A PROJECT REPORT

ON

“A COMPARATIVE STUDY ON SALES STRATEGY AND MARKET

DEVELOPMENT IN INDUSTRY WITH SPECIAL REFERENCE TO
EQUINOX LABS.”

Submitted in Partial Fulfilment for the award of the Degree

MASTERS OF MANAGEMENT STUDIES

Marketing

Under University of Mumbai

SUBMITTED BY

Subodh Shridhar Naikade

ROLL NO. MS1819052

Under the Guidance of

Prof. Rajshree Srivastava

Batch 2018-2020

INSTITUTE OF MANAGEMENT & COMPUTER STUDIES

THANE (W)

1
COMPANY CERTIFICATE

2
 CERTIFICATE
(On College Letter Head)

This is to certify that project titled

A COMPARATIVE STUDY ON SALES STRATEGY AND MARKET DEVELOPMENT IN

INDUSTRY WITH SPECIAL REFERENCE TO EQUINOX LABS.

Subodh Shridhar Naikade of MMS (Masters of Management Studies) Semester III,

Batch (2018-2020) has successfully completed the Project under the guidance of

Prof. Rajshree Srivastava

Date:
Place:

Director

Project Guide / External

Internal Examiner Examiner

Institute Seal

3
 DECLARATION

I, Subodh Shridhar Naikade the student of MMS Semester III, Batch (2018-20) hereby declare that this
Project Report submitted by me to the ASM’s Institute of Management & Computer Studies,
(IMCOST)Thane.

Is a bonafied work undertaken by me and it is not submitted to any other University or Institution for the
award of any degree/diploma certificate or published any time before.

Name of the Students:

Roll Number:

Signature of the Student:

4
 ACKNOWLEDGEMENT

I take this opportunity to express my gratitude and extend my thanks to all those who helped
and guided me to make this endeavour successful.

I would also like to thank our project guide Prof. Rajshree Srivastava who helped me in the
completion of project.

I cannot end this page without thanking my family and friends for their support and
encouragement while undertaking this project.

SIGNATURE AND NAME OF THE STUDENT WITH DATE

5
 EXECUTIVE SUMMARY

EQUINOX LABS which was formed with a vision of offering an end to end solution for customers with
respect to Food, Water and Air Quality and focus has always been on delivering a great experience to
Customers through on time delivery of reports, solutions for problems in Food, Water and Air, and overall
value addition by CEO of the company MR ASHWIN BHADRI & its team.

Equinox Labs is an NABL accredited and ISO 9001:2015 certified laboratory offering complete testing
services for Food, Water, and Environment & Hygiene.

Organization is dedicated to provide quality testing and diverse services, which our esteemed clientele
would vouch for. Company’s aim is to bring world class food, water and environment testing using the latest
technology and analysis standards.

This project is based on the internship which was undertaken in the May month of 2019 and consists of
various sales strategies undertaken by the organization to spread awareness of the FSSAI a government body
which was made to ensure food safety in INDIA. There were few tasks which were undertaken by me during
the internship period. In the staring period I was supposed to handle the HoReCa segment and then after to
gain more industrial knowledge I was also working with the Manufacturing segment and schools & Hospital
segment.

From this periodic internship I have learned various new things and now I have an experience of a corporate
world. Various client meetings, field visits were made to promote and sell various services which are offered
by the organization.

As marketing is the only way to persuade and attract customer to purchase services that the organization
renders so EQUINOX LAB spends high amount of money for marketing and application of sales strategy.

This project also helps to study various marketing techniques undertaken by the organization to reach to its
potential customers. This project helps to know about the revenue which the organization generates only
with the help of sales strategies for selling the services and market development of the company.

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 INDEX

Chapter
Chapter Page No.
No.
Chapter 1: Introduction to the Study
1.1 Introduction
1.2 Objectives of Study
1.3 Review of Literature
8
1 1.4 Research Methodology
1.5 Scope of Study
1.6 Importance of Study
1.7 Limitations of Study
Chapter 2: Company Profile
2 12
2.1 Introduction

3 Chapter 3: The Conceptual Background

19
3.1 Introduction
Chapter 4: Data Analysis & Interpretation
4 4.1 Introduction 35
4.2 Data Analysis
Chapter 5: Findings, Suggestions & Conclusion
5.1 Findings
5 5.2 Suggestions 49
5.3 Conclusion
Bibliography
Annexure

7
1. INTRODUCTION TO THE STUDY

8
1.1. INTRODUCTION: -

In two years‟ time frame, the actual practical learning comes while pursuing a business management course
is the period of summer internship. “efforts and courage are not enough without purpose and direction”
couple of months prior to completion of SIP, when one get placed in a firm with little knowledge of what it
takes to set up a business and run it successfully, one should be determined to extract and learn every
business skills witnessed in the period of this two months. A sales strategy is a plan by a business or
individual on how to go about selling products and services and increasing profits. Sales strategies are
typically developed by a company’s administration, along with its sales, marketing and advertising
managers. All involve “pitches,” or key points to address when speaking with potential consumers. Some of
these pitches, such as those used by telemarketers, may have to be memorized and communicated verbatim.
Any good sales strategy is built with the competition in mind. That means understanding what has worked
for opposing companies and perhaps even integrating it into your own sales strategy. Or even better,
knowing what works for the competition and improving it, either by offering a similar service at lower
prices or marketing a service as if it’s the best of its kind.
Organization is a major factor for success in any industry and sales is no different. Therefore, sales strategies
need to include details on the role of those making sales, how accounts and territories should be managed,
and of course, commission and compensation. Sometimes, strategies even outline incentives and bonuses for
a successful sales record. A sales strategy needs to always keep the end-user in mind – the consumer who is
buying the product and service. This is more than simply understanding who your ideal consumers are. The
sales strategy looks at how those people buy service and what the experience is during the buying process.
There are generally two types of sales strategies which are employed by a business: direct or indirect.
• Direct Sales Strategy - In a direct sales strategy, sales people while talking to the consumer attack their
competitors head on. They try to compare each feature of the competitor’s product and compare it to theirs.
The term direct sales approach also refers to ‘negative selling’.
• Indirect Sales Strategy - In other words indirect sales approaches are more subtle in nature and are
implemented by demonstrating features and benefits that are not available with the competitor’s products or
services without ever mentioning about any competitor’s products. This technique is more sophisticated

9
1.2 OBJECTIVES OF STUDY: -
 To study the sales strategy of industries
 To Study the market development strategies of industries
 To study the in-depth sales strategy of Equinox labs.

