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Hitesh Jhanji, Lovely Professional University Unit 9: Motivating and Compensating Sales Personal

Unit 9: Motivating and Compensating Sales Personal Notes

CONTENTS
Objectives
Introduction

9.1 Need for Motivation
9.2 Steps in Motivation
9.3 Motivational Theories

9.3.1 Maslow's Hierarchy of Needs
9.3.2 Herzberg
9.3.3 Vroom's Expectancy Theory
9.3.4 Adam's Inequity Theory
9.3.5 Likert's Sales Management Theory

9.3.6 Churchill, Ford and Walker Model of Sales Force Motivation
9.4 Financial Motivational Techniques
9.5 Non-financial Motivational Technique

9.6 Financial Incentives
9.7 Requirements of a Good Sales Compensation Plan
9.8 Designing a Compensation Package
9.9 Consider the Compensation Patterns in Community and Industry
9.10 Types of Compensation Plans

9.10.1 Straight Salary Plan
9.10.2 Straight Commission Plan
9.11 Factors Influencing Design of Compensation Scheme

9.12 Use of Bonus
9.13 Fringe Benefits
9.14 Summary
9.15 Keywords
9.16 Review Questions

9.17 Further Readings

Objectives

After studying this unit, you will be able to:

 Discuss the need of motivation;
 Describe the theories of motivation;

LOVELY PROFESSIONAL UNIVERSITY 115