The big picture plan for the whole company made by top management, including direction, product/service decisions, marketing and sales, operations, finances, and people management
Strategic business unit (SBU)
Smaller teams within a big company that have their own goals and plans, focusing on specific projects or markets
SBUs
Can work independently and focus on making profits
Help companies like Procter & Gamble or LG manage their different product lines as mini-companies
Business strategy
How a company can stand out from its competitors by answering questions like why the company exists, what it's good at, who it should sell to, and what it should sell or stop selling
Main business strategies
Differentiation (being different and better)
Cost leadership (being the cheapest)
Focus/Niche (focusing on a small part of the market)
Personal selling
When salespeople talk directly to customers to persuade them to buy by asking questions, addressing concerns, asking for the sale, and following up
Personal selling approaches
Stimulus response selling
Mental state selling
Need satisfaction selling
Problem solving selling
Consultative selling
Sales strategy
A plan that positions a company's brand or product to gain a competitive advantage by planning sales goals, understanding the market, and motivating the sales team
Components of sales strategy
Using different marketing channels
Using testimonials
Using promotions to create brand awareness and trust
Effective selling strategies
Knowing the product well
Letting customers experience the product/service
Understanding the target customer's needs and preferences
Obtaining referrals from existing customers
Setting prices competitively while communicating value
