How should marketers adjust their strategies and tactics for an economic downturn or recession?
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The document provides 5 strategies for marketers to adjust during an economic downturn or recession. Strategy 1 suggests increasing marketing expenditure during a recession as companies that invested saw improved fortunes compared to those that cut back. Strategy 2 is to learn more about customer thoughts and behaviors. Strategy 3 is to eliminate underperforming approaches, distributors, and incentivize effective sellers. Strategy 4 says to avoid price reductions and discounts. Strategy 5 is to ensure selling the right products to the right people at the right time and place, as value-driven companies are likely to benefit most. Luxury brands can also benefit from lower-priced sub-brands.
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How should marketers adjust their strategies and tactics for an economic down...
The document provides 5 ways for marketers to adjust their strategies during an economic downturn or recession. These include: 1) increasing marketing expenditure to boost revenue and profits, 2) getting closer to customers to better understand their needs, 3) reviewing budget allocations to cut underperforming distributors and incentivize top sellers, 4) putting forth compelling value propositions rather than price reductions which are a mistake, and 5) fine-tuning brand and product offerings such as having luxury brands and lower-priced brands.
Sales promotion
Sales promotion is used as an incentive to encourage customers to purchase a product. It aims to stimulate immediate sales and can include discounts, coupons, gifts, and sweepstakes with a limited time offer. There are internal reasons like meeting sales targets and external reasons like increasing competition that lead companies to spend more on sales promotions. Promotions can be targeted at retailers through trade promotions like discounts or at consumers directly. The effectiveness of promotions may decline over time due to costs and clutter, so novelty is important.
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Sales promotion is used as an incentive to encourage customers to purchase a product. It aims to stimulate immediate sales and can include discounts, coupons, samples, and sweepstakes with a limited time period. Sales promotion targets both retailers through trade promotions like bulk discounts and consumers directly. The document outlines different forms of trade and consumer promotions and discusses how and when during a product's life cycle different levels of sales promotion may be most effective. It stresses the importance of having a clear objective, plan, and evaluation for any sales promotion program.
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Sales promotion is used as an incentive to encourage customers to purchase a product. It aims to stimulate immediate sales and can include discounts, coupons, samples, and sweepstakes with a limited time period. Sales promotion targets both trade partners to increase stock and consumers directly to induce trials, create new users, and reward loyal customers. While advertising communicates reasons to buy, sales promotion provides economic motivation for purchase.
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Trade Promotion Management (TPM) refers to the management of promotional activities like trade shows, special pricing, and sales incentives to effectively plan, execute, and analyze their impact. TPM solutions help consumer packaged goods companies and other businesses that rely heavily on promotions. They provide tools for budgeting, data integration, planning, reporting, and analyzing promotional activities and expenditures to improve sales forecasting and measure return on investment. Closed Loop TPM integrates the TPM solution with a company's other financial and supply chain systems for end-to-end management and tracking of all trade promotion activities.
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This document presents information on sales promotion from a presentation by Dinesh Nikam. It defines sales promotion as a short-term incentive used to encourage consumers to buy products. Various sales promotion tools are discussed, including consumer promotions like samples, coupons, and premiums, as well as trade promotions targeted at retailers. The objectives, strengths, and limitations of sales promotion strategies are also outlined. The document concludes by discussing how to develop, pretest, implement, and evaluate an effective sales promotion program.
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Sales promotion relates to short-term incentives that encourage the purchase or sale of a product. The primary objectives are to stimulate market demand, improve product availability, and coordinate selling, advertising, and public relations. However, sales promotion cannot compensate for flaws like a poor product or ineffective advertising. There are two main types: consumer sales promotions that target customers directly, and trade sales promotions that focus on organizations to stimulate immediate sales. Common consumer techniques include price deals, reward programs, coupons, and point-of-sale promotions, while trade techniques include allowances, incentives, contests, displays, and discounts.
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Sales promotion relates to short-term incentives that encourage the purchase or sale of a product. The primary objectives are to stimulate market demand, improve product availability, and coordinate selling, advertising, and public relations. However, sales promotion cannot compensate for flaws like a poor product or ineffective advertising. There are two main types: consumer sales promotions that target customers directly, and trade sales promotions that focus on organizations to stimulate immediate sales. Common consumer techniques include price deals, reward programs, coupons, and point-of-sale promotions, while trade techniques include allowances, incentives, contests, displays, and discounts.
Chapter 19 sales promotions budget and evaluation sales and distribution mana...
