Theory and Practice of Personal Selling

Table of Contents Property Strengths Competition Interested Buyer NEGOTIATION STEP COMMITMENT FOR SALE References When looking for luxury in Vegas, it does not get better than the Bellagio. With a check in time of 3.00 pm and a checkout time of 12.00 noon, clients are allowed to maximize on the time spent in their rooms. The city of Las Vegas is recognized worldwide for its beaches and casinos; hence there is guaranteed human traffic all year round.Advertising We will write a custom essay sample on Theory and Practice of Personal Selling specifically for you for only $16.05 $11/page Learn More With most Americans practicing domestic tourism, over reliance on foreign tourists is minimized considerably. This guarantees steady cash flow throughout the year (Bellagio, 2010). Property Strengths The hotel guarantees clients a room regardless of check in time, as long evidence of initial booking is adduced. In case of room unavailability, the management inc urs the costs of providing alternative accommodation and transport until a room is available. Delayed arrivals and departures can be resolved by booking an extra night. This allows unlimited access irrespective of the circumstance. The hotel allows for free cancellation reservations upon receipt of notification 48 to 72 hours in advance. Failure to notify early will see the hotel bill for a night only before the subscription is terminated. A variety of credit cards is accepted provided they are genuine and valid. Competition Other attractions within the premise include dancing fountains, organic gardens, conservatories, pools and many more. It should be noted that the hotel faces competition other similar enterprises, like the Four Seasons Hotel, Mandarin Oriental, Panorama Tower North, Jet Luxury Resorts among many more. The Bellagio is a member of the Five Star Alliance of hotels (Expedia, 2010). Interested Buyer Recently, Trump International has shown interest in our property, as king Mr. Ross, one of their executive vice presidents to make enquiries. Below is an excerpt of the conversation (trump, 2010).Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Me: Good morning, this is the Bellagio, how may I help you? Mr. Ross: Good morning, I am Mr. Ross from Trump international, and I would lie to enquire about a property, you may have on the market. Me: Which one in particular, Sir? Mr. Ross: The Bellagio Me: It is a fine piece, excellent artwork, healthy financial position and positive prospects for the future. I must admit you have picked on the right one.Advertising We will write a custom essay sample on Theory and Practice of Personal Selling specifically for you for only $16.05 $11/page Learn More Mr. Ross: Yes and I hope we will go through with the project for our mutual benefit. Me: Concerning that, I ask that you give us some time t o finalize on the specifics of the deal before the management presents a final submission to the markets. Mr. Ross: can you let me in on some what we should expect? Me: I am sorry sir, but we maintain a strict confidence policy for all our transactions. Please be patient. Mr. Ross: Okay sir, but do not make it lengthy. I am grateful. Have a good day.Advertising Looking for essay on business economics? Let's see if we can help you! Get your first paper with 15% OFF Learn More Me: Good day too Mr. Ross. NEGOTIATION STEP Price Objection Me: Good morning Mr. Ross, how are you? Mr. Ross: I am fine thank you. How are you? Me: I am fine too, and happy that you could make time to attend this session in person, rather than take a phone call. Thank you. Mr. Ross: That shows how serious we are about this deal. Let us get down to business please. Me: The preliminary cost has been set at $ 8.7 billion. We say this because the company has an annual income of $ 1.6 after tax. This is a real catch, don’t you agree? Mr. Ross: How urgently do you need to wrap up the sale? Me: It should not extend beyond a month sir. Mr. Ross: Does that imply you need the money so urgently? Me: Yes Sir, our share holders, need their money back to pursue other investments. Mr. Ross: I bet you are willing to negotiate the price since you are in such a hurry. Me: No we are not. Mr. Ross: Please give me a call when you are ready to negotiate. Me: Okay sir please allow me to consult the board. Thank you. Product Objection Me: As I had said earlier, this is the only product placed on the market. Mr. Ross: The firm has objections about acquiring that property, especially due to the market worth. Me: I believe both parties can reach an agreement after appropriate negotiations over the same. Mr. Ross: That may not be necessary, because we need a similar product but one of a lesser magnitude. Me: Okay sir, it was nice talking to you. Lack of Interest Mr. Ross: Have you placed any other property in the market save for the Bellagio? Me: No sir, none at the moment. Mr. Ross: I apologize, but our hospitality portfolio is currently overstretched. Me: Thank you. COMMITMENT FOR SALE Trial Close Me: Are you fond of the property? Mr. Ross: Very much sir. Me: Do you agree that it would be good for your portfolio? Mr. Ross: Once again, I agree with you sir. Me: Can I count on you to recommend this deal to your superiors back in the office? Mr. Ross: Yes sir, I will try my best. T HANK YOU LETTER 3600 Las Vegas Blvd. South Las Vegas, NV 89109 Toll Free: 888-987-6667 The Trump Organization (Company) 725 5th Avenue New York NY 10022 USA Phone: (212) 832-2000 Fax: (212) 935-0141 Dear Sir, RE: SALE OF THE BELLAGIO On behalf of the board of directors and share holders, I would like to express my gratitude for the opportunity to work with you. The sale was a success, and I believe both parties were satisfied at the end of the day. We desire prosperity in your endeavors and success in your new business venture. Yours sincerely, Jack Shepherd Sales Manager, Bellagio Hotel. References Bellagio. (2010). Bellagio Las Vegas. bellagio.com. Retrieved from https://bellagio.mgmresorts.com/en.html Expedia. (2010). 5 star hotels in Las Vegas Nevada. expedia.com. Retrieved from https://www.expedia.com/5Star-Las-Vegas-Hotels.s50-0-d178276.Travel-Guide-Filter-Hotels Trump. (2010). Trump Organization. trump.com. Retrieved from http://www.trump.com/ This essay on Theory and Practice of Personal Selling was written and submitted by user Landyn K. to help you with your own studies. You are free to use it for research and reference purposes in order to write your own paper; however, you must cite it accordingly. You can donate your paper here.