How to Pitch the Kmarts Product to Clients - Term Paper Example

?Sales Affiliation with more information about affiliation, research grants, conflict of interest andhow to contact Abstract The objective of the study is to prepare an Account Plan to pitch the Kmart’s product or services to targeted clients, and to know how they use the company's service. The purpose of the project is to analyze how efficiently the firm deals with the clients. We used six steps to present the Kmart products and services. The first step is to approach the clients in a friendly manner, and introduce the customer to the product and services, and to present the legality of the products. The next step is to demonstrate the products quality and features. After demonstration, the next step is to find solutions acceptable for both the parties to use win-win negotiations strategy. The fifth step is to focus on closing the deal with the clients, using the new method of closing the deal. The last step is concerned with servicing the sales, by regular customer follow-ups. Sales “Kmart, a wholly owned subsidiary of Sears Holdings Corporation (NASDAQ: SHLD), is a mass merchandising company that offers customers quality products through a portfolio of exclusive brands that include Jaclyn Smith, Joe Boxer, County Living, Route 66 and Smart Sense” (About Kmart, 2012, para. 1). Most of the Kmart stores are single floor units that carry a wide range of products across many merchandise categories. It includes consumer electronics, outdoor living, food and consumables, seasonal merchandise, toys, lawn and garden equipment, and apparels, which includes products sold under renowned brands like Jaclyn Smith and Joe Boxer, and some monopolistic products of sears brand such as Kenmore, Craftsman, and Diehard. Kmart has a layaway program that helps the customers finance their purchases in a cost-effective manner. In addition, Kmart expanded their business in such a manner that the customers can receive their purchases, by applying online (through their website address kmart.com) and collecting them from stores. In 2005, the chain acquired Sears, and a new corporation was formed in the name of Sears Holdings Corporation. The company was formed in 1962 and became the third largest discount store chain in the world. Kmart Super Centers started its operation at first with full-service grocery and general merchandise stores and later on with features like full-scale video rental center and a carryout Chinese menu. Now the current locations are featured by in-house bakeries, seafood and fresh meats, and a full set of delicatessen. Kmart Super Centers size varies from 140,000 to 190,000 sq. ft. The world's largest Kmart store is in Guam. a. What are some of the concerns that need to be addressed with the client? Being an Account Executive of Kmart, the first thing I would like to do is to introduce myself to the customers, and then inform them about the company. We are focusing mainly on the upper class and the upper middle class people. Then I will explain about the changes we have made within the company, the new range of products we are introducing, the various discount offers for the products, the changes that have been made by us in customer service and to solve customers’ complaints. b. Is there any legality that needs to be negotiated? Consumer satisfaction is the basic goal of our company. The customers can return and exchange their purchased items within 90 days of the original date of purchase along with an original receipt or email confirmation. “Refunds will not be given without a receipt /email confirmation. Price adjustments will be given on prior Kmart purchases within 7 days of purchase” (Kmart, 2012). C. What is the approach? At first, we welcome the customer with warm greetings, which is indeed a friendly approach. I ask them what I have to do for them. Up front, let the customer know that customer service is my top priority. Then we use merchandising approach to talk to the customer. Then we can explain about the product, its uses and benefits. Trust and confidence have to be created in their mind. We give the customers a chance to speak, ask the customer to explain why they are in the store for a particular product. “Often the easiest sale isn't one of someone who knows what they want but rather that of someone who wants something but doesn't know it. By listening to them, you will be better able to support them with what they may want without knowing they want it” (Reyhle, 1992). Hence, we get an opportunity to sell our products by supporting the customer with a friendly and open attitude. We can make them engage in purchasing any item with open-ended questions. D. What does the presentation look like? The foremost aim of a presentation is to impress the customer and, thus, to create a sale. The presentation style used is semi-structured as well as unstructured. This is a planned presentation; however, it is possible that it will not work in every situation. The customer nature, behavior and their purpose of shopping need to be considered. Semi-structured means developing formula based interaction on the assumption that similar customers can be approached with similar presentations in similar situations. Unstructured means customer focused presentation by developing prospect’s need and need awareness, and helping them fulfill their needs. Kmart customers are high-class people and they have high value on education. They spend less time at home, and prefer to go for shopping. They always demand branded products. E. How would you demonstrate your company is the best choice for the client? The company will demonstrate the product through advertisements on television. We will highlight the products quality, price of the product, how to use the product etc to the customers so that they can understand the product without any confusion. The Kmart Super Centre provides many facilities for the customers such as free home delivery, after sales service, online shopping facilities, customer care services in super centers, medical services for the customers, special childcare facilities so that guardians need not look after their children all the time when they are shopping. The outlets have car parking facilities, and attractive interior decorations. Our target customers are the upper class and upper middle class families. F. What will you use to negotiate (incentives)? Incentive is an important tool in price negotiations.  If it is a buyer's market where you live and you look to buy a product, you are in a strong position to negotiate for lower prices and incentives. We can support the customer using silent selling tools, while conversation is one of the best ways to generate a sale. To negotiate we use promotion of sales, special offers, and merchandising, and other promotional details. We also offer seasonal discounts, rebates, gift vouchers, special offers on year ending. The company is used to the win-win negotiation strategy. “The aim of win-win negotiation is to find a solution that is acceptable to both parties, and leaves both parties feeling that they have won, in some way, after the event” (Win-Win Negotiation: Finding a Fair Compromise, 1996). G. How will you close the deal? The company introduces a new method of closing the deal. There are three important factors; they are indifferent attitude, greed factor and sense of urgency. The indifferent attitude is an attitude generally not found in a sales staff. They have to change their attitude and create an interest in customers to buy the product. The greed factor means everybody wants what everybody else has; it creates an enthusiasm in the minds of customers. The next step is to create the sense of urgency. Timing may be much more important to the customer and to the seller. In this sense, time cannot be wasted. It creates the sense of urgency, also creates the demand, which require focusing their attention to close the deal. h. What are some of the ways you adopt to service the sale? Servicing the sale includes follow-up calls, expansion selling ie. after closing the deal we must enquire about the product whether the customers are satisfied with the product, or whether they regret buying the product. Through this selling can be expanded by introducing new products to the customers. The company executives make a call to the customers to find out if their business has changed the conditions in any way or if any help is needed. Customers feel appreciated being kept apprised of any upgrades, new developments, or new products. With this, the customers feel that they are remembered very well, and they will make the purchase from the same company whenever they go for shopping. References About Kmart, (2012). Sears Holdings Corporation. Retrieved from http://www.searsholdings.com/about/kmart/ Kmart, (2012). Sears Brands, LLC. Retrieved from http://www.kmart.com/shc/s/dap_10151_10104_DAP_Shop+Internationally+with+Sears?storeId=10151&vName=Shop+Internationally+with+Sears&catalogInd=DAP&countryCd=IN&catalogId=10104&i_cntr=1330928577155 Reyhle, N. L. (1992). Approaching Customers Based on their Shopping Plans. Spindle Publishing Company, Inc. Retrieved from http://www.babyshopmagazine.com/articles/retailer-to-retailer/approaching-customers-based-on-shopping-plans.htm Win-Win Negotiation: Finding a Fair Compromise, (1996). Mind Tools Ltd. Retrieved from http://www.mindtools.com/CommSkll/NegotiationSkills.htm Read More