1.3 REVIEW OF LITERATURE: -

1. Thomas w. leigh and Greg w. Marshal Research on sales strategy published on 29 Oct 2013, this
research studies about the making of the sales strategy with help of market segmentation, market
adaptability and customer satisfaction. The article highlights the potential for sales Function in
modern organisations.

2. Ghazaleh abed the effect of selling strategies on sales performance published on 4 Sept 2009, the
main purpose this research study is to investigate the effects of strategies on sales performance of
company. This research reviews sales performance literature. It gives different dimensions selling
strategy.

1.4 RESEARCH METHODOLOGY: -

The main purpose of collecting the information is to take the decision regarding for market development and
making sales strategy. The methodology may include Surveys, industry needs as per company services,
Business exhibition etc. this can historical and present information.

1.4.1 RESEARCH TYPE: -

We can do the research in very basic manner. The basic research gives the idea for making the sales strategy
and developing the target market. This research type will help to generate the sales lead.

1.4.2 DATA COLLECTION: -

Data collection is the process of gathering and measuring information on targeted variables in an
established system, which then enables one to answer relevant questions and evaluate outcomes. Data
collection is a component of research in all fields of study including Physical and Social
Sciences, Humanities, and business. While methods vary by discipline, the emphasis on ensuring accurate
and honest collection remains the same. The goal for all data collection is to capture quality evidence that
allows analysis to lead to the formulation of convincing and credible answers to the questions that have been
posed.
1. Primary Data: -
Leads from Enquiry (online direct Enquiry on website, advertisement, campaigns), LinkedIn.
2. Secondary Data: -
Magazines, Newspaper etc.

10
1.4.3 SAMPLING TECHNIQUE: -
Sampling helps a lot in research. It is one of the most important factors which determines the accuracy of
your research/survey result. If anything goes wrong in sample then it will directly reflect in final result.
Random sampling technique is used in this study.

1.4.4 INSTRUMENTS: -
Questionnaire is used as the instrument to measure the responses of individuals.

1.5 SCOPE OF STUDY: -

 Defining and selecting target market.
 Set targets and make profit from existing market and also from newly developed market.
 Studying needs and wants of target market.
 Market share analysis.
 Setting sales territories and sales quotas.
 Study and analysis of sales records.

1.6 IMPORTANCE OF STUDY: -

a) To the Organisation: -
Main importance which is going to help to the organisation is regarding about the quality of
food product which was manufactured by food manufacturers. Also create the awareness
about the hygiene and food safety compliances.

b) To the Customers: -
Customers gain the awareness about the food safety body of India which is known as FSSAI.
Also, customers also get the chance to educate themselves for food safety training and
compliances.

1.7 LIMITATIONS OF STUDY: -

1. The effect of sales strategy can be felt only for a certain period of time.
2. When sales strategy activities are not carried as per expectations of company, the brand image get
distorted.
3. Sales strategies may sometimes get affected due to external factors that is not in control of the
organization.

11
2. COMPANY PROFILE

12
2.1 INTRODUCTION: -
We are a leading 14-year-old food, water and air testing laboratory focusing on food safety control. We
are a FSSAI approved NABL accredited laboratory with PAN-India presence. We use the latest
technology to provide the best in class with a 360-degree approach to security and compliance. We have
delivered over 50,000 solutions for testing and compliance. We trained 40,000+ people on food safety,
FSSAI and environmental safety. Our company has more than 200 in-house experts who feed more than
30,000 customers in the food and corporate sectors. Together with many food SMEs and conglomerates,
as well as with corporate companies, our organization mentions a few to ensure complete safety and
health protection - audits, tests, consultations and Fostac.
Travel: It all started with the idea of offering one-stop testing and FSSAI compliance solutions using the
latest technologies and innovations. Over time, Equinox Labs has evolved from a testing laboratory to a
food safety direction, largely with the FSSAI in its decision-making process for decisive regulations. The
credibility of the company is attributable to the invaluable benefits customers have gained through
contacting Equinox Labs.
Work Culture: An organization is created to achieve certain goals and objectives by bringing individuals
together on a common platform and motivating us to reach the highest level. A work culture plays an
important role in getting the most out of your employees and keeping them in the organization for
longer. The organization should provide a positive environment for employees to focus on their work,
rather than interfering with each other's work.

Core values are the vision of Equinox which are as:

1. We deliver great results.
2. We continuously improve.
3. We help each other succeed.
4. We practice open communication.
5. We have fun while serving others.

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 SERVICES: -

1. CHECKING FOOD QUALITY

 Food test

Foods usually provide daily energy and nutrient requirements. The calorific value, the nutrition and the taste
are not the only aspects of the food that you have to worry about.

We recommend food testing to be done, ensuring faster lead times with accurate test result

 Sensory evaluation

Sensory analysis is the science used to evaluate consumer foods or beverages that accurately determine and
measure the senses, such as sight, smell, taste, touch, hearing and feelings.

Food products are controlled based on the above parameters, which help manufacturers and distributors in
the decision-making process.

 Nutrition labelling

Nutrition labelling enables consumers to make informed choices about the nutritional characteristics of
foods, such as protein, carbohydrate, fat, fibre, sodium, etc.

Equinox Labs will help you find out the essential properties that must be mentioned in all foods sold that
meet the requirements of the Indian Nutrition Labelling Act.

 Usability analysis

Usability analysis is an important step before introducing a new product or modifying an existing product.
The shelf life of a food is the period during which the food has safe and acceptable organoleptic
characteristics. For example: "expiration date" or "use by date". It is important to analyse the shelf life
before introducing a new product or modifying an existing product.

