/ Marketing / The importance of motivation in a sales environment; The importance of motivation in a sales environment . Content Guidelines 2. Sales promotions are short-term incentives that are done to encourage the purchase or sale of a product or service [P.DALOK 200]. Loyalty programs can be an effective sales promotion tool and allow you to track and measure your results. For Selling the Goods in Imperfect Market, Every market is the imperfect market. While sales promotions can often be done cheaply, there should always be a line item for this activity in the budget, no matter how small because the support can in turn increase the efficiency and impact of the sales promotion. Because sales promotion can attract attention and motivate trial purchase, … There are many firms who are not been able to afford the high pieces and hence are resorting to sales promotions which otherwise they are finding more effective. it helps to introduce new products in the market by drawing the attention of potential customers; iii. Sales promotion is an important part of manufacturers marketing efforts to wholesalers and retailers. Report a Violation, Sales Promotion: Elements, Methods and Advantages of Sales Promotion, Sales Promotion: Meaning, Definition, Objectives and Importance of Sales Promotion. Basically, sales promotion policies supplement the efforts of personal and impersonal salesmanship (advertising). It is a part of marketing strategy. Marketing specialists have mentioned that use of sales promotion has dramatically increased in past decade. 15 Major Importance of Creativity in Entrepreneurship. Sales promotion is an important component of a company's marketing communication strategy along with advertising, public relations, and personal selling. Presently there are many brands which are selling in the market and because of this increasing competition and presence of so many brands, the retailers and distributors are finding it very difficult to anticipate future sales. Gifting. Shoppers have learnt pretty well that they are supposed to be smart and make their purchases exactly as and when they have the best offers being given by the retailers and manufacturers. Engender customer loyalty. Sales promotions often involve working with other organizations. Take for exampl… In the imperfect market conditions, the product cannot be sold easily only on the basis of price differentiation. Manufacturers are locked into defensive reactive escalation of sale promotional expenditures. What are the Disadvantages of Sales Promotion? The primary objective of a sales promotion is to improve a company’s sales by predicting and modifying your target customer’s purchasing behaviour and patterns. Another reason which goes hand in hand in increasing sales promotions budget is decreased brand loyalty. They have learnt overtime that brands with promo offers need not necessarily be of bad quality. Increasing importance of sales promotions as a percentage of the total advertising and promotional budget and increasing at a rate of 12 percent per year over the last 10 years, studies that strive to understand the impact of sales promotions on consumers are very important. Promotional activities increase the sales by changing the elasticity of demand of the product through various techniques, like, by distributing samples, free purchase, premiums, discounts, etc. Enter your email below to get access to Our All helpful Tips and Articles, Sales Promotion: Meaning Features Importance Objectives. Sales promotion is important for manufacturers because i. it helps to increase sales in a competitive market and thus, increases profits; ii. Sales promotion encourages dealers and distributors to sell the product more. Stimulate Trial Purchase. Sales Promotion: Definition, Purpose and Importance. The main purpose of all promotional activities is to increase the sales of the products of the company. No business will ever need to run any promotions if there wasn’t any competition. Show More. The sales promotion activities help in promoting the sales of the concern effectively. Sales promotion is an important component of a promotion campaigning programme. Sales promotion is a handy technique to fulfil the short term sales goals by persuading potential customers to buy the product. The producer generally provides information regarding the quality, uses, different uses of the products and the price, etc. 18 Reasons and the Importance of Product Innovation (Explained), 20 Importance of The Study of Business Environment. 15 Reasons for the Occurrence of Industrial Conflicts, How to Make a Successful Participative Management, 10 Basic Limitations of Workers Participation in Management. Privacy Policy 8. The sales promotion activities help in promoting the sales of the concern effectively. It is a part of marketing strategy. To develop favorable consumer experience. eval(ez_write_tag([[300,250],'googlesir_com-leader-3','ezslot_17',123,'0','0']));More and more promotional activities are required to induce the customers to purchase more and more products and Thus they produce the demand. Sales promotion acts as a bridge between advertising and personal selling. Image Guidelines 5. The growth of large scale retailers, such a Supermarket, chain stores, etc. Advertising certain items in web advertisements, seasonal catalogues, sales flyers, magazines and/or other print media, with or without discounting the item. Also the customers are also not very happy with the advertisement clutter which hampers their normal viewing of any program. Managing self space against the competition. Sales promotion encourages consumers also to buy the product. If one company cuts its sales promotions, it will suffer short-term loss, chances are that competitors will take advantage of that, the company increases its sales promotional expenditures short term increase of sales might be very small because competitor reacts. Introduction Sales promotion is