SALES PROMOTION AS A TOOL FOR ACHIEVING ORGANIZATIONAL GOALS AND OBJECTIVES. (A CASE STUDY OF FIRST BANK OF NIGERIA PLC, ILORIN KWARA STATE)
ABSTRACT
The project topic “sales promotion as a tool for a achieving organizational goals and objectives. The promotion in the design and management by marketing sub system for the purpose of informing and preloading present and potential customers. The study entails a lot of problems, which are lack of market concept and management problems in achieving organizational goals and objectives Marjory in Nigeria. Researcher make use of questionnaire, and interview for its method of collecting data in the course of finding out the facts on the study and therefore, finding the facts on the study and tactual. Sales promotion activities and its concept is the major solution for any problem that may arise in achieving organizational goals and objectives its impact and role in the course of satisfying the consumer through effective and adequate services in achieving organizational goals and objectives.
TABLE CONTENTS
Title Page i
Certification ii
Dedication iii
Acknowledgement v-vii
Abstract viii
Table of contents ix-x
CHAPTER ONE: BAKCGROUND TO THE STUDY
1.1Introduction1-3
1.2 Statement of the problem 3
1.3 Aims and objectives 4
1.4 Scope of the study 5
1.5 Significance of the study 6
1.6 Limitations and constraints of the study 6-7
1.7 Definition of terms and concept 7-8
1.8 Plan of the study 8-10
CHAPTER TWO: LITERATURE REVIEW
2.1 Meaning of promotion 11-12
2.2 Importance of promotion 13-14
2.3 Objective of promotion 15-17
2.4 Communication 17-20
2.5 The Communication aspect of marketing mix 20-22
2.6 Element of promotion mix 22-25
2.7 Factors influence sales promotion 26-28
2.8 Appraisal for achieving goals 28-29
2.9 Sales promotion as a tool for achieving organization goals and objectives 29-30
2.10 Formulation of hypothesis 30
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Research population 31
3.2 Sample method and size 31-32
3.3 Data collection method 32
3.4 Research instrumentation 32-33
3.5 Method of data Analysis 34
3.6 Appendix 35-38
CHAPTER FOUR: DATA PRESENRTATION AND ANALYSIS
4.1 Brief history of first Bank Plc 39-47
4.2 Data presentation and analysis 47
4.3 Test of hypothesis 50-54
4.4 Result of findings 54-61
CHAPTER FIVE: SUMMARY, CONCLUSION, RECOMMENDATION
5.1 Summary 62
5.2 Conclusion 62-63
5.3 Recommendations 63-64
References 66
CHAPTER ONE
1.1 INTRODUCTION TO THE STUDY
Marketers in any organizational attempt of stimulate demand for their product by creating customers awareness for the product.
Sales promotion occupies a very vital issue in the marketing mix. It is concerned with the product, pricing, promotion and place. It is a communication mix, which deals with persuasion of others to accept the view expressed about a particular product and services.
Modern marketing calls for more than developing a good product, pricing attractively and making it accessible to target consumers. Every Bank or company is inevitably in the role of a communicator and promoter promotional tools are;-
i. Advertising
ii. Personal selling
iii. Sales promotion
iv. Public Relation
These are however referred to as the element of promotion mix. For effective communication, the company may decide to utilize sales promotional tools in various forms and combination. For instance, he may choose to use advertising as the major method to communicate with consumes and may as a supplement to the other means of communication.
At time, the company may use more personal selling, sales promotion act depending on the nature of product they are dealing with for most banks in question is not whether for communication but how much is spend in what way will it be effective.
Sales promotion aspect of marketing involves to a very large extent, communication with outside world also, with customers, competitors, suppliers, government and the entire business environment from the sales promotional mix is an array of tools available to the communication whose role is persuasive communication.
1.2 STATEMENT OF PROBLEMS
How effective is sales promotion strategy towards production familiarization in First Bank Plc, what role does sales promotion play in disseminating information in First Bank within the staff of the bank and outside?
How effective is the various sales promotional mix in terms of their contribution to general communication in First Bank Plc?
Promotion has been considered from different quarters as the way of improving in the modern bank society. How timely is the statement with particular reference to first Bank Plc?
Can we generalize that sales promotion is a vital tool to communication.
1.3 AIMS AND OBJECTIVES OF THE STUDY
The increase in customers’ awareness in a crucial factors which dictates the level of demand, and also determines the success of an organization. Most Banks do find possible means of going into market to secure product acceptability.
Therefore, the aims and objective of this study is to know how production increase the banks of profitability. Another objective of this study is to know how sales promotion can help organization to reach a target market in how sales promotion can be used to stimulate the level of demand and customers interest towards the product. In addition this project is aimed at finding out how banks can make use of various sales promotional mix achieve their cooperate objectives.
1.4 SCOPE OF THE STUDY
This research is deigned to access sales and promotion as an effective or as a tool for achieving organizational goals and objectives.
Therefore, most of the figures used for the analyses were collected from the bank and finding of the study may be regarded as part of particular relevance to the First Bank, through with a little modification.
In the first place, they may be taken off the based for further research.
Secondly, they may be used as a means of accessing the effectiveness of promotional strategy as tools for achieving organizational goals.
Finally, they must as a stsndard for measuring effectiveness of sales promotional strategy as a communication tools in similar banking organization.
1.5 SIGNIFIFNACE OF THE STUDY
It is strong believe of the researcher that with the suggested solution to the problem face by the marketing individuals comp rations and government will benefit from improvements in the worker of the marketers.
Also, with the detection of how important the sales production are in determine financial position of companies, banks, individuals and co-operations will give better support and corporations to make the work of marketing easy to carryout
1.6 LIMITATION AND CONSTRANTS OF THE STUDY
One important problem encountered by the research while undertaking this study is finance, which deprive the research ability to visit many place and meet the widely dispersed consumers of first bank Nigeria plc.
Another problem faced by the research is the secrecy being attached to information by business organization in Nigeria, First Bank Plc inclusive and the consequent adverse effect of this is realization of information and date needed for the study.
Also, the researcher will not be able to exam other company and banking system of the other countries due to constraint of time, technical and resources and personnel.
1.7 DEFINITION OF TERMS AND CONCEPT
ADVERSTISING:- advertising is a paid form of non-personal presentation and promotion of ideas, goods and services by identify sponsor.
Advertisement as done through various communication media like radio, television, news paper etc.
Sales promotion:- sales promotion are those marketing activities other than personal setting, advertising and publicity that stimulate consumers purchasing and seller effectiveness, such as display, inset shows and expositions, demonstrations and various non incremental selling effort not in the ordinary routine.
PUBLICITY:- publicity is a non-personal stimulation of demand for product or service by planting commercially significant news about it in a published medium, it is not a paid from like advertisement.
PERSONAL SELLING: This is oral presentation in conversion between two or more people with the view of making sales.
PUBLIC RELATIONS: Is the deliberate planned and sustained effort to establish and maintain mutual understanding between an organization and public.
COMMUNICATION: It is the transfer of feeling, tones expression, emotion, ideas from one person to another.
1.8 PLAN OF THE STUDY
The business world today is a world of competition. A business cannot survive if its products do not sell in the market. Thus, all marketing activities undertaken to increase sales producers may spend a lot on advertising and personal selling, still the product may not sell. So incentives profit is the major during price that keeps most organization in business; this profit is only made possible through marketing.
Marketing is a major aspect of production as production n is not complete until the goods and services get to the final consumers. Therefore sales promotion as a tool for achieving organizational goals and objectives increase sales thereby increase profit.
This research work is presented in five chapters with Chapter one introducing the topic and definition of terms, the scope and objectives of the study is also presented in this chaptrer. Chapdter 2 exchanges and theoretical and empirical literatures that relevant to the topic. Chapter (3) talks about the presentation of questionnaire and likely question that the project seek to answer while chapter 4 highlights the findings from distribution of questionnaire and analysis and lastly chapter (5), is the summary and recommendation.
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