EFFECTIVENESS OF TRADE EXHIBITION AS A MARKETING TOOL IN SMALL AND MEDIUM SCALE ENTREPRISES
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EFFECTIVENESS OF TRADE EXHIBITION AS A MARKETING TOOL IN SMALL AND MEDIUM SCALE ENTREPRISES
Chapter one
INTRODUCTION
1.1 Background for the Study
The origin and traditional backdrop of trade fairs may be traced back to a time when neither a good communication network nor the security required for the formation of relevant commercial relationships were readily available.
The first large trade fair in Nigeria was staged in 1960 to lend glamour to Nigeria’s Independence Day, although with fewer business motivations. The first international trade fairs were place in 1977, with 60 countries in attendance.
Over time, firms have grown to regard trade shows as an effective technique of raising awareness, which usually stimulates demand for their product. Trade fairs and exhibitions can be used efficiently throughout the product lifetime, but they are most effective when a product is first introduced.
This will enable patient consumers to understand the product’s use and design. It is worth noting that trade exhibitions can be as tiny as one main show in a one-room flat, as well as general or specialised exhibitions, and can be hosted for commercial or non-commercial purposes; nevertheless, we are only interested in commercial exhibitions.
Trade exhibitions have recently acquired popularity in the manufacturing industry. Currently, Nigeria hosts three international trade fairs each year: Lagos, Kaduna, and Enugu. The Nigerian Association of Chambers of Commerce and Industry, Mines and Agriculture (NACCIMA) organises these fairs.
According to Christian Peterson (1972), the reasons for the organization’s participation in trade exhibitions are as follows:
1. It could be utilised to generate a favourable impression in the minds of potential purchasers or to correct bad perceptions.
2. It might be utilised to give a company without a regular sales force the opportunity to showcase their goods to the public.
3. A trade fair could be used to evaluate marketing products prior to commercialization.
4. A trade fair could be used to evaluate marketing products prior to commercialization.
5. Trade exhibitions can be used to demonstrate trade prestige, such as when a company wants to be perceived as a leader among its competitors.
6. Trade exhibitions are primarily used by small businesses to compete with larger firms in already saturated markets.
1.2 Statement of Problem
I was inspired to write about this issue since some businesses fail to recognise and recognise the importance that trade exhibitions play in the existence of any commercial organisation.
The organization’s negative attitude towards the use of trade exhibitions to promote the image of the company’s product has resulted in an increase in imitation, putting the lives of many consumers in danger, and providing insufficient information about the organisation and its product.
1.3 Object of the Study
The research aims to determine the effectiveness of trade exhibitions in promoting consumer goods.
1. Determine the extent to which trade exhibitions have raised awareness of the manufacturer’s products.
2. Determine whether trade exhibitions may be utilised to forecast demand for the company’s products.
3. Determine whether trade exhibitions accomplish the company’s objectives.
4. To understand or determine the impact of trade exhibitions on consumer relationships with the company.
1.4 Research question
This study will answer the following research questions:
i. How frequently do you buy at trade shows?
ii. Do trade exhibitions raise awareness of the company’s product?
iii. Has a trade show influenced a consumer’s decision to purchase a product?
iv. Do trade shows attract new customers and improve the usage of existing ones?
v. Do trade exhibitions boost sales productivity in small and medium-sized enterprises?
1.5 Statement of Hypothesis
This study will answer the following research questions:
H0: Trade exhibitions have no impact on firm sales.
H1: Trade exhibitions have an impact on the company’s sales.
H0: Trade exhibitions do not raise awareness of the company’s product.
H1: Trade exhibitions raise awareness about the company’s product.
H0: That trade expo is not used to market-test consumer products.
H1: The trade show is used to test consumer products on the market.
H0: Trade exhibitions do not improve sales productivity in small and medium-sized businesses.
H1: Trade exhibition boosts sales productivity in small and medium-sized entrepreneurship.
1.8 Justification for the study.
Aside from the budgetary and time constraints that justified the scope of a trade show, the purpose of this study is to gather information on the efficiency of trade exhibitions in marketing consumer goods in Nigeria, with a focus on fast-moving consumer items such as ANTINA beauty soap.
