Sales Management

Product-wise Sales Planning

by | Jun 9, 2022

Planning the sales of your products is essential for business success. In this blog, we’ll dive deep into product-wise sales planning and how you can create an effective sales plan for your business.

Product-wise sales planning involves creating a sales plan for each product your business offers. This is important because different products have different sales cycles, profit margins, and target audiences. Creating a product-wise sales plan can help you allocate resources more efficiently, set realistic sales targets, and identify potential opportunities for growth.

Benefits of Product-wise Sales Planning

  • Better resource allocation: By creating a sales plan for each product, you can allocate resources more efficiently and focus on the products with the highest potential for growth.
  • Realistic sales targets: By analyzing past sales data and market trends, you can set realistic sales targets for each product.
  • Identifying opportunities for growth: By analyzing sales data and market trends, you can identify potential opportunities for growth, such as new markets to target or new products to develop.

Steps for Product-wise Sales Planning

  1. Analyze past sales data: Start by analyzing past sales data for each product, including revenue, profit margins, and sales cycles. This will give you a better understanding of each product’s performance and help you identify areas for improvement.
  2. Identify target audience: Identify the target audience for each product, including demographics, preferences, and buying behavior. This will help you tailor your sales and marketing efforts to each product’s target audience.
  3. Set sales targets: Based on past sales data and market trends, set realistic sales targets for each product. This will help you measure the success of your sales plan and identify areas for improvement.
  4. Develop a sales strategy: Develop a sales strategy for each product, including sales channels, pricing, and promotional activities. This will help you reach your target audience and achieve your sales targets.
  5. Monitor and adjust: Monitor the performance of each product’s sales plan regularly and adjust your strategy as needed. This will help you stay on track to achieve your sales targets and identify potential opportunities for growth.

Conclusion

Creating a product-wise sales plan is essential for any business that wants to succeed. By analyzing past sales data, identifying target audiences, setting realistic sales targets, developing a sales strategy, and monitoring and adjusting regularly, you can create an effective sales plan for each product and grow your business.

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Sales Management

1 Sale Management: Role, Nature and Ethics

  1. Nature of Sales Management
  2. Evolution of Sales Management
  3. Role of Sales in Marketing Management
  4. Sales Management Formulation of Sales Strategy
  5. Managing ethics in sales environment

2 Diversity of Selling Situations

  1. The growing importance of personal selling
  2. Situations conducive to personal selling
  3. The changing role of Salespersons
  4. Types of personal selling
  5. Classification of personal selling approaches
  6. Diversity of selling situations
  7. Qualities and skills of an effective salesperson
  8. Nature of activities in Sales situations

3 Theories of Selling and Selling Process

  1. Personal Selling and Marketing Effort
  2. Difference between Advertising and Personal Selling
  3. Significance of Personal Selling
  4. Theories of Selling
  5. Personal Selling Process

4 Communication Skills

  1. How Communication works: The Process of Communication
  2. Communication Objectives
  3. Personal Selling: Definition Various Context of Communication
  4. Communication Skill Sets
  5. Verbal or Oral Communications
  6. Written Communication
  7. Non-verbal Communication
  8. Telecommunication
  9. Remote Communication

5 Negotiation Skills

  1. What is Negotiation
  2. Difference Between Selling and Negotiating
  3. The Negotiating Continuum
  4. Steps of Negotiation
  5. Negotiation Strategies
  6. Principles of Sales Negotiations

6 Merchandising and Managing Sales Displays

  1. Merchandising
  2. Visual Merchandising
  3. Meaning of sales display
  4. Objectives of Sales Displays
  5. Principles(Aesthetics) of Display
  6. Significance of Display
  7. Role of Sales Person in Visual Merchandising
  8. Store Design
  9. Types of Displays
  10. Managing Displays Effectively
  11. Training Retailers
  12. Motivating the Retailer

7 Recruitment, Selection and Training of the Sales Force

  1. Nature of the Sales Job
  2. Sales Job Analysis
  3. Introduction to Recruitment
  4. Recruitment Sources: Traditional and Contemporary
  5. Selection Process
  6. Selection Tools
  7. Training of the Sales Force: An Introduction
  8. Logic of Training
  9. Training Process
  10. Areas of Sales Training
  11. Process of Identifying Training Needs
  12. Methods of Identifying Training Needs
  13. Learning Styles
  14. Designing and Conducting the Programme
  15. Trainer’s Abilities
  16. Training Follow-Up and Future Course of Action

8 Compensation Management

  1. Direct Compensation
  2. Indirect Compensation
  3. Factors Influencing Compensation
  4. Sales Compensation Plan Design Criteria
  5. Why Change the Sales Compensation Plan?

9 Sales Leadership: Motivation, Coaching and Counselling

  1. Sales Leadership
  2. Pygmalion Effect: The Power of Expectations
  3. Salesforce Motivation
  4. Need-based Motivation
  5. Sales Coaching
  6. Sales Counselling

10 Evaluation of Salesforce and Monitoring

  1. Types of Evaluation Criteria
  2. Salespeople Evaluation: Fundamental Issues
  3. Setting Performance Norms and Comparison
  4. Salespeople Monitoring and Supervision
  5. Sales Reporting
  6. Action Assignments

11 Sales Planning, Forecasting and Budgeting

  1. Introduction: Meaning and Scope
  2. Sales Planning Process
  3. Product-wise Sales Planning
  4. Sales Programme Planning
  5. Planning Sales Manager’s Itinerary
  6. Sales Forecasting: Meaning, Purpose and Scope
  7. Qualitative Sales Forecasting
  8. Managing Sales Forecasts
  9. What to do When Sales Forecasts Differ?
  10. Sales Forecasting for New Products
  11. Meaning and Importance of Sales Budgeting
  12. Purpose of the Sales Budget
  13. Methods of Sales Budgeting
  14. Preparation of Sales Budget
  15. Budget Implementation and Establishment of Feedback Mechanism
  16. Flexibility in Budgeting

12 Territory Management and Sales Quotas

  1. Introduction to Territory Management: Need and Scope
  2. Territory Management: Meaning and Importance
  3. Why Sales Territories?
  4. Steps in Territory Planning
  5. Approaches to Territory Design
  6. Territory Coverage Planning
  7. Sales Territory Expense Planning
  8. Sales Quotas: An Overview
  9. Sales Quotas – Meaning and importance
  10. Why Quotas?
  11. How Quotas are set?
  12. Attributes of a Good Sales Quota Plan

13 Sales Organization

  1. Need for Sales Organisation
  2. Developing a Sales Organisation
  3. Centralisation vs. Decentralisation in Sales Organisation
  4. Basic Types of Organisational Structure
  5. Organisational Design
  6. Field Sales Organisation
  7. Sales Organization Design Based on Specialization
  8. Contemporary Organization Design
  9. Linkage of Organization Design to Territory Development
  10. Role of the Sales Executive

14 Sales Control, Analysis and Sales Audit

  1. Sales Control: An Introduction
  2. Sales Control: Meaning and Purpose
  3. Sales Control System
  4. Methods of Sales Control
  5. Methods of Controlling Sales Force
  6. Marketing Cost and Its Analysis
  7. Usefulness of Marketing Cost Analysis
  8. Sales Management Audit