Posted in Marketing and Strategy Terms, Total Reads: 2909
Definition: Sales Management
Sales management is a business discipline which is management of a firm’s sales operations and focused on practical applications of techniques used in sales. This is a crucial aspect of the business as net sales of products and services draw profit of the business. Sales manager is hired to look after the sales and to manage them.
It is attainment of sales in an efficient and effective manner and all the activities involved in sales are managed. Sales Management’s ultimate goal is to attain sales objectives of company.
Sales Management involves various activities like-
• Formulation of sales strategies like account management policies, sales force compensation policies, sales revenue forecasts, and sales plan
• Implementation of those strategies
• Sales Research, Price fixation, Establishing sales territories and co-ordination of sales
• Sales techniques required
• Hiring staff, setting goals, regular monitoring
Sales Management is the most crucial and determining factor in any business enterprise. It is important to meet competition and to make efficient and economic distribution system to reduce costs. It is also important when new product to be launched and when distribution costs to be reduced.