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2. ENVIRONMENTAL MONITORING

 Indoor air quality

We breathe 25 kg of air daily. Research has shown that indoor air is 2-5 times more pollutant than outdoor
air. Chemicals, mold, particle contamination and poor ventilation contribute to poor indoor air quality in the
workplace, which affects productivity. Equinox helps companies control their indoor air quality and offers
solutions to improve and maintain indoor air quality.

 D G emission monitoring

DG Emissions have been a major cause of environmental concern as diesel generators emit high levels of
atmospheric and noise pollution. Equinox will help you understand why DG Emissions is making progress
towards a sustainable environment.

 Noise testing
Interrupting noise is hampering the hearing capacity of 1.1 billion people in India. The insecure sound level
can be 85 hours for 8 hours or 100 minutes for 15 minutes. According to the CPCB, it is mandatory to check
the noise annually. In office premises, it must not exceed the legal level, i.e. 90 dB and 45-50 db.

3. Food safety management

 Audits and inspections

FSSAI control and verification is a key point in the Food Safety Management System (FSMS), which shows
the level of compliance of the Food Industry Operator (FBO) with the FSSAI.

 Supplier management

Supplier Management is a complete on-board deployment and operation process for food vendors serving
food businesses and corporate companies. It works with hygiene, FSSAI compliance and the latest
technology to deliver the best results and advanced solutions.

 FoSTaC certified trainings for food entrepreneurs

The Indian Food Safety and Standards Authority (FSSAI) has launched a new initiative called FoSTaC
(Food Safety Training and Certification). The FSSAI and Equinox have been linked to the launch of the
Food Safety Oversight Program. All food business operators (FBOs) must have a Food Consumers
Commissioner trained in the FoSTaC Training Program.

15
  FSSAI Compliance

Product approval and labelling validation are two important parts of the food safety management system,
ensuring compliance with the FSSAI [Indian Food Safety and Standards Authority]. The Food Safety
Management Plan, in accordance with the complete documentation and standard operating process, is
essential for business to be FSSAI compliant.

4. Water quality control

 Industrial water testing

The water supplied to industrial sites must be clean, mineral-rich and germ-free. Precisely tested industrial
water provides modern industrial water treatment techniques for safe industrial water.

 Drinking water test

Ever wondered what's in your drinking water? Often contaminated with organic and inorganic impurities
such as; high arsenic, fluoride and microorganisms or pathogens.80% of infectious diseases caused by water
pollutants, therefore it is important to test drinking water. Without a good water supply, people can count
against all sorts of illnesses.

 Borehole water testing and tanker water testing

Borehole and tank water are used by many households and small businesses in areas with little or no
municipal water supply. Equinox Labs is fully equipped to carry out full water tests on tankers to ensure
reliable drinking and drinking water.

16
 INITIATIVES BY EQUINOX LAB

An Initiative of Food Safety and Nutrition

Safety and health are two sides of the same coin that are of equal importance in determining the overall
quality of a food. The importance of children's nutrition should not be overlooked.

The “Poshan” project is being managed and started with the aim of addressing this issue and providing
direct training for children, accompanied by their teachers and parents. Nutrition and safety begin first at
home and then at school, where most of your child's day is spent, so Poshan volunteers are primarily focused
on educating children, primarily with modules that they have developed after they have a prior
understanding of the current food safety situation.

Food Safety @ICDS: - Through this program / initiative, we are conducting interactive trainings for the
families of Anganwadi workers and students on Food Safety, Hygiene and Nutrition. We offer food safety
guidelines and cost-effective plans. We train people by enabling them to understand malnutrition, providing
prevention by timely recognition of symptoms before they get worse and cause any harm to human life.
Prevention is at the heart of our mission

Food Safety @MDM: - The government-initiated goal of the mid-day meal system is to increase the
education rate of rural and municipal schools by providing one-time meals to students and thereby
encouraging children to attend school. Poshan volunteers work with MDM school supervisors and food staff
and teaching good hygiene / manufacturing practices

Food Safety @ Other Platforms: - As part of this initiative, we helped develop food safety plans to
improve the quality of food served. We also train them to improve their knowledge of current FSSAI
standards. We train schools and NGOs in food safety and hygiene.

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 The advantage of Equinox

 Single point of contact

A single point of contact for all queries, testing requirements and FSSAI compliance solutions

 Dedicated expert

250+ domain experts specialize in this service compliance, solutions to improve quality

 Innovation is driven

Introducing the latest technology and real-time control on tabs for faster results

 PAN - Indian Reach

300+ auditors in 100 cities

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3. THE CONCEPTUAL BACKGROUND

19
3.1 INTRODUCTION: -
A) Sales Strategy: -
A sales strategy is an approach to selling that allows an organization’s sales force to position the
company and its product(s) to target customers in a meaningful, differentiated way. Most strategies
involve a detailed plan of best practices and processes set out by management.
Sales Strategies: -
 Researching and qualifying prospects

 Cold calling.

 Pitching.

 Giving a sales presentation or demonstration.

 Closing techniques.

 Account management policies.

There are two primary types of sales strategies: inbound and outbound. In outbound sales — the

legacy system of most sales teams — companies base their sales strategy on seller actions. They rely

on manually-entered data to monitor the sales pipeline and coach their salespeople, and they run

sales and marketing independently, creating a disjointed experience for buyers.

In inbound sales — the modern methodology for sales teams — companies base their sales process

on buyer actions. They automatically capture seller and buyer data to monitor the pipeline and coach

salespeople, and they align sales and marketing, creating a seamless experience for buyers.

20
Inbound sales benefits buyers at each stage of the buyer process: Awareness, Consideration, and Decision.
Inbound sales teams help the buyer become aware of potential problems or opportunities, discover strategies
to solve the buyer’s problems, evaluate whether the salesperson can help the buyer with the problem, and
then purchase the solution. They are helpful and trustworthy, creating partnerships rather than power
struggles.
Every sales team should have a sales strategy plan outlining its goals, best practices, and processes designed
to align the team and create consistency.

