related incentives premiums and loyalty programs Coupons Definition A price

Related incentives premiums and loyalty programs

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related incentives, premiums, and loyalty programs Coupons Definition: A price-saving incentive offered to consumers to stimulate quick purchase of a specificed product Experimental Marketing: A form of marketing that creates an emotional connection with the consumer in personality relevant and memorable ways Contest Definition: A promotion that invovles awarding cash or merchandise prizes to consumers when
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they purchase a specified product Sweepstakes: A chance promotion involving the give-away of products or services of value to randomly selected participants Game (instant-win promotion): A promotional contest that includes a number of pre-seeded winning tickets; instant-win tickets can be redeemed immediately Involves predeterminedm pre-seeded winning tickets in the overall fixed universe of tickets, Various instant-wins include collect-and-wins and small instant-wins combined with a grand prize contest Example: Roll up and Win Certain rules and regulation for what information must be communicated to participants: The number of prizes and the value of each The odds of winning, and the value of each Whether a skill-testing question will be admistered Whether facismiles are acceptable win the case of a sweepstake How to enter, and what proof of purchase is required The contest's closing date Rebates Rebates: A predetermined amount of money returned directly to cusomters by the manufacturer after the purchase has been made Most common type of rebate is the single-purchase refund, which consumers receive a portion of their money back for the purchase of a specified product Slippage: The situation of a consumer collecting lables in a promotion offer but failing to follow through and request the refund In a retail environment, rebate promotions boost sales since retailers can feature items at lower prices than their manufacturer partners could otherwise afford They attract more customers and provide opportunities for additional sales Rebate offers are best suited to products in the mature stage of the product life cycle At this stage in the life cycle, maintaining customer loyalty is critical A rebate promotion is not that expensive to implement Premium Offers Preimum: An additional item given free, or greatly discounted, to induce purchase of the primary brand The goal of the premium is to provide addied value to tempt consumers to buy Offered to consumers in several ways: Mail-in Sending in proofs of purchase so the item can be delivered by mail In-pack or on-pack promotion, where the item is placed inside or attached to a package By an order form that is usually available at point of purchased Bonus Pack: The temporary offering of a large package size (e.g. 20 perrcent more) for the same price as the regular size Example: “Buy one, get one free”
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Loyalty Program Loyalty Program (frequent buyer program):
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