Introduction
When it comes to marketing strategies, transaction marketing is a concept that focuses on individual sales transactions rather than building long-term customer relationships. It emphasizes the importance of making a sale and maximizing immediate profits. In this article, we will discuss which of the following statements is consistent with the concept of transaction marketing.
Statement 1: “The goal is to build long-term customer loyalty.”
This statement is not consistent with the concept of transaction marketing. Transaction marketing is primarily concerned with maximizing sales and profits from individual transactions, rather than focusing on building long-term customer loyalty. While customer loyalty is important for any business, it is not the primary objective of transaction marketing.
Statement 2: “The focus is on repeat purchases and customer retention.”
This statement is also not consistent with the concept of transaction marketing. Transaction marketing is more concerned with maximizing sales from individual transactions, rather than focusing on repeat purchases and customer retention. While repeat purchases and customer retention can contribute to overall sales, they are not the primary focus of transaction marketing.
Statement 3: “Price discounts and promotions are used to attract customers.”
This statement is consistent with the concept of transaction marketing. Transaction marketing often relies on price discounts and promotions to attract customers and encourage immediate sales. By offering lower prices or special promotions, businesses can incentivize customers to make a purchase, leading to increased transactional revenue.
Statement 4: “Relationships with customers are built through personalized interactions.”
This statement is not consistent with the concept of transaction marketing. Transaction marketing is more focused on the immediate sale rather than building relationships through personalized interactions. While personalized interactions can enhance the customer experience, they are not the primary focus of transaction marketing.
Statement 5: “Customer satisfaction and after-sales support are prioritized.”
This statement is not consistent with the concept of transaction marketing. Transaction marketing is primarily concerned with maximizing sales and profits from individual transactions, rather than prioritizing customer satisfaction and after-sales support. While customer satisfaction is important, it is not the primary focus of transaction marketing.
Conclusion
In conclusion, the statement that is consistent with the concept of transaction marketing is “Price discounts and promotions are used to attract customers.” Transaction marketing focuses on maximizing sales and profits from individual transactions, often relying on price discounts and promotions to attract customers and encourage immediate sales.
References
– www.investopedia.com/terms/t/transaction-marketing.asp
– www.marketing-schools.org/types-of-marketing/transactional-marketing.html
