Documente Academic
Documente Profesional
Documente Cultură
RESOURCES)
Husna Mohamed
14/35
ICBT
SPO
Individual Assignment
Acknowledgment
I would like to thank Ms. Dinusha Costa.
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Executive summary
HSBC is one of the worlds largest banking and financial services organizations which has a
longstanding presence in international and emerging markets.
Personal selling is an element of the promotional mix. Personal selling is the process where the
sales people interact with the customers face to face to sell products or services. Personal selling
is an important element of the promotional mix as it enables face to face communication. The
personal selling function enables customers of HSBC to share any questions they might have
about the service. The sales staff helps to develop marketing strategy by identifying the market
segments which is done by researching target customers and working to develop strategy. The
sales strategy is developed by analyzing the banking industry, identifying the stakeholders and
customers, analyzing competition. After the analysis is done, the strategic options of HSBC
should be evaluated to develop strategy to achieve the corporate strategy of HSBC.
HSBC required effective and highly qualified sales staff to maintain customers, increase
customer satisfaction and to minimize competition.
The salary of the sales staff is an important motivator. The motivation of a sales staff depends on
factors such as working conditions, promotion opportunities, good relationship between
employer and employees.
There should be training programs for employees as it leads to more efficient service.
The sales manager develops the sales strategy depending on the objectives of HSBC. A database
helps to compile relevant and accurate data about their customers which could be uploaded to the
system which would be available to the employees which leads to effective services. Trade
exhibits or fairs provide more promotion to the company. It also provides a setting where
potential customers would be able to clarify any questions they might have from the sales
representatives of HSBC.
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Table of Contents
Acknowledgements
Executive Summary
Table of Contents
Introduction
Body
Task 1
Personal selling functions of HSBC and how it supports other promotional elements
Task 2
How sales strategies should be developed
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Conclusion
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References
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Introduction
The HSBC bank stands for the Hong Kong Shanghai Banking Corporation. With assets totaling
US$2.691 trillion, HSBC is one of the worlds largest banking and financial services
organizations .HSBC group provides a whole range of financial services to personal,
commercial, institutional and investment, corporate, and private banking clients. HSBC has their
head quarters in London and has branches all over the world It is an important goal of a company
to increase sales which enables to achieve the companys goals. The sales of a business plays
important role in profit maximization.
It is the role of the sales staff to increase the sales in order to achieve the corporate objectives of
the company which could be achieved by using the promotional mix elements such as personal
selling etc. The key goal of sales planning is to identify the allocation of company resources such
as human resources, allocation of financial resources etc and to utilize resources to achieve the
company objectives. Sales and planning also enables create and develop the tactical plans
developed to achieve business objectives.
The operations planning is a business process, where the executive level management regularly
meets and reviews projections for demand, supply and the resulting financial impact.
The sales manager is responsible for the marketing and sales strategies, recruitment, and training
of the sales staff. A motivated sale staff is also a valuable asset to the company; the sales
manager also helps to motivate the sales staff.
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Tasks
Personal selling involves a two way flow of communication between a buyer and a seller, often
in a face to face setting
The personal selling may focus initially on developing a relationship with the potential buyer, but
will the ultimate goal would be to close the sale. The personal selling functions of HSBC aim to
increase their customers. Due to the advancements of technology it enables to conduct personal
selling over phones, video conferencing etc and interactive links between buyers and sellers.
The other main elements of the promotional mix are
Advertising: Advertising is a paid form of presentation of promotion of the companys goods or
services. HSBC utilizes the use of television, radio, newspaper, social media and Internet ads. It
aims to inform customers of the benefits of product/services to appeal the customer to purchase
product/service.
Public Relations: The main purpose of public relations is that it helps build a positive public
image for a company, supports new product launches and sales, helps a company to evaluate
public attitudes and communicates the overall goals of the company. Public relations evaluate
public attitudes; identify the policies and procedures of a company to generate goodwill. HSBC
aims to increase positive public relations by doing charitable activities.
Sales promotions: Sales promotions are done by using sales promotion methods to increase
customer purchases. The sales promotion methods include discounts, giveaways, lucky draws
etc.
Direct Marketing: Direct marketing is marketing that reaches customers by using different
channels to communicate directly to consumers. These include emails, online adverts,
promotional letters etc
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The personal selling function of HSBC helps to create lasting relationship between customers
and sales-persons which helps in increasing customers. It is an effective tool in the promotional
mix and there are minimal wastage o efforts. The other promotional elements such as
Advertising, Sales promotions, Public retains and Direct marketing also does bring promotion to
their services and increases customers but it does not enable face to face or personal
communications. This type of communication is done through the involvement f personal selling.
Personal selling is beneficial to customers as it enables to achieve the customer preferences and
helps in identifying and satisfying customer needs. The sales personnel of HSBC are able to
provide information regarding new services of HSBC.
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Social Factors
Social factors such as the family of an individual are able to influence the purchasing decisions.
People will tend to keep the same as those acquired with their families,
HSBC should provide efficient service so that it would increase customer as people are more
likely refer to their family if they do provide efficient service.
Personal factors.
A consumer does not buy the same products at 20 and 60 years old. HSBC's international
connectivity gives it competitive advantage over the similar product available in the market.
Psychological
The consumer market has further been segmented on the basis of the buyer's attitude, knowledge,
usage and response to the product. The consumer group in the same segment may require the
product for different benefits associated with the product. Hence, HSBC has designed its credit
card used for the common purpose with different benefits for different consumers.
