Sales_Promotions_Techniques

In order for a company to be able to sell their product there needs to be a detailed plan that describes all the selling aspects of the products, which include prices, where they will sell it, and advertisement. Companies have to do so because the sales promotion technique is what is going to sell their product, what will make their business successful, because it is what will make people interested in the product. If consumers do not know anything about the product they will not become interested in the product, and the product will not b sold, which will hurt the company because that is their main goal to be successful and keep their doors open to make future new product. This paper will explain the different kinds of selling techniques there are and how each work. Discounts and deals are one of the techniques that companies use to attract consumers. Discounts and deals are only temporary. Every company and store has a discount or deal at some point to be able to sell their goods and services faster, once they have reached their expected outcome they are able to put the prices up, to the item’s regular price. I used to work for apartment complexes and I believe this is a good example. When I first started working at Nob Hill Apartments there were about 40 vacant apartments, and this was horrible for the management company because this was a big loss for the entire company. The apartments at this complex ranged from $640 to $1100 a month. The company was losing over $40,000 a month, every month and we needed to rent these apartments quickly! We first came up with a great special that no one could say no to. It was two months free off the rent; one of these two months was able to be prorated to bring the monthly rent down. Our special also included a no application fee and a $100 deposit with approved credit. Once the business was better we were able to change the special to one month free and we started charging the $40 application fee again. Increasing industry visibility is so important when it comes to being profitable. If people cannot see something they probably do not even know about it, they do not even know it exists! I have worked for two different companies that have had visibility problems. The first one was Villa Valencia, an apartment complex. Villa Valencia was a little hard to find because it was not visible. There were two ways of getting there and both ways looked like if it was the entrance of another apartment complex that was right next to us. The only way people would find out about us was by someone who already lived at the property, or by the apartment finder booklets and websites, like rent.com, apartmentfinder.com, and apartments.com. A priced based consumer sales promotion is a ways of having consumers come back and purchase more of the product. A great way of doing so is by having sales coupons, which many big companies like Wal-Mart, Big Lots, and Office Max. When we buy the newspaper there is an entire section full of coupons. Some people pay no mind to these coupons but I have been in a Wal-Mart line where I have taken more than the normal time because the customer in front of the line had a bunch of coupons that needed to be scanned before paying for their products. Attention getting consumer sales promotions is self explanatory, it is a promotion that catches peoples’ attention. A few years ago I bought a car from a Chevrolet dealership and I was given a free portable DVD player for my purchase. Other examples that come to mind when I think of companies trying to get people’s attention is the Red Cross. Last month they were giving everyone who donated blood a ticket to the movie theater. Lastly, I believe that all these strategies are great for companies to sell their products. If companies were able to combine them all, and use these strategies often they will always be successful and profitable which is the main goal of every company. References: Solomon, M.R., Marshall, G.W., & Stuart, E.W. (2008). Marketing:Real People, Real Choices (5th ed.). Upper Saddle River, NJ:Pearson