New products and new organizations are often unknown to a market, which means initial promotional efforts must focus on establishing an identity. A project objective is a statement that describes the “what” of your project. Selected Answer Incorrect None Given Correct Answer Correcta False Question 4 0 from JSOM MKT6301 at University of Texas, Dallas Answer: Like customer-oriented promotions, trade promotions, or incentives offered to the members of the channel system, can also be divided into groups based on their characteristics. The second objective is to convince and influence the potential buyers through persuasive measures. A promotional plan can have a wide range of objectives, including sales increases, new product acceptance, creation of brand equity, positioning, competitive retaliations, or the creation of a corporate image. A consumer might be asked to test a sample of a completely new perfume in the market and rate it. These objectives look at changing the behaviors of people (what they are doing and saying) and the products (or results) of their behaviors. Operational performance objectives are the areas of operational performance that a company tries to improve, in a bid to meet its corporate strategy. No two promotional efforts are alike in the details, but general objectives usually drive every one. a. reciprocal trading in terms of buying and selling from each others' companies b. contacts with customers over time rather than over single transactions c. a small number of customers to whom the best standard of customer care is given d. quality products delivered exactly when required e. Premium Pricing Charging a high price that is never or rarely discounted to preserve the status or quality of your brand. A trade sales promotion is targeted at resellers—wholesalers and retailers—who distribute manufacturers' products to the ultimate consumers. Characteristics Of Advertising. But often it may also be needed in times of rebranding or building up a failing product. Trial: the companies which are in their introduction stage generally work for this objective. What phrase best describes relationship marketing? It’s helpful to think of the three basic promotion objectives, each of which is discussed below: 1. Adverts and articles will bring more eyeballs onto your brand. Promotional objectives are goals of marketing communications such as advertising. Answer: sales promotion 14) _____ involves sending letters or catalogues to reach potential customers. Trade promotions. ii. These are to present information to consumers as well as others, to increase demand, and to differentiate a product. For example, a neighborhood improvement group might develop an objective for having an increased amount of home repair taking place (the behavior) and fewer houses with broken or boarded-up windows (the result). The main objective of sales promotion is to bring about a change in the demand pattern of products and services. Answer: get channels to carry the product and promote it: 21) Which of the following statements is true regarding sales promotion? What objectives do the IMF and the WTO have in common? An existing customer might be asked to use a Scratch card so that he receives a gift. Coupons: The distribution of coupons is a common sales promotion tactic to encourage customer sales. Promotion can be launched directed at consumer or trade. These objectives are for both marketers and traders. Definition: Trade marketing is a wider marketing discipline that aims to increase demand with supply chain partners such as wholesalers, retailers, or at the distributor level, rather than just at the customer level. The entire marketing plan begins with the marketing mix, which consists of the four Ps: product, place, promotion and price. The possible objectives for marketing promotions may include the following: Build Awareness. Sales force incentive could be convention, trade shows, competition among sales people. Issuing Coupons: Among the most popular sales promotions, coupons are considered as both push promotion and pull promotion, as both can be distributed directly to consumers through retail channels.Coupons provide support to merchants and encourage consumers to buy a new product or to purchase more than one family product. 30) Which of the following best describes the type of information a marketing manager would need to know when determining the competitor's major objectives? Answer: whether they are pursuing growth or profit-related objectives: 31) Which of the following levels of competition can be determined from observation and external data sources? However, there is a need to continue with Brand Management strategies to sustain the need at the consumer end. Paid Form: Advertising requires the advertiser (also called sponsor) to pay to create an advertising message, to buy advertising media slot, and to monitor advertising efforts. For the most part, this applies to a new company, a new brand or a new product. Fundamentally, however there are three basic objectives of promotion. It motivates sales force to give desire emphasis on new accounts, latent accounts, new products and new territories. They are typically designed to be measurable using one of the following techniques. Some possible objectives of promotion for any company may include: Building Awareness. 12) Which of the following best describes any communication form that sends messages directly to a target market with the anticipation of an immediate or short-term response? At the end, the result should be an action from the consumer. The “what” that’s achievable, realistic, and can be completed within the time allowed. The trial objective is the one which involves convincing the customers to buy the new product introduced in the market. Informing. Types of Sales promotion strategies. Marketing objectives are considered to be the marketing strategies set in order to obtain the objectives of the given organization. Launch better advertising campaign and use aggressive sales promotions like trade-deals, discounts, premiums, contests etc is (1) Modifying the market mix (2) Modifying the market (3) Modifying the product (4) Modifying the process (5) None of these View Answer / Hide Answer Return policies allow the channel to return unsold merchandise for a full or partial refund, reducing the risk of carrying the product. Tool For Promotion: Advertising is an element of the promotion mix of an organization. This includes the promotional steps needed to sell the brand’s offered products and services. A promotional strategy provides a road map for making potential customers aware of your products and services. Q5. Creative promotions and offer incentives can motivate clients and boost repurchase rates. These objectives include the reduction of distortions and impediments to international trade, promotion of effective and adequate protection of intellectual property rights, and ensuring that measures and procedures to enforce intellectual property rights do not themselves become barriers to legitimate trade. These statements ladder up to the goals … The objectives of a sales promotion is to increase consumer demand, stimulate market demand, to get potential buyers to heed a call to action, increase the size of purchases and improve product availability using media and non-media marketing communications. 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