Here are the essential components of a sales plan: -

i. Organizational Goals: -
Each goal should be specific and measurable.
ii. Customer Profile and Product Offering: -
This entails a detailed profile of the target customer, including their company size, psychographics, and
buying process. The product offering should outline the product benefits and features, with emphasis on
those that solve the target customers’ pain points.
iii. Hiring, Onboarding, and Compensation: -
Developing a list of criteria and attributes for sales managers to screen for when interviewing candidates is
essential to recruiting and retaining top talent. The next step is to develop a training and onboarding
program that will prepare them to start selling effectively and efficiently, followed by a compensation and
rewards plan that will motivate them to continue performing.

21
 iv. Demand Generation: -
This section should include a detailed plan for how to target potential customers in order to increase
awareness of your offering, such as using paid social acquisition channels, creating e-books and hosting
webinars, hosting events, etc.
v. Performance and Measurement Procedures: -
Time to track! Once the infrastructure is set up, create a procedure for tracking performance on the
individual, team, and company levels. This measurement can take the form of quarterly KPIs, weekly
dashboards, monthly reviews, or some combination of all three. This section should also highlight the
specific metrics that the team should focus on.
Sales Activities: -
This should span everything from the sales presentation to closing techniques, such as:
 Prospect Qualification: Outline what criteria a prospect meets in order to qualify them as a high-
probability potential customer. This should be based on a prospect’s engagement history and
demographics.
 Sales Presentation: This should be an overall outline of the connect stage for each salesperson,
whether it’s a discovery call or a final sales pitch. Inbound sales teams should lead with a tailored
message to the buyer from their specific context or point-of-view rather than a generic elevator pitch.
 Objections: What are the biggest challenges to purchase? Sales teams should be equipped with
responses, resources, and educational material to handle any common objections that a prospect may
address.
 Closing Techniques: Keeping a list of proven, go-to closing techniques will help salespeople
routinely win deals. Such techniques can include the now or never close, “If you commit now, I can
get you a 20% discount,” or the question close, “In your opinion, does what I am offering to solve
your problem?”
 Timeline: What is the typical timeline of your sales process from the first contact to close? This
section should guide sales teams to better understand the length of each stage in the sales process.

B) Market Development: -

Market development is a growth strategy that identifies and develops new market segments for
current products. A market development strategy targets non-buying customer in currently targeted
segments. It also targets new customers in new segments.

A market development strategy entails expanding the potential market through new users or new
uses. New users can be defined as: new geographic segments, new demographic segments, new
institutional segments or new psychographic segments. Another way is to expand sales through new
uses for the product.

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 Market Development Process: -
1. Establish market development aims and targets.
2. Identify target market(s), sectors and niches.
3. Assess your existing sales organisation and develop it as necessary.
4. Source/utilise a suitable prospect database - ensure data is clean and up to date, and strategic
decision-makers are identified.
5. Develop and agree your strategic proposition(s) - with reference to USP's, UPB's, competitors,
positioning, product mix, margins, etc.
6. Design your communication(s) and method(s) to generate enquiries.
7. Design your response and sales processes and establish or provide required capabilities.
8. Design and provide your required monitoring, measurement and reporting systems.
9. Implement your sales development activity and reinforce it through coaching, training, meetings,
executive endorsement, etc.
10. Follow-up the activity: coach as required, review, monitor, seek customer and prospect feedback
(successful and unsuccessful) and report on performance.
11. Make changes and improvements and continue your activity at the appropriate stage.

What can we do for market development?

 Increase present customers’ rate of use: You achieve this goal by
o Increasing the size of purchase
o Maximizing the rate of product obsolescence
o Finding new uses for your product
o Advertising other uses
o Offering incentives for increased use
 Attracting your competitors’ customers: You lure customers away from your competitors by
establishing differentiation between yourself and them, increasing advertising efforts, or cutting your
prices. Look at Chapter 5 to find ways to differentiate yourself from other companies.
 Attract nonusers to buy your products: This process can be done by offering trial uses of your
products, adjusting the price up or down, and promoting other uses to attract these customers.
 Expanding Geographically: When you’re thinking about expanding, first think about where you
want to cultivate new business. You have options: other regions, nationally, or internationally.
Geographical expansion works well for a company that wants to expand its service territory because
it needs a physical location to serve its customers. Many of the big boys of business, including
McDonalds, Wal-Mart, and Home Depot, have exported their operations to other countries. On a
smaller scale, many microbreweries have opened up new locations in various metro areas and
airports in the United States as a way to expand their geographical reach.
23
C) Sales Strategy Process: -

1. Assess Where You’ve Been and Where You Are Now

Before you can begin to plan the future, first look toward the past. Do an assessment of the previous
year of business and ask questions such as:

What did you do last year? Dig into your sales numbers as well and look at key indicators such as:
How much did your team sell?
Who sold it?
To whom did they sell it?
How much will result in repeat business?
Which clients brought in the least and most profit? Make sure to add in support time!
Which clients had the shortest sales cycles?
Which clients had the highest revenue?
What has changed?
How are you positioned to achieve the revenue targets you have identified?
Where is the most logical place to look for growth?
What exists to support the desired growth?
What additional support will your team need to achieve the desired increases?
By understanding where you have been, you can begin to determine where you should go.

2. Create A Clear Ideal Customer Profile

For most companies, 80% of revenue comes from 20% of clients. By reviewing your previous year,
you can figure out which clients spend the most money, buy more than one product, are the easiest to
work with and have the shortest sales cycle. Figure out what your top clients do and make a list of
those criteria. This will become your Ideal Customer Criteria. Dig into the demographics and
psychographics of your ideal customer to create a complete profile for your reps.

An ideal customer profile provides guidelines for your sales reps that help them spend their time
efficiently on prospects who are most likely to convert and deliver repeat business quickly.

24
3. Time for A SWOT Analysis
How well is your company positioned to grow existing accounts, find new accounts like the ones you
have, and land new ideal customers? Pull your sales, marketing, and product teams together to do the
SWOT.

