Question 1: Torrent Pharma, the flagship Company of Torrent Group is one of the leading pharma companies of the Country. The Company was a pioneer in initiating the concept of niche marketing in India and today is ranked amongst the leaders in therapeutic segment of cardiovascular (CV), central nervous system (CNS), gastro-intestinal (GI) and women healthcare (WHC). The Company also has significant presence in diabetology, pain management, gynaecology, oncology and anti-infective segments.
Torrent Pharma’s competitive advantage stems from the world-class manufacturing facilities, advanced R & D capabilities, extensive domestic network, and a widespread global presence in over 40 countries.
Torrent Pharma wants to have a very conducive work environment for its employees and field medical representatives. The company in last fiscal year reported an employee attrition rate of 20% and this is at 27% for medical representatives who wish to opt for cushiony jobs in BPO rather than being on the field. Second challenge faced is lowering of sales revenues despite exhaustive product portfolio.
As a National sales head what will you do to decrease attrition of medical representatives and how will you boost their motivation to improve sales?
Introduction
Any organization needs to work toward the goal of increasing employee engagement while simultaneously decreasing staff turnover. However, this objective is of the utmost significance for businesses that depend heavily on their sales force, such as pharmaceutical companies. Numerous factors, such as low levels of job satisfaction, inadequate compensation, a lack of possibilities for professional progression, and an unpleasant working environment, may all play a role in high turnover rates. As a direct result of this, it is of the utmost importance to implement a comprehensive strategy to triumph over these difficulties.
Concept and Application
As the National Sales Head, there are many steps you can take to reduce the turnover rate of medical representatives and increase their enthusiasm to increase sales, including the following:
Create a Positive and Inclusive Work Environment: It is of the utmost importance to establish a work environment that is positive and inclusive, as well as supportive of the requirements of the employees. This can be accomplished through the provision of consistent feedback, the acknowledgment of excellent work, the encouragement of teamwork and collaboration, and the promotion of a healthy work-life balance.
Offer Competitive Compensation and Benefits: One of the primary reasons medical representatives quit their employment is that they need to receive an adequate salary and benefits package. It is essential to provide salaries, incentives, and other assistance at par with or higher than industry standards.
Conclusion
In conclusion, to improve sales performance in the pharmaceutical business, it is necessary to reduce the rate of staff turnover and increase the degree of motivation among medical representatives. A positive work environment, competitive compensation and benefits, investment in employee training and development, building stronger relationships with doctors and healthcare professionals, recognizing and rewarding high performers, and conducting employee surveys are all strategies that can be implemented by businesses to cultivate an atmosphere that is conducive to work and motivates employees to perform at their highest level.
Question 2: You are being appointed as a front end customer sales representative of Lodha Group at their new residential site which is coming up by the name of LodhaEvoq in New Cuffe Parade, Mumbai. Do you think personal selling approach will work the best and why?
Introduction
If you were to promote and market the Lodha Evoq residential site in your capacity as a front-end customer sales representative, one effective strategy would be to engage in personal selling. Personal selling is a form of direct marketing. Direct marketing takes personal selling, including face-to-face interaction between the customer and the salesperson.
Concept and Application
The following are some of the reasons why the personal selling strategy will work best when trying to sell a residential site in the Lodha Evoq development:
Personalized Approach: Engaging in personal sales enables me to provide prospective customers with a strategy tailored specifically to their needs. Face-to-face interactions with customers allow me better to comprehend their requirements, preferences, and financial constraints, enabling me to provide individualized solutions tailored to their wants. A strong rapport with customers can help increase the likelihood of making a sale and adding this personal touch can help develop that rapport.
Effective Communication: The ability to engage in personal sales provides more effective communication between the salesperson and the client. Communicating directly with the customer helps build trust and credibility, which is essential in the real estate business. I can use my communication abilities to describe the attributes and advantages of Lodha Evoq, respond to any questions that customers may have, and persuade them to invest in the property.
Conclusion
In conclusion, personal selling is an effective strategy for advertising and selling real estate properties, specifically in the case of Lodha Evoq. This is especially true in the context of this particular development. This is particularly the case when compared to various other approaches to sales.
Question 3a: Suggest various recruiting methods that Ms.Priyanka Sharma can opt for hiring a new sales team. Suggest best method you think she will adopt.
Introduction
When Ms. Priyanka Sharma is hiring a new sales team for Padcare Labs, she has many different options in terms of recruitment strategies that she can investigate. These options include various avenues, each of which she can pursue. The following is a summary of some of the methods that could be implemented:
Concept and Application
Referrals from Current Employees Ms. Sharma may encourage current employees to make recommendations for qualified candidates from their personal and professional networks to use referrals from within the business to fill available roles by encouraging existing employees to make recommendations for qualified candidates from their personal and professional networks. When this strategy is implemented, it will be much simpler to locate qualified applicants who have already passed the preliminary screening conducted by the current workforce.
Conclusion
This approach may assist in locating qualified applicants who have already been pre-screened by current employees. It does so by giving current workers the impression that their contributions are being valued. Because it includes involving current employees in recruiting new staff and giving them the impression that their efforts are appreciated, this strategy also helps boost employee morale.
Question 3b: Ms.Priyanka Sharma and newly recruited team have to undergo a training program. Help the HR to design a training program for the newly inducted employees.
Introduction
This could be in exams, quizzes, or even activities, such as role-playing. Its objective is to verify that newly recruited personnel have understood and internalized the fundamentals and processes provided during the training. This could take role-playing.
Concept and Application
An Overview of Padcare Laboratories To properly onboard new employees at Padcare Labs, the process should begin with an overview of the company. This overview should include the organization’s history, vision, purpose, and core values. If this is done, it will be much simpler for new employees to comprehend the company’s culture and align themselves with the organization’s goals.
Conclusion
A thorough training program that covers all aspects of sales and product knowledge, as well as trends in the industry, soft skills, and practical training and assessment, will ensure that the new employees are well-equipped to represent Padcare Labs and achieve their sales objectives.
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