Recap of March 06, 2012 session - Kumaran

Theme for the week - आखरी दांव सेलू का

Finally the theme song for RMM was written and composed by Mr.Sandesh Sharma in the tune of Airtel's 'हर एक फ्रेंड ज़रूरी होता है '

Final assignment submission date was discussed and we are supposed to submit in a cd

Lecture : Chapter 11 - Sales Force Compensation

As the title of the chapter suggests, a salesman should have Sustainable Competitive Advantage. Every human expects respect from fellow humans and that applies well for a salesman too.

A salesman requires
-humility, modesty, willingness to learn, consistency, good listening skills
and moreover should respect fellow salesman.

All these characteristics puts a salesman distinguishable from others.

Competition - We need to motivate the sales force by competition and the impact of competition results in attrition and demotivation.

Compensation Plans :
Financial and Non-financial
Designing a compensation plan depends on the strategy used by the company.

Income can be either fixed salary, incentive based or a combination of both.
eg: LIC agents get commission based income

Designing a compensation plan:
1. Determining the sales force and compensation objectives
- this forms the crux of the plan
2. Determining the major compensation issues
3. Implementing long-term and short-term compensation plans
4. Relate rewards to performance
5. Measurement of performance
6. Appraise the compensation plan

Training:
Success of the training program depends on the Ability, Skill and Motivation of the sales trainer.

Recruitment is followed by an induction program which is followed by the training program.