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- THE IMPACT OF CASHLESS POLICY ON THE PERFORMANCE OF FINANCIAL INSTITUTIONS IN NIGERIA
- IMPACT OF INFORMATION TECHNOLOGY ON BANKING OPERATIONS (A STUDY OF FIRST BANK OF NIGERIA PLC.)
IMPACT OF PROMOTIONAL STRATEGIES ON PATRONAGE OF NEW PRODUCT (A CASE STUDY OF GLAXO NIGERIA PLC)
Promotional strategies are one of the functions of organizations globally. Through promotional strategies, customer’s needs are met and demand is also stimulated. This study shows fully how promotional strategies can be employed. Researches were conducted and different textbooks were also consulted to know the impacts of promotional strategies and concepts. Workers of the concern organization were also interviewed to know their view concerning promotional strategies. This research highlighted the various promotional tools employed in promoting their products.
TABLE OF CONTENT
Title page i
Table of content vi
1.1 Introduction 1
1.2 Statement of problem 2
1.3 Objective of the study 2
1.4 Hypothesis formulation 2 - 3
1.5 Significant of the study 3
1.6 Scope of the study 3
1.7 Limitation of the study 3 - 4
1.8 Definition of terms 4 - 5
2.0 Literature review 6 - 7
2.1 What is marketing mix 7
2.1.1 Nature of market 7
2.1.2 Price of the product 7 - 8
2.2 Historical Background of Glaxo Nig. Plc. 8 - 9
2.3 Promotional tools 9 - 10
2.4 The composition of promotional strategies 10 - 11
2.5 Organization chart 12
3.0 Research methodology 13
3.1 Introduction 13
3.2 Research design 13
3.3 Research instrument 13 - 14
3.4 Population sample and sample size 14
3.5 Hypothesis testing method 14 - 15
4.0 Data presentation and analysis 16
4.1 Analysis of questionnaire 16 - 22
4.2 Testing hypothesis 22 - 24
4.3 Research question and responses 24 - 29
5.0 Summary, conclusion and recommendation 29
5.1 Summary 29
5.2 Recommendation 29 - 30
5.3 Conclusion 30
5.4 Suggestion for further research 30
Questionnaire 32 – 33
1.1 HISTORICAL BACKGROUND
Promotion is a term which has many meanings over the years, its original meaning in Latin was to move forward. However more recently the meaning has been narrowed, so it now refers to communication undertaken to persuade other to accept ideas, concepts or things. More especially promotional activities are controlled, integrated program of communication method and materials design to present company and it products to facilitate sales and thus contribute to long run profit performance.
Promotion is also define according to Dennis: A Dect et al (1974) as those marketing techniques which are used usually on temporary basis to make good and services more attractive to customer by providing some additional benefit whether in cash or in kind.
The code covers much firms of promotions are: Premium offers of all kind, reduction in price fuel offers, distribution of vouchers coupons and samples personality promotion, price promotion of all types.
This project is intended to examine the promotional strategies as a force in errably associated with other aspect of marketing and applicable to the total activities of any organization be it commercials social or otherwise.
Promotion is not a subject the marketers and business organization can just reject, if the business is to achieve its stated goals and objectives, the business organization and marketer in particular has to make use of various strategies in other to face their competitors if the organization wants to remain in the business world.
The Gloxo Nigeria Plc. Agbara Lagos (Pharmaceutical industry) today fewer with the serious competitors and can less some strategies are used to capture a large share of the market, it may be difficult for a firm to penetrate.
The Gloxo Nigeria Plc. Agbara Lagos (Pharmaceutical industry) has many competitors. This is why the company has been intensifying its efforts in area of promotion in other to have and maintain a large share of the market, through the aid of promotional strategies. Advertising sales promotion, personal selling and publicity has enabled the company to fight with other competitors and consequently increases sales of the company.
