Consumer Sales Promotion Flashcards, test questions and answers
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What is Consumer Sales Promotion?
Consumer sales promotion is an important marketing strategy used by businesses to attract and retain customers. It involves using various tactics, such as discounts, coupons, contests, and loyalty programs, to encourage purchases and increase customer loyalty. Companies can use consumer sales promotion to boost sales of a particular product line or generate new leads for their business.Discounts are one of the most popular forms of consumer sales promotion. Discounts allow companies to offer lower prices on goods or services in order to make them more attractive to consumers. This could be done in the form of percentage-off deals or buy-one-get-one offers which motivate shoppers who may have been reluctant otherwise due to price points being too high initially. Coupons are also another popular way for brands to give value back to customers who purchase their products. By offering special coupon codes that provide additional savings on top of already discounted prices, companies can reward loyal customers and spur additional purchases from those who weren’t aware of the discount before redeeming the coupon code. Contests are another effective way for businesses to engage with customers while simultaneously promoting their products/services/brand overall. Customers love participating in contests because they often come with prizes like gift cards or other merchandise that entice people into trying out new products in exchange for their chance at winning something valuable. Additionally, these contests tend to create positive word-of-mouth buzz around your company since it makes people feel rewarded just for giving you a chance. Finally, loyalty programs are great tools for providing ongoing discounts and incentives that keep loyal customers coming back again and again – many times without even needing any additional promotional effort. By offering exclusive rewards like free shipping or limited edition items only available through the program which incentivizes repeat purchases from existing shoppers (which drives up revenue) as well as bringing in potential new ones who want access as well. Overall, consumer sales promotion is an invaluable marketing tool used by businesses across all industries – large or small – looking to not only increase current sale volumes but also retain existing clients long term due its ability foster brand loyalty over time.