Sales Territories and Quotas: Strategies for Success
Sales Territories
Definition
A sales territory is a geographical area assigned to a sales representative, branch, or intermediary based on its commercial potential.
Rationale for Sales Territories
- Increased market coverage
- Minimized sales costs
- Strengthened customer relationships
- Effective sales force implementation
- Improved sales force evaluation
- Coordinated sales with other marketing functions
Defining and Implementing Sales Territories
- Select a geographic control unit:
- States
- Municipalities
- Postal areas
- Cities
Hotel Management: Operations, Services, and Financial Control
Historical Travel
Roman Period: Travelers circulated for religious reasons, military missions, diplomatic or political purposes.
Ancient Persia: Travel in caravans where shops were more complete.
Khans: Four-wall structures that protected against natural enemies.
Taverns/Inns: Provided shelter to travelers, such as merchants, actors, and students.
Posts: Known as yams, they were worthy of a king’s apartments.
Top Historical Hotels
DeLancey: Acquired mansion converted into an inn in 1762 by Samuel Fraunces,
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Financial System Structure
The role of the financial system is to channel savings from surplus economic units to deficit economic units. The financial system comprises three basic elements: assets and liabilities, institutions, and markets.
Assets and liabilities are financial products issued by deficit economic units and acquired by those with surplus funds. These products are traded in markets where various financial institutions operate within a framework established by public authorities.
Assets
Read MoreUnderstanding Business Structures, Operations, and Economic Influence
1.1 The Company and Economic Unit
The business concept is not new; it has existed since people needed goods and services. These needs are often diverse and unlimited, while resources to meet them are scarce, making property valuable. This is the starting point for the company and economic production unit, meaning any process where production is envisioned to create or make goods and services available to citizens.
A) Objectives of the Company
Its basic objectives are to maximize profits while minimizing
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Production Concept
From an economic viewpoint, production is creating products from basic resources, intended for purchase or consumption. Technically, it’s combining labor, materials, and energy through set procedures to produce goods or services, adding value in the process.
Production Factors
- Natural Resources/Land: Raw materials, energy, and supplies.
- Labor: Manpower and time spent by workers.
- Capital: Financial resources and capital goods like machinery and facilities.
Technology
A set of procedures
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The Business Idea
Ideas are the embryo of any business project. Most often, you can identify an unmet need or a better way to satisfy existing ones. Even if a product or service already exists, it may be possible to offer it differently.
The definition of a business idea is broad. A structured approach involves these four concepts:
- Core Product: The main title or definition encompassing the business idea.
- Increased Output: Each good or service associated with the business idea.
- Value Added: Differentiators