MANAGEMENT

Detailed explanation-1: -Offering your customers additional benefits such as free items, bonuses, discounts, loyalty programs, or special deals is what turns a regular buying experience into something memorable. These are all examples of price incentives as they provide additional value to encourage a certain type of customer behavior.

Detailed explanation-2: -Examples include event tickets, meet-and-greet, product or experience upgrades and “VIP” service. Points-based incentives typically require a published loyalty program as a prerequisite. They encourage customers to pad their loyalty accounts with point bonuses and multipliers.

Detailed explanation-3: -"Use of motivational devices such as competitions, games, premiums, special pricing, to promote the sale of a merchandise or service.” Whether this takes the form of a customer loyalty program or a one-off promotion, businesses put out special offers to incentivise customers to purchase their products.

Detailed explanation-4: -Creating new leads: Sales promotions increase customer acquisition by offering them discounts, free products, free trials, and more. Many potential buyers are willing to try something for a lesser price, and if they like the product they become part of your company’s loyal base.