A SWOT is not an exercise in imagination. It should be as rooted in reality as possible. Your job is to
figure out how to leverage your strengths to capitalize on opportunities. Consider your weaknesses
and threats, the internal and external obstacles that will hinder your ability to achieve those goals.
Ask yourself and your team what needs to be done to minimize these threats and weaknesses. Be
specific in your efforts. Look for the reasons you are not selling more to existing clients, and the
reasons reps are having a hard time closing business. Understand which products sell well and why.
You will need this information to build your plan.

4. Set A Clear Sales Strategy

Now that you have assessed where you have been and what has worked start thinking about where
you are going.

This is the time to think about a market strategy. Consider the following questions based on your
work so far:

How much can you grow existing accounts?

How can you leverage existing accounts to get referrals?
How much can you increase revenue inside existing territories with existing products?
How much can you increase revenue inside existing territories with new products?
How much can you increase revenue outside existing territories with existing products?
How much can you increase revenue outside existing territories with new products?
It is likely that the cheapest, fastest revenue will be from existing accounts, then referrals, and on
down the line. The slowest and most expensive new revenue will result from cultivating sales for
new products in new territories.

25
5. Create Clear Revenue Goals
When you combine your given revenue targets with the sales strategy you’ve created based on an
assessment of the past and current situation, you can generate realistic revenue goals for territories
and individuals.

Now is time to think about what support your sales team needs to reach these goals. Get your
marketing team, sales team, and product team together to work on a plan.

Handing your sales team new quotas with no basis, in reality, will leave all parties disappointed and
frustrated.

6. Develop and Communicate Clear Positioning

The sales strategy you created will help determine how you need to position your company and
products to achieve growth. Remember, you have different market segments that each need a clear
positioning plan.

Large Accounts
Opportunities inside existing accounts with different product lines
Opportunities inside existing territories and markets
Companies that meet your ideal customer profile
How will you identify them?
How will you make them aware of your product?
How will sales and marketing work together to prospect and sell
New Markets, New Products.
It is not sufficient to ask salespeople to figure out the positioning. The sales, marketing, and product
teams need to work together to create buyer personas or positioning statements and value
propositions that meet each different need.

26
7. Clear Action Plan
We tend to send sales reps out to prioritize their work alone. If you want your sales reps to be
successful, it is time to implement a well-functioning funnel and opportunity planning process.

Now that you know how much revenue you need to get, and where it should come from, each sales
rep will need to create a funnel that shows how they intend to generate that revenue. They may be
more successful working with marketing and including existing leads that support specific goals.

When your sales reps create their funnel, coach them to ask themselves the following questions:

How much of each type of revenue do I need to make?

How many sales does that represent?
How many calls does that represent?
How much time does that represent?
If I am calling on existing clients, how many calls do I need to make to close 10 existing clients on
new products?
How many new ideal customers will I need to call on to close?
Capture the answers to these questions on each rep’s funnel, along with the next actions and
timelines. But, worry less about close dates and more about next actions and next action dates.

These seven steps are the basis of an executable sales strategy. At the end of this process, your sales
team will have clear priorities everyone understands, clear outcomes everyone can measure, clear
guidelines everyone can follow and clear goals toward which everyone can work.

27
D) Sales Process: -

Professional selling involves a series of seven distinct steps. Let's take a look at each.

1) Prospecting is finding and qualifying potential customers. Qualifying is the process of

determining whether a potential customer has a need or want that the company can fulfil, and
whether the potential client can afford the product.
2) Preparation involves preparing for the initial contact with a potential customer. You will
need to collect and study relevant information, such as product descriptions, prices, and
competitor information. You will also need to develop your initial sales presentation.
3) Approach is the first face-to-face interaction you will have with the potential customer. In
the premium approach, you give your prospect a gift at the beginning of the interaction. It
may be a pen, a novelty item or company calendar, for example. Another method is the
question approach, in which you ask a question to get the prospect interested. For example,
'Would you have a problem making a 15% annual return on an investment?' You may also
use the product approach, in which you give the prospect a sample to review. The idea behind
all of these approaches is to get the prospect involved in the interaction quickly.
4) Presentation is actively listening to the needs and wants of the potential customer and
demonstrating how your product can meet those needs and wants.
5) Handling objections is an important part of the process. Objections can be useful because
they tell the salesperson what to focus upon in addressing a prospect's concerns. Successful
salespeople learn how to overcome objections through preparation and having the right
information at hand to address them.
6) Closing involves identifying closing signals from the prospect that indicate its decision time.
There are different approaches to closing. In the alternative choice close, you assume the sale
and offer the prospect a choice such as, 'Will this be a cash or credit transaction?' An extra
inducement close involves you offering something extra to get the buyer to agree, such as a
discount or a free product. In the standing room only close, you inform the prospect that time
is of the essence because some impending event, such as a price increase, will change the
terms of the offer.
7) Follow-up is building a long-term relationship with your customer for purposes of repeat
sales.

28
The Service Sector, also called tertiary sector, is the third of the three traditional economic sectors.
The other two are the primary sector, which covers areas such as farming, mining and fishing; and
the secondary sector which covers manufacturing and making things. The service sector provides
services, rather than producing material commodities. Activities in the service sector include retail,
banks, hotels, real estate, education, health, social work, computer services, recreation, media,
communications, electricity, gas and water supply.

The services sector is not only the dominant sector in India’s GDP, but has also attracted significant
foreign investment flows, contributed significantly to exports as well as provided large-scale
employment. India’s services sector covers a wide variety of activities such as trade, hotel and
restaurants, transport, storage and communication, financing, insurance, real estate, business
services, community, social and personal services, and services associated with construction.
The services sector is the key driver of India’s economic growth. The sector has contributed 54.17
per cent of India’s Gross Value Added at current price in 2018-19. Net service exports stood at US$
60.25 billion in April-December 2018 (P).
Benefits of service industry to economy: -

 It can give faster and more flexible adjustment in times of economic crisis or downturns.
 It minimizes environmental degradation from heavy industry.
 It allows for faster economic development than that which follows the traditional pattern
 Reduce the material & energy consumption.
 Enhancement of Knowledge.
 More customer-oriented product for their satisfaction.

