Sales failure

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My Final dissertation

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Sales failure

  1. 1. The Impact of Sales failure on salespeople attributions Made by “Resource - challenged” and “Resource-Secure”. Mentor : Dr Santosh kumar. Presented By Deepak Sahu Roll No. 18 PGDPM- 1st Batch IIHMR Jaipur
  2. 2. Content: Aim of Project.  Introduction  Background  Why sales failure  Research methods  Attributes  Analysis & finding  Recommendations 
  3. 3. Aim of project To study & analysis of attribution for sales failure .  Impact of sales failure on sales people .  Assumption : Every sales people have or had failure in their day to day practice. for that I include those are 0- 5 experience, with age 22- 28, gender - male) 
  4. 4. Introduction:    Sales: A sale is the act of selling of products or services in return for money or other compensation. It is an act of completion of a commercial activity. Med. Rep- Medical representatives are a key link between medical and pharmaceutical companies and healthcare professionals, according to Prospects. A medical representative provides information about medicines and drugs available to those who prescribe medicines. Failure refers to the state or condition of not meeting a desirable or intended objective, and may be viewed as the opposite of success. Product failure ranges from failure to sell the product to fracture of the product.
  5. 5. Why Sale failure:    Resource :A resource is any physical or virtual entity of limited availability that needs to be consumed to obtain a benefit from it. In most cases, commercial or even non-commercial factors require resource allocation through resource management. There are two types of resources; renewable and non-renewable. With help of Focus group Discussion I decided to choose sales failure for my dissertation by using personal interview as tool for the survey.
  6. 6. Background:  Losing a sale may significantly affect employee morale and work efforts as well as corporate performance.  The sales literature has primarily examined the type of attributions salespeople make following a sales failure to better understand how they might adjust their subsequent selling behaviors and efforts.  Prior research in this area has centered on past performance and individual differences as the basis for salespeople attributing a cause for a sales loss.  Although relevant, such factors are limiting in that they only account for certain situational and personal variables as the basis for salespeople assigning cause for their failures.
  7. 7. Research Methodology        1. 2. 3. 4. Data source: primary data source. Research approach Analytical research Research instruments : Questionnaires Likert scale is used to respond to the following statements (1 = strongly disagree to 6 = strongly agree).) Sampling plan: Sampling unit: Sample size: Sampling procedures: Contact method: Primary sales representative 30 Sales people from Pharmaceutical company Non- probability, convenient sampling Personal Interview
  8. 8. Attributes: (a) Resource-challenged salespeople will make external attributions, while, conversely, (b) Resource-secure salespeople will make internal attributions to account for a sales failure.
  9. 9. Contd.       Internal or external factor caused the sales failure. Each attribution measure consisted of three items. A total of five attribution measures Three internal—lack of effort, lack of ability, and incorrect strategy Two external—difficulty of sale and bad luck were used. Finally at the end of questionnaire, internal locus of control used.
  10. 10. Analysis
  11. 11. “Lack of effort” attribution 80 68% 70 54% 60 50 44% 40 30 20 10 0 Hard work   Tim e Factor X- axis – internal attributes Y- axis- responses in percentages Les s Effort
  12. 12. “Lack of ability” attribution 76 74 72 70 68 66 64 62 60 58 75 67 64 Improve Skill   X axis- internal attribute. Y axis- response in % Skill Knowledge Increase Knowledge
  13. 13. “Incorrect Strategy” attribution 60 50 57 57 48 40 30 20 10 0 Wrong selling strategy   Wrong strategy for specific customer X axis- internal attribute y axis- response in % Incorrect Sale strategy for customer
  14. 14. “Difficulty of Sale” attribution 50 49 49 48 47 46 46 45 44 44 43 42 41 Dif f icult sales call   Tough selling sit uat io n X- axis – external attribute Y – axis- response in % Dif f icult Saelling sit uat io n
  15. 15. “Bad Luck” Attribution 42 45 40 35 37 35 30 25 20 15 10 5 0 Unlucky Situation   X axis- external attribute Y axis- response in % Unlucky break Bad luck
  16. 16. Measuring Failure Impact percentage 60 56 50 40 52 46 30 z 20 10 0 Personal financial goal   X- axis- impact of failure Y- axis- response in % Personal Sales Goal Career goal
  17. 17. Measuring Task Self-Efficacy 100 80 60 40 20 0 82 Ability to perform   X- axis- task self efficacy Y- axis- Response in % 70 Task capability 85 Capability to sucessfully perform
  18. 18. Measuring Internal Locus of Control 90 80 70 60 50 40 30 20 10 0 80 59 Self responsible   79 Ability to perform X- axis- internal locus of control Y- axis – response in % Appropriate planning
  19. 19. Managerial Implication:     It is important to understand that changes over the course of a salesperson’s career can impact how certain resources are valued. Early stages: managers can nurture these feelings with training, exposure to knowledge resources, and the prospects of promotion , career development opportunities. Later career stage : Salespeople may value ways to increase earnings and job security. Managers might respond with more variable compensation plans and the reassurance that consistent performance should lead to continued employment. The ultimate goal here would be to learn from the recent failure to ensure that subsequent failures do not occur.
  20. 20. Thank You

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