Asked by Wiki User. When it comes to job interview questions, the question “What are your strengths and weaknesses?” is definitely among the most asked about. 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. You are seated right there in front of the interview panel and everything so far is going well. …., our company’s portfolio features 20 billion-dollar brands, 18 of which are available in reduced-, low- or no-calorie options. This refers to products that have a certain lifespan, as well as things that do not. Effective at reaching a wide audience. From a sales and marketing perspective, a SWOT analysis helps you assess where your business stands in the market. Every weakness should be one that, within a professional setting, you learned from. Weaknesses : Retailer might not cooperate because inefficient sales promotion campaign is seen as a trouble. 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. B Discuss the strengths and weaknesses of sales promotion for the marketing communicator? Advertising. Publicity/Public Relations – Has high credibility; can create goodwill; is low in cost; reaches many audiences, especially difficult-to-reach audiences. Price sensitivity should encourage the customers to buy things only when promoted into a sale rather than buy at the regular retail price. He holds a Master of Business Administration from Iowa State University. Sales promotions can be disadvantageous when they are offered quiet regularly. Good for building awareness. Kokemuller has additional professional experience in marketing, retail and small business. 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 promotion can also be used to achieve other objectives, such as widening distribution or ‘shelf facing’. Everyone loves a bargain, right? 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. You can use this list of strength words throughout your job search process. A start-up may prioritize establishing a customer base before it focuses on profits. That’s why the Nike Company still can stand stable at No.1 world best sales. 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. Regularly holding sales could undermine this perception and damage the reputation of your brand. 2. He has been a college marketing professor since 2004. University of Delaware - Alex Brown Curriculum: Chapter 18, Promotion Process, Sales Promotion and Publicity, Class Notes. Sales promotion may also help in increasing the effectiveness of advertising. To succeed in the competitive marketplace, a business owner must offer products and services that customers have a strong, immediate need for. 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! In fact, a promotion is speed up the killing of a bad product. Companies also use sales promotions to achieve other non-revenue-generating objectives. Sales promotion is a calculated risk, but it needs to be carefully planned and managed to be truly effective. Top Answer. If it is done too often, it creates price sensitivity among customers. Indirect Roles. Sales promotion can prove useful for marketers in several ways. While discounts may improve volume, they narrow profit margins. 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). Increasing Market Share. They represent short-term incentives used by companies to boost sales. Advantages of Sales Promotion. They are non-recurring in their use. Taking 25 percent off the price of a good without altering its benefits increases the customer's perception of value. The first strength of McDonald’s has been their product strategy. Please note, this should be different from a strength that you are passing off as a weakness. 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. 0 1 2. Even with an expiration date on a promotion, customers may delay coupon use until the final moments, which delays revenue. Growing customer wants and needs along with increased competition has forced them to alter and improve their menu to better fit the environment. After customers get used to certain discounted price points, it is difficult to get them to pay regular price. The benefits are also short-­lived for three or four months. Companies also use sales promotions to clear out excess inventory at the end of a season. Sales promotions can lead to an increase in market share for the manufacturer. They send birthday, anniversary and thank you cards. The real superstars in this line of work understand that selling isn’t just about price. For high-end brands, even the act of holding a sale can alienate customers. These customers have a perception of luxury, quality and exclusivity. Copyright 2021 Leaf Group Ltd. / Leaf Group Media, All Rights Reserved. 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. For business it means that items are regularly replenished with items that have been manufactured recently. - 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. Sales promotions can take the form of discounts, percentage-off deals and rebates. 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). What are the strengths and weaknesses of the five main advertising media? Factors such as growing competition and consumers becoming more health conscious have forced them to make these changes. 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 point is especially true if many customers would pay $10 eventually for the item if it were not available at a discount. Get these tactics wring, however, and you could miss vital revenue opportunities or damage the reputation of your brand. 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 |. A good without altering its benefits increases the customer has high credibility ; can create goodwill ; is in... 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