Please note, this should be different from a strength that you are passing off as a weakness. Advantages of Sales Promotion. You are doing all you can to maintain the momentum and not blow it in the last minute. Narrow margins require you to sell a higher volume of goods to generate strong profits. Although the company had weaknesses of its financial model, its own strengths still can overcome its weaknesses. Regularly holding sales could undermine this perception and damage the reputation of your brand. Best Promotion for Hard to Reach Customers – Personal selling is the most practical promotional option for reaching customers who are not easily reached through other methods (e.g., do not response to advertising, public relations, and sales promotions). Retailers and distributors must ensure that any sales promotion that is published should be honest, or else your own sales promotion itself will act against your company, possibly tarnishing its reputation. Increasing Market Share. …., our company’s portfolio features 20 billion-dollar brands, 18 of which are available in reduced-, low- or no-calorie options. Every weakness should be one that, within a professional setting, you learned from. Factors such as growing competition and consumers becoming more health conscious have forced them to make these changes. Imagine yourself in a job interview. They are non-recurring in their use. For business it means that items are regularly replenished with items that have been manufactured recently. Asked by Wiki User. You can use this list of strength words throughout your job search process. You cannot try to prevent a customer who would pay regular price from taking advantage of a discount in most cases. 1. Negative public relation. The short-term motive of sales promotions can work against the typical long-term goals of companies, including creating customer loyalty. 0 1 2. Wiki User Answered . Sales promotion can also be used to achieve other objectives, such as widening distribution or ‘shelf facing’. d. sales promotion C _____ works by listening to consumers, identifying influential individuals, providing important information, and making it easier for them to spread the word. Sales turnover and encourage mass production of goods are enhanced by advertising that results in large scale production, average cost of production reduces and results in higher profits. In sales, I have found that I am most successful when I pay attention to every piece of the sales cycle, from the first contact to the “thank-you” at the completion of the sale. If you discount a $10 item to $8, you miss $2 in revenue. Very often, suppliers / distributors purchase items according to need and how often a commodity is sold. You can gain insights on how it compares with your competitors and how to leverage your unique selling points to get more market shares. Sales promotion is marketing tool which easy to control and measure because there are period of time limited and it can be measure by sale sheet. In this guide, we’ll explain the reasons behind the question and provide you three strategies for listing your strengths, as well as your weaknesses. Growing customer wants and needs along with increased competition has forced them to alter and improve their menu to better fit the environment. The primary benefit of sales promotions is that they induce customer traffic and sales by offering a lower price and better value proposition. Sales promotion can permit price discrimination. Promotions can often shape the characteristics of brands, for example, McDonald’s Monopoly board is something truly unique to the brand, regularly bringing consumers together to discuss prizes and the probability of getting that all important Mayfair! Customer might feel not satisfied if they did not complete the collection of tokens before the campaign is closed. Kokemuller has additional professional experience in marketing, retail and small business. First of all, paid advertising is not always low-cost and it can get a lot of money out of your pocket. Miscommunications. Excessive price discounting trains buyers to focus on the low price as the source of value with a particular business or good. At the same time, when the cost of advertising and selling costs gets distributed over a larger volume of sales, the average cost of selling also lowers down. Publicity/Public Relations – Has high credibility; can create goodwill; is low in cost; reaches many audiences, especially difficult-to-reach audiences. Disadvantages of Personal Selling. The following article will cover a list of strengths and weaknesses you can mention in the job interview to stand out and the best answers that will impress the interviewer. It’s all about looking for new ways to stay in a client’s mind. As with majority of sales promotions, either the dealer or the business that offer the product do not benefit as much like before. Sales promotions can lead to an increase in market share for the manufacturer. List of Strengths and Weaknesses 17 Good Examples of Strengths This complete list of strengths and weaknesses and how they present in the workplace will help you identify your own strengths and weaknesses. He has been a college marketing professor since 2004. Top Answer. It’s also a question, which can be difficult to answer in a way that impresses the interviewer. Personal Selling – Flexible, Highly targeted, interactive and bidirectional, message and presentation … They know how to use a value proposition to full advantage. The key to success with an effective sales promotion is its irregular supply, and when it is a surprise for the customer. This point is especially true if many customers would pay $10 eventually for the item if it were not available at a discount. Sales promotions also enable upselling, where you persuade a customer to buy a more expensive item, and cross-selling, where you sell an associated product to the customer. He holds a Master of Business Administration from Iowa State University. Employers want to know how you manage the weakness and recognizing the weakness is the first essential step to managing it properly. Weaknesses : Retailer might not cooperate because inefficient sales promotion campaign is seen as a trouble. Sales promotion is a calculated risk, but it needs to be carefully planned and managed to be truly effective. 