LG Electronics: Internet Refrigerator Sales Manual MBA 9120 Capella University May 16, 2003 by David A.
Table of Contents PRODUCT/SERVICE INFORMATION .............................................................................................. 4 PRODUCT OR SERVICE DESCRIPTION ............................................................................................................... 4 COMPANY DESCRIPTION .................................................................................................................................. 4 PERSONAL SELLING PHILOSOPHY...........................................
WHAT WILL YOU SAY?................................................................................................................................. 12 1. Product Demonstration.................................................................................................................... 12 2. Customer Benefit............................................................................................................................. 12 3. Referral .........................................................
PRODUCT/SERVICE INFORMATION Company Name: LG Elelectronics Product Name: Internet Refrigerator Product or Service Description This internet refrigerator is the latest in technological and ergonomic design. The following description is from their website: Company Description The fridge combines TV, internet, radio, messaging, cookbook features and more into a revolutionary new interactive product. LG Electronics (LGE) has sales of over $5.
PERSONAL SELLING PHILOSOPHY Company Name: LG Electronics____ Product Name: LG Internet Refrigerator My Personal Selling Philosophy Market Setting: The overall market setting for the Internet refrigerator is a very limited market at this time due to the relatively high cost of the appliance. Currently, I would place this item in the realm of the upper-middle income bracket families that are looking for ways to incorporate and integrate the latest technology in their household.
RELATIONSHIP STRATEGY Company Name: LG Electronics_______ Product Name: LG Internet Refrigerator My Relationship Strategy Typical sales-customer relationship: The relationship that develops between the salesperson and the client should certainly be one of utmost professionalism. The product being sold, although it is a refrigerator, is a very high-end product and, in reality, one is actually selling a piece of the future—to the limited individuals that can afford it in the present.
Own Communication style: Everyone must develop their own communication style. As we grow, over the years, we are encouraged or discouraged in ways in which to communicate. It is only when we are able to objectively judge ourselves in a quest for betterment that we truly can shed much of what we have been told and find what we truly believe. This is easier said than done, but it is possible.
PRODUCT and FEATURE BENEFITS Brief Company description: Beginning with LG Chemicals in 1947 and LG Electronics in 1958, LG currently consists of 47 affiliated companies in four business fields: Chemicals & Energy, Electronics and Telecommunications, Finance, and Service with 300 worldwide offices and subsidiaries and 130,000 employees.
Has a stored food function for tracking expiration dates. Customer can safely store food in the fridge or freezer for a set time period with safety. Finger-proof Titanium finish Allows for less time cleaning finger-prints and for more time enjoying the “futuristic elegance,” and functionality of this unparalleled Cooling the large door items no longer consists of rotating them throughout the fridge, or placing them on the lowest level.
CUSTOMER STRATEGY Typical buying motives of prospect: The primary motive for this type of product, namely a refrigerator, is one of need. There are very few households or businesses today that do not have a refrigerator—I have seen a fully equipped house with wealthy inhabitants that would eat out everyday and had no refrigerator. This product, however, stretches beyond actual need and lands in the “want” column.
List of Prospects & Decision-making method used I believe that the overall pattern of the decision making process of this product is really a combination of the Buyer Action and Buyer Resolution theories. However, why and when should I buy would, or could, fall out of the process because it would indicate a need (not too many people need an $8K unit). Potential Sales Volume The product was released to limited sellers in October of 2002, and just went nationwide on April 11.
BUSINESS CONTACT Company Name: LG Electronics Product Name: Internet refrigerator (IR) Presentation Objectives: To Individual and/or personal group. Create interest in product by communicating the technological advances in both the functional product design and the interactive features. Further interest by demonstrating how the integration of technologies is useful, practical and efficient.
3. Referral Entertainment/Business Personal Personal “Chef Bobby Flay’s producer, Mrs. Diana Goldfinger*, was so impressed with the features of our IR that she suggested setting up a meeting with you in order to discuss how this technology could also benefit you and your clients” *fictional name “Mr.
NEED DISCOVERY Company Name: LG Electronics________ Product Name: Internet refrigerator (IR) Preplanned Questions to Discover Buying Motives 1. How did you first learn of the IR? Customer Response “I first saw the product at the Home in Garden show in Orlando, Florida, and then again in Miami” 3.
DEMONSTRATION Company Name: LG Electronics Product Name: Internet refrigerator (IR) Selling tools to be used: The best selling tool to use is the unit itself. Since most sales will be made inhouse, the physical product, along with its built-in tutorial, and any additional print communications will be extremely helpful. The premium tool is the salesperson’s knowledge and the ability to communicate the knowledge to the prospect.
Calendar Messages Photo Album Self diagnostics “In today’s world the need for your family to stay somewhat organized and synchronized is very important.
NEGOTIATIONS Company Name: LG Electronics_______ Product Name: Internet refrigerator (IR)_ Customer’s Concern Price is too high Type of Concern Price Possible Response “The price includes the ability to have many functional household appliances built into the most technologically advanced kitchen product available on the market” “The unit users MS Windows and is very user friendly.
I would need someone to set up the unit at my house Time/Product/Price XYZ always provided a warranty of 1 yr parts and labor and 3 years on the other sealed portions. Product/Source We don’t need or want the unit today because we are having a house built. Time “Included in the delivery fee is the cost of the setup. All of our people have the capability and are certified to install the unit.” “We also offer the 1 year on P/L; however, we offer 7 years on the sealed portions.
CLOSING Company Name: LG Electronics________ Product Name: Internet refrigerator (IR) Closing Clue (Prospect) Closing Method Closing Statement (Salesperson) What kind of financing do you offer? Multiple option I would like this unit installed in my house ASAP. Direct I would like you to send the bill to my contractor and make arrangements for the installation to take place when the time is appropriate. Direct “Yes, Mrs. Winston.
A couple takes a minute and gives a noticeable smile and show of excitement we give you a 14 day trial period in which you can return the product to us for any reason. Your money will be refunded with no questions asked.
SERVICING THE SALE Company Name: LG Electronics________ Product Name: Internet refrigerator (IR) Method of Adding Value What Will I Say or Do for the Customer Post-sale Courtesy Contacts (Frequency, Items to discuss, New offerings) Suggestion Selling: Suggest other products offered by LG Electronics “LG Electronics does offer a microwave that contains some impressive features.