It is possible to determine the effectiveness of trade exhibitions in the marketing of consumer goods. Trade exhibitions were a major factor that contributed to the increase in sales of a specific product that is engaged in.
Additionally, creating potential awareness is always rekindie in the case of old customers. This fantastic marketing advancement is typically made attainable and practicable by the consequence of the trade display plan used by Loyalted Product Limited.
Trade exhibitions have significantly increased the sale of corporate products as well as turnover, according to people who strongly believe that trade exhibitions have greatly aided the company’s growth.
1.5 Significance of the Study
This research intends to shed light on the need for trade exhibitions in the marketing of consumer goods. The study’s findings will be utilised to:
a. Provide more information on how consumers react to trade exhibitions and the benefits of telling them about the product while also strengthening the company’s product image.
b. The management of the company in question will be aware of any potential issues that may occur as a result of competition.
c. It assists the management of Loyalted Limited in fully comprehending the benefits of trade exhibitions.
1.6 Scope of the Study
The study’s scope is limited to the operations and marketing departments of small and medium-sized businesses. However, the study should not be misconstrued as having no relevance to other Nigerian organisations; given the globalised nature of the organisational environment, such a dilemma is unavoidable.
The current study is constrained in numerous ways. Providing knowledge about productive trade exhibitions as a marketing strategy for small and medium-sized businesses. It is not possible to consider all criteria in this study.
Conducting such a survey across all Nigerian companies, both public and private, is challenging. The researcher opted to evaluate the effectiveness of trade exhibitions as a marketing tool for small and medium-sized businesses.
It covers all of the organization’s employees, including senior management, middle management, supervisors, and the remainder of the workforce.
1.7 Definition of Terms.
1. Brand Name:- This is a word, letter, or number that a producer assigns to a specific product to distinguish it from products produced by other manufacturers.
2. Competitors:- These are individuals or organisations that aim to gain an advantage over their competitors by creating higher-quality items and emphasising their product’s unique selling point.
3. Products:- This is anything that may be supplied to the market for use, consumption, or acquisition of their product. It can be tangible or intangible, which means it cannot be seen.
4. Product variety: This is the variety of products that a corporation creates for consumption or makes available to the market for use.
5. Consumer items: These are items sold to the market for direct consumption and do not require further processing before use.
6. Exhibition: A display of works of art, manufactured items, and natural products for which visitors are expected to put orders.
7. Infringement: An activity that violates the rights of another.
8. Advertising:- Any paid type of non-personal presentation and promotion of ideas, commodities, or services by a specific sponsor.
9. Promotion: This is the communication that aims to persuade or convince potential customers.
10. Personal Selling:- This is an oral presentation in a conversation with one or more prospective buyers with the goal of making a sale.
11. Publicity: This is always related to the exhibition news.
12. Research:- This is an examination or search directed to the discovery of some fact by careful consideration or study of a subset.
13. Sale Promotion: This is a short-term incentive to encourage the purchase or sale of a product or service as part of a trade display.
14. Target Market:- This is defined as the consumer or group to whom a certain product or service is marketed.
15. Precinct:- This is the amount of money (extra) charged on a thing in exchange.
16. Packaging:- This is the material used to wrap or protect things from spoilage, as well as to package goods and products.
17. Trade: The act of purchasing and selling within a country or between countries.
18. Marketing Objectives:- These are goals set by management to achieve over time, and they are typically customer-oriented.
19. Marketing:- A comprehensive set of interconnected organisational operations meant to plan, produce, promote, and distribute customer-satisfying products, services, and ideas. It encompasses all commercial activities required to effect the transfer of ownership of products and provide for their physical distribution format. Producer to final consumer.
20. Customers:- A consumer is a person who buys commodities or products from another person. Consumers are classified into three (3) categories:
a. Existing Consumer: These are habitual buyers.
a. New Consumer: These are new customers purchasing the product for the first time.
c. No Consumer: Those who are not purchasing the merchandise.
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