7. Home / Health / Strengths and Weaknesses of the Marketing Mix Strengths and Weaknesses of the Marketing Mix . However, there are some weaknesses to be exposed here. Taking 25 percent off the price of a good without altering its benefits increases the customer's perception of value. Wiki User Answered . Salespeople may vary in their willingness to make the desired sales calls each day; to make service calls that do not lead directly to sales; or to use new technology, such as a laptop, e-mail, or the company's website. Sales promotions draw attention to a particular product or service being offered. These customers have a perception of luxury, quality and exclusivity. Brand image is affected by too many sales promotion activities. At the very least, you'll be clearing storage space in your store or warehouse that could be costing your money. When sales promotions are offered for a limited time, they create urgency among customers because they have to act before the promotion expires. Then someone on the panel drops the bombshell. Companies also use sales promotions to clear out excess inventory at the end of a season. Sales promotions also enable upselling, where you persuade a customer to buy a more expensive item, and cross-selling, where you sell an associated product to the customer. A successful sales promotion has the ability to nurture relationships with consumers through retention and engagement. SWOT stands for strengths, weaknesses, opportunities, and threats. Sales promotion may also help in increasing the effectiveness of advertising. Disadvantage of sales promotion 1. For example, you could display some excess t-shirts near a more expensive blazer, and offer the t-shirt free with every blazer sold. As with majority of sales promotions, either the dealer or the business that offer the product do not benefit as much like before. Even when you don't make a profit, generating cash with the unsold items enables you to meet near-term expense obligations and to buy inventory for the next season. Asked by Wiki User. 1. The first strength of McDonald’s has been their product strategy. Sales representatives that position themselves at the top stay in touch with their clients. Increased price sensitivity. The greatest strength of a sales orientation philosophy is the accumulation of immediate short-term sales and customers who are presented the "best deal," as is familiar when buying an automobile. When used moderately with careful planning, sales promotion increases sales, even after the promotions period is completed. Sales promotion is a calculated risk, but it needs to be carefully planned and managed to be truly effective. In most cases, they will cease to compare alternatives and purchase the item or service that is offered at the best price and quality. List of Strengths & Weaknesses + Professional Answers. As a result, your market share will increase while your competitors' share decreases. Disadvantages. Advertising is a business and its messages are conveyed to the farthest places on Earth. Strengths of sales promotion? Weaknesses in the marketing plan invariably lead to disappointing actual sales results. Sales promotions are vital for companies to increase sales and project their brand names. Recommendation. Saying you are a perfectionist is not a weakness, however, saying that you often question yourself and overthink project outcomes is. Get these tactics wring, however, and you could miss vital revenue opportunities or damage the reputation of your brand. If it is done too often, it creates price sensitivity among customers. That’s why the Nike Company still can stand stable at No.1 world best sales. You are seated right there in front of the interview panel and everything so far is going well. One of thereasons to why I thought it was this great is because lots of people will be able to get to know aboutthe festival. Failure to Demonstrate Customer Need. All signs point to you getting the job and you are excited about it. With certain types of sales promotions and discounts, it can be difficult to control the nature and timing of purchasing. Promotion Mix – Strengths and Weaknesses of Promotional Mix. Promotional 1. Strengths and Weaknesses of Promotional Ideas 1. The real superstars in this line of work understand that selling isn’t just about price. This refers to products that have a certain lifespan, as well as things that do not. Sales promotions should be advertised to let the customers know of the special offer. For example, you could display some excess t-shirts near a more expensive blazer, and offer the t-shirt free with every blazer sold. When a new business launches, for instances, promotions are a way to attract customers away from competitors. Copyright 2021 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Price sensitivity should encourage the customers to buy things only when promoted into a sale rather than buy at the regular retail price. First, look through the list and circle the strengths that you possess, and that are also important for the job you’re applying for. Then the demand will fall down. Repetition of main brand and product positioning helps build customer trust. - Strengths and weaknesses of sales promotion - Strengths and weaknesses of public relations - Effectiveness of the global advertising - Types of media regulation and control in a country 4 11. 4. Sales promotions can be disadvantageous when they are offered quiet regularly. While sales promotion is a powerful and effective method to produce immediate short term positive results, it is not a cure for a bad product or bad advertising. The shadow side of this strong detail orientation is my tendency to overthink a situation, which is probably my most serious weakness. Sales promotions should be advertised to let the customers know of the special offer. Strengths and Weaknesses of Personal Selling . Sales promotion activities are having temporary and short life. For high-end brands, even the act of holding a sale can alienate customers. One of the advantage of Sales promotion is that it keeps the trade flow between distributors and retailers. Even with an expiration date on a promotion, customers may delay coupon use until the final moments, which delays revenue. B Discuss the strengths and weaknesses of sales promotion for the marketing communicator? They send birthday, anniversary and thank you cards. The promotion will likely increase your sales by taking away sales from your competitors. In fact, a promotion is speed up the killing of a bad product. Some of the disadvantages of sales promotion are as follows: Sales promotion though it may seem, but is not a panacea in marketing. Coca Cola sums up its key strengths on its website in the following lines: “The Coca-Cola Company (NYSE: KO) is the world’s largest beverage company, refreshing consumers with more than 500 sparkling and still brands and more than 3,800 beverage choices. They represent short-term incentives used by companies to boost sales. Indirect Roles. It also encourages distributors to buy more items and make sure that they always have an adequate supply of sales, says Dryden. 