3. The Role of Sales Promotions
The entrepreneurship world today is a place of competition. The company or organization with the best competition or the most competitive organization survives in the global market. Business without a competitive advantage over its competitors is easily likely to collapse. Many organizations rely on marketing activities such as sales promotion to increase sales and grab a bigger market share. Producers can end up spending a lot in personal selling and also advertising their goods and it may still not work. Offering incentives with the aim of attracting customers is what should be done to attract customers to your business (OmeSteps Introduces National Summer Sales Promotion, 2011).
Sales promotion helps to accelerate sales in the most competitive markets hence increasing profits. Sales increase as a result of offering discounts on new products and even giving price-off offers (Demand and media, Inc 2011). Sales promotion also aims at introducing new products through drawing attention of consumers who have the potential to buy. This could be achieved through offering of free samples to customers. Demonstrating the special features and characteristics of the product or service can also work. Scratch and win offers can also attract potential clients. In case of change in preference and taste or rather fashion in the market, sales promotion enables marketers to dispose the stocks at hand quickly. Another role is to stabilize the volume of sales through maintenance of the market share of the firm.
The customers can get all the important information concerning different products and their features and quality through sales promotion. Sales promotion also helps to raise the standard of living of peop...
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Other: Sometimes just by watching advertisements don’t attract the costumer. Until and unless they don’t taste it they would not trust the product, and buying a product of 3 dollars sometime feels risky. For this the most amazing solution for customers and for the company is to give this product with the other product of the same company in free, or in 10% discount. It will feel like a loss but if we see in the long run process it is kind of a profit only. To buy this product and taste it people will buy the existing product of the company. As the product becomes popular in our target market we can stop this process and start selling it in a normal
Chapters are made in short format, they are intended to convey one point and free of jargon. The author summarizes the point in one sentence in boldface italics. Hints and tips cover the conventional four P’s of marketing, which are product, place, price and promotion, in an irreverent and iconoclastic manner, nothing is sacrosanct.
Promotion - This is activities that communicate to the target market of the product, and convinces them to purchase.
Sales Promotions BUS 2201 Principles of Marketing Professor Ogechi Adeola May 24, 2016 Sales promotions are activities that complement an organizations public relation policies, advertising strategies, selling approaches. The sales promotional ideas are often short lived or temporary but can be very effective in boosting sales from new and existing customers for an organization. They are especially effective in weaker economies. Rebates are one type of a sales promotional tool.
This communication venue involves short-term incentives to encourage customers and clients to buy the product or service. A few of these marketing options include sales flyers, price discounts, and coupons for the product or service ("7 Main Types Of Promotion," 2014). This method would entice many new clients to move services from the competition, but would not be the most efficient way to market the X1 service over a long period.
Developing appropriate promotions so that customers has natural incentives to purchases more products. For instance, instead of urging advertising calls, bank tellers may recommend new services and products when customers come to the
Sales promotion tools are widely used throughout retail businesses. Anytime you go into a grocery store, there are sales promotion tools at work. Millions of dollars have been spent on these promotion tools and research on how they impact customer behavior. Sales promotion tools are “promotional activities companies do in addition to advertising, public relations, and personal selling in order to sell a product (Tanner & Raymond p. 237)”. These tools are used to encourage customers to spend more money, remain loyal to the brand and try new product offerings.
Promotion is to introduce a product to the market , and enhance the public awareness of the product. Promotion through advertising , public relations and the Internet to promote products to increase consumer spending.
With the development of global economy, the profits of enterprises are facing tougher competition and adjustment. Then the traditional sales model was not competitive any more compared with other new alternative promotion tactics. In general, the promotion will increase the overall product sales by stimulating the purchasing intention of customers and influencing customers’ behavior. For instance, a large portion of the early entrants in the market could not survive without promotion. For those enterprises that hold certain market shares by mature products, they still need promote to gain great development and larger share of the market even more profits. Furthermore, there are various forms of promotion. But coupon became
Promotion: this is to tell the customers that the products or services that is available by advertising will encourage the customers to buy the products or services by offering promotions. Sales: this provides that the goods and services are suitable to customers that they need or want. This area of department involves making sales. This function helps Sainsbury's to achieve the objectives. The way they manage to do this is by increase their sales so that it increases its market share or market segment.
I will promote mobile phone Nokia 6600. It is important to understand that sales promotion includes more than just money off voucher on the pocket of a fast moving consumer goods (FMCG) In order for the customers to purchase the Nokia 6600 from the retailer, the latter has had to be persuaded to stock the product in the first place. For this to be achieved, I will have to educate its sales- force on the distinctive selling features of the product, which is Nokia 6600 in order to help it persuade the retailer to stock it. This is picture of Nokia 6600 Components of a sales promotion Firms often refer to promotion above the line and below the line.
Market opportunities for breakfast cereals is vast, some segments of the market have been neglected, most notably that of the over-50’s. Insightful presentations were given at the “Older, Richer, Wiser” Conference that would suggest the over 50’s market segment is targetable.
Promotion. Finally comes promotion - informing the customer on the qualities and advantages of the product so that the potential buyer learns about the product, prefers it to those of the competitors, and has an opportunity to buy it at some place.
Sales promotions offer customers an incentive to buy an item. Sale promotions are promotions such as coupons, percent off, rewards and rebates. Sales promotions can be an important part of building brand equity. Sales promotions can increase sales and attract new customers.
Marketing is a fundamental aspect of all businesses, whether they are set out to make a profit, or charitable organisations - they will have to carry out marketing research of some description. It has been described as being, “the management process responsible for identifying, anticipating and satisfying customer requirements profitably.” (Chartered Institute of Marketing) This essay will explore the role of marketing in a marketing oriented business and different aspects of the external environment that a smartphone company should be aware of. The points raised throughout will be supported using relevant journals, textbooks and newspaper articles.