Answer: sales promotion 14) _____ involves sending letters or catalogues to reach potential customers. 61) Which of the following best describes business strategy? Paid Form: Advertising requires the advertiser (also called sponsor) to pay to create an advertising message, to buy advertising media slot, and to monitor advertising efforts. Premium pricing requires discipline as it limits the quantity that can be sold. Coupons: The distribution of coupons is a common sales promotion tactic to encourage customer sales. Product-based promotions include free goods and generous return policies. The possible objectives for marketing promotions may include the following: Build Awareness. The focus of advertising to create reason for purchase the focus of promotion is to create an incentive to buy. What objectives do the IMF and the WTO have in common? A project objective is a statement that describes the “what” of your project. Thirdly, […] The main objective of sales promotion is to bring about a change in the demand pattern of products and services. Consumer incentives could be samples, coupons, free trial and demonstration. 20) Identify the objective of trade promotions. For a firm’s promotion to be effective, its promotion objectives must be clearly defined – because the right promotion blend depends on what the firm wants to accomplish. The objective of Consumer sales promotions might be various. iii. Building Product Awareness – Several sales promotion techniques are highly effective in exposing customers to products for the first time and can serve as a key promotional component in the early stages of new product introduction. Answer: get channels to carry the product and promote it: 21) Which of the following statements is true regarding sales promotion? Potential customers must know something about a product if they are to buy at all. Basically, sales promotion has three specific objectives. In sales promotion the activities like discounts, gifts, contests, premiums, displays and coupons are included. These statements ladder up to the goals … It, thus includes trade shows and exhibits, combining, sampling, premiums, trade, allowances, sales and dealer incentives, set of packs, consumer education and demonstration activities, rebates, bonus, packs, point of purchase material and direct mail.” Objectives of Sales Promotion: Sales promotion is a vital bridge or a connecting link between personal selling and advertising. Brand Recognition The percentage of your target market who recognize your brand from its name or visual symbols. It’s helpful to think of the three basic promotion objectives, each of which is discussed below: 1. Some possible objectives of promotion for any company may include: Building Awareness. ii. Q42. Let’s take a look on these various types of objectives. The second objective is to convince and influence the potential buyers through persuasive measures. Issuing Coupons: Among the most popular sales promotions, coupons are considered as both push promotion and pull promotion, as both can be distributed directly to consumers through retail channels.Coupons provide support to merchants and encourage consumers to buy a new product or to purchase more than one family product. These activities add value to the product. Often, promotional strategies include more than one objective. ADVERTISEMENTS: Following are the objectives of sales promotion: i. For example, a neighborhood improvement group might develop an objective for having an increased amount of home repair taking place (the behavior) and fewer houses with broken or boarded-up windows (the result). Objectives of Promotional Strategies. These objectives look at changing the behaviors of people (what they are doing and saying) and the products (or results) of their behaviors. Creative promotions and offer incentives can motivate clients and boost repurchase rates. Manufacturers need solid relationships with retailers, wholesalers and distributors. Characteristics Of Advertising. An existing customer might be asked to use a Scratch card so that he receives a gift. What Are Project Objectives? What phrase best describes relationship marketing? These are simply the short-term achievements that can help you attain your company’s long-term goals. Often, a product or brand may need to create an identity within the market. Sales promotion includes activities that seek to directly induce or indirectly serve as incentives to motivate, a desired response on the part of the target customers company sales people and middle men and their sales force. Which of the following is NOT a closing technique A reviewing points of from AA 1 Types of Sales promotion strategies. They are typically designed to be measurable using one of the following techniques. First, it is meant to provide important marketing information to the potential buyers. 1. Trade marketing is a discipline of marketing that relates to increasing the demand at wholesaler, retailer, or distributor level rather than at the consumer level. Fundamentally, however there are three basic objectives of promotion. Community-level outcome objectives. Trial: the companies which are in their introduction stage generally work for this objective. They should provide information about your product or service, build awareness, differentiate your product or service, pique consumer interest, stimulate demand and reinforce the brand. Answer: Like customer-oriented promotions, trade promotions, or incentives offered to the members of the channel system, can also be divided into groups based on their characteristics. New products and new organizations are often unknown to a market, which means initial promotional efforts must focus on establishing an identity. Trade incentive could be price off, free goods and allowances. At the end, the result should be an action from the consumer. These are