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Question
Enumerate the various promotional techniques used by business firms to boost sales.
Solution
- Discounts and Coupons: Price reductions and coupons to entice customers to buy products at a lower cost.
- Samples: Providing free samples to allow customers to try a product before committing to a purchase.
- Contests and Sweepstakes: Competitions where customers can win prizes, encouraging engagement and loyalty.
- Loyalty Programs: Rewarding repeat customers with points, discounts, or exclusive offers to encourage continued patronage.
- Rebates: Offering a return of part of the purchase price after the customer submits a proof of purchase.
- Flash Sales: Limited-time offers that create urgency and encourage quick purchasing decisions.
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