Answer in Management for Prince #160910
1.explain the importance of sales promotion research ? (please give at least 7 points of importance )
2.explain importance of sales analysis ? (please give at least 6 points of importance)
Importance of Sales Promotion Research
Sales promotion research is a learning opportunity for marketers to identify opportunities for changes or improvement. In their study, Tandoh and Sarpong (2015) demonstrate that sales promotion enables;
· Managers to act strategically in their promotional activities as the research demonstrated that sales promotion is costly. In this case, managers learn that resources should be used appropriately to ensure the realization of organizational goals.
· Managers learn the strategies that can be used to attract brand switchers through sales promotion research.
· Managers to learn that research facilitates the identification of the association between sales promotion strategies and brand image.
· Managers to appreciate that consumers are crucial players in the development of effective promotional strategies.
Pembi et al. (2017) contribute by indicating that sales promotion research;
· Enables marketers to identify the best opportunities to launch their promotional activities. Festive periods are some of the times in which promotional activities can be effective in influencing consumers.
· Enables marketers to identify ways through which promotional activities can be effective.
· Enables organizations to identify opportunities for personnel training and development for an effective and efficient workforce.
Importance of Sales Analysis
Sales analysis supports decision-making in an organization as it;
· Facilitates the identification of market trends following the introduction of new products or launch of a promotion.
· Enables marketers to learn about customer behavior for future planning in terms of strategic alignment.
· Enables marketers to determine product-specific amount of sales. For instance, Ostapenko et al. (2020) demonstrate that sales analysis enables the determination of shares of crops in the export structure.
· Enables marketers to predict the current flow of goods.
· Enables marketers to identify efficient channels of distribution.
· Enables marketers to forecast sales and identify ways of incentivizing sales.
· Enables marketers to identify missed opportunities in their product-promotion activities relative to the performance of competitors.
· Sales analysis is a source of insight on ways to improve customer service experiences.
Ostapenko, R., Herasymenko, Y., Nitsenko, V., Koliadenko, S., Balezentis, T., & Streimikiene, D. (2020). Analysis of production and sales of organic products in Ukrainian agricultural enterprises. Sustainability, 12(8), 3416.
Pembi, S., Fudamu, A. U., & Adamu, I. (2017). Impact of sales promotional strategies on organizational performance in Nigeria. European Journal of Research and Reflection in Management Sciences, 5(4), 31-42.
Tandoh, I., & Sarpong, L. (2015). The impact of sales promotions on the performance of auto-mobile industries in Ghana: A case study of PHC Motors (Accra-Ghana). European Journal of Business and Management, 7(11), 176-196.