29
SALES STRATEGY OF EQUINOX LAB: -
 Content Marketing: -

Content marketing is another tactic of sale strategy to grab the clients from the market.
Content marketing is use for to create brand awareness, boosting site traffic and leads for the
company. Content marketing includes videos, testimonials and clients review for the
company which can generate the prospective customers.

 PPC Advertising: -

PPC ads are a type of advertising that involves paying the ad publisher every time a new
lead clicks on your ad. This sales strategy generates the organic traffic as much as possible.
Due to PPC the website of your company is shifted to the first page of the google and it is
faster than SEO.

 Email Marketing: -

Email marketing is another tactic for generating sales lead. Company can use the branded
emails to communicate with their target audience. In this email marketing we can share the
company profile with its USP and upcoming discounts on the services which were offered
by company.

 Letter Marketing: -

Letter marketing is another sales strategy were the letter send to the owner of the
manufacturing industry. In that letter we have to mention the necessity of testing part for the
food samples.

 Cold Calling: -

For cold calling, company select some telesales executive for pitching the services of
company which they offered.

 Focus on Corporate Offices: -

Basically, equinox lab focuses on the corporate offices and MNC companies for testing their
food, water and air while other labs majorly focuses on only food manufacturing industry.

 Cold Meetings: -

Cold meeting is a sales strategy used by equinox lab to pitch their services to hotels and
restaurants, owner of the food manufacturers etc.

30
COMPETITOR COMPANY PROFILE: -

1. Varni Analytical Lab: -

Established in the year 2014, Varni Analytical Laboratory is engaged in offering a wide range of testing
Services. All these services are delivered by experienced employees within the committed time frame.
Offered services are highly demanded for their timeliness, consistency, reliability, cost-effectiveness &
superiority.

Laboratory is accredited by NABL as per ISO/IEC 17025:2005 (Cert. No. T-3344) and also certified
for Quality Management system, ISO 9001:2008.

We have selected a proficient and nimble crew of workers, who are indulged in rendering our offered range
of services to Customers in an efficient manner. Furthermore, they guide Customers to understand and
comprehend the requirements of FSSAI or other regulatory bodies. We organize workshops and regular
training sessions for updating their knowledge about the developments taking place in the industry. With our
ethical business polices & fair dealings in business, we have created a broad clientele across the nation.

SERVICES: -

 Food Testing Services

 Microbiology Testing
 Herbal Testing Services
 Water Testing Services
 Chemical Testing
 Solvents and Fragrance Testing
 Coal and Coke Product Testing
 Food Packaging Material Service
 Air Quality Check Testing

OTHER SERVICES: -
 Lab Setup

 Instrumental and Analytical Training

31
2. GEO-CHEM Lab: -

We are renowned as cargo inspectors and surveyors and have proven our expertise in Inspection, Survey and
Testing of diverse export, import and locally traded cargos and commodities. An Independent, unbiased and
quality driven inspection and testing company, Geo-Chem today has a strong reputation world-wide.

Our services are available through a network of branch offices and associates, supported by an excellent
infrastructure of ultramodern facilities, communication system and staff strength with vast experience in the
industry.

Through years of offering dedicated and professional services to our clients, we have built up enough
confidence in the international trade to merit 100 per cent exclusive nominations from our clientele despite
stiff competition. Geo-Chem's international client list is ample testimony to the confidence the company
enjoys the world over.

With significantly low levels of complaints and claims, Geo-Chem focuses on client service, cost effective
solutions and adheres to its time frame commitment.

From laboratory testing to regulatory compliance and beyond, Geo-Chem CPS services advance the value
and marketability of your products with testing and certification services.

Geo Chem CPS provides services for the following:

|Textile & Clothing | Accessories | Leather & Footwear | Toys & Hardlines | Home Furnishing & Furniture |
Household Accessories | Luggage & Packaging | Inspection |
|Fit Approvals | Technical Support | Certifications Product Reviews

32
SERVICES: -

A) Testing Services: -

 Metals, Minerals & ores

 Agriculture

 Petroleum

 Chemicals

 Pharmaceuticals

 Oils & Fats

 Microbiology

 Food Products

 Water

B) Inspection Services: -

 Break Bulk Cargo

 Consumer Product Services

 Liquid Bulk Cargo

 Shore Tank Calibration

 Engineering Inspection

33
COMPETITIORS OF EQUINOX LABS AND THEIR SALES STRATEGY: -

 Varni Analytical Lab: -

Basically, there is may not be any sales strategy but the accredited by NABL and also
certified for quality management system. So different accreditation from equinox lab so
some times their target audience can be different. They are not only in the testing part but
they are also instrumental training and Lab setup.

 GEOCHEM Lab: -

GEOCHEM Lab is accredited by NABL, APEDA, FOSFA etc. so GEOCHEM Lab is not
only in the testing services but the are into collateral management. This lab is into quality
and quantity inspecting on loading and unloading points. So, there target audience is
importers and exporters.

34
3. DATA ANALYSIS AND INTERPRETATION

35
4.1 INTRODUCTION: -

What is data analysis?

Data analysis is a process of inspecting, cleansing, transforming and modelling data with the goal of
discovering useful information, informing conclusion and supporting decision-making. Data analysis has
multiple facets and approaches, encompassing diverse techniques under a variety of names, and is used
in different business, science, and social science domains. In today's business world, data analysis plays
a role in making decisions more scientific and helping businesses operate more effectively.

Why Data Analysis?

To grow your business even to grow in your life, sometimes all you need to do is Analysis! If your
business is not growing, then you have to look back and acknowledge your mistakes and make a plan
again without repeating those mistakes. And even if your business is growing, then you have to look
forward to making the business to grow more. All you need to do is analyse your business data and
business processes.

