What can marketers learn from JC Penney's attempt to eliminate sales and promotions?
• Price is the biggest factor when consumers are making purchases.
• Coupons are losing popularity in the 21st century.
• There is a decreasing market for discount clothing retailers.
• Consumers prefer the perception of great deals to overall low prices.
• Consumers may feel frustrated or deceived if they believe they are not getting a good deal or are not receiving the best price possible.
• The importance of creating a feeling of exclusivity or urgency in promotions to drive sales and interest from consumers.
• The potential negative impact of eliminating sales and promotions on consumer perception and loyalty.
• The need to carefully consider and understand consumer behavior and preferences when making decisions about pricing strategies.
• The importance of effectively communicating value and benefits to consumers to justify prices and drive purchases.