Consumer buying processes
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After the evaluation has been done, they will be able to choose the bank that is most suitable to
the person. The customer is provided with the full usage and service guide along with the credit
card to safeguard consumer from any misuse. The HSBC credit card provides special features
like fuel surcharge waiver and exclusive rewards programme.
Marketing Plan
The team develops the overall marketing strategy. Every team member is assigned marketing
plan for areas of their responsibility. These responsibilities include deciding on the promotional
material for their market segment and pricing. The marketing manager is responsible for
ensuring overall consistency to prevent inconsistent pricing among the market segments. The
team works to maintain the company image while meeting requirements of each market segment.
Outcomes
An effective team balances the conflicting demands of its sales and marketing environment to
achieve a common approach, with team members working together to achieve the targets of the
market segment. When a team member does not meet objectives for a particular segment, the
role of other team members is to offer support to help improve performance. When all team
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members are fully committed to their work, an effective team defines success as the meeting of
all the set goals. The combined team effort improves overall sales and marketing performance
and promotes team unity.
TASK 02
Analyze Competitors
The competitors of HSBC should be identified and service comparisons should be made to
reduce competition and to improve customer satisfaction.
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Analysis and Impact Analysis can be used to spot the possible negative consequences of the
strategy to develop the strategy with as little risk involved as necessary.
Development
After the completion of evaluation, the effective sales strategy should be developed and
implemented. The sales strategy could be developed by the use of a schedule, employees of
HSBC should work together to implement strategy according to the time frame.
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The work of employee depends not only on employee qualifications and abilities; it also depends
on the motivation level of the employee. To increase the motivation of employees, specific
conditions should also be met which does not include the qualifications and ability of the sales
staff. The higher motivation of employees depends on the working conditions, the relationship
between the employers of HSBC etc. The higher motivation helps to increase productivity which
improves the overall efficiency of HSBC. It also leads to the achievement of HSBCs
organizational goals because the resources as human resources are being utilized in the best
possible way.
Remuneration
The employees reward system of HSBC should be correctly developed; taking into consideration
base salary and other incentives.
This applies to all employees of HSBC especially the sales people. Depending on work
performance, many companies reward their employees without affecting the base salary. To
reward employees for achieving a set goal, HSBC companies use bonuses which increase
employee motivation.
Setting sales targets and other key performance indicators is an essential part of using financial incentives.
The sales targets should be realistic and achievable to employees, taking into account market conditions.
Employees are less more likely to work toward agreed targets than imposed targets.
Training
Sales staff of HSBC should always be trained so that they are more able to increase customer
satisfaction and sales. The relation between the sales people and the employer of the bank should
also be developed as good employer/employee relationships create better working environment.
Coaching and training sales staff can result in significant improvement in results. People respond
to individual feedback on performance. The management of HSBC might consider implementing
one-on-one meetings on a monthly basis with all of your salespeople, for example. This is where
the employer is able to recognize and give praise when its due also help to overcome any
difficulties of the sales staff
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The employs are able to create and implement tactics, according to these segments, which are
used to modify the behavior of employees and customers to increase sales, to improve customer
satisfaction, lower costs and improve profits.
The database helps in developing targeted marketing strategies and varies service levels based on
customer value. It would also lead to greater customer satisfaction and improve also enable leads
to greater profits of HSBC.
Investigate opportunities
internationally. (LO4.2)
for
this
company
for
selling
The economic and political policy of the country or region should be analyzed first. A country
with fragile economic or political situation could not be the best choice to conduct business.
The employees of HSBC should also conduct market research about the customers, competitors
etc. of the country
HSBC also engages in fair business practices which involve the presentation of "truthful,
accurate and complete" information to consumers in terms of marketing and advertising. They
have brand loyalty.
HSBC focuses on countries with fewer competitors to conduct business as it would be more
profitable. The degree of similarity to the UK or other markets in which a business operates can
also be valuable, as it can be hard for companies to break into markets lacking common ground.
HSBC utilizes Electronic Data Interchange to manage the supply cahin.EDI is where two or
more companies in the supply chain exchange information in agreed formats electronically, so
that the computers can process the data automatically.
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Trade fairs provide opportunities to increase sales. People attending trade fairs would be
able to gain information about the services of HSBC.
The representatives of HSBC are able to have face-to-face meetings with the people and
potential customers are able to ask about their services.
The chance to promote brand loyalty via technology displays, hospitality and networking
events.
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Conclusion
Sales and operation planning has to be done after analyzing factors such the corporate sales
strategies. A successful sales plan helps in achieving corporate goals. The sales management is
responsible in the development and implementation of the sales plan. The right sales plan helps
to achieve the sales goals and leads to greater profits.
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References
Wallace, T.F, Stahl, R.A, (2011) Sales and Operations Planning: Beyond the Basics, 3 rd edition,
Montgomery, OH, T.F. Wallace & Co.
https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/personalselling-and-sales-promotion-14/managing-the-sales-force-94/recruiting-and-selectingsalespeople-465-10601/
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http://college.cengage.com/business/hair/sales_mgt/1e/assets/students/ch_summary/chapter8.htm
l
http://articlesng.com/effect-sales-force-motivation-productivity/
http://www.managementstudyguide.com/importance_of_motivation.htm
http://www.hsbc.com/about-hsbc/our-strategy
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