Sales Management of Moneybank Liechtenstein - Essay Example

Case Study: Sales Management al Affiliation) Case Study: Sales Management Ranking Personal Ranking Individual Goals 4 Training 8 Functions 7 Performance Monitoring 10 Other Tracking 12 Goal Setting 2 Product marketing plans 6 Branch Capacity 5 Performance reviews 11 Products focus 2010 1 Coaching plan 9 Correct Branch Goals 3 Products Focus 2010 Due to the changing market conditions, research should be carried out by the salespersons, which will provide information on the type of products to be launched (Daft 2008). It will also provide any setbacks that may be faced by the sales employees. Products such as loans should take the larger fraction in the advertising platforms. His is because due to the changing economies and global markets, clients will not be able to save much into their accounts. Additionally, some clients will require requesting new loans to help in boosting of their falling businesses. Moneybank Liechtenstein should take this market niche to focus on the loan products. Nevertheless, this can be achieved with a growth in customer relationship to the set goals. Goal Setting The goals to be set will be divided into two types of individual goals and team goals. Individual goals will be set in the starting of the year where each employee will be required to set a goal that should be achieved by the next assessment. Team goals will be set by the team and should be achieved. Both the team and individual goals contribute to the firm’s goals and objectives. The goals will be set on a basis of the firms success. Areas of weakness should be targeted prevent any weak spots where the competitor can take advantage. Setting of goals will help workers overcome the negatives that affect them during their working period. They have to be self-confident and sales driven in order to increase the customer base in the new branch. The correct goals for your branch in 2010 The growth of assets under management (AUM) should rise from the 18.2% mark to 30% and above which is nearer to the projected 34% of deposit accounts in the bank. One of the correct goals is to obtain a customer–employee relationship growth rate of 11%, which will be achieved using employee coaching and training sessions. The ratio depth should be expected to hit more than 1.5, which was the planned mark for 2009. Online money banking should surpass the 50% mark. This will be done through much advertising and sales from Hans and Anne-Marie. Joanas should be able to have a larger customer base. Client numbers are expected to increase from 360. This directly reflects to an increase in deposits to $36 MM. Another goal is to have the required communication skills as part of the workers’ strategies. The salespersons should be self-confident, adaptable, and open-minded. Again, coaching and training will help in this sector. Goals that will be put in place will be socially, politically and financially work sensitive to ensure that corporate objectives are achieved (Salvador 2010). Individual Goals After Moneybank Liechtenstein was established in 2007, the was the need to set both individual and company goals in order to have a better market understanding and increase sales. Additionally, increased sales lead to increased profits hence leading to the growth of the firm. In the case of Moneybank Private Banking Group (PBG), the corporate management has emphasized on the laying of individual goals. These goals are used as a survival strategy by firms who want to have a larger market share through increased sales (Plunkett 2012). To enhance business survival skills, individual goals and objectives should be set and monitored as per employee (Keefe 2003). This ensures that all workers acquire the set targets. In the above case, since there are already set individual goals, a strategy should be put in place to help workers set realistic goals. This action will lead to the success of the business. Workers such as Hans, Anne, Paul, and Joana who have direct contact with clients should set goals that help them in their social skills and public relations. This will help them serve a higher number of customers in the same time that was used to in 2009. Customer relations will help increase the rate of new clients into the firm. Individual goals will be shared among workers to help them share ideas and ways on how other employees have been able to meet their goals. Branch Capacity on delivering goals Moneybank Liechtenstein has the capacity to deliver the set goals. The workers have proved it by providing great results in the previous years. With the trained and experienced workforce, there is a positive attitude towards goal delivery. The number of clients is also increasing; hence, providing a larger customer base. The branch also has a large capital and asset base hence able to launch programs and projects that will attract more clients. Product based marketing plans and goals Due to the need for marketing to increase sales, marketing strategies are product based. This helps provide specific product awareness leading to increased customer base (Sanders 2003). As for the bank branch, Joanne will use her skills in public relations to help lure more customers to the bank. Pieter who claims to have sales skills will also use his 16-year experience to socialize with the public leading to increased clients joining the bank. Specific product details will be used to lure more customers. This will increase the clients visiting Hans at the teller and the other employees. Advertisements will also help in the marketing plans. Goals attached to the marketing plans are to acquire a large market share through providing competent products in the markets. These may include loans with low interest rates and promotions. The main goal is to minimize the number of errors that have come up with the acquisition of the new branch. Both countries should undergo new marketing plans, and since most of the employees are multilingual, they will be able to fit and handle customers from any region without language barrier. Functions of Each member of the team Teamwork is an ingredient to a firm’s success and especially for Moneybank Liechtenstein after its merger (Newton 2012). It helps each worker to put his/her product to the table to have one finished output. Pieter after his training, he will be issued with the duties of a