one of the seven aspects of the promotional mix, which are advertising personal selling, direct marketing publicity/ public relations, corporate image and exhibitions. Sales promotion is newly accepted by management as an effective sales tool. Consumer responsiveness to money saving options: Another explanation the change in reactions and responsiveness of customers towards these promotions. So inventory is piling up and they need sales promotion from time to time to clear these stocks. In the imperfect market conditions, the product cannot be sold easily on the basis of price differentiation. Thus, all marketing activities are undertaken to increase sales. Sales are the lifeblood of a business—without sales there would be no business in the first place; therefore it is very important that if a business wants to succeed, it should have a sales promotion strategy in mind. So, in order to aid the retailers and also to ensure that share of shelf space, many manufacturers have taken to sales promotion activities. A reduced price or offer of a rebate may stimulate trial purchase. Trigger of First Impressions – Often, customers’ first perception of a product is formed as soon as they learn the price . In its first year, a company might spend as much as half of its sales on marketing programs. Large-scale selling is possible only with the help of promotional activities. In slack season, the promotional activities help in maintaining the sales of the product, Customers and middleman are offered attractive discounts and free gifts along with their products to induce the persons to purchase their products. The customer is attracted to purchase the goods on the basis of such information. It is found that good sales promotion materials make sales of men’s efforts more productive. The primary objective of a sales promotion is to improve a company’s sales by predicting and modifying your target customer’s purchasing behaviour and patterns. Before publishing your articles on this site, please read the following pages: 1. There are several reasons explaining this phenomena: Increased brand parity and price sensitivity of consumer: With more brand choices available to the consumer and with the fact that product differences are becoming less and less apparent, consumers are becoming more and more reliant to the price and price incentives. Promotion is a key element in putting across the benefits of your product or service to the customers. Sales is a common promotional approach used by companies that market goods and services to consumers or organizational buyers. The most important purpose that a promotion serves is that it sets a business apart from its competitors. Notify me of follow-up comments by email. However, promotions can be planned to increase sales over a long period within a specific market segment, so it is not always about immediate results. Sales promotion is an important component of a company's marketing communication strategy along with advertising, public relations, and personal selling. Sales promotions are short-term incentives that are done to encourage the purchase or sale of a product or service [P.DALOK 200]. vii. The producers have spent much more amount on sales promotion than on advertisement. Functions of Sales Promotion. The importance of motivation in a sales environment. Especially for products like food, beverages, and appliances. This leads to virtually a, 4. Sales promotions are a great way to build year-over-year and month-over-month revenue growth. Sales promotions can be one of the best tools for retaining customers and increasing your share of their wallet. Related: Top 7 Powerful Techniques of Inventory Control for Stock Management. Effective sales promotions can influence customers to make on-the-spot purchases. One well-planned, far-reaching promotion is better than heaps of little one-offs that bear no relation to the overall strategy. He can adopt several ways for that purpose. Content Filtrations 6. Related. CODES (5 days ago) The importance of sales promotion increase is due to the thinking of new ideas for creating a favourable condition of selling, promoting sales and future expansion of sales. Due to the adversity of markets, the importance of sales promotion has increased tremendously. An appealing sales promotions can be notable by increasing customer traffic to retail outlets. As … Sales promotion helps to remove the consumer ’s dissatisfaction about a particular product and manufacturer. Along with advertising, public relations and personal selling, sales promotion is one of four key tools for marketing communication. Selling commonly includes face-to-face meetings between sales representatives and prospective buyers. The importance of sales promotion is the unique role it plays in the marketing mix. The promotions can encourage customers to try your product or company, increase their frequency or quantity of purchases, they can help you build your database, cross-sell and extend and reinforce your brand. Sales Promotion Specialists Are Available As a result of economic liberalization, the number of management institutions has increased. 