Territory Management Strategy Of Fisher & Paykel †Free Samples

Question: Discuss about the Territory Management Strategy Of Fisher Paykel. Answer: Introduction In the competitive business scenario of New Zealand especially in the sector of electronic appliances, it is important for the business organizations to have effective and proper sales andmarketing strategy to attract to more number of customers. Thus, in order to cater to more customers and effectively determining the requirement of the market, it is important for the business organizations to divide the target market in various territories and effectively prospecting each territory (Nahm, Ishikawa Inoue, 2013). Fisher Paykel is one of the leading organizations offering electronic appliances in the market of New Zealand. However, the increase in the competition in the market is prompting them to opt for more effective prospecting of the targeted territory. Fisher Paykel was first incorporated in 1934 for importing electronic items from abroad and selling them to the customers in New Zealand (Our History - Fisher Paykel Appliances, 2017). However, in the later stage, they have started their own manufacturing facilities and are operating in major cities around the world. Currently, they are having more than 400 patents with them and their product portfolio is ranging from refrigerators to induction ovens. However, they do not have their forward integration and thus, they involves various retailers such as Harvey Norman. Through them, Fisher Paykel retails their products in the market. This report will discuss about the territory management strategy of Fisher Paykel in lower North Island, New Zealand. This particular territory will be analyzed and evaluated in this report in order to determine an effective routing plan. Moreover, various methods of prospecting to the potential client will also be discussed. Various actions in order to enhance the customer satisfaction will also be discussed in this report. Methods of prospecting Due to the fact that, this territory strategy will target only the retailers, thus, the following sections will discuss about the various methods of prospecting. Cold calling is the most popular mode of prospecting the potential leads. It is effective for both the end customers and the business clients. In this case, cold calling will help the sales executives in catering and reaching out to more number of the retailers possible (McDonald Wilson, 2016). Thus, with having the most number of leads, the probability of the closure of sales will also be more. Networking is one of the most effective methods of prospecting. This is due to the reason that, with the help of the network, relationship with the potential clients will get increased (Taylor, Mulligan Ishida, 2012). Thus, with the relationship being positive with the potential clients, the probability of the closing of ales will be more. This will also helps in generation of the positive word of mouth. Seminar is another method for prospecting the potential clients. This is due to the reason that, with the help of the seminar, all the potential clients such as Harvey Norman can be attracted (Jolles, 2017). In addition, in the seminar, they will be the given the demonstration of the products of Fisher Paykel and the benefits that they will have in selling them. Initiation of the seminars will help both the sales executives and the retailers to interact with each other effectively. Email marketingis one of the most effective and old method of prospecting. This method is very helpful and beneficial in the case of the direct marketing for the end customers (Salehi et al., 2012). However, in this case, email marketing will help the sales executives to communicate with the potential clients effectively and without the intervention of any intermediaries. Initiation of the email marketing will help the sales executives to communicate the features of the retailing of the products of the Fisher Paykel without having the appointment of them. Information required for prospecting In prospecting the target territory effectively, various methods are already being discussed in the above sections. However, there are various information are required in order to effectively prospecting the potential leads. One of the important information will be the demographic details of the targeted territory (Kelsey, 2015). It will help in having the details about the customer profile in the territory. Accordingly, the prospects will be targeted and communicated. They will be given the demonstration of the benefits that they will gain from selling the products of Fisher Paykel. Important information that will be required is the preference and business pattern of the retailers. For instance, if the retailers in the targeted territory source the appliances more on credit then the prospects should be approached accordingly. On the other hand, if the retailers are sourcing a particular brand more, then the reason should be determined and prospecting accordingly. Importance of Goal-Setting Goals are the objectives the organization sets identifying expected outcome over a period of time to guide the employees and keep them on track. It is important for a company like Fisher and Paykel to set goals for their business to business operation (Huhtala et al., 2013). Five important benefits of goal setting for the selected organization are identified in the following: The goals will help the organization to focus on the desired outcome. It will come handy in measuring progress made by the company over period. It will help the company to keep their employees on track and restrict them from distracting. Helps managing time and completing the task on schedule It also works as a motivating factor for the employees and also the management. Goals for Fisher and Paykel The company can adopt four different goals while operating in the lower segment of the North Island of New Zealand. The goals suggested for the company are: Geographic-based Goal The Company will reach most interior places in the North Island of New Zealand Account-based Goal The Company will increase brand loyalty by sticking to Harvey Norman and operating through them in the lowers part of the North Island Product-based Goal The Company will provide the complete range of household products and electronic appliances. Service-based Goal The Company will provide one year free services to all their products. These four goals of the company can be related to each other as they are directly