36
4.2 DATA ANALYSIS: -

Questionnaire with the employees: -

Age: -

17%
10%
0%
Under 18
18-24 Years
39%
34% 25-34 Years
35-44 Years
45 & above

Interpretation: -

The questions were asked to all age group of people to know what number of employees are aware
about the sales strategy of equinox lab for market development. The employees ranged from below
18 to above 45 years old.

The range of employees between the age group of 18 to 24 are more and therefore an interaction
session was conducted with asking them about the sales and market development. The next in the
category were 25 to 34 employees who were able to answer questions and help in the process. The
lower segment was the employees from 35 to 44 and 45 above. This segment of employees had little
knowledge of these sales and market development strategies and also count of these age group is less
than other age groups.

37
Gender: -

61%

39% Male
Female

Interpretation: -

The interaction with the employees was also important to know the strategies which was used by the
equinox lab for market development. The employees interacted were classified into males and
females. The share of male is to female was 61 is to 39.

The people who all are going to develop the sales strategies for market development, they had good
knowledge about the FSSAI parameters for testing the food items.

38
1) Does the company develop the selling strategies for selling its services?

4%

Yes
No

96%

Interpretation: -

As per the above output the results show that above 95% of the respondents believe that selling
strategy is an important part for the company. They believe that selling strategies can grow the sale
of the company and create the awareness of the company’s services.

Due to sales strategy we are able to know the need of the customers at every stage. But the needs of
the customer are changing frequently. According to that we have to make the sales strategy to sell
our services. Sales strategy more focuses on to generate more business and close the deal.

Also, for achieving the goals of the company the sales strategy is necessary. Sales strategy also helps
to recruit the right and efficient people to sell the services of the company.

So, sales strategy improves the ROI (Return on Investment) for the company which were invested on
sales team. And sales strategy gives the idea to sales budget and can control on the unnecessary
expenses.

39
2) Do you use any unique selling strategies to positioning your company in the market?

68%

Yes
29% No
Maybe
3%

Interpretation: -

As per the above output the results show that above 68% of the respondents believe that unique
selling strategies is helping our company to position in the market. Unique selling strategies is
essential to have Successful business that can handle the competition and possible future comers in
the similar markets.

Unique selling strategies can communicate the value of the service which is offered by the company
and this value is only attainable if they buy from our brand.

Unique selling strategies can also improve the revenue of the company and also increase the market
share of the company. Also, clear and simple selling strategies allows for streamlined sales strategy.

If your services have strong identity with the help unique strategies then we create the loyal market
for the company within the other competitors which are already present in the market.

40
3) How does the company estimate its market potential?

6%
4%

56%
By periodic sales forcast
By relying on post sales
34%
By maintaining database
All of the above

Interpretation: -

As per the above output the results show that above 56% of the respondents believe that to estimate
company’s market potential all of the above elements are necessary that is periodic sales forecast,
relying on post sales and maintaining database.

Basically, the periodic sales forecast can estimate the future sales. Accurate periodic sales forecast
can enable to make decisions for long-term and shot-term performance. Sales forecasting helps to
predict achievable sales revenue and plan for the future growth.

So, maintaining the database continuously can help the company to achieve its market potential in
the market. Due to maintaining database company had the list of satisfied and unsatisfied customers.
Satisfied customers can go with the post sales services but the unsatisfied customers are they can be
the prospective customers for the company.

Due to maintaining the proper database we can create the better relationship with the customers and
try to convince them for to buy the services of the company. By maintaining all of the above we can
estimate the sales volume in the market.

41
4) What is your target market or preference for market development of testing services?

72%

Hotels & Restaurents

12%
Food Manufacturers
Schools & Hospitals
12%
4% All of the above

Interpretation: -

As per the above output the results show that above 72% of the respondents believe that the target
market or preference for market development is all of the above. Means hotels & restaurants, food
manufacturers and schools & hospitals are the target markets for to sell the testing services.

According to FSSAI law the food testing is mandatory to all the food manufacturers. So that
company can target well established food manufacturer companies. Also, company can target the
start-ups who does not have the idea about the testing part.

Another target market is hotels and restaurants where company can conduct hygiene audit for their
kitchens. Also, company can provide the FOStac training to the employees of that hotels and
restaurants.

Another target market is schools and hospitals. Where according to NABH law the water testing and
food testing is mandatory. So, that company can target some international schools as well as some
private hospitals.

42
5) Do the chosen target market have sales potential for your service which is?

27%
56%
Adequate
Clogged with intense competitor

17% Full of opportunities

Interpretation: -

As per the above output the results show that above 56% of the respondents believe that the target
market has sales potential for the services which are offered by the equinox labs. Sales potential
means how much our service sell in the market.

So, the market was chosen by equinox labs is full of opportunities. Because according to FSSAI law
the food and water testing is necessary for manufacturers. So, they have to do these testing
mandatorily because without doing testing they cannot deploy their food product into the market.

Also, some of the manufacturers are exporting their products to another countries. For safety purpose
firstly they have to test their product before exporting. Another which is hotels and restaurants,
school and hospitals are the main target market.

In this there is testing for the food which is given by the hospitals to the patients. And in the
restaurant’s kitchen hygiene audit is necessary. So, these are the testings are regularly done within
the 3 months or 6 months. That’s why the chosen market sales potential is full of opportunities.

43
6) Does the company have its unique selling proposition that gives its distinctiveness over others?

66% 3%

Yes
No
31%
Maybe

Interpretation: -

As per the above output the results show that above 66% of the respondents believe that company
have unique selling proposition other than their competitors.
Because other companies are only focusing on the food manufacturers or dealing with only food
industries but equinox lab deals with corporate sector also. They are dealing with MNC companies
for their environmental testing. Also, they are testing their food and water which were consumed by
their employees.

44
7) By using digital media will your industry develop in the market?

83%

Yes
No

16% Maybe
1%

Interpretation: -

As per the above output the results show that above 83% of the respondents believe that the digital
media helps to develop the industry in the market.

Nowadays digital platform is very needed to reach out your target market. This digital media can be
used for the advertisement, promotion purpose of company’s services. Also, company can create the
awareness about their services which they are offered.

