EFFECTIVENESS OF TRADE EXHIBITION AS A MARKETING TOOL IN SMALL & MEDIUM SCALE ENTREPRENEURS
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EFFECTIVENESS OF TRADE EXHIBITION AS A MARKETING TOOL IN SMALL & MEDIUM SCALE ENTREPRENEURS
Chapter one
1.0 Introduction
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.
1.3PURPOSE 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.
1.4Statement of the 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 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.
1.4 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?
1.5 Research Hypothesis
Ho: Trade exhibitions have little effect on firm sales.
Hello: Trade exhibitions have an impact on the company’s sales.
Ho: Trade exhibitions do not raise awareness of the company’s products.
Hi: Trade exhibitions raise awareness of the company’s products.
Ho: That trade exhibition is not used to market-test consumer products.
Hi: That trade show is used to market-test consumer products.
1.10 Research Methodology
This included all activities related to the collecting of all data and information required for the research. Data for this research topic will be gathered from both primary and secondary sources.
a. Primary Data Sources: This will be done using a questionnaire, with questions posed to employees or devoted customers of the product.
a. Secondary Data Sources: This will include journals, magazines, books, newspapers, reports, government publications on trade shows, and other relevant materials.
An overview of the research process is provided, including a description of the research method used to collect the data that was analysed to reach any conclusions. It also addresses the research design, population, and sample size determination.
Other topics mentioned include questionnaire design, questionnaire administration, data gathering methods, and validity and reliability.
1.11 RESEARCH INSTRUMENT
The instrument for the aforesaid study is by using the test statistic known as chi-square. The formula is as follows:
c2 = E(Oi-ei)2
Ei
Where Oi = observed frequency.
Ei = Expected frequency.
cc2 represents computation for the test statistic.
= Represent chi-square in table.
The predicted frequency is computed as follows:
Ei = the product of the marginal total for the sale under consideration.
1.12 RESEARCH DESIGN.
Many consumer goods businesses have come a long way in their trade exhibition strategies to enhance sales, raise awareness, and prevent the product from declining in the market. The concept may not be entirely beneficial if sufficient research is not conducted. The limitations of this study are summarised below:
1. Time constraints:- The time allocated for the project does not allow for a complete and exhaustive investigation of the topic, although efforts were made to arrive at a relevant conclusion.
2. Survey Limitation:- Some of the issues encountered during the field survey include no response, absence from the office, and so on, all of which have an impact on the scope of the study.
3. Cost:- This is another element that works against the study, hence the scope was confined to Lagos.
4. The management does not reveal information that they consider confidential and makes strategic decisions regarding their display and promotional plans.
1.13 Definition of Terms
Brand name:- This is a word, letter, or number that a producer assigns to a certain product in order to distinguish it from those produced by others.
Competitors are individuals or organisations who aim to get an advantage over their competitors by creating items of higher quality and emphasising their product’s unique selling proposition.
Products:- Anything that can be offered to the market for use, consumption, or purchase of their product. These can be tangible or intangible products, which cannot be seen.
Product Range: This is the range of products that a corporation manufactures for consumption or sells to the market for use.
Consumer Goods:- These are goods sold to the market for immediate consumption and do not require further processing before use.
Exhibition: A display of works of art, manufactured items, and natural products from which visitors are expected to put orders.
Infringement is defined as an activity that violates another person’s rights.
Advertising refers to any paid kind of non-personal presentation and promotion of ideas, goods, or services by an identified sponsor.
Promotion: This is the communication used to persuade or convince prospective customers.
Personal selling is an oral presentation in a conversation with one or more prospective buyers with the goal of making a sale.
Publicity:- This is always in reference to exhibition-related news.
Research is an investigation or search aimed at discovering a fact by careful consideration or study of a subset.
Sale Promotion: This refers to short-term incentives to encourage the purchase or sale of a product or service, such as those featured during a trade expo.
The target market is defined as the consumer or group to whom a product or service is marketed.
Precinct:- This is the amount of money (extra) charged to exchange a goods.
Packaging refers to the material used to wrap or protect things from spoilage, as well as to pack commodities and products.
Trade is the business of buying and selling within and between countries.
Marketing objectives are goals that management sets for themselves over time. They are often customer-oriented goals that senior management wishes to attain.
Marketing is a comprehensive set of interconnected organisational activities aimed at planning, developing, promoting, and distributing 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.
Consumers:- 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.
b. 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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