to present information to consumers as well as others, to increase demand, and to differentiate a product. A trade sales promotion is targeted at resellers—wholesalers and retailers—who distribute manufacturers' products to the ultimate consumers. A promotional plan can have a wide range of objectives, including sales increases, new product acceptance, creation of brand equity, positioning, competitive retaliations, or the creation of a corporate image. Sales force incentive could be convention, trade shows, competition among sales people. Premium Pricing Charging a high price that is never or rarely discounted to preserve the status or quality of your brand. Tool For Promotion: Advertising is an element of the promotion mix of an organization. Adverts and articles will bring more eyeballs onto your brand. It motivates sales force to give desire emphasis on new accounts, latent accounts, new products and new territories. For the most part, this applies to a new company, a new brand or a new product. Promotion can be launched directed at consumer or trade. 30) Which of the following best describes the type of information a marketing manager would need to know when determining the competitor's major objectives? Promotional objectives are goals of marketing communications such as advertising. Return policies allow the channel to return unsold merchandise for a full or partial refund, reducing the risk of carrying the product. The entire marketing plan begins with the marketing mix, which consists of the four Ps: product, place, promotion and price. The tangible and measurable “what”. No two promotional efforts are alike in the details, but general objectives usually drive every one. Selected Answer Incorrect None Given Correct Answer Correcta False Question 4 0 from JSOM MKT6301 at University of Texas, Dallas It is common for large brands to advertise with the objective of building and maintaining brand recognition. 19) Promotions targeting channels of distribution in an effort to get the channels to carry and promote the product are known as: Answer: trade promotions. The bottom line is: people love special treatment. Purpose of Promotion. The International Monetary Fund (IMF) is an international organization of 190 member countries that works to ensure the stability of the international monetary and financial system. Launch better advertising campaign and use aggressive sales promotions like trade-deals, discounts, premiums, contests etc is (1) Modifying the market mix (2) Modifying the market (3) Modifying the product (4) Modifying the process (5) None of these View Answer / Hide Answer These objectives are for both marketers and traders. Meeting these two objectives requires complex strategies such as yield management and revenue management. 3. Trade promotions. This includes the promotional steps needed to sell the brand’s offered products and services. These objectives include the reduction of distortions and impediments to international trade, promotion of effective and adequate protection of intellectual property rights, and ensuring that measures and procedures to enforce intellectual property rights do not themselves become barriers to legitimate trade. Sales promotion is a tool used to achieve most of the five major promotional objectives discussed in the Promotion Decisions Tutorial:. A consumer might be asked to test a sample of a completely new perfume in the market and rate it. A promotional strategy provides a road map for making potential customers aware of your products and services. 12) Which of the following best describes any communication form that sends messages directly to a target market with the anticipation of an immediate or short-term response? Answer: whether they are pursuing growth or profit-related objectives: 31) Which of the following levels of competition can be determined from observation and external data sources? Informing. It improves the performance of middlemen and acts as a supplement to advertising and personal selling. 2. The “what” that’s achievable, realistic, and can be completed within the time allowed. Marketing objectives are considered to be the marketing strategies set in order to obtain the objectives of the given organization. Trade magazines and websites. Answer: direct marketing 13) Which of the following is not a way to implement direct marketing? a. reciprocal trading in terms of buying and selling from each others' companies b. contacts with customers over time rather than over single transactions c. a small number of customers to whom the best standard of customer care is given d. quality products delivered exactly when required e. The objectives of a sales promotion is to increase consumer demand, stimulate market demand, to get potential buyers to heed a call to action, increase the size of purchases and improve product availability using media and non-media marketing communications. Evaluation, length of promotion, size of incentive, deciding how to promote and distribute the promotion program itself is the part of _____ (1) Tools (2) Objectives (3) Developing sales promotion program (4) Rapid growth of sales promotion (5) None of these View Answer / Hide Answer The trial objective is the one which involves convincing the customers to buy the new product introduced in the market. Sales Promotion Techniques. Operational performance objectives are the areas of operational performance that a company tries to improve, in a bid to meet its corporate strategy. Definition: Trade marketing is a wider marketing discipline that aims to increase demand with supply chain partners such as wholesalers, retailers, or at the distributor level, rather than just at the customer level. Q5. However, there is a need to continue with Brand Management strategies to sustain the need at the consumer end. 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