BUSINESS PROMOTIONAL STRATEGIC AND SMALL ENTERPRISE GROWTH
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BUSINESS PROMOTIONAL STRATEGIC AND SMALL ENTERPRISE GROWTH
Chapter one
INTRODUCTION
1.1 Background of the Study
The formation of a business organisation necessitates that the enterprises make critical decisions. These decisions have an impact on the firm’s overall marketing programmes, or corporate promotional strategy.
However, one critical aspect of such a decision that requires due consideration is promotional strategies, which must launch promotional policies and programmes to inform, persuade, and educate its target audience about the existence of the organisation and its products.
Although creating demand for a specific product may be the ultimate goal of a company’s marketing promotion, this goal is rarely fulfilled in one fell swoop. The company must implement a set of initiatives aimed at increasing demand for their goods.
This may entail identifying the optimal mixture of the promotional mix, advertising, sales promotion, personal selling, publicity/public relations, direct marketing, and packaging to meet its promotional goals.
This alternative blend is determined by factors such as advertising resources, product nature, and product, to name a few.
According to Adirika, Ebue, and Nnolim (2006:35), promotion is the component utilised by an organisation to inform, educate, and persuade the market about the company’s product. The primary aspects of promotion include advertising, personal selling, sales promotion, publicity, and public relations.
Promotion is an essential component of survival and development; without appropriate promotion, a product may not sell, and even if it does sell, its long-term viability is uncertain.
The art and science of marketing promotion, which includes advertising, personal selling, sales promotion, public relations, and direct marketing, is sometimes linked with glamour and flamboyance.
In fact, in order to compete in today’s competitive marketing environment, several organisations spend the majority of their money on promotion.
According to Edoga and Ani (2000:243), marketing success is dependent on more than just good product relations; publicity and direct marketing can be used to inform prospective buyers about the benefits of their products, persuade them to try it, and later remind them about the benefits they will desire by using the product.
Modern marketing companies are increasingly recognising the importance of an effective communication and promotion programme for their entire audience. This Ebue noted that modern marketing goes beyond developing a good product, pricing it attractively, and making it truly available to target customers.
The company must communicate with its target audience, create compelling tales, and provide information about the product’s existence, features, terms, and benefits with the target market.
According to Coppo. J. (1972:201), promotional tools are the most powerful vehicles in competition, and they are the only method for a marketer to break into an established market. He went on to say that in order for a company to stand out in a competitive market, it must value the importance of promotion.
Choki Laboratory began operations in 1985. It is a modest manufacturing company located at No. 3 First Avenue Independence Layout Uyo, with Mr. M.I Onuiybo as the managing director.
The company’s products have endured the test of time, and one in particular is well-known. The company has a staff of forty-five (45), with six (6) headers serving as casual labourers.
Choki Laboratory engages in promotional initiatives to increase sales. Choki Laboratory, one of the top industries in Uyo Metropolis, is facing stiff competition from other industries and the open market, which has gravely damaged its market position.
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