What is Retail Promotion?


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Retail promotion:

 

Is broadly defined as any communication by a retailer that informs, persuades, and/or reminds the target market about any aspect of that firm. Advertising, P.R., personal selling and sales promotion are the 4 elements of promotion.

 

Steps in planning a promotion strategy:

 

  • Goals are stated in specific and measurable terms. Positive word of mouth (WOM) is an important long-term goal.
  • An overall promotion budget is set on the basis of one of these techniques: all you can afford incremental, competitive parity, etc.
  • The promotional mix is outlined, based on the firm’s budget, the type of retailing involved, the coverage of the media, and the hierarchy of effects.
  • The promotional mix is enacted. Included are decisions involving specific media, promotional timing, message content, sales force composition, particular sales-promotion tools, and the responsibility for co-ordination.
  • The retailer systematically reviews and adjusts the promotional plan, consistent with its preset goals.
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We, at BMS.co.in, believe in sharing knowledge and giving quality information to our BMS students. We are here to provide and update you with every details required by you BMSites! If you want to join us, please mail to [email protected]

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