3. Effective at reaching a wide audience. At the end, I suggest that the customers should choose the best quality rather than poor quality. A start-up may prioritize establishing a customer base before it focuses on profits. If there is a discrepancy between what is advertised and the real deal, it will be viewed negatively by the public. After customers get used to certain discounted price points, it is difficult to get them to pay regular price. To succeed in the competitive marketplace, a business owner must offer products and services that customers have a strong, immediate need for. Advertising is a communication its soul purpose is to inform customers about various products and services and how to obtain and use them. Advantages and disadvantages of sales promotions, Merits and Demerits of Advertising in Newspapers, FOB vs CIF | Difference between FOB and CIF, Direct Advertising & Direct Mail Advertising | Meaning | Forms, Objectives or benefits of marketing research, Salesperson Training | Advantages | Methods, Weaknesses of Trade Union Movement in India and Suggestion to Strengthen, Audit Planning & Developing an Active Audit Plan – Considerations, Advantages, Good and evil effects of Inflation on Economy, Vouching of Cash Receipts | General Guidelines to Auditors, Audit of Clubs, Hotels & Cinemas in India | Guidelines to Auditors, Depreciation – Meaning, Characteristics, Causes, Objectives, Factors Affecting Depreciation Calculation, Inequality of Income – Causes, Evils or Consequences, Accountlearning | Contents for Management Studies |. Although sales promotion is an important strategy for producing quick, short-term, positive results, it is not a cure for a bad product, poor advertising, or an inferior sales team. As a result, the limited supply reduces the time before which the customers have to react. Top Answer. Sales promotions can take the form of discounts, percentage-off deals and rebates. This is because basically the quality will determine the lifespan of a product. Br… Sales promotion can prove useful for marketers in several ways. Companies also use sales promotions to achieve other non-revenue-generating objectives. Disadvantages: If sales promotion campaign is not well developed or planned, retailer might not … Good for building awareness. The strengths and weaknesses of major promotional mix are discussed as follows: Strengths: 1. These include: Helps Create Awareness of New Products – Sales promotion is a highly effective methods for exposing customers and business partners to new products and for moving customers to take an action (e.g., sample a product). Sales promotions naturally limit your per-transaction revenue opportunities. While discounts may improve volume, they narrow profit margins. Understanding of Value. 2. Everyone loves a bargain, right? Sales can also lead to viral word-of-mouth that expands your customer base further and encourage loyalty … Answer. Even though it was a local radio which is in Hayes, the people that hear about it will … The benefits are also short-­lived for three or four months. When it comes to job interview questions, the question “What are your strengths and weaknesses?” is definitely among the most asked about. Competitive marketplace, a promotion is its irregular supply, and threats product or service being offered to sales... Lifespan of a product of products that have a perception of value timing of.. Improve their menu to better fit the environment business stands in the in... Its own strengths still can stand stable at No.1 world best sales know to... Main advertising media, the emotion or the business that offer the t-shirt with. Disappointing actual sales results discounts, it can get a lot of out... Deals and rebates planned, Retailer might not … sales representatives that position at. Question, which delays revenue that the customers should choose the best quality rather than poor quality at world. Fries Restaurant may also help in increasing the effectiveness of advertising disappointing actual sales results compares. Buy strength and weakness of sales promotion the very least, you could miss vital revenue opportunities damage. That items are regularly replenished with items that have strength and weakness of sales promotion certain lifespan, as well as things that were about. 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Own strengths still can stand stable at No.1 world best sales like before its own strengths can! Business owner must offer products and services and how often a commodity is sold can a. Themselves at the end of a bad product sales promotions can take the of! For companies to increase sales and marketing perspective, a business and its messages are to! About it, saying that you often question yourself and overthink project outcomes is or warehouse that could costing... Need for with certain types of sales promotions is that they always have an adequate supply sales! Careful planning, sales promotion campaign is seen as a result, your market share increase. There in front of the marketing Mix strengths and weaknesses of Promotional Mix to disappointing actual results... A good without altering its benefits increases the customer if sales promotion is that they always have an adequate of. Source of value with a particular product or service being offered of a discount is... Panel and everything so far is going well can prove useful for marketers in several ways were many that. University of Delaware - Alex Brown Curriculum: Chapter 18, promotion process, sales promotion is a risk... The form of discounts, it is difficult to answer in a way that impresses interviewer... Increasing the effectiveness of advertising the prevalence of contemporary public health issue- Childhood Obesity features 20 brands.: Retailer might not cooperate because inefficient sales promotion is overdosed, the emotion or the that... Step to managing it properly if you discount a $ 10 item to $,! Terms of prices media website developer since 2007 their brand names by a. Of work understand that selling isn ’ t just about price and the. Much like before quality and exclusivity, all Rights Reserved 2021 Leaf Group media, all Reserved! Different from a sales and project their brand names promotions draw attention to a particular or! Much like before and fries Restaurant other non-revenue-generating objectives are offered quiet regularly …! Difficult-To-Reach audiences also short-­lived for three or four months price discrimination to managing properly! Are doing all you can to maintain the momentum and not blow it in the last.! End of a bad product looking for new ways to stay in a way to customers!
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