2025 NECO SALESMANSHIP: NECO Salesmanship (sales) 2026 Legit Questions and Answers (9319)

(1a)

Consumer behaviour is the study of how individuals, groups, or organizations make decisions regarding the acquisition, use, and disposal of goods, services, ideas, or experiences.

(1b)

(i)Psychological Factors

(ii)Personal Factors

(iii)Social Factors

(iv)Cultural Factors

(1c)

ADVANTAGES OF COOPERATIVE SOCIETY:

(i) Democratic Control: Each member typically has one vote, regardless of their shareholding, ensuring democratic decision-making.

(ii) Service Motive: The primary aim is to serve members' needs rather than maximize profit, leading to fair prices and quality goods/services.

(iii) Easy Formation: Formation is relatively straightforward compared to other business structures, often requiring fewer legal formalities.

(iv) Limited Liability: Members' liability is generally limited to their capital contribution, reducing individual risk.

(v) Mutual Help and Support: Fosters a sense of community and collective well-being among members.

(vi) Elimination of Middlemen: Can directly connect producers and consumers, potentially reducing costs and increasing efficiency.

DISADVANTAGES OF COOPERATIVE SOCIETY:

(i) Limited Capital: Capital is primarily raised through members' contributions, which can be limited compared to other business forms.

(ii) Inefficient Management: 'copied from e x a m p l a z a s . c o m free' Management may lack professional expertise due to reliance on elected members who may not have business experience.

(iii) Lack of Secrecy: Openness and transparency required by cooperative principles can make it difficult to maintain business secrets.

(iv) Excessive Government Control: May be subject to government regulations and interference, which can hinder autonomy.

(v) Lack of Motivation: The absence of a strong profit motive might lead to reduced individual initiative and efficiency.

(vi) Internal Conflicts: Disputes can arise among members due to differing opinions or personal interests, affecting smooth functioning.

(2i)

Pre-sale preparation: This involves gathering information about potential customers (prospects) and their needs, researching the market and competition, and preparing sales materials and presentations tailored to the prospect. It sets the foundation for a successful sales interaction. 

(2ii)

Prospecting: This is the initial step of identifying and qualifying potential customers who may have a need for your product or service and the ability to purchase it. It involves finding leads and determining if they are viable prospects. 

(2iii)

Approaching: This stage involves making initial contact with the qualified prospect. It can be through various channels like phone calls, emails, or in-person meetings, aiming to establish rapport and gain the prospect's attention and interest. 

(2iv)

Presentation: In this step, the salesperson presents the product or service, highlighting its features and benefits and demonstrating how it can meet the prospect's specific needs and solve their problems. The presentation should be tailored and engaging. 

(2v)

Demonstration: Often part of the presentation, this involves showcasing the product or service in action, allowing the prospect to see its functionality and value firsthand. This helps to build confidence and address any potential concerns.

(3i)

Sales Planning and Strategy Development:

This involves setting sales goals, forecasting sales, developing sales strategies, and creating sales plans to achieve organizational objectives.

(3ii)

Team Leadership and Motivation: Sales managers are responsible for recruiting, training, motivating, and leading the sales team. This includes setting performance targets, providing coaching, and fostering a positive and productive work environment.

(3iii)

Performance Monitoring and Analysis: Sales managers track sales performance, analyze sales data, identify areas for improvement, and implement corrective actions to ensure sales targets are met.

(3iv)

Customer Relationship Management: Building and maintaining strong relationships with key customers is crucial. Sales managers often play a role in managing important client accounts and ensuring customer satisfaction.

(3v)

Budgeting and Resource Allocation: Sales managers are responsible for managing the sales budget, allocating resources effectively, and ensuring that sales activities are conducted efficiently and within financial constraints.

(6)

(i) Product/Service Quality: The inherent quality of the product or service offered is paramount. If it meets or exceeds customer expectations and provides value, it naturally drives sales. Conversely, poor quality can lead to customer dissatisfaction and reduced sales.

(ii) Pricing Strategy: The price of a product or service directly impacts its appeal to customers. Competitive and value-based pricing can attract more customers and increase sales volume. Pricing decisions are often influenced by production costs, perceived customer value, and competitor pricing.

(iii) Marketing and Promotion: Effective marketing strategies and promotional activities are crucial for creating awareness and stimulating demand. This includes advertising, public relations, sales promotions, and digital marketing efforts that highlight the product's benefits and reach the target audience.

(iv) Market Focus and Segmentation: Choosing the right market focus and segmenting the customer base allows businesses to tailor their sales and marketing efforts to specific groups with particular needs. A well-defined and targeted approach can lead to higher quality leads and increased sales potential within that segment.

(v) Customer Experience and Loyalty: Providing excellent customer service throughout the sales process and post-sale is vital for building customer loyalty. Positive customer experiences, including 'copied from e x a m p l a z a s . c o m free' efficient service and effective post-sales support, can lead to repeat business, referrals, and ultimately, increased sales volume

(8a)

Discount is a reduction in the usual price of something. It is an amount deducted from the gross amount or value of something, typically offered to encourage sales, reward loyalty, or clear inventory.

(8b)

(i)Trade Discount: A reduction in the list price of goods given by a manufacturer or wholesaler to a retailer or other trade customer. This is often based on the quantity purchased or the nature of the business relationship.

(ii) Cash Discount: An incentive offered to buyers to pay their invoices early. For example, "2/10, net 30" means a 2% discount is offered if the invoice is paid within 10 days, otherwise the full amount is due in 30 days.

(iii) Quantity Discount: A price reduction offered to buyers for purchasing a large volume of goods. This encourages larger orders and can be tiered, with greater discounts for higher quantities.

(iv) Seasonal Discount: A price reduction offered on goods or services during a specific time of year, often to stimulate demand during off-peak seasons or to clear out seasonal inventory. Examples include end-of-season sales on clothing or discounts on holiday decorations after the holiday.