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Consumer-Oriented Sales Promotion, Essay Example

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Essay

Consumer promotion methods in relation to the selling of a product or service can be defined as techniques that are designed to “offer purchasers an extra inducement to buy in the form of value or benefits beyond those offered” by the product that a consumer might be interested in purchasing (Consumer-Oriented Sales Promotion, 2014, p. 1). Also, due to the growing influence of the World Wide Web related to consumer purchasing options in the form of new types of media, consumer promotion methods or tools, especially among consumers in the upper classes, have emerged to become “marketing mainstays” for many American companies that sell a wide variety of products to national and international markets (Consumer-Oriented Sales Promotion, 2014, p. 7).

There are at least seven major methods currently utilized by companies to promote their products to consumers–couponing, rebates, premiums, loyalty marketing, point-of-purchase promotions, sweepstakes, and online sales promotion.

Outside of advertising via television commercials, radio, magazines, newspapers, and direct mail, all of which are considered as the number one promotional element, the most common method is certainly couponing which offers the consumer a “discounted price to encourage trial use for a product or service” with an expiration date and a rate of redemption usually under 2% (Cuellar-Healey, 2013, p. 7). Coupons are also a sort of ticket that can be used in exchange for a “financial discount or rebate when purchasing a product.” Some of the advantages of coupons includes saving money during hard economic times, and increasing brand awareness in the consumer (Consumer Sales Promotion Methods, 2014).

In the case of purchasing an LCD Hi-Def TV, coupons serve as an excellent incentive for the consumer, especially related to saving money on a high-end, high-priced product. One specific benefit for the consumer comes in the form of a reward when the product purchased through a coupon turns out to be well-made and reliable which induces the consumer to consider buying other products made by the same manufacturer.

Rebates are also an excellent selling/promotional tool for attracting consumers to a particular product or service. Basically, rebates or refunds “offer reimbursements of money based on submission of proof of purchase” and are especially effective for what are known as high-ticket items in a very competitive market, such as an LCD Hi-Def TV made by a famous and reputable manufacturer like Sony and Panasonic (Cuellar-Healey, 2013, pp. 7-8). Today, online rebates are the most common type, due to the fact that a consumer can receive an instant rebate on a product via the Internet simply by entering a rebate code which transfers money to a bank account or online bank like Paypal (Consumer Sales Promotion Methods, 2014).

Also known as gift of purchase, premiums are seen by many companies as self-liquidating, due to the price “charged to consumers covers the price of the item” or product. The basic goal of this type of promotional tool is to “encourage customers to buy more frequently or to purchase more” of the same product (Cuellar-Healey, 2013, p. 7) and to enhance the overall image of the company offering the premium which often leads to customer loyalty (Consumer Sales Promotion Methods, 2014). In the case of an LCD Hi-Def TV, premiums act as incentives for the consumer to purchase similar products or to try out a new brand name which at first is unfamiliar to them.

Much like premiums, loyalty marketing as a promotional tool is utilized as a way of encouraging “and rewarding repeat purchases by acknowledging each purchase made by a consumer” which creates customer loyalty (Cuellar-Healey, 2013, p. 8). Also like premiums, the main objective is to retain existing customers which helps to guarantee that a particular product like an LCD Hi-Def TV will continue to sell strongly in the open marketplace (Consumer Sales Promotion Methods, 2014).

More often than not, point-of-purchase promotions come in the form of advertising signs and displays that advertise a specific product in order to “maximize the possibility of capturing consumer attention” and increase the visibility of the product (Cuellar-Healey, 2013, p. 8). Although this type of promotional approach is more often utilized for common items, such as food products and ordinary household goods, it does serve a useful purpose in relation to an LCD Hi-Def TV since an example of the TV can be displayed in the open along with the number of TVs available, such as one might find at Best Buy or some other electronics retailer.

Lastly, sweepstakes usually offers the consumer a chance to win something for free, much like gambling at the chance to take an expensive product home without having to pay for it. Generally, this type of approach is limited when it comes to LCD Hi-Def TVs, due to the fact that upon winning the product, the consumer will lack the incentive to buy a similar product. Also, online promotion has its limitations because of the expenses associated with advertising a product on websites that sell the product, not to mention the problems that may arise related to consumer demographics (Consumer Sales Promotion Methods, 2014).

Therefore, the best consumer promotion method or technique related to selling LCD Hi-Def TVs is point-of-purchase promotion, due to being able to openly display the product on a nicely-designed display end cap with the product in operation which allows the consumer to see and hear the product as it will function in the home. Also, this method seems to work best when coupled with a rebate which also acts as an incentive to buy the product.

References

Consumer-oriented sales promotion. (2014). Retrieved from http://campus.udayton.edu/~jrs/promo/notes/Consumer%20Promotion.pdf

Consumer sales promotion methods. (2014). Retrieved from https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/personal-selling-sales-promotion-14/consumer-sales-promotion-methods-96

Cuellar-Healey, S. (2013). Marketing module 8: Promotion. Retrieved from http://dyson.cornell.edu/outreach/extensionpdf/2013/Cornell-Dyson-eb1309.pdf

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