Generally, the website of company is strongest element to engage the audience. Because when
customer tires to see the services of the company they firstly go on the company’s website and get
the information about the company and their services. Creating an attractive website can also
develop the market for the company.

45
8) What kind of digital media you will use for market development?

66% 6%
Instagram
8% What's App
4% Facebook

16% LinkedIn
All of the above

Interpretation: -

As per the above output the results show that above 66% of the respondents believe that all kind of
digital media helps for market development.

The pages on Instagram, Facebook used for the promotional activities, giving the news about food
industry, changes in FSSAI laws can be displayed on this.

LinkedIn can be used for to create the connection with the owner of the manufacturing industries or
their production or purchase managers to sell our services which equinox offered. What’s app is
another digital media where the customers can be generated because most of the time people visit the
website and on website the what’s app number is provided so they directly message their
requirements to the sales executive for their requirements.

46
9) Do you feel, your company has capability to compete with international companies?

11%

56%
Yes

33% No
Maybe

Interpretation: -

As per the above output the results show that above 56% of the respondents believe that the company
has capability to compete with international companies.

Because equinox is ISO certified lab with FSSAI and NABL accreditation. Also, equinox gives the
solutions to the customer which they faced in their manufacturing industry.

The reports were generated by equinox lab is valid in some foreign countries but it is totally
depending on the testing parameters which is suggested by the client. That’s why the 33% of
respondents are in between the Yes or No. if the parameter which is suggested by the client is in not
our scope then company cannot test their samples of food products.

47
10) Do you feel, there is fear of company's service becoming obsolete in near future?

38%

Yes
42%
No

20% Maybe

Interpretation: -

As per the above output the results show that above 42% of the respondents believe that there is no
chance of obsoleting the services of the company. Because this service sector is totally relevant on
the FSSAI laws.
As per the FSSAI law the food manufacturers, hotel owners are mandatory to do the testing of their
food samples. So, also there are new food manufacturer chain is deploying into the market and they
are aware about testing part but not aware about the testing parameters.
Also, as per law manufacturers should do their testing within 3 months or 6 months. and if a
particular client closes the deal with AMC (Annual Maintenance Contract) then the food samples are
tested in some intervals for entire year. also, nutritional labelling part is also necessary to print on the
food product so the nutritional readings are also extract by the company from the food sample and
this nutritional labelling is different from product to product.
Also, equinox giving the food safety compliance training to the food industry and doing the kitchen
hygiene audits which gives the idea about how to handle the food, how the packaging of the food is
necessary.
So, these are the necessary services to food industry that we cannot neglect so there is no fear of
obsoleting the company’s services.

48
5. FINDINGS, SUGGESTIONS & CONCLUSION

49
 5.1 FINDINGS

 Equinox lab is exactly knowing their target audience.

 Equinox lab promoting their services very aggressively in their target market.

 Equinox lab trying to cover the maximum conversion.

 Equinox lab is successful in the winning the attention marathon of their service buyers.

 Equinox lab is focusing regularly on the positioning and branding of the company.

 Equinox lab is very well known about their competitors in the market.

50
 5.2 SUGGESTIONS

 After using sales strategy for market development when lead gets generated then equinox should

follow up lead until they get a definitive answer. Sometimes sales team left the lead without follow

up and lead goes to their competitor.

 Handsome Discounts on AMC can be a good sales strategy to attract the prospect customer and easy

to develop market for organization.

 Another sales strategy is to provide the in-detail solution to client for their food sample. The problem

which is arise in their food product e.g. what to do for overcoming on the dryness of the product.

 Equinox should hire or develop the R&D department for the problems which are raised into making

of sales strategy and market development.

 Also I suggest that on website equinox should mention that which parameters are their scope and

which are not!

51
 5.3 CONCLUSION

The conclusion that can be drawn after carrying out the research conducted with the employees of
the company is sales strategy is important thing for to develop market in their industry. So, sales
strategy is a technique formulating the sales strength, applying sales skills to constantly improvise
and exceeds the sales target. An efficient sales strategy can be a massive turnabout for an
organization in its long run. Also, here company tries to create the awareness of FSSAI laws and
parameters which are mandatory for manufacturing industries. And want to create a good hygiene
level for food industry.

So, there is very great impact of digital platforms to making sales strategies and market development
of this service sector. Because of the use of the digital platform reach to the target audience is
increase and creating more and more leads is very easily.

Equinox labs is giving in detail training about food safety compliances and also train the food
manufacturers and hotels and restaurants how to handle the food, how is the packaging of a food for
better shelf life etc. Another reason is to becoming India’s leading testing laboratory is PAN India
distribution network and free sample collection in major metro.

52
 BIBLOGRAPHY

 www.equinoxlab.com

 www.hubspot.com

 www.google.com

 www.leveleleven.com

 www.varnianalyticallabs.in

 www.geochem.net.in

 www.bbamantra.com

 www.alicecheiman.com

 www.study.com

 www.indiamart.com

53
 ANNEXURE

1. Does the company develop the selling strategies for selling its services?
Yes () No ()
2. Do you use any unique selling strategies to positioning your company in the market?
Yes () No () Maybe ()
3. How does the company estimate its market potential?
By periodic sales forecasts ()
By relying on post sales ()
By maintaining database ()
All of the above ()
4. What is your target market or preference for market development of testing services?
Hotels & Restaurants ()
Food Manufacturers ()
Schools & Hospitals ()
All of the above ()
5. Do, the chosen target market have sales potential for your service which is?
Adequate ()
Clogged with intense competitor ()
Full of Opportunities ()
6. Does the company have its unique selling proposition that gives its distinctiveness over others?
Yes () No () Maybe ()
7. By using digital media will your industry develop in the market?
Yes () No () Maybe ()
8. What kind of digital media you will use for market development?
Instagram ()
What’s app ()
Facebook ()
LinkedIn ()
All of the above ()
9. Do you feel, your company has capability to compete with international companies?
Yes () No () Maybe ()
10. Do you feel, there is fear of company’s service becoming obsolete in near future?
54
Yes () No () Maybe ()

55