linked with customer loyalty. Following these goals will help the company to increase the customer loyalty in both business to business and business to customer approach and one will affect the other. The high quality service to the customers will satisfy their need and attract them towards the products (Miner, 2015). Moreover, the company seeks to provide complete range of products that will enable the customers to find almost every household product in the single retail store. Further, the company is planning to reach the customers only via Harvey Norman. Hence, all the goals set for the company will help increasing the customer loyalty and customer satisfaction (Shinkle, 2012). Territory analysis and Accounts Classification The total population of complete North Island of New Zealand is 3,677,200. It is about 70% of the total population of the country. The lower part of the island is composed with Wellington and half of Manawatu-Wanganui. The accumulated population of the regions is approximately 754,000. Hence, this is a great opportunity for the company to flush push product line in the market. The company is dealing with the household products and electronic appliances, which minimizes the risk of failure as every household will be requiring the products offered by the company (Stats.govt.nz., 2017). The Harvey Norman the retail company recommended for Fisher and Paykel to operate in the proposed territory are one of the strongest in the given area. Moreover, their customer loyalty is greater compared to the rest of the retail stores operating in the market. Hence, it can potentially enhance the customer loyalty for the organization and help in pushing the product in the market. However, the number of outlets in operation in the territory is fewer in number with the count of four. It makes the selection a bit risky for the company as it seeks to stick with the particular retailer for addressing the customer market. Moreover, these retail stores are dispersed covering a larger geographic area. It enables the company to address a larger population of the target market. The transport system on the other hand is compatible to support the transaction of goods from factory to the stores. The stores around the territory is well connected with the nation high way makes it easy for the company to deliver the products more efficiently (nzta.govt.nz, 2017). There are a number of retail stores operating in the market. It makes the competition high in the market. However, the number of retailers operating with these particular products is less. Hence, it gives the company a competitive advantages collaborating with the particular client for operating in lower North Island. In addition, it will also increase the customer loyalty for the company (Hall Rusher, 2013). Territory Routing Plan The territory routing plan for the organization will follow the leapfrog routing pattern. The salesperson in following this pattern attends the clusters in a particular area or territory and jumps directly to the next territory. This pattern is useful for the locations where the accounts or clients are distributed over a large geographic area, but are apart from one another. The salesperson has to travel this dispersed area in a straight line. It will prove beneficial pattern for Fisher and Paykel as their client Harvey Norman is dispersed in the lower part of the North Island of New Zealand. A total of approximately four stores are located in the lower part of the island that are scattered over a wide geographical location. Hence, the salesperson working in the territory will have to jump from one place to another for attending all the stores located in the territory (Hervert-Escobar, Lpez-Ramos Esquivel-Flores, 2016). Moreover, the transport facility necessary for this type of rou ting in this case is road transport where the salesperson will be using light motor vehicle for attending the stores. It is due to the gap between the locations of the stores. Steps to ensure the customer satisfaction The first step will be to provide the effective after sales service to the customers. This is due to the reason that, in the case of the electronic appliances, after sales service determines the satisfaction level of the customers (Kurata Nam, 2013). Thus, if the retailer and partners are being given the proper training about the service of their products, then they will more likely to refer this product to the customers. Rate of commission is another criterion to be maintained. Retailers sell the products on the basis of certain commission from the manufacturers. Thus, commission given or offered to the retailers should be at par to the market price. Moreover, offering higher rate of commission to the retailers than the market price will further increase the rate of satisfaction of the clients. Providing products on credit along with initiation of proper and timely follow ups will help to enhance the level of satisfaction of the customers. This is due to the reason that, the majority of the business dealing in the current time is being done in credit. Thus, if the credit is being provided to the retailers properly, then the customers will more likely to opt for their products. In addition, the satisfaction level of the customers will be also being increased. Providence of training to the retailers will help them equipped to handle the customer queries and to provide effective service to the customers. Thus, the training can be provided effectively, and then it will have positive impact on the customers. Conclusion The above discussion identifies that it is important for the company to set goals in order to focus their activities and motivate their employees to attain success in the field. Moreover, it facilitates in measure the progress made over time. The goals should be properly aligned with the activities and interrelated with each other. The report further discusses some of the effective prospecting which can bring success to the company if followed. A detailed analysis of the territory is presented and identifies some of the opportunities for the company and identifies territory routing best suited for the company. The last part of the report is comprised with the actions proposed for the company to satisfy the customers need. Proper implementation of the above discussion will enable the company to attain competitive success in the given market References Hall, C. M., Rusher, K. (2013). Risky lifestyles? 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