This paper circulates around the core theme of LO1 Understand elements of the product in a business and services context together with its essential aspects. It has been reviewed and purchased by the majority of students thus, this paper is rated 4.8 out of 5 points by the students. In addition to this, the price of this paper commences from £ 99. To get this paper written from the scratch, order this assignment now. 100% confidential, 100% plagiarism-free.
LO1 Understand elements of the product in a business and services context
Understand elements of the product in a business and services context Products/services: characteristics, features/benefits, product strategy/mix, life cycle, development processes, test-marketing (simulated and controlled), concept development and testing, unique selling points (USPs), branding Market segmentation: rationale for segmentation, methods of segmentation, recognising market needs, matching ‘offer’ to market segment, benefits and constraints of branding, theme developments Context: types eg hospitality and catering, hairdressing and beauty therapy, sports and leisure, travel and tourism
1.1 evaluate the key components of the product
1.2 discuss the range of contributions to sales and profit of elements in the product mix
1.3 assess how market segmentation contributes to sales maximisation
LO2 Understand external sales development techniques
Understand external sales development techniques Buyer behaviour: motivation theory, the purchase decision process Advertising: media selection, costs, target markets, evaluating effectiveness, sales promotion External merchandising: design aspects eg location, access, car parking, signage
2.1 discuss the factors affecting buyer behaviour
2.2 assess appropriate advertising media for sales development situations
2.3 evaluate the role of external merchandising in maximising customer volumes, making recommendations for improvement
LO3 Understand the tools and techniques of internal sales promotion and merchandising
Understand the tools and techniques of internal sales promotion and merchandising Design considerations: customer ergonomics (ease of access to product and point of sale), environment/ambience eg heating, lighting, seating, noise, equipment Internal merchandising: internal signage, sales materials, electronic sales aids, matching materials to image created by external methods Sales promotions: range of promotional activities; matching activities to market and business; seasonal opportunities; upselling
3.1 assess how design and layout might affect customer spend
3.2 review and evaluate internal merchandising materials
3.3 evaluate promotional activities for different scenarios, making recommendations for improvement
LO4 Be able to evaluate the role of staff in maximising sales
Be able to evaluate the role of staff in maximising sales Personal selling techniques: non-verbal communication, up-selling opportunities, customer needs and wants, product knowledge, link between selling and service, encouraging repeat business Operational design: ergonomics, workflow, equipment Training: incorporation of sales role, positive sales attitude, specific promotional training, incentives and rewards, preparation of sales training programme
4.1 evaluate personal selling techniques, making recommendations for improvement
4.2 discuss the influence of operational design on sales revenue
4.3 justify key principles that should be included in a sales training programme
