Sales Promotional decisions are available for your product in year two of the simulation. These activities increase support for your distributors, improve customer satisfaction, and heighten brand awareness.
The Sales Promotion screen enables you to:
- Set a Sales Promotion budget; then
- Allocate this budget across up to six promotional activities.
Trade Shows are industry-specific exhibitions which attract manufacturers, distributors, retailers, and any other interested stakeholders. For your company it enables you to target and interact with large numbers of retailers to help you promote and distribute your products.
Sales Force Training
Sales force training invests in your company’s sales staff to improve their ability to promote your products to retailers. This option is particularly useful when releasing new products to market.
Premiums are complementary accessories which are bundled with your headphones to make your product more appealing to customers at the time of sale. Examples are a hard travel case, a headphones stand or a subscription to a streaming service.
Website / Social Media
A company website and social media presence provides an opportunity to showcase your products and their features to potential customers. This also allows you to build your brand and influence market perception of your products. Note: No sales are made through these digital channels, with all sales being through physical retail stores.
Investing in point-of-purchase displays ensures a product stand features in retail stores close to the register. This gives your products prominence at the point-of-sale attracting impulse purchases.
A rebate is a guarantee from the manufacturer to provide a fixed amount as a cashback after the final sale. This provides the customer with a discount but in exchange the manufacturer can develop a relationship with the end-user via ongoing marketing communications.
How do I Best Allocate my Sales Promotion Budget?
The optimal allocation of your Sales Promotion budget depends on your product’s stage in the Product Life Cycle.
The Product Life Cycle is a marketing strategy tool which maps the lifetime of a
product into stages:
Remember that each market responds differently to Sales Promotion activities. You should view the Market Research report to see consumer preferences by market segment.
Purchasing the Sales Promotion Analysis report will enable you to compare your product’s sales promotion results against your competitor’s.