Understanding the Profit and Loss Account and Financial Statements
The Profit and Loss Account
The profit and loss account is used by accountants to calculate the results obtained by a company during a financial year. A positive result clarifies the composition of operations that contribute to this outcome. It is a dynamic statement because it reflects the economic flows throughout the financial year.
Structure of the Profit and Loss Account
The profit and loss account must include the income and expenditure for the year, and the resulting profit or loss. Before presenting
Read MoreThe Role of a Salesperson
Sales Responsibilities
The primary responsibility of a salesperson is to conclude a sale successfully. This task will involve the identification of customer needs, presentation and demonstration, negotiation, handling objections, and closing the sale.
Secondary Functions
Prospecting
Prospecting is searching for and calling upon customers who, hitherto, have not purchased from the company.
Sources of Prospects:
- Existing customers: asking satisfied customers about new ones
- Trade directories, yellow pages
- Enquiries:
Customer Acquisition and Retention: A Comprehensive Guide for Sales Professionals
Customer Strategy
A customer strategy is a business plan designed to attract, retain, and satisfy customers. It involves understanding customer needs, creating value, and maximizing long-term relationships. The goal is to understand the customer’s perceptions and maximize customer satisfaction and responsiveness.
Customer Buyers
B2C Buyers
B2C buyers are individuals or households who make purchases for personal use. Their decisions are often driven by emotions and individual needs. They may make habitual
Read MoreConsultative Sales Process: A Comprehensive Guide to Building Customer Relationships and Driving Sales
2)NEED DESCOVERY
3 dimentions= ask appropate questions, listen & acknowledge customer response, establish bying motive.
Consultative Sales Process and Value:
Increased customer satisfaction, More sales closed, Fewer order cancellations, Fewer returns, Increased repeat business, Increased referrals.
Need discovery time varies based on:
Sophistication of product, Selling price, Customer’s knowledge, Product applications, Time available.
SPIN Selling=
Situation questions, Problem q,
Introduction to Economics: Microeconomics and Macroeconomics
What is Economics?
Introduction
Adam Smith, known as the father of Economics, established the first modern economic theory in 1776, called the Classical School. Smith believed that people who acted in their own self-interest produced goods and wealth that benefited all of society. Classical theory forms the basis of capitalism and is still prominent today. Economics is the study of social science in which we study the production, distribution, and consumption of goods and services. Economics considers
Read MoreUnderstanding Customer Centricity and the Customer Journey
What Does Customer Centricity Mean?
Creating a positive customer experience at the point of sale and post-sale. A customer-centric approach can add value to a company by enabling it to differentiate itself from competitors who do not offer the same experience. This approach impacts various aspects of a business, including:
- Sales
- Corporate Culture
- Customer Service
- Product Development
- Marketing
Who is the Customer?
A customer is anyone who has a need or desire to satisfy and who tends to request the services
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