sales person where his skills will be monitored and tested to improve in the number of clients per day from 12. Hans will remain as the teller since he is competent and is able to establish new relationships with clients. With his set goals, Hans will double the number of clients he serves in a day. Anne will continue being the operations that will help her acquire the set targets. Since Paul claims that he is too good for his work, he will be expected to reach his individual target from which a decision will be made to decide whether he will be issued a new job description. Joana will not be fit for the accounts officers job. To improve his skills, he will undergo training in March. Training Requirements Since it has been noted that most of the workers are unskilled and are not trained for the job descriptions offered, there is a need for training classes for most of the workers. Additionally, training the workers will help them familiarize with the work place. It will also increase competency hence leading to increased outputs. This means that the set goals and objectives will be met. Pieter has no formal training, and this has affected his work. It has also been the reason why he has not been appointed as the branch manager irrespective of his 16 year. This means that management training should be offered the first priority. In this case, training should be done at the workplace since it will help the worker handle the same clients and machinery as before (Pakora 2007). It is preferred to have external training due to increased costs. Coaching plan for 2010 Coaching will be carried out on three of the workers to improve productivity. They include Pieter, Paul, and Anne-Marie. As for Pieter, coaching will help him acquire new product knowledge, which will lead to better skills while addressing clients (Grabel 2003). Increasing pressure on set goals and objectives be met. This year’s plan is 27% that has to be covered before performance appraisal is carried out. Anne-Marie should undergo a coaching plan that will lead to a better customer relationship. After coaching, she should be able to be more competent and improve skills on product knowledge. Paul who deals with customer service operations should undergo coaching to acquire his targets. After coaching and his performance appraisal, he should be promoted or offered a new job description since he claims that his job is not at his standards. Performance Monitoring and implementation Performance monitoring and management should be launched to scrutinize the workers. It will ensure transparency and accountability on how the set goals, projects and objectives have been met by the employees. Motivation will be the key ingredient in the monitoring since it will provide both mental and physical strength to the employees hereby perfuming their duties as expected. Since there is a recommendation that employees set their individual goals and objectives, a performance monitoring system should be put in place (Dobson 2008). This will motivate employees to carry out their duties in the expected manner. Performance monitoring will put in place incentives to ensure that specific objectives have been achieved in the documented manner. Workers such as Pieter who are set to undergo training sessions will be monitored to help understand whether they will gain any skills from their training. Implementation should be done through setting up a specific department to help in employee tracking and monitoring to ensure that there are results. Performance contracts will be offered to the workers that upon signing will hold them responsible for their actions and duties (Grote 2004). In cases where expected results are not achieved, breach of contract. As the director says, performance monitoring will help the bank realize the 10% growth that was planned for in 2009 Proper performance reviews Reviews should be used to assess an employee job performance and productivity. To obtain perfect results, the appraisal should be done periodically. In the case above, they should be carried out twice per year. The performance contracts that had been signed by the workers should be used to assess employee productivity. If one is not competent, enough should be given a hand written warning that will lead to termination of the work contract if repeated. This will ensure productivity and workers such as Pieter will be able to handle more customers hence becoming more productive (Williams 2010). Tracking of other information Employee’s personal information will be collected and tracked down by an independent firm. This will prevent cases where employees inform each other on some ground rules and regulations. It will also prevent passing of sensitive information to other employees that may appear useful to rival banks. Tracking of personal information will help the bank have a good reputation. This is because it will prevent employees from letting their personal issues and attitudes controlling them and being a risk to the firm. Relationships between employees at the work place will also be tracked since they help in achieving the firm’s goals and objectives. Employees are able to share ideas on how to handle problems. Reference List Newton Richard., 2012. The Management Book: Mastering the art of leading teams. London: Pearson UK. Plunkett, Warren., 2012. Management. Stamford: Cengage Learning Keefe, Janice., 2003. Performance Appraisal Phrase Book: The Best Words, Phrases, and Techniques for Performace Reviews. New York: Adams Media Grote, Richard, C., 2004. The Performance Appraisal Question and Answer Book: A Survival Guide for Managers. New York: AMACOM Div American Pakora, Julia., 2007. Coaching and Mentoring at Work: Developing Effective Practice. New York: McGraw-Hill International Grabel, Ilene., 2003.International private capital flows and developing countries, in Ha-Joon Chang : Rethinking Development Economics. London: Anthem Press. Williams, Chuck., 2010. Management. Stamford: Cengage Learning Daft, Richard., 2008. The New Era of Management. Stamford: Cengage Learning Salvador ,Alsius., 2010.Ethical values in Business research. Catalonia: Media professionals in Catalunya Sanders, K., 2003.Ethics &Business. London: Sage Publications. Dobson, Michael & Wilson, Susan, B., 2008. Goal Setting: How to Create an Action Plan and Achieve Your Goals. New York: AMACOM Div American Read More