24.2 Meaning of Sales Promotion Every businessman wants to increase the sale of goods that he deals in. In particular, it enables the marketer to add time urgency and other behavioral influences to the promotion campaign. Thus, promotional activities are necessary for selling the product successfully. This gives a chance to the retailers to play around with the manufacturers. It attracts prospective customers to new products along with the increase in demand for old products. The middleman wholesalers and retailers have induced the Purchase more stock by offering more facilities such as credit facilities, higher trade, and cash discount and free gifts, etc. So if the promotion is well planned, measuring the impact is also very easy. As mentioned before, salespeople bridge the gap between customer needs and the product/service that fulfils that need. Top 5 Important Determinants of Promotion Mix (Explained). Sales promotion acts as a bridge between advertising and personal selling. Plagiarism Prevention 4. Sales promotion is a category of the promotional mix, alongside advertising, personal selling and public relations. Increased Standard of Living and Employment Opportunities. Today advertising in any media has become very expensive. A business can promote itself through and effective sales promotion because it says something about work and helps the business to identify themselves. The Importance Of Marketing Strategy 886 Words | 4 Pages. Sales Promotion – Top 7 Importance. As the promotional activities cannot be performed without the help of an effective Salesforce and the specialists in the field, employment opportunities are open for a large number of people. It is an important promotional strategy to – Spread information about the brand to new customers or new market Stabilize sales volume and fulfil short-term sales goals For example, the results of NCH Consumer Survey indicate that on average 80.5 percent of consumers in US used coupons over the period of 1996- 1999. Disclaimer 9. Increase in volume of production and sales decreases per unit cost. to the customers while introducing the product. to the customers while introducing the product. Sales promotion is very important as well as effective method for manufacturers to supply products to target market. It can be specific tool of the marketing strategy of an enterprise. Top 10 Need & Importance of Workers Participation in Management. To get benefits of the Economics of scale. Everybody wants prime space, especially during new product introduction. Emphasis on sales volume directly contributes to the revenues of firms. In this way, promotional activities increase the standard of living by providing better goods at lower rates (due to large scale production and selling). An element of promotion mix – Sales promotion is one of the important elements of promotion mix, other than advertising, personal selling and publicity. Well-designed marketing and promotional strategies ensure long-term success, bring in more customers and ensure profitability for businesses. The intense competition has necessitated the sales promotion activities. Due to the diversity of the market, the importance of sales promotion has increased tremendously. Sales promotion helps remove the consumer’s dissatisfaction about a particular product, manufacturer, and create brand-image in the minds of the consumers and the users. Sales promotions give potential customers an additional reason to consider doing business with you and your company. Prohibited Content 3. To earn the benefits of Economics of scale. 15 Factors that Affecting Market Segmentation. (Blattberg, Neslin 1990). More and more promotional activities are required to induce the customers to purchase more and more products and Thus they produce the demand. Another reason is coming from the roots of corporate culture and the reward and promotion strategy within corporations. The distance between Producers and consumer has so widened in present days that to get them acquainted with the product. Often, salespeople are dealing with already warmed up prospects who have an existing awareness of the company through marketing and advertising efforts, and it’s the job of the salesperson to close the deal by introducing further information and helping the customer make those connections. 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. Due to the adversity of markets, the importance of sales promotion has increased tremendously. Imaginatively and carefully planned sales promotions can deliver long-term benefits to an organization. Very often it would be seen that one product is widely used in one sector and not … have brought greater pressure on manufacturers for support and allowance. In the conditions of severe competition, there is increasing pressure on brand managers to show fast results in terms of increased sales and nothing is as effective in short run as sales promotions to achieve this goal. Updated on: September 23, 2019 Leave a Comment. There are also a number of other factors that have led to the increase in the importance of sales promotion and the shift in marketing dollars from media advertising to consumer and trade promotions. In the, 2. Sales promotion does not include advertising, personal selling, and publicity. Sales promo is one of the seven aspects of the marketing mix, which are promoting individual selling, direct marketing promotion/ public relations, corporate image and exhibits. viii. Importance of Sales Promotion for a Company! These promotional objectives represent more than wishful … Tough this work is done by advertisement but other promotional activities help achieve the objectives. The business world today is a world of competition. Importance of Sales Promotion. However, the phenomenon of sales promotion is not studied vary widely. But this could be achieved only with appropriate methods of largescale selling. can be used faster than the other promotion methods such as advertisement. The importance of promotion can be briefly shown below: Sales of the goods in imperfect market: Promotion helps in the sales of the goods in imperfect market. Previous post: How QR Codes Can be Used to Share Your Content. Role and Importance of Sales Promotion Nothing happens until somebody sales something. Distance Between Producers and Consumers. Sales promotion is the process of persuading a potential customer to buy the product. This has lead to the availability of specialists, who are not only well paid but can handle this specialized work more efficiently in the current market conditions, where sales promotion has become more important. Sales promotion consists of those activities that are designed to bring a company’s goods or services to the favorable attention of consumers. Your