1.2 STATEMENT OF THE PROBLEM
Promotion is a key element of the marketing strategies. It is very vital to the marketing process although it is costly, it helps infirmity customers about the right products and services.
The promotional strategies is made-up of advertising, sales promotion, personal selling and publicity. The four components of the promotional programme are used in isolation, they go in pari-pasu. For example, though advertising may be most suitable for a purpose and sales promotion for another, the two are often employed simultaneously, the relative emphasis depending upon circumstances. Advertising may be used to support sales promotion and vice versa,
The pharmaceutical programmes, itself is in turn one aspect of the firms marketing strategy. Decisions that are made in this area must therefore be consistent with decision about the product, price and distribution.
However, it is disheartening to note that both producers of tangible and intangible (services) tend not to supplement or use there promotional tools interchangeably. For instance, most services establishment have solely depend on advertising for the purpose of promoting their business and this tends to affect them in terms of consumer patronage.
Furthermore, the industry has solely neglected the other promotional tools particularly personal selling in promoting their business. This development has not affected their operations only but also the consumer perception of their offering.
1.4 OBJECTIVE OF THE STUDY
The objective of this work is to show the effects of promotional strategies on pharmaceutical industry.
1.5 HYPOTHESIS FORMULATION
Ho: There is no significant difference between the sales of the company product through personal selling and sale through wholesalers.
Hi: There is significant difference between the sales of the company promotion through personal selling and sales through wholesales.
Ho: There is no significant difference between the sales recorded when advertising is done and when not.
Hi: There is significant difference between the sales recorded when advertising is done and when not.
Ho: There is no significant difference between the market share controlled by the company and the competitors share.
Hi: There is significant difference between the market share controlled by the company and the competitors share.
1.5 SIGNIFICANCE OF STUDY
This research after completion would enable Gloxo Nigeria Plc. Agbara Lagos (Pharmaceutical industry) to appreciate its promotional strategies with a view of making amendments where necessary, thus providing more effective ways in achieving its corporate objectives through promotional effort within the industry. This would contribute to the general knowledge in the field.
1.6 SCOPE OF THE STUDY
This research would focus on the promotional strategies which manufacturers can use in reaching the ultimate consumer with their products. Also to be investigated is the issue of selecting the most appropriate promotional strategies to be use in other to help right consumers, a retailer or a wholesale and to attain excellence in their promotional strategies at a reduced cost.
This study would also analyze the relevant turn in promotion and the factors that influence the promotion of pharmaceutical industry. Also the problems face by the Gloxo Nigeria Plc. Agbara Lagos (Pharmaceutical industry) in the process of enduring effective promotion of its products.
1.7 LIMITATION OF THE STUDY
The research encountered some problems during the course research works.
i. Transportation is one of the first problems encountered during the period of going up and down to the industry to get the information.
ii. Another problem: Associated problems in the process of data collection in relation to scheduling of time.
iii. The scarcity of relevant related to textbooks.
iv. Time constraint: This project researcher has a limited time lag within which the research work is to be carried, completed and submitted for approval. As a result, more data pertaining to the subject matter of this research finding couldn’t be collected and gathered.
v. Financial constraint: There is a shortage of funds to carry out this research findings at the writers (researcher) disposal. This includes among others the cost of stationeries, project building as well as transportation costs which prevent the researcher from embarking on a more comprehensive research work.
vi. Lack of cooperation: Some respondent reluctantly refused to obtain questionnaire from the researcher on the pretext of wasting time and others that obtain theirs even misplaced them. Even the staff that gave me the historical background and organizational structure of the Glaxo Nigeria Plc, Agbara Lagos (Pharmaceutical Industry) did so correctly out of fear of being noticed.
1.8 DEFINITION OF TERMS
Promotion: This can be defined as the process of communication between seller and potential buyer to influence attitudes and behaviours personal selling involves direct face-to-face communication between seller and potential buyer. Mass selling is defined as communication with