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Sales promotion theory
Sales promotion theory
Importance of promotion strategy
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This week, we are focusing on one aspect of promotional activities which is sales promotion. There are different definition given to the term sales promotion by different authorities and authors, but I will be using Tanner & Raymond (2010) definition which is the activities that complement a company’s advertising, public relations and personal selling endeavours. Pg 243. For example, distributing product samples to customers, an exhibition of product in stores or trade fairs or shows and preparation of printed materials for salespeople to use or displayed at the point-of-sales. Sales promotion is aimed at final consumer and designed to motivate, persuade and remind consumers of the offering.
There are different sales promotion tools that are commonly used in Nigeria to target
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It has become an alternative to paying retail prices and it has helped families to save during economic crisis. Retailer such as Jumai who work together with MTN, a multinational mobile telecommunication company operating in Africa, et al to study what customers buy, therefore use couponing to motivate their customers to purchase electronics, dresses, shoes by offering free voucher which includes stuffs like buy 3 for 2 or buy two get one free and 10-80% off the original price.
Lastly, the required infrastructure for sales promotion such as communication, social media, contact identification, collaboration, Customer Relationship Management (CRM), and research portal is in existence in Nigeria.
To conclude, there has been an increase in the usage of sales promotion by so many industries in Nigeria which has improved the gross margin. The most significant sales promotion tools have been mentioned above. It is, therefore, important that during the sales promotion activity, that management should strategically promote it in order to counter the doubt that might be in the customers mind by using reliable or credible approach.
The average American spends $151 a week on groceries; adding up to $604 a month which is taken out of the hard earned pay check of the household. It is not a mystery why shoppers would want to use coupons to attempt to bring down this cost. Efficient shoppers understand the value of spending the time to meticulously plan each trip to the grocery store to fit in as many coupons as possible. Joanie Demer quit her job in order to spend her time maximizing the benefits from couponing. When couponing, the best way to save is doubling up the coupons to utilize the voucher to its fullest extent; extreme couponers will hoard several copies of a newspaper or magazine in order to stock up on the coupons so they can double up and have enough for the overstock they need to hold over until the next sale on that product. Jamie VanSicker gathered 185 copies of the Sunday paper in order to save big on the deals at her local grocery store, sadly to find out the paper didn’t have any coupons to clip. Religiously sticking to couponing may not be the healthiest choice, there are not many coupons are available for meat or produce, but the saving are worth the products given up. Couponing can create a few problems but overall takes the stress off the women when they know they have saved usually at least $15 off their total bill.
Discount coupons are why this store has becomes a successor of what it was in the past and
Promotional activities Reasons for identifying the activity as suitable 1.Advertisements: A communication way to announce about the availability of products or services in the market. Present to the public to help to sell the
Promotion is advertising to potential customers in and effort to create an awareness of your business. It is reasonable to believe that without the ability to advertise a company would have a difficult time generating new customers.
Promote products and services to international markets Assessment Task 2: Project – Plan promotional activities Part A: Plan and conduct promotional activities To: ceo@ttnq.com.au Subject: Getting your support of recommended promotional strategies Dear TTNQ CEO, I am sending you the required recommendations of promotional strategies for TTNQ.
Promotion will come in the form of indirect communication through such social media as well as face-to-face communication within the stores in areas that I plan to introduce the product to (Bovee, 2012, p.308). Using social media I believe it’s a great tool and the use of it could be exponential without spending a fortune to promote. Promoting within the store will better inform potential customers of the new product and hopefully encourage to purchase.
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.
Two recommendations for promoting direct-sales through consumer and the business; One is to offer incentives to its customers and second is to motivate the business to promoting its products by advertisements, establishing sales competition for employees, participating in conventions, and by endorsing franchise of its products to retail stores.
poor marketing. A firm has to get the 4P's right to make it easy to
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.
The promotional communication aims at informing and persuading the customer to buy the product and informing him about the merits of the products.
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.
People make-up the market. It is a known fact that people are different. As consumers, their needs, preferences, motivations, and behaviour will differ from one another. This makes the job of marketers challenging. How should marketers adapt their product, pricing, promotion and distribution to suit changing consumer needs, preference, motivation and behaviour at the domestic and international level ?
According to Kotler (2012), Marketing is about identifying and meeting human social needs, thus it is not only about advertising and promotion it is more than this. It includes setting competitive price, communicating effectively with potential and existing customers and also introduction of new products.
Advertising lies in the Promotion part of Marketing Mix, but it applies to all the other P's as well. Promoting one’s business is the key ingredient to making one’s business successful. Promotion, along with a great product, key placement, and a reasonable price, will help a marketer work his way to the top. Promoting does not mean leaving his advertising up to the word of mouth of his current customer.