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Sales promotion by tabish khan
Sales promotion consists of marketing activities other than advertising, personal selling, and publicity that are used to encourage consumers and retailers to purchase a product. These activities provide incentives like premiums, samples, contests, and rebates to motivate consumers, and incentives like awards and trade shows to motivate retailers. The goal is to supplement other marketing efforts and stimulate sales. Sales promotion includes both consumer promotion targeted at consumers and trade promotion targeted at retailers. Some common consumer promotion techniques are price deals, sampling, and rebates, while trade promotion techniques include trade allowances and point-of-purchase displays.
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This document discusses pricing strategies for new products and trade promotion. It presents different approaches to pricing a new product such as penetrating pricing or skimming. It also outlines rules for pricing like ensuring prices cover costs and profits. The document then defines trade promotion as marketing activities to promote new or existing products. It lists types of trade promotions like in-store displays or temporary price reductions. Finally, it notes some issues with trade promotion including a lack of timely analytics and ineffective organization between partners.
Sales promotion.
Sales promotion is something very interesting and customer as well as facilitator like to do such practices.
Ch17 how should sales promotion decisions be made
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This document provides information about managing business growth and the product lifecycle. It includes:
1. An overview of Abdul Rashed Barakzai's education and contact information.
2. A definition of business growth as improving a business's success by boosting revenue or profitability.
3. An introduction to the concept of product lifecycles, which describe the typical stages of introduction, growth, maturity, and decline that products experience over time.
4. Details on marketing strategies for each stage of the product lifecycle, such as emphasizing awareness in introduction and maximizing market share in growth.
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The document discusses designing effective sales promotion campaigns. Some key steps include: 1) Setting sales goals and quotas to develop the plan; 2) Researching past successful promotions to determine popular products; and 3) Defining the type of promotion and calculating inventory needs. Additional tips include keeping promotions simple, upselling with loss leaders, promoting through advertising and social media, and evaluating campaign results. Outsourcing sales promotion can provide benefits like freeing up staff time and gaining expertise, but may result in undesirable outcomes if vendors do not meet standards. Online promotion challenges include generating awareness of the brand and driving purchase behavior.
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8.sales promotion
Sales promotion is defined as media and non-media marketing used for a limited time to stimulate trial purchases, increase demand, or improve product quality. The goals are to increase awareness, induce trials, boost short-term sales, maintain loyalty, and complement other promotions. Advantages include eye-catching appeals, distinctive themes/tools, and value provided to consumers like coupons. However, promotions can be hard to end without negative reactions and focus on frivolous selling points rather than core offerings. Major types are premiums, contests, loyalty programs, coupons, in-store displays, and sampling. Key decisions involve setting objectives, budgets, tools, development, testing, implementation, control and evaluation.
How should sales promotion decisions be made?
Sales promotion is used to stimulate short-term purchases and build long-term relationships. There are three main types: consumer promotion which uses coupons and samples, trade promotion which offers prices off and free goods, and business/sales promotion like trade shows and sales contests. Developing an effective promotion program requires establishing objectives, choosing appropriate tools, determining the size, conditions, duration, distribution, timing, and budget. Implementation and evaluation ensures proper execution and assessment of the program's success.
Promotion and pricing strategies
1. Promotion involves informing, persuading, and influencing customers through integrated marketing communications. This includes advertising, personal selling, sales promotion, publicity, and public relations working together to deliver a unified message.
2. The promotional mix uses personal selling techniques like advertising and nonpersonal selling techniques to achieve objectives. Pricing strategies include profitability, volume, competition, prestige, and penetration objectives.
3. Firms consider customer perceptions that higher prices indicate higher quality when setting prices. Strategies include skimming, penetration, everyday low, competitive, and odd pricing.
Fundamentals of sales_promotions
The document discusses sales promotion and provides definitions from various sources. It defines sales promotion as a planned and implemented marketing activity that enhances a product or service's appeal and positively changes consumer behavior in return for an additional benefit of purchase or participation. Sales promotion is described as marketing and communications activities that change the price-value relationship of a product or service as perceived by the target, generating immediate sales and altering long-term brand value.
Sales Promotion
Sales promotion is used to incentivize consumers to buy a product. While advertising gives a reason to buy, sales promotion gives an incentive to buy. Sales promotion spending now exceeds advertising spending for many companies. This is due to both internal reasons like management being more open to promotional spending and external reasons like increased competition and consumers being more price conscious. Sales promotion is a push strategy used at the point of purchase to convert customers. It comes in the forms of trade promotion to retailers and consumer promotion to stimulate purchases. Common consumer promotion techniques include free samples, gifts, coupons, and sweepstakes. An effective sales promotion program requires value, being part of an overall marketing plan, clear objectives, and evaluation.
