that each strategy actively contribute towards my success. I used high marketing skills; was able to work efficiently with my team. The task of duties delegation was done according to available specialty and professional skills.
I collectively did extensive research on the market and clearly defined contents according to requirements needed to achieve them fully. I adapted and focused on the value propositions estimated by customers (Vos, 2015). I identified and evaluated crucial points which demanded delicate decisions. Online and software tools were used to conduct research that supported the generation of parameters that supported my performance to stay optimum.
Risk Taking & Prioritizing Opportunities
Increase spending in the area I was preferred supplier even if it was not as profitable as well as increased spending in areas where I was second was a risk taken but turned out advantageous to me. I increased my business engagements in regions where I dominated to maintain my active presence discarding the level of profit gain from those areas. I also increased my team’s business activity in areas where I was second in lead. This strategy was for me to offer strict completion and eventually penetrate to the top (see appendix A).
In the segments where I emerged second and kept stiff competition, I was able to determine what my competitors did differently and initiated tactical changes that enable me to emerge on top. I ventured into incorporating underserved segments into my business leads and gained volume of clients through this strategy.
I extensively conducted swot analysis for the segments and this propelled me to increase my supplies where I was leading and where I was second to beat the stiff completion present in the market with aim of getting to the top. In most areas where I was second at the end of the period I emerged on top. This resulted from me being able to understand and know my competitors and their tactics conversantly.
I was able to evaluate the market demand and supply trends which enabled me to fully understand my audience and important targets. By doing so I was able to offer right products to right customers which improved my business and transactions efficiency. A lot of clients gained trust in me and referred me to business leads which promoted the business and expanded my business networks.
I was able form a strategic alliance with other business which supplied the same products as mine; this strategy enables me to offer complementary services using the alliances and increased my penetration into the business market. I never wasted time on bad leads and concentrated in personalizing my business operations. I increased online presence after evaluation of clients trends as most of them do research online about supplies and products they need. The increase of my internet presence by promoting my websites on social platforms enabled me to fetch good clients.
Referring to the report, I investigated the change in trends and properly analyzed them to identify any loopholes. I deeply consulted and developed an understanding of marketing strategies that was best for my clients’ business environment (Payne, Ballantyne & Christopher, 2005). The swot analysis model supported me to understand and adapt marketing strategies that are effective and promoted my business successfully. Also, I focused on fully minimizing my business risk to prevent possibilities of loss (see appendix B).
I classified my needs according to ones with identical requiems put into the same segment. I focused on targeting the niche and concentrated in specialization (McDonald & Wilson, 2016). This made efforts associated with my business to lessen the marketing burden through clearly set roadmaps. I invested in visible expertise which favored me in the generation of most leads and close sales with minimal effort (Perreault, McCarthy & Cannon, 2006).
I developed a lead creation website with easily accessible content and business offers available. I applied search engine optimization to make my audience easily reach for my business solutions.
Understanding the customer and Their Procurement strategy
I fully understood the company structure and how to collectively work to make right decisions about my business strategy holistically. I spent quality time studying the effect of marketing, financial mechanisms, and logistics (Vos, 2014). I approached the simulation as a real-life strategy and the decision I made was after adequate research was conducted.
I studied the trends related to development and the overview market outlook. I thoroughly studied future projections and making right predictions about consumer needs and competitors trends (Wang & Fesenmaier, 2006). I was fully prepared for unexpected results and had flexibility strategy and risk assessments over a long period. I constantly interviewed available and intended customers. My main strategy was to reinforce performance by offering staffing services and company’s global capabilities (Musarskaya & Kooli, 2017). I kept constant touch with clients and considered their demands, developing strategies to fully achieve them. This supported cementing of business relationships and increase in customer referrals.
I opted for a different methodology and increase spending in areas I was more profitable even if I was not the preferred supplier. My growth rate slowed to 5-6 percent as there was abundant stock in China. The company experts and marketing professionals were concerned about the economy of China. There was speculation that Arab protests would expand to China (Chaffey & Ellis-Chadwick, 2016). If this situation was to take place, China's economy would be greatly indented that would result in demise in my demand.
I identified the needs and business advantage I would gain considering each segment. I performed swot analysis to identify strategies that would assist me to remain at the top in this simulation game (Jain & Haley, 2009). Every strategy was benchmarked on a scale out of ten; resulting sc...