Questions: When companies try to entice customers to make purchases by offering special incentives or excitement-building programs, including loyalty programs, contests, etc., they are using

When companies try to entice customers to make purchases by offering special incentives or excitement-building programs, including loyalty programs, contests, etc., they are using
Transcript text: When companies try to entice customers to make purchases by offering special incentives or excitement-building programs, including loyalty programs, contests, etc., they are using
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Solution

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The answer is "sales promotions."

Explanation: Sales promotions are marketing strategies that companies use to encourage customers to make purchases by offering special incentives or excitement-building programs. These can include loyalty programs, contests, discounts, coupons, rebates, and other promotional activities designed to stimulate consumer interest and increase sales.

  1. Loyalty Programs: These are designed to reward repeat customers by offering points, discounts, or other benefits for continued patronage. For example, a coffee shop might offer a free drink after every ten purchases.

  2. Contests and Sweepstakes: These create excitement and engagement by offering customers the chance to win prizes. For instance, a company might run a contest where customers can enter by purchasing a product and submitting a code online.

  3. Discounts and Coupons: These provide immediate financial incentives for customers to make a purchase. For example, a retailer might offer a 20% off coupon for a limited time to drive sales.

Sales promotions are a key component of a company's marketing mix and are used to achieve various objectives, such as increasing short-term sales, introducing new products, or clearing out inventory.

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