email address will not be published. Research Affirms the Promotional Advantage . This could help in building mutually beneficial relationships, leading to sponsorships. when a new product is introduced or there is a change of fashion or taste of consumers, existing stocks can be quickly disposed off; iv. You might have heard about “lakhpati bano”, “win a tour to Singapore”, Sales promotion is very important as it not only helps to boost sales but it also helps a business to draw new customers while at the same time retaining older ones. On the basis of the meaning of sales promotion, the following are characteristics of sales promotion may be enumerated-, Related: 17 Importance and Role of Small-Scale Industries (Economy). Business owners also count on sales promotions to: Sustain customers' interest. We can summarise that sales promotion is a very important tool of marketing which includes samples, coupons, cash refund offers, prices off, premiums, prices, free trials, warranties, tie in promotions, point of purchase displays, and demonstrations for consumer promotion; price off, advertising and display allowance for Trade Promotion; and trade shows and conventions, contests for Salesforce promotion. The most important purpose that a promotion serves is that it sets a business apart from its competitors. Most of the sales promotion devices (such as contests, premium, coupons, etc.) Today with the retail boom, distributors and retailers are more powerful and they are actually dictating certain terms with the manufacturers. They enjoy these offers very much and respond very positively to these. To support and supplement the salesman effort. Related: 20 Importance of The Study of Business Environment. Large scale production is the theme of the day. Sales promotions are short-term incentives that are done to encourage the purchase or sale of a product or service [P.DALOK 200]. In some cases, the other components of the promotional mix support a sales promotion strategy. Some promotions like scratch card, games, contests, free premiums etc create a lot of excitement and interest among the customers. Finally the reason that is very relevant to highly competitive markets where companies find themselves constantly fighting for the smallest piece of market share – “prisoner’s dilemma” spiral – which is very similar to a price war situation. Most of the sales promotion devices (such as contests, premium, coupons, etc.) Sales promotional activities serve the following purposes: eval(ez_write_tag([[250,250],'googlesir_com-medrectangle-4','ezslot_2',101,'0','0']));eval(ez_write_tag([[250,250],'googlesir_com-medrectangle-4','ezslot_3',101,'0','1']));The producer generally provides information regarding the quality, uses, different uses of the products and the price, etc. Sales promotion acts as a bridge between advertising and personal selling. Related: 15 Factors that Affecting Market Segmentation. So unlike advertisement, where purchase after seeing the advertisement is a prolonge process, sales promotion aids in getting an immediate positive impact on the sales of any organisation. Consumers are getting used to the fact that almost always at least one brand category is on sale or on a sales promotional offer. Important Part of Sales Promotion – Many times price adjustments form a part of sales promotion that a lower price in the short term stimulates interest in the product. It is essential for the survival of a manufacturer. And as discussed earlier, the zipping and zapping cause a major loss of communication through advertisement. The shelf space since limited in the retail outlets, is creating a lot of competition among the manufacturers for that space. eval(ez_write_tag([[250,250],'googlesir_com-large-mobile-banner-2','ezslot_9',124,'0','0']));Due to the prevalent market conditions, mass selling is quite Impossible without promotional activities. No business will ever need to run any promotions if there wasn’t any competition. Required fields are marked *. To Widen Usage. The primary importance of a sales promotion is to offer an inducement to buyers, increasing sales. What are other benefits you think of around sales promotions? The intense competition has necessitated the sales promotion activities.eval(ez_write_tag([[250,250],'googlesir_com-leader-2','ezslot_10',109,'0','0']));eval(ez_write_tag([[250,250],'googlesir_com-leader-2','ezslot_11',109,'0','1'])); When one manufacturer increases his promotional spending and adopts an aggressive strategy in creating a brand image, others are also forced to follow the suit. Your email address will not be published. The importance of promotion in marketing is gradually increasing. 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. Among the most costlier are the audio visual ones which are considered to be the most effective ones. More and more promotional activities are required to induce the customers to purchase more and more products and Thus they produce the demand. – Answered. Some sales promotions are aimed at consumers. Due to the prevalent market conditions, mass selling is quite Impossible without promotional activities. z describe the importance of sales promotion in business. Shifting the burden of storage on distributors. When a firm wants to attract new users, sales promotion tools can reduce the consumers’ risk of trying something new. The issue of sales promotion has been receiving increasing attention from both advertising and marketing professionals and academicians. 17 Importance and Role of Small-Scale Industries (Economy), Top 7 Powerful Techniques of Inventory Control for Stock Management. One more reason for increasing sales promotion importance is that many product categories on the market are in the mature stage and according to the product life cycle theory, sales promotions are extremely effective in maturity stage of the product helping to boost sales. 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