What prescription of relationship strategy have been adopted

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Reference no: EM131340821

Case Study

Reality Selling-Marcus Smith/Liberty Mutual Case Study

Read the Reality Selling Case Study details in Chapter 2 in the text (beginning of the chapter and end of the chapter after the questions) and the Reality Selling Today Role Play 2, Liberty Mutual details in Appendix 1. Prepare a case study analysis using the Case Study Guidelines in Doc Sharing to address how you can reach the call objectives noted at the end of the Role Play 2 details in Appendix 1. In your analysis, you should also address question 2-16 (end of Chapter 2 after the case details) within the analysis portion of the format.

Objectives

Formatting for the case study assignment will follow the case study guidelines, which you can download from Doc Sharing. Please be sure that your submitted answer has a statement of the problem, summary of the facts, analysis, recommendation, and conclusion clearly identified. The way to do that is to include subheadings. If your answer is not prepared according to the case study guidelines, I will return it to you for editing and resubmission.

Guidelines

Your first case analysis is due this week and is a role play-based case study. You will complete an analysis of the Liberty Mutual (Reality Selling Today Role-Play 2), which is located in Appendix 1 of your textbook. In this scenario, you work for Liberty Mutual and you are working on a meeting with Pat Stanley, the import director for Farris Footwear, Inc. In order to analyze the case, please follow the Case Study Guidelines from Doc Sharing when completing the assignment. Additional details about Liberty Mutual are available at the opening and closing of Chapter 2.

In your write-up, you are to address the call objectives noted at the end of the Role-Play Case Study in the Appendix. For this first case, you will be planning how you can meet your call objectives. To do this, consider all the information you already have, consider needs that many firm's like Farris Footwear have, and consider the questions you will ask. How will you build rapport and establish trust or value? The thought process is endless, but focus on what will help you to reach your goals and objectives on this sales call.

The final paper will be three- to five-pages in length, double-spaced, APA formatted, with a cover sheet and references page. The reference and cover sheet do not count toward the page length. The paper must contain at least one citation from the textbook and one from an additional source (journal, newspaper, etc.).

Prepare your paper with the following sections.

1. Statement of the Problem
2. Summary of the Facts
3. Analysis
4. Recommendations and Conclusion
5. References/Bibliography

Marcus Smith is one of Liberty Mutual's most productive sales representatives (www.libertymutual.com). Smith uses the consultative relationship-selling approach exclusively. He believes that excellence in selling starts with establishing a mutually rewarding relationship and then gaining an in-depth knowledge of what customers value most. After gaining a careful understanding of their needs, he works closely as a partner with his customers in selecting the right products that will solve their buying problems and satisfy their long-term needs. Founded in 1912, Liberty Mutual is an important player in the highly competitive insurance markets. The three pillars of the company's culture include behaving with integrity, treating people with dignity and respect, and providing superior products and services. Smith is a strong believer in those corporate values. Yet implementing this relationship-oriented selling approach represents a challenge, given the constraints of resources and the competitive intensity of the insurance market. Smith's strategy is simple, yet effective: placing emphasis on tracking and forecasting market information, focusing on identifying profitable customers, and directing resources to those customers. Smith does not start his conversations with new customers with a sales pitch. He instead spends time building rapport with each customer and finding some beliefs and opinions that he and the customer have in common. These icebreakers go a long way in making customers feel comfortable in sharing with Smith what their actual needs are. Then he requests permission to ask questions to fully understand his customer's unique needs. After confirming what the customer needs, he presents a balanced comparison between his offers and those of competitors. Being empathetic and honest with customers lies at the heart of his consultative relationship-selling philosophy.

At the beginning of this chapter, you were given an introduction to Marcus Smith, employed by Liberty Mutual, a successful insurance company. Smith is responsible for introducing a very large number of products and services, and he must always keep one eye on the competition. He must be prepared to answer questions about his own products and services and those of the competition. He must also be ready to discuss the intricacies of the insurance terms, and possible bundles of insurance policies to offer his customers the best value. Like every other professional salesperson, Smith is constantly involved in learning. We now know that the principles of selling can be learned and applied by people whose personal characteristics are quite different. Most successful salespeople spend considerable time acquiring product knowledge, keeping up to date in their industry and related industries, and learning more about their customers. Smith acquired his formal training in professional selling from the Program in Excellence in Selling at the University of Houston. In the insurance industry, salespeople often go through industry-related training and a formal exam to acquire a license to sell personal and property insurance. Smith also undergoes a rigorous Liberty Mutual training program that covers courses in four concentrations: products and services, company, competition, and quoting. Smith realizes the importance of a relationship strategy that is built upon a win-win philosophy. In addition to building a strong relationship with the customer, he must be able to work effectively with others who directly or indirectly influence the sale. He shares market information with his peers periodically because a broad view of the market as a whole is crucial in the highly competitive insurance industry. The salesperson who is honest, accountable, and sincerely concerned about the customer's welfare brings added value to the sales. (See the chapter opener on page 29 and Reality Selling Today Role-Play 2 in Appendix 1 for more information.)

Questions

2-14 Does it appear that Smith has adopted the three prescriptions of a personal selling philosophy? (See the Strategic/Consultative-Selling Model.) Explain.

2-15 What prescriptions of the relationship strategy (see the Strategic/Consultative-Selling Model) have been adopted by Marcus Smith? Describe why a relationship strategy is especially important in personal selling.

2-16 Value-added selling is defined as a series of creative improvements in the sales process that enhance the customer's experience. Describe the various ways that Marcus Smith can create value for his customers.

2-17 Why would it be important for the marketing-support personnel (marketing research, product managers, advertising and sales promotion, et al.) employed by Liberty Mutual to understand personal selling? Can you describe any marketing-support people who would benefit from the acquisition of personal-selling skills?

Reference no: EM131340821

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