3. The Role of Sales Promotions
The entrepreneurship world today is a place of competition. The company or organization with the best competition or the most competitive organization survives in the global market. Business without a competitive advantage over its competitors is easily likely to collapse. Many organizations rely on marketing activities such as sales promotion to increase sales and grab a bigger market share. Producers can end up spending a lot in personal selling and also advertising their goods and it may still not work. Offering incentives with the aim of attracting customers is what should be done to attract customers to your business (OmeSteps Introduces National Summer Sales Promotion, 2011).
Sales promotion helps to accelerate sales in the most competitive markets hence increasing profits. Sales increase as a result of offering discounts on new products and even giving price-off offers (Demand and media, Inc 2011). Sales promotion also aims at introducing new products through drawing attention of consumers who have the potential to buy. This could be achieved through offering of free samples to customers. Demonstrating the special features and characteristics of the product or service can also work. Scratch and win offers can also attract potential clients. In case of change in preference and taste or rather fashion in the market, sales promotion enables marketers to dispose the stocks at hand quickly. Another role is to stabilize the volume of sales through maintenance of the market share of the firm.
The customers can get all the important information concerning different products and their features and quality through sales promotion. Sales promotion also helps to raise the standard of living of people. People can exchange their old items with new items. It also promotes cheap prices for products through enhancing competition. It also promotes intermediary sales. People are also able to buy more during off-peak times. Another role comes where sales are increased during major events, vacations and important events. Sales promotion also encourages selling of services usually done by travel intermediaries. Sales promotion also helps an enterprise to be able to compete with a manufacturer of a similar product (ePromos Promotional Products, 2011)
Biobank needs to convince people about their products and services. Biobank needs to educate people so that they can be fully informed of its undertakings. The clients need to trust Biobank for them to respect the company and accept their services. This is a form of a new initiative and only sales promotion will succeed in ensuring sales are done to a maximum. Sales promotion will give Biobank breakthrough in capturing full attention of customers so that they can be able to listen to Biobank.
Biobank can achieve this through different types of sales promotion including; the company can attempt to offer extra services like free cancer test for all new clients even after...