Promotions are a set of offer offered on certain products that saves the customers money. Providing promotion will attract customer as it gives them a chance to save money. I have to take into careful consideration what promotion I am offering because my business has just started out and I need to make as much profit as possible in order to survive. For my business I have decided to offer various promotional offers. Offering various promotions will attract a lot of customers as different people are attracted to different offers so by offering more promotions it will attract to a wider audience.
One promotion I will be offering is BOGOF (Buy One Get One Free). This gives the customer the same product they just bought and no extra cost. For example if the customer bought a burger, they would get another burger free. Buy One Get One Free can also be known as buy 2 for the price of 1 as it is essentially the same thing. I will offer this on products that are not selling well so that it encourages people to buy it. For example if I notice that my cheesecakes are not selling as well, I will offer BOGOF on it so that it sells. I will also offer this promotion on certain products for a period of one month.
I will monitor them to see how well they are, and if it proves to be successful, I will keep for a longer period or perhaps forever. If it doesn’t prove to be successful, then I will offer it on another product. I believe BOGOF will be a successful promotion because this was the most popular type of promotion method which was gained through the questionnaire results. 30% of males and 40% of females said they prefer BOGOF promotion over others. Discount is another promotional offer I will offer to my customer. A discount is a reduction in price of a product.
A discount can be any amount such as 20%or half price. By offering this promotion to my customer, they will be attracted to buy it because it is now at a lower price. Offering discounts gives a chance for everybody to buy the products. For example there may be small kids aged around ten who may not be able to afford the larger meals as they don’t have any source of income besides pocket money received from parents and even then it may still now be enough. I will be offering discounts on certain for short periods of time to attract customers and to try and get them loyal to my business.
I will also be offering promotional discounts during holidays for example when it comes towards Christmas or Easter. Loyalty cards are a promotional method that attracts customer shop at a business more often. Loyalty card rewards customers for shopping and a business. These rewards can be discounts or a free product. By offering loyalty cards, it will encourage customers to keep coming back to my business to purchase their food as they get motivated to come back knowing they need a few more purchases to get a discount or a free meal.
I believe offering loyalty card is a good idea my competitor analysis shows that none of my competitors both major and local offer this promotion. For my business I will reward my customers a 20% discount on their 5th purchase. This purchase will however have to have a minimum value of i?? 1. 99. After their 10th purchase, they get a free meal for the value of i?? 5. 00. After their 25th purchase, they get a free extra-large pizza again with the minimum order of the purchase being i?? 1. 99.
In doing this, it encourages customers to spend i?? 1. 99 or above which will there help me to meet my aims of increasing profit. Offering loyalty card is one of my objectives and buy offering this, it will help me to meet my aim of increasing customer loyalty. As part of the loyalty card promotion, I will be offering student discount. This is suitable as the location where my business is near is school. By offering student a chance to save money, it means they are more likely to shop at my fast food restaurant.
Student will get an additional 10% discount providing they have some sort of ID such a school identification card. The student discount is available everyday from 12. 00 PM – 4. 00 PM Meal Deals is various products put together which the customer can buy at a cheaper price and is the final promotion I will be offering. This promotion saves the customer money then having to buy each product separately. By offering meal deals, it gives me the chance to sell more products at one time therefore generating a bigger profit. I will be offering quite a few meals.