write a stored procedure that will perform your required tasks and then set that procedure to be executed via a schedule.
You can set schedules via SQL Enterprise Manager by selecting the relevant server, go into Management SQL Server Agent Jobs. In here you can create the jobs to run your stored procedure at a specific time schedules.
Here is part for your procedure, you can use.
create procedure dbo.update_table
as
begin
update PromotionMasterTable
set Promotion_Name ='Silver'
where Promotion_Name ='Member'