Product Promotion: Vital Tool in Market Rejuvenation

All over the world, generating demand for goods and services is pivotal to success in business. With the advancement of technology, a variety of new products are developed and innovated into the already clustered market to meet the needs of Consumers.

One of the most effective and easiest ways to be outstanding in the competitive market in today's world is to apply sales promotion. Promotion is classified as one of the backbones of the marketing mix, which is used to increase the consumers’ purchasing behaviour. Research revealed that among the competitive businesses, promotion is an essential factor to a new product and present product to continue surviving on the market shelf. Coming up with a new product or service is a lot of work, which unfortunately does not stop once it’s ready—launching and promoting it is the other half of the equation. You could be offering the best new product or service around, but if you don’t promote it properly, you’re likely to miss out on opportunities or even end up losing money down the line. One of the ways handlers of brands effectively promote their brands in the 21st century is through online platforms. Internet sales promotion refers to various activities that stimulate consumer demand, arouse the desire to buy, and facilitate the purchase by using computers and network technology to deliver information about goods and services to the virtual market. With the development of technology, Internet sales promotion has become a major promotion strategy in business management. It plays a positive role in promoting the development of firms and can disseminate promotion information to improve the sales level. Internet sales promotion has many advantages compared to traditional sales promotion. It can push the right promotion information to the right people, breakthrough the limitation of time and space, and spread around the world around the clock. One successful case of Internet sales promotion is Alibaba’s annual global online shopping carnival (OSC) held every November 11 (also known as Double 11 Day or Single’s Day).

One of the common and mistaken practices is to promote a product in all its different markets uniformly without making any differentiation with respect to consumer choice and outlook. 'One size for all' does not work well in all marketing situations and markets.

For instance, India, with all its cultural and linguistic differences every 100 km or so. One cannot use the same language for promoting the product, not to speak of other variables. A few years ago, this was not appreciated by many marketing companies, but today, due to competition from local brands marketers are constrained to find alternative ways and means of promoting the same product in different regions. Digitalization has made tremendous progress, but still Hindi and English and a few other local languages find favour in such communications. One usually finds English script is used whereas the language is local. Such consumer preferences have made marketing more challenging and communicating marketing messages are crafted accordingly. Over the years, business organizations know their environment customers and market first hand. Reason being that the environment and the business organization were small with the increasing complexity of the business environment, and systematic approach to studying the increased problems of management, it becomes all the more important that the environment need be studied. It is obvious that the principal function of management is to make a decision and without doubt, marketing decision seems to be the most difficult and therefore, its effect is felt throughout the business. With growing needs supply, individuals and organization need and inevitably bridge the gap between the producers and the customers or users of the product, organizations equally need to research into the growing needs of these groups. Also, since there is the greatest need for the organization to maintain market share, there is the need to create awareness so as to increase their level of sales and productivity. Due to this reason, there is the greatest need to understand the impact of sales promotion in business organizations. Due to the increased acceptance of sales promotion by firms as a very important element of the promotional mix and its expenditure also being on the rise, it has become very important to examine whether sales promotion is actually making an impact on the volume of sales. In spite of the tight definition of sales promotion as an essential means of creating awareness of the product existence and characteristics and also the positive, psychological associations that can enhance the buyer satisfaction which adds to the real value of the company's offering, little attention is being given to it by many business organisations in Nigeria and they rarely promote their sales to the fullest. Many firms pay little attention to sales promotion since they feel they can sell their product with little or no promotional activities. Likewise, many firms which could not afford the huge cost of the promotional programmes would entail and despite the effects of sales promotion, there had been insufficient research and decision modelling devoted to it. In addition, there is an established negative perception of many firms as regards the cost of business promotion especially those whose benefits are not early and immediately reached. Also, adequate records of sales and promotional cost are always neglected and some sales promotion programmes are introduced at the wrong time, which will therefore hinder the level of sales and profitability of the firm and thereby render sales promotions less important in the community and the country as a whole. Like other phases of marketing, sales promotion should be inter-related and compatible with the entire distribution system of the company. The manufacturer must keep the needs of the consumer in mind because the consumer remains the King or Queen in the market. By Godwin Anyebe Sources:

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