IMPACT OF PROMOTIONAL STRATEGIES IN THE MANAGEMENT OF SUPERMARKET
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IMPACT OF PROMOTIONAL STRATEGIES IN THE MANAGEMENT OF SUPERMARKET
ABSTRACT
This investigation was carried out to investigate supermarket management’s promotional techniques. The primary goal was to understand the impact of promotional tactics in supermarkets, as well as the composition of promotional methods inside the store.
The survey research approach was utilised. It was determined that promotional methods encourage consumers and provide them with a variety of product options. The study concluded that promotional methods had a significant impact on market share and sales.
Based on the findings, the study proposes, among other things, that supermarkets strive for high-quality items and services while using honest promotional techniques to allow customers to make the most reasonable product and service choices.Chapter one
INTRODUCTION
1.1 Background of the Study
To stay in business, any organisation must engage in continuous and effective transactions with its consumers and future customers. The success of any firm is also entirely dependent on the organization’s capacity to grasp the prospect’s demands and other identified difficulties, as well as its ability to devise a solution that would solve the identified problem.
Marketing is the management process responsible for identifying, anticipating, and satisfying customer requirements profitably in order to meet those needs. Most organisations practise the marketing concept,
which is the philosophy that holds that the organization’s task is to determine the needs and wants of the market and satisfy them more efficiently and effectively.
Supermarket operations use promotional methods such as advertising, personal selling, sales promotion, publicity, and public relations; in certain situations, promotional tools or strategies serve several tasks within the corporate organisation.
Any organisation operating in a competitive setting, such as supermarkets, should promote sales, which will subsequently yield profit, while also meeting the needs and desires of its clients.
A market consists of people with varying requirements. Some are buyers, and others are sellers. The seller searches for customers; in order to make the search easier, it is typically the seller’s responsibility to bundle product information for dissemination to buyers.
The adoption of the right promotional approach becomes unavoidable. Promotional tactics in marketing theory and practice have traditionally focused on advertising, personal selling, and publicity campaigns.
The level of rivalry in the corporate environment usually determines the number and sophistication of promotional methods that an organisation should use.
Many businesses dislike spending money on promotion. However, as competition increases, such organisations eventually recognise the need of promotional operations.
Promotional strategies are integrated marketing communication tactics used to perfect and promote a product or service to its intended audience. The package products consist of different marketing communication aspects such as advertising,
sales promotion, public relations, publicity, event marketing, packaging design, marketing consultations, customer research, and media buying. The study’s objective is to highlight their diverse affects and efforts on supermarket management.
1.2 Statement of Research Problem
The increased rate at which most supermarkets close raises concerns; some owners blame the closures to poor performance. A brief look at the global situation reveals that supermarkets in advanced countries are performing well.
Most of them use a variety of promotional techniques. With such a worldwide perspective, one cannot help but embark on this investigation.
1.3 Objectives of the Study
The primary goal of this research is to conduct a critical analysis of supermarket management using promotional methods.
To understand the impact of promotional strategies in supermarkets.
To investigate the necessity for promotional methods in modern supermarkets.
This project objective can be brief or long.
Understanding the makeup of promotional strategies within a supermarket.
1.4 Hypothesis.
Hypothesis One.
HO: Promotional methods are ineffective in modern supermarkets.
Hello: Promotional methods are helpful in modern supermarkets.
Hypothesis Two
HO: Promotional activities do not serve as incentives for attracting customers.
Ho: Promotional activities serve as incentives to attract clients.
Hypothesis Three
HO: Promotional activities do not increase the profitability of the supermarket.
Ho: Promotional activities help to increase the profitability of the supermarket.
1.5 Scope of the Study
The study’s scope is limited to Auchi Town. It would have been extended to other major cities in the country, but due to academic demands, this will not be possible.
1.6 Significance of the Study
One of the goals of this initiative is to help supermarket owners and operators understand the importance of promotional tools in business management.
Second, the study will be extremely useful to students of business studies and marketing in particular, as well as the general public, who wish to use promotional methods in the management of corporate organisations.
1.7 Limitations of the Study
i. strain: First and foremost, the study must be completed under intense strain to satisfy the demands of other courses. The acquisition of relevant information required for this study was very impossible because the workers at Jovenson Supermarket in Auchi were unwilling to provide the researcher with relevant and viral information.
ii. Time Constraint: The factor hampered the successful completion of this project by interfering with other activities such as assignments, tests, and exam preparation.
iii. Inadequate Research Materials: Obtaining relevant materials such as textbooks, journals, and other publications from the library and other sources was challenging. The relevant literature in the field of investigation was not readily available.
iv. Respondent Attitude: Respondents’ attitudes towards the questionnaire created a severe challenge in terms of the amount of information acquired from the field surveys.
1.8 Operational Definitions of Terms
i. Advertising: Advertising is a paid type of non-personal communication delivered to consumers via mass media channels such as television, radio, newspapers, and magazines.
ii. Sales Promotion: Sales promotion is the process of convincing a prospective buyer to purchase a product. Sales promotion is also intended to be employed as a short-term strategy to increase sales; it is not intended to foster long-term consumer loyalty.
iii. Personal Selling: An oral presentation made through talks/conversations with prospective buyers for the goal of selling. Personal selling is also a promotional tactic in which one party,
such as a salesperson, uses skills and techniques to develop personal relationships with another party (such as individuals involved in a purchase decision),
resulting in value for both parties. In most cases, the value for the salesperson is realised through the personal rewards of the sale, but the value for the customer is realised through the benefits acquired by consuming the product since selling requires personal interaction.
iv. Publicity: Publicity is the non-personal stimulation of demand for a product, service, or business unit by the publication of commercially relevant news about it in order to get a favourable presentation of it on television, radio, the internet, or stage that is not paid for by the sponsor.
v. Event Marketing: This is the organisation of activities that draw public notice and interest. Individual activities may be organised or co-sponsored. In Nigeria, sport appears to be the most appealing pastime to the general populace.
The sponsor typically receives a lot of publicity, which leads to an increase in cooperation. It also has a lasting impression on the audience.
vi. Public Relations: Public relations can be described as the purposeful and ongoing effort to build and maintain mutual understanding between an organisation and its policies.
vii. Supermarket: A supermarket is a huge business unit that primarily offers food and grocery items such as tea, sugar, household utensils, electronics or electrical equipment, and other items at a low price in a diverse display.
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