Sales promotion developing the sales promotion plan
The document outlines the stages involved in developing an effective sales promotion plan, including environmental analysis, internal analysis, consideration of marketing strategy, identifying target audiences, determining objectives, and developing the promotional program. It emphasizes that the sales promotion plan should align with and support the overall marketing plan. Key stages in the planning process include situational analysis, setting objectives, budgeting, developing the promotional activities, implementation, and evaluation.
Profitability means getting your pricing right
Price is perhaps the most crucial aspect of the marketing mix to determine whether customers make the purchase. If priced too low, you lose profitability. Priced too high, customers will choose a competitor.
This article discusses several pricing strategies that businesses can use to get it right.
Price is based on research, experience, and understanding of the market, to calculate a price expected to be profitable and sell enough volume to be sustainable as a business.
Price also must stand its ground against alternative options from competitors.
Pricing is at the core of marketing strategy, being one of the original ‘4Ps’ of the Marketing Mix.
Changing core marketing strategies and new product development is expensive and time-consuming, but the price is very flexible, and business can change it according to the needs of the situation. Price is the most adjustable aspect of the marketing mix, allowing a business to quickly respond to marketplace changes.
For customers, price is often the most crucial factor of their purchase decision. Businesses use price as a differentiating factor to set them apart from competitors and to target a segment of customers. Your price reflects your positioning in the market. Pricing helps create your brand identity.
These slides discuss twelve ways a business can price their products or services.
What marketing strategies are appropriate at each stage ?
At the introductory stage, marketing strategies focus on creating product awareness through promotional activities and selective distribution. In the growth stage, strategies aim to maximize market share through expanding distribution and building awareness in the mass market. During maturity, the goal is to maintain market share through brand differentiation, competitive pricing, and developing loyalty. Finally, in decline, strategies center around reducing costs by going selective and milking remaining brand value through loyal customers.
Sales promotion
Sales promotion is used to boost sales by connecting advertising and personal selling. It aims to increase customer buying responses, attract new customers, and build brand loyalty. Some objectives of sales promotion include increasing short-term sales, motivating the sales force, and countering competitors' promotions. While it can effectively introduce new products, sales promotion is a temporary tactic with short-lived benefits.
Marketing
The document discusses key elements of marketing strategy including market research, target markets, positioning, competitive analysis, and budget. It provides examples of Starbucks' premium pricing strategy and focus on employee training and store environment. Coca-Cola's pricing considers competitor Pepsi and it uses culturally appropriate promotions to increase sales, acquire new customers, introduce new products/services, and ensure business remains fresh.
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Chapter 19 sales promotions budget and evaluation sales and distribution mana...
Chapter 19 sales promotions budget and evaluation sales and distribution mana...
What decisions do companies face in designing and managing a sales force
What decisions do companies face in designing and managing a sales force
Sales promotion developing the sales promotion plan
Sales promotion developing the sales promotion plan
What marketing strategies are appropriate at each stage ?
What marketing strategies are appropriate at each stage ?
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How can a firm develop and establish an effective positioning in the market?
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How can a firm develop and establish an effective positioning in the market
How can a firm develop and establish an effective positioning in the market
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11.5.how can companies combine products to create strong co brands or ingredi...
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How should a company set prices initially for products or services
How should a company set prices initially for products or services
What are the characteristics of products, and how do marketers classify products
What are the characteristics of products, and how do marketers classify products
How should a company set prices initially for products or services
How should a company set prices initially for products or services
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How can a firm develop and establish an effective positioning in the market.pptx
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11.1 what are the characteristics of products, and how do marketers classify ...
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How should marketers adjust their strategies and tactics for an economic downturn or recession?
- 1. Competitive dynamics How should marketers adjust their strategies and tactics for an economic downturn or recession
- 2. Tough time never lasts but tough people do
- 3. Strategies to adopt during economic downturn
- 4. Strategy 1
- 5. 40 years of evidence suggests, Those willing to invest during a recession have, on average improved their fortunes when compared with those that cut back
- 6. Increased marketing expenditure by 16% in 2009 Revenue increased by 8% Net Profit increased by 4%
- 7. Strategy 2
- 8. Learn more about what customers are thinking, feeling and doing
- 9. Strategy 3
- 10. Eliminate approaches that no longer provide sufficient revenue benefits Weed out underperforming distributors Provide Incentives to motivate effective Product Sellers
- 11. Strategy 4
- 12. Price reduction and discounts should be avoided
- 13. Strategy 5
- 14. Ensure to sell the right products to right people at right times and places Value driven companies are likely to benefit most
- 15. Luxury Brands can benefit from lower priced sub- brands in their portfolios
- 16. Created by Dipanshu Sehjal, IIIT Allahabad During a Marketing internship under Prof. Sameer Mathur, IIM Lucknow (See www.IIMInternship.com)