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1. What is “the IOWEU approach”, how is it different from other sales
methodologies?

In  the modern era people were target oriented.
Whatever happens in the end, they have to achieve their target for bonus
cheques, pay raise or promotions. For this sales executive tend to sell their
products without even acknowledging the fact that consumers are not some guided
missile system. Consumers have their own needs maybe for a different product or
maybe to use the same product in the future. But now the basic mindset of
people are changing, people always go for what they want and mere sales tactics
of a sales person does not work in today’s world. Now the sales techniques are
changing into a new next generation selling approach called IOWEU. “It is
a  new approach that moves selling to new
dimension- a dimension that establish a similar level of trust between buyer” (Dugdale &
Lambert, 2011).
Here the sales person owes the customer his services. Here the sales executive
provide  help and advising to the buyer
not for the sake of selling and reaching the product target. The main objective
of IOWEU is focussing on peoples needs and developing opportunities to share
ideas there by building trust and relationship between the customer and the
sales executive. Here short term goals of the sales should be eradicated and
replaced with long term goals like improving and maintaining  customer relationships and satisfaction which
gives an advantage to both the buyer and the seller. The other main objective
of IOWEU approach is providing knowledge or advising them about some product or
service that they are not aware so that when the time comes the consumer can
take effective decision regarding it.

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For example

A financial
planner advises customers  regarding
market trends and mortgages. If a customer with no or little savings comes to
his office to ask him about the mortgage rates to buy his first home. So here,
the financial planner has to give him suggestions and make him understand  regarding how to improve his savings by
investing in RRSP,TFSA or other savings plans so that he can get good
mortgage  down  payment rate and it also gives him an
opportunity to improve his savings for the future.

 

There are lots
of difference between older sales techniques and IOWEU. Older sales techniques involves
persuasion and manipulation. Here the customer is made believe that he / she is
in need of the specific product or service, even though they don’t have any use
of it. Manipulation is an method of selling a product or service. Older sales technique
were all profit oriented. They do not focus on maintaining long term relationships.

 

 

 

 

 

 Explain the difference
between relationship capital and social capital?

“Relational
capital is one of the
three primary components of intellectual capital,
and is the value inherent in a company’s relationships with its customers,
vendors, and other important constituencies. It also includes knowledge,
capabilities, procedures and systems which are developed from relationships
with external agents.” (Wikipedia)

“Social
capital is a form of economic
and cultural capital
in which social networks
are central; transactions
are marked by reciprocity,
trust,
and cooperation; and market agents produce goods and services
not mainly for themselves, but for a common good.” (Wikipedia)

 

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