What is a 'Promotion'
1.In terms of a career, a promotion refers to the advancement of an employee's rank or position in a hierarchical structure.
2. In sales, promotion refers to a different sort of advancement. A sales promotion entails the features - via advertising and/or a discounted price - of a particular product or service.
Product promotions can also be classified as "sales" or "specials."
BREAKING DOWN 'Promotion'
1. Job promotions usually include a new job title, a greater number of responsibilities and a pay increase. They might also include an expansion of benefits and managerial authority over other employees. Job promotions are usually based on performance or tenure.
2. Product promotions are designed to increase sales of a product or service. Promotional tactics run the gamut - from coupons to "two-fer" sales (buy one, get a second one free) to straight dollar markdowns or percentage discounts and simple advertising blitzes.