November 27, 2013

Consumer promotion is undoubtedly an efficient and effective vehicle for marketing communications. Know More – Advantages and Disadvantages of International Trade. TOOLS OF SALES PROMOTION A.CONSUMER ORIENTED PROMOTION TOOLS Free samples Coupons Exchange scheme Discounts Premium offers Personality promotions Installment sales 6. A focused approach can force a brand to change the way they market themselves thus creating brand identity through those changes. Cash refund offers are rebates allowed from the price of the product. In such cases often claims are exaggerated and benefits in the form of sales promotion scheme is only to seller and not to buyer. Research Affirms the Promotional Advantage. It can be used at any stage of a new product introduction. Sales promotion is very important for any product, especially for newly launched and designed product. As mentioned above, sales promotion tries to capture the customers’ attention with great deals. Consumer promotions are used by retailers to induce customers to buy products or services. Consumers wait for the promotion deals to be announced and then purchase the product. Samples. In addition to this, if there are continuous and repeated sales promotions throughout the year, then there are chances of diluting the customers’ interest in the products or services. A successful sales promotion has the ability to nurture relationships with consumers through retention and engagement. Thus, advertising offers a definite and positive assurance to the consumer that he will not be overcharged for the advertised product. Customers are motivated, stimulated, and influenced to respond in a predictable manner to sales promotions. So you have contests, coupons, massive discounts, loyalty programs, and other kinds of sales promos to increase the selling of the said products or services. Sales promotions are generally looked at as tools that undermines the brand; yet a tool that is necessarily meant to speed up sales. Above all, one must always strive to be responsible consumers and avoid mindless purchases. Bundling. Sales promotion are reasonable to: to mitigate losses during low seasons; to attract attention to a company on some occasions (events); to counteract competitors’ activities; to encourage and motivate consumers. CODES (2 days ago) The benefits of the sales promotion is that it enables customers to get hands on their favorite products and services and let customers enjoy different type of discounts which ultimately calls out their impulse to buy. This is because they have been conditioned into buying things that are apparently much cheaper (though it is only a marketing strategy). Advantages of Sales Promotion. The advertisers bear the cost of newspapers, magazines and provide the reading material to the consumers at a cheaper price. The Cambridge Dictionary defines a sales promotion as an activity or series of activities done to increase sales of a particular product. Creates training opportunities for your staff – Like regular customers, your retail sales staff (or any … Sales promotion encourages dealers and distributors to sell the product more. Sales promotion team keeps on sending promotional emails and messages to customers on a regular basis to keep them engaging which leads to developing a close connection with them. A price deal … And if their product or service is of quality then their popularity only increases. It stimulates in the consumers an attitude towards the product. 2. 8 Most Important Objectives of Sales Promotion. These promotional objectives represent more than wishful thinking on the part of small-business owners. CODES (2 days ago) A sales promotion often becomes an event for the firm and then allows a company to focus all its channels of marketing. From percentage discounts and “dollars off” to BOGO and free shipping, there’s are several promotion types you could try. The aim always is that customers should feel like they can believe in your brand. ");b!=Array.prototype&&b!=Object.prototype&&(b[c]=a.value)},h="undefined"!=typeof window&&window===this?this:"undefined"!=typeof global&&null!=global?global:this,k=["String","prototype","repeat"],l=0;lb||1342177279>>=1)c+=c;return a};q!=p&&null!=q&&g(h,n,{configurable:!0,writable:!0,value:q});var t=this;function u(b,c){var a=b.split(". To sum up, the pros and cons of sales promotions are varied. Contests. Although it is expensive but powerful tool of sales promotion used to gain consumer acceptance and to popularize the product. • understand the different types of consumer and trade-oriented sales promotion tools, and the reasons for using them. o Objectives: stimulate demand o Advantages: encourages retailer support o Disadvantages: consumers delay purchases. The major sales promotion advantages are briefly explained below: Getting New Customers for Existing Product: Every organization strives to acquire more customers for their existing products. Programmes of sales promotion are more cost-efficient having … This refers to products that have a certain lifespan, as well as things that do not. Promotions are used to gain potential customers or keep current customers satisfied. SALES PROMOTION MKT 3310 Lecture 9, 2012 1 Lecture objective By the end of today’s class you should: • understand the role of sales promotion in a company's integrated marketing communications program. Hence, promos are a classic example of giving the consumers their money’s worth. Advantages of Public Relations. Some sales promotions are aimed at consumers. So, they are usually bulk offers. 4. Therefore, various sales promotional activities are devised. Sales promotion ideas can come from anywhere. Consumer & Trade Promotions As Marketing Strategies. Though they do not end up making a lot of profits through this, this does help clear out excess inventory and meet their expenses. Companies use market researchers to develop consumer promotion ideas. Sales promotion is designed to be used as a short-term tactic to boost sales – it is rarely suitable as a method of building long-term customer loyalty. ii. Advantages of sales promotion. This equals to losses for companies. A push promotional strategy, is a marketing strategy that sees companies take its products to its consumers. One of the biggest aims and advantages of sales promotion is that it helps boost the sales of a company. Know More – Advantages and Disadvantages of Business Ethics, //=a.length+e.length&&(a+=e)}b.i&&(e="&rd="+encodeURIComponent(JSON.stringify(B())),131072>=a.length+e.length&&(a+=e),c=!0);C=a;if(c){d=b.h;b=b.j;var f;if(window.XMLHttpRequest)f=new XMLHttpRequest;else if(window.ActiveXObject)try{f=new ActiveXObject("Msxml2.XMLHTTP")}catch(r){try{f=new ActiveXObject("Microsoft.XMLHTTP")}catch(D){}}f&&(f.open("POST",d+(-1==d.indexOf("?")?"? 5. It is a demand creator. It is very difficult to maintain the limited momentum that sales promotions create for the company. 3. ":"&")+"url="+encodeURIComponent(b)),f.setRequestHeader("Content-Type","application/x-www-form-urlencoded"),f.send(a))}}}function B(){var b={},c;c=document.getElementsByTagName("IMG");if(!c.length)return{};var a=c[0];if(! Spoils Product Image: Continuous use of sale promotion tools also affects the product image. During the sale promotional period, there is always an increase in the level of sales. These measures make the efforts of the salesmen more productive. Thus, the routine sales at the market price are lost and the profit margin is reduced because of the discounts to be offered during sale-season. There are many types of consumer promotions to boost sales and keep the customer coming back. Sales Promotion. Meanwhile, t. rade sales promotions are targeted to entice traders and retailers (wholesalers). Sales promotion letters, catalogues, point of purchase displays, customer service programmes, demonstrations, free samples, discounts, contests, sweepstakes, premiums and coupons are the commonly employed methods of sales promotion. These include price deals, coupons, discount codes, checkout dispensers (based on what purchases were made), reward programs, etc. So attractive offers and discounts help in gathering new and prospective customers. PLAY. The flexibility of sales promotion has the potential of being used by small and large companies, selling goods or services, and by profit and non-profit organizations. The main basis on which sales promotions work is that it will be implemented for a limited period of time. Maintains contact between the producer and the consumer; Has an educational value. ADVANTAGE OF SALES PROMOTION PRICE DISCRIMINATION EFFECT ON CONSUMER … In addition, this benefits companies and businesses because more customers means an increase in potential loyal customers. Sales promotion cannot reverse a declining sales trend: According to research done probability of repurchase after purchasing on deal will vary according to the type of sales promotion and the cues that these promotion sent (Sawyer and Dickson 1984). A RetailMeNot study of more than 1,000 adult online shoppers showed that: 94 … Better Control: Sales promotion techniques provides effective control in the hands of management for regulating the promotional activities of organization. Quick take: Sales promotions can do wonders of your top line revenue, but running them successfully isn’t just about putting up a SALE sign in your shop. Customers wait and time their purchases to coincide with promotional offers on their preferred brands. The goal of this strategy is to get the product directly in front of the customers, in the form of trade shows and point of sale displays. So let us explore the workings of sales promotion and if it is beneficial as a concept or not. We are all guilty of excessive shopping indulgences sometimes. (function(){for(var g="function"==typeof Object.defineProperties?Object.defineProperty:function(b,c,a){if(a.get||a.set)throw new TypeError("ES3 does not support getters and setters. Study Ch 15 - Advertising, Sales Promotion, and Public Relations flashcards from Eddy De La Torre's Texas A & M University-San Antonio class online, or in Brainscape's iPhone or Android app. Technological advancements have helped further an increase in sales promotions. Trade Incentives & Allowances. The main motive of consumer-oriented promotion is to increase sales directly by attracting new customers and wooing existing ones. And who can blame us when that sweater came with such a good deal? Learn faster with spaced repetition. Conclusion. And in fact, it could create negative implications for the companies. 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