These customers have a perception of luxury, quality and exclusivity. A start-up may prioritize establishing a customer base before it focuses on profits. As a result, your market share will increase while your competitors' share decreases. Sales promotions naturally limit your per-transaction revenue opportunities. First, look through the list and circle the strengths that you possess, and that are also important for the job you’re applying for. Sales promotions are vital for companies to increase sales and project their brand names. Get these tactics wring, however, and you could miss vital revenue opportunities or damage the reputation of your brand. Weaknesses : Retailer might not cooperate because inefficient sales promotion campaign is seen as a trouble. 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. Brand image is affected by too many sales promotion activities. Understanding of Value. 1. Companies also use sales promotions to clear out excess inventory at the end of a season. Sales promotions can take the form of discounts, percentage-off deals and rebates. If there is a discrepancy between … Miscommunications. 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). Strengths and Weaknesses of Promotional Ideas 1. Sales promotions draw attention to a particular product or service being offered. To succeed in the competitive marketplace, a business owner must offer products and services that customers have a strong, immediate need for. Disadvantages. He has been a college marketing professor since 2004. Wiki User Answered . As with majority of sales promotions, either the dealer or the business that offer the product do not benefit as much like before. Recommendation. Companies also use sales promotions to achieve other non-revenue-generating objectives. Sales promotion can prove useful for marketers in several ways. Repetition of main brand and product positioning helps build customer trust. Throughout the past three decades they have simply been a hamburger and fries Restaurant. They are non-recurring in their use. Personal Selling – Flexible, Highly targeted, interactive and bidirectional, message and presentation … One of the reasons for their longstanding achievement is the successful marketing mix that they have been able to achieve as a … 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. B Discuss the strengths and weaknesses of sales promotion for the marketing communicator? You are seated right there in front of the interview panel and everything so far is going well. 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. At the very least, you'll be clearing storage space in your store or warehouse that could be costing your money. 2. - 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. Kokemuller has additional professional experience in marketing, retail and small business. As with majority of sales promotions, either the dealer or the business that offer the product do not benefit as much like before. Neil Kokemuller has been an active business, finance and education writer and content media website developer since 2007. It’s also a question, which can be difficult to answer in a way that impresses the interviewer. Top Answer. Then the demand will fall down. Growing customer wants and needs along with increased competition has forced them to alter and improve their menu to better fit the environment. Sales representatives that position themselves at the top stay in touch with their clients. 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. Asked by Wiki User. Sales promotion activities are having temporary and short life. Disadvantages of Personal Selling. Good sales promotion campaign can create good public relation; Sales promotion can be used for competitiveness with rival competitor such as regaining market share. Critically evaluate the strengths and weaknesses of health promotion approaches and methods to reduce the prevalence of contemporary public health issue- Childhood Obesity . Sales can also lead to viral word-of-mouth that expands your customer base further and encourage loyalty … Increasing Market Share. First of all, paid advertising is not always low-cost and it can get a lot of money out of your pocket. Asked by Wiki User. 4. Weaknesses in the marketing plan invariably lead to disappointing actual sales results. How to Use This List of Strengths . Reduced Costs When it comes to job interview questions, the question “What are your strengths and weaknesses?” is definitely among the most asked about. Promotional 1. If you discount a $10 item to $8, you miss $2 in revenue. The short-term motive of sales promotions can work against the typical long-term goals of companies, including creating customer loyalty. When sales promotion is overdosed, the emotion or the need that surrounds them disappears. They know how to use a value proposition to full advantage. They distinguish a company from the rest of other in the competition in terms of prices. You cannot try to prevent a customer who would pay regular price from taking advantage of a discount in most cases. When a new business launches, for instances, promotions are a way to attract customers away from competitors. Everyone loves a bargain, right? One of the most common interview questions that most of us experienced or will experience at some point is “What are your strengths and weaknesses?”.. Some of the disadvantages of sales promotion are as follows: Sales promotion though it may seem, but is not a panacea in marketing. While discounts may improve volume, they narrow profit margins. Negative public relation. It’s all about looking for new ways to stay in a client’s mind. In most cases, they will cease to compare alternatives and purchase the item or service that is offered at the best price and quality. Effective at reaching a wide audience. Advertising is a business and its messages are conveyed to the farthest places on Earth. When used moderately with careful planning, sales promotion increases sales, even after the promotions period is completed. This point is especially true if many customers would pay $10 eventually for the item if it were not available at a discount. This is because basically the quality will determine the lifespan of a product. Disadvantages: If sales promotion campaign is not well developed or planned, retailer might not … Top Answer. For high-end brands, even the act of holding a sale can alienate customers. It also encourages distributors to buy more items and make sure that they always have an adequate supply of sales, says Dryden. What are the strengths and weaknesses of the five main advertising media? Sales promotion is a calculated risk, but it needs to be carefully planned and managed to be truly effective. 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. Indirect Roles. He holds a Master of Business Administration from Iowa State University. Strengths and Weaknesses of Personal Selling . 1. For business it means that items are regularly replenished with items that have been manufactured recently. Even though it was a local radio which is in Hayes, the people that hear about it will … In fact, a promotion is speed up the killing of a bad product. Sales promotion can permit price discrimination. Then someone on the panel drops the bombshell. Publicity/Public Relations – Has high credibility; can create goodwill; is low in cost; reaches many audiences, especially difficult-to-reach audiences. If there is a discrepancy between what is advertised and the real deal, it will be viewed negatively by the public. Strengths of sales promotion? 13 May, 2016 - 13:23 ... A final weakness is that sales force members have different levels of motivation. As a result, the limited supply reduces the time before which the customers have to react. Br… Failure to Demonstrate Customer Need. Radio Ideas AdvertisementThere were many things that were good about promoting our festival through the radio. Every weakness should be one that, within a professional setting, you learned from. Promotion Mix – Strengths and Weaknesses of Promotional Mix. 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. Taking 25 percent off the price of a good without altering its benefits increases the customer's perception of value. Ossur as a company has stood the test of time by maintaining a strong marketing mix that is accurate for their specific target market. Home / Health / Strengths and Weaknesses of the Marketing Mix Strengths and Weaknesses of the Marketing Mix . Wiki User Answered . Factors such as growing competition and consumers becoming more health conscious have forced them to make these changes. At the end, I suggest that the customers should choose the best quality rather than poor quality. 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. Advertising. Advertising is a communication its soul purpose is to inform customers about various products and services and how to obtain and use them. Increased price sensitivity. You are doing all you can to maintain the momentum and not blow it in the last minute. 3. You can use this list of strength words throughout your job search process. Therefore, if sales of an item is particularly slow, dealers / suppliers are less likely to buy this item regularly, so it is more likely to run out of reserves. The shadow side of this strong detail orientation is my tendency to overthink a situation, which is probably my most serious weakness. Although the company had weaknesses of its financial model, its own strengths still can overcome its weaknesses. 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. 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). From a sales and marketing perspective, a SWOT analysis helps you assess where your business stands in the market. Sales promotion has its own advantages and disadvantages. Sales can also lead to viral word-of-mouth that expands your customer base further and encourage loyalty among customers. For example, you could display some excess t-shirts near a more expensive blazer, and offer the t-shirt free with every blazer sold. 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. When sales promotions are offered for a limited time, they create urgency among customers because they have to act before the promotion expires. Advantages of Sales Promotion. Weaknesses It’s not always low-cost After all this talk about the strengths of paid advertising, you might have thought – let’s go for it immediately! The first strength of McDonald’s has been their product strategy. Employers want to know how you manage the weakness and recognizing the weakness is the first essential step to managing it properly. Saying you are a perfectionist is not a weakness, however, saying that you often question yourself and overthink project outcomes is. Sales promotion may also help in increasing the effectiveness of advertising. 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. You can look back … Even with an expiration date on a promotion, customers may delay coupon use until the final moments, which delays revenue. Sales promotions can lead to an increase in market share for the manufacturer. 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. 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. Customer might feel not satisfied if they did not complete the collection of tokens before the campaign is closed. That’s why the Nike Company still can stand stable at No.1 world best sales. University of Delaware - Alex Brown Curriculum: Chapter 18, Promotion Process, Sales Promotion and Publicity, Class Notes. The strengths and weaknesses of major promotional mix are discussed as follows: Strengths: 1. List of Strengths & Weaknesses + Professional Answers. The real superstars in this line of work understand that selling isn’t just about price. Sales promotions should be advertised to let the customers know of the special offer. Good for building awareness. A successful sales promotion has the ability to nurture relationships with consumers through retention and engagement. Imagine yourself in a job interview. 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. Sales promotions should be advertised to let the customers know of the special offer. 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! SWOT stands for strengths, weaknesses, opportunities, and threats. 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. Disadvantage of sales promotion 1. 0 1 2. Very often, suppliers / distributors purchase items according to need and how often a commodity is sold. 6. Sales promotion can also be used to achieve other objectives, such as widening distribution or ‘shelf facing’. 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. If it is done too often, it creates price sensitivity among customers. They represent short-term incentives used by companies to boost sales. 7. One of the advantage of Sales promotion is that it keeps the trade flow between distributors and retailers. After customers get used to certain discounted price points, it is difficult to get them to pay regular price. Answer. Answer. …., our company’s portfolio features 20 billion-dollar brands, 18 of which are available in reduced-, low- or no-calorie options. 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. They send birthday, anniversary and thank you cards. The promotion will likely increase your sales by taking away sales from your competitors. Please note, this should be different from a strength that you are passing off as a weakness. The benefits are also short-­lived for three or four months. Today McDonald’s offers a wide variety of products that consist of 26 items. The primary benefit of sales promotions is that they induce customer traffic and sales by offering a lower price and better value proposition. Price sensitivity should encourage the customers to buy things only when promoted into a sale rather than buy at the regular retail price. Narrow margins require you to sell a higher volume of goods to generate strong profits. 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. Sales promotions can be disadvantageous when they are offered quiet regularly. Sales promotion is a calculated risk, but it needs to be carefully planned and managed to be truly effective. 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 |. For example, you could display some excess t-shirts near a more expensive blazer, and offer the t-shirt free with every blazer sold. With certain types of sales promotions and discounts, it can be difficult to control the nature and timing of purchasing. Copyright 2021 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. Excessive price discounting trains buyers to focus on the low price as the source of value with a particular business or good. However, there are some weaknesses to be exposed here. All signs point to you getting the job and you are excited about it. Regularly holding sales could undermine this perception and damage the reputation of your brand. The key to success with an effective sales promotion is its irregular supply, and when it is a surprise for the customer. 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. This refers to products that have a certain lifespan, as well as things that do not. You can gain insights on how it compares with your competitors and how to leverage your unique selling points to get more market shares. , paid advertising is a calculated risk, but it needs to be carefully planned managed... The benefits are also short-­lived for three or four months offer products services... Price discounting trains buyers to focus on the low price as the source of value the to! Loyalty among customers because they have simply been a hamburger and fries Restaurant McDonald ’ s the! Supply reduces the time before which the customers know of the advantage of a good without altering its increases... Products that consist of 26 items, sales promotion is speed up the killing of a discount most... To focus on the low price as the source of value State University the quality will determine lifespan. 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