INFLUENCE OF SALE PROMOTION ON EMPLOYEES PERFORMANCE IN AN ORGANIZATION
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INFLUENCE OF SALE PROMOTION ON EMPLOYEES PERFORMANCE IN AN ORGANIZATION
ABSTRACT
The study investigated the effects of an employee’s sales promotion within an organisation. The study problem is to determine the extent to which sales promotions influence employee performance.
The existing literature was reviewed, with a direct focus on inducing retailers, consumers, and salespeople by offering incentives or adding value to a product of interest. Sales promotion encompasses all promotional activities and materials other than personal selling, advertising, and public relations and publicity.
This study employed descriptive analysis and non-parametric statistical approaches such as percentages, chi-square test (X2), and spearman rank order correlation, which were logically examined and understood with the help of the most relevant questions in the table accepted.
The findings show a considerable association between sales promotion, sales performance, and overall organisational growth.
Finally, it was recommended that any company that wants to break even or earn a profit should increase its promotional efforts in order to obtain large sales.
Chapter one
INTRODUCTION
1.1 Background of the Study
Sales promotion is a significant marketing tactic for creating demand for products or services. It serves as an alternative for price competition and a means of distinguishing between identical items or services, according to Achumba (2000).
Sales promotion is commonly employed to boost the effectiveness of other promotional mix components, particularly advertising and personal selling.
Sales promotion, together with advertising and salesmanship, are the primary tactics used to market products/services to the public. Within the banking industry, sales promotion can be used as an incentive to attract potential and present consumers to use the various services/products offered by banks.
Sales promotion is effective not only in the product sector but also in the service sector, and the banking industry is no exception. Sales promotion is vital in today’s increasingly competitive banking environment, where “aggressive marketing strategy” is the norm.
Sales marketing gadgets are typically sporadic. They contribute significantly to marketing effectiveness by supporting advertising, personal selling, and public relations operations, resulting in increased sales volume.
It frequently attracts brand switchers who are primarily looking for a low price, good value, or premium. Because of the competitive nature of the banking industry, banks frequently include a policy aimed at recruiting and maintaining clients in their marketing strategies.
Sales promotions are all around us, with coupons, competitions, and reward giveaways designed to make things more enticing and entice us to buy. These promotions can have a significant impact. Firms’ sales promotions have steadily increased during the last decade, while advertising expenditures have decreased by nearly half.
Tellis (1998) defined sales promotion as any time-limited programme of a seller that attempts to make an offer more appealing to buyers and needs their participation in the form of an instant purchase or other action.
A special emphasis is placed on three (3) important banks relevant to the case study. The banks include Access Bank PLC, Zenith Bank Plc, and Standard Trust Banks, which has been renamed United Bank for Africa Plc. The banks were used to evaluate the effectiveness of sales promotion as a marketing tactic.
1.2 Statement of the Problem
Sales promotions have been defined as short-term incentives designed to increase selective demand for a product or brand. Thus, it is one of an organization’s promotional mix strategies used to improve or enhance rand sales.
Thus, the primary goal of this research study is to determine the effects or affects of sales promotion on the performance of employees inside an organisation.
Furthermore, the study’s goal is to determine whether sales promotions have an impact on both short- and long-term organisational success.
1.3 GOALS OF THE STUDY
Ø Determine if using sales promotions as a marketing technique may boost a bank’s customer base.
Ø Determine the most effective sales promotion methods for banks’ marketing strategies.
Ø Determine if a sales promotion can be sustained as a long-term marketing strategy at three selected banks.
Ø Provide effective recommendations based on findings.
1.4 RESEARCH QUESTION.
· What are the most effective sales promotion tools for the case study’s marketing strategy?
· What are the sales promotion objectives in the three case studies?
· Do the sales promotional tactics employed in the three (3) case studies increase sales and meet marketing objectives?
1.5 Research Hypotheses
H0: Sales advertising does not increase sales or customer patronage.
Hello: Sales marketing improves sales and consumer patronage.
H0: Sales promotional efficiency does not lead to increased profitability.
Hi: Sales promotional efficiency leads to increased profitability.
1.6 Scope of the Study
This research will be limited to the following: influence of sales promotion as a marketing strategy, case study of three (3) selected banks (Access Bank Plc, Zenith Bank Plc, and United Bank for Africa Plc).
1.7 Significance of the Study
This research will be extremely beneficial to the management and people of companies both within and outside the sector. It will help them choose the most efficient sales promotional techniques for not only increasing client loyalty but also increasing industry profitability.
Furthermore, this work will be extremely useful to students who wish to conduct study on relevant areas to the issue under consideration.
1.8 Plan of the Study
The research will focus on important decision-makers at the respective banks. Here, both primary and secondary data will be used. The major source of data will be the responses to the questionnaire, while secondary data will be acquired from existing material, relevant literature, textbooks, and other secondary sources.
1.9 Operational Definition of Terms
Promotion: Promotion, an aspect of the marketing mix (4Ps of marketing), is a set of marketing activities meant to improve sales conditions. Promotional mix can include things like:
Advertising, personal selling, sales promotion, and public relations.
Sales promotion is a programme that makes a company’s offer more appealing to purchasers while requiring buyer engagement.
Product: In general, the phrase “product” refers to any good, service, idea, time, or candidate that one person or organisation provides to another.
Advertising is the process of presenting a company’s proposition to customers via paid media, time, or space.
Coupons are certificates that entitle the bearer to a specified savings on the purchase of a specific goods.
Price cuts: This is also known as prize off promotions. They are offers to consumers of a discount on the regular price of a product, as indicated on the label or package.
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