Is your promotional strategy targeted at getting new customers, increasing sales with existing customers or attracting customer from your competition?

For all options.

Stock reduction plus any combination as mentioned or all. sometimes promotions are meant for disposal of excess stock as it main objective even under non competitive circumstances to reduce inventory accumulation for various reasons.

Should target marketing strategy

Always maintain customer

And get new

Developing marketing methods

And the development of the product itself

And the constant search of new markets

Contacting potential customers by all available means

Your strategy should focus on all these three categories. Remember that you are not the only player in the market. Your competitors may act just like you and compete with you  on all these categories. 

All of these.

Thank you all for some wonderful answers.

Promotional Strategy  is the goal of increasing awareness, driving more new potential consumers towards the product, increasing sales as a result and achieving a sustainable competitive advantage.

Thus, it is targeted at all the elements:

1. Existed Customers -- To keep them happy & loyal towards the brand
2. Potential New Customers -- Promotions should be driven to encourage potential new consumer's to try out the product
3. End Result --- Should be able to drive not only being able to attract attention, spreading awareness but also result in Incremental business and within the targeted ROI thus to sustain Loss of opportunity revenue by covering it up in increased volume & revenues as well higher element of competitiveness.

:-)