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1.1 BACKGROUND OF STUDY
Sales promotion, a key ingredient in marketing campaigns; the need to promote a product, service or an idea cannot be over emphasized. Obi (2002) described sales promotion consists of the related promotional activities that are necessary to supplement personal selling. Some of these include distribution of sample products to customers, exhibitions, or demonstration of products at stores or trade fairs or shows and preparation of printed materials used by sales people or for point-of sale displays.
A combination of the above variables defines a firm’s promotional programme that hopes to influence consumers to patronize and become loyal to the organizations offering (Banabo and Koroy, 2011). Hence, promotion in marketing represents those tools that companies used to persuade their prospective consumers to buy their product or service.
Organization effectiveness is a totality of organization goodness, a sum of such elements as production, cost performance, turnover, quality of output, profitability, efficiency and the like (Katz and Kahn, 2006). It is the ability of an organization to achieve its objectives and meet the needs of its various stakeholders (Khandwalla, 2005). Sales promotion can promote organization effectiveness through increase in profitability from higher sales. Okoli (2011) explains that the “essence of setting up a business organization is to make profit. Without profit, a business is bound to fail”.
Loudon and Bitta (2002) said that sales promotion plays a significant effect on decisions which help in achieving the organizational objectives. It has been established in literature that only consumers with repeat purchases are profitable (Nagar, 2009). It is not every repeat purchase that is connected to consumer’s commitment of a brand. However, consumer’s commitment is important for a repeat purchase. Therefore, business operators need to develop marketing program that will not only reinforce customer’s commitment but also encourage repeat purchases.
A part of the functions of sales promotion is not only to reinforce commitment of consumers but to encourage repeat purchase. Sales promotion has effects on various aspects of consumer’s purchase decisions such as brand choice, purchase time, quantity, and brand switching (Nijs, et al., 2001). Thus, sales promotion becomes an integral part of the marketing strategy for reaching the target market and it is the responsibility of marketing managers to combine elements of promotional strategies, which is promotional mix into coordinated plans.
Sales promotion efforts are directed at final consumers and designed to motivate, persuade, and remind them of the goods and receives that are offered. Sales promotion which is a major force in marketing is widely adopted by banking industry. The importance of the excessive promotion in a competitive market environment has generated a lot of interest in marketers and firms to develop numerous and comprehensive promotional approaches (Adaramola, 2010).
1.2 STATEMENT OF THE PROBLEM
Sales promotion is an important component of an organizations overall marketing strategy along with advertising, public relations, and personal selling. Most of the challenges faced by organisation when it comes to sales promotion could be that they lose so much money in the promo without gaining or achieving the reason for the sales promotion hence the company running into deficit. It could also be that the organisation might be working with some sales personnel that cannot carry out the duty of a sales promoter thereby making the marketing strategy in the organisation to be deficient. Finally, several researches has been carried out on the effect of sale promotion in an organisation but not even a single research has been carried out on sales promotion as a managerial tool in business organisation a case study of first bank plc.
1.3 AIMS AND OBJECTIVES OF STUDY
The main aim of the study is to examine sales promotion as a managerial tool in business organisation. Other specific objectives of the study include;
1. to determine the factors affecting sales promotion as a managerial tool in business organisation.
2. to determine the influence of sales promotion as managerial tool on business organisation.
3. to determine the extent to which sales promotion as a managerial tool affects business organisation.
4. to proffer possible solutions to the problems.
1.4 RESEARCH QUESTIONS
1. What are the factors affecting sales promotion as a managerial tool in business organisation?
2. What is the influence of sales promotion as managerial tool on business organisation?
3. What is the extent to which sales promotion as a managerial tool affects business organisation?
4. What are the possible solutions to the problems?
1.5 STATEMENT OF RESEARCH HYPOTHESIS
H0: Sales promotion as a managerial tool has no significant effect on business organisation.
H1: Sales promotion as a managerial tool has a significant effect on business organisation.
1.6 SIGNIFICANCE OF STUDY
The study on sales promotion as a managerial tool in business organisation will be of immense benefit to the entire first bank plc in the sense that it will educate them on how to set up a more and effective sales promotion department with experienced staff with the view to developing more promotional strategy in line with the company’s objectives. The study will also enable them at all time to have a planned and systematic sales promotion programme in place as this would help to make such promotional implementation effective. Finally, the study will contribute to the body of existing literature and knowledge to this field of study and basis for further research.
1.7 SCOPE OF STUDY
The study on sales promotion as a managerial tool in business organisation is limited to first bank plc.
1.8 LIMITATION OF STUDY
Financial constraint- Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
Time constraint- The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.
1.9 DEFINITION OF TERMS
Sales PromotionIs the process of persuading a potential customer to buy the product.
Managerial ToolAre all the systems, applications, controls, calculating solutions, methodologies, etc. used by organizations to be able to cope with changing markets, ensure a competitive position in them and improve business performance.
BusinessIs the activity of making one's living or making money by producing or buying and selling products (such as goods and services).
Organisation An organized group of people with a particular purpose, such as a business or government department
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