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Which tool of the promotional mix consists of short-term incentives to encourage the purchase or sale of a product or service?

  • Sales promotion tool of the promotional mix consists of short-term incentives to encourage the purchase or sale of a product or service.
  • Sales promotion is a type of marketing tool that is part of the promotional mix and is designed to encourage the purchase or sale of a product or service.
  • Sales promotions are typically short-term incentives, such as discounts, coupons, rebates, or special offers, that are offered to customers to stimulate sales and increase revenue.
  • These promotions can clear out slow-moving inventory, attract new customers, or retain existing ones.
  • Sales promotions can take many different forms, including in-store promotions, online promotions, or direct mail promotions.
  • They can also be targeted at specific segments of the market, such as consumers or trade customers.
  • In addition to increasing sales, sales promotions can also help to create a sense of urgency and excitement around a product or service.
  • They can also help businesses to stand out from the competition and differentiate themselves in a crowded market.
  • However, it's important to use sales promotions carefully, as over-reliance on promotions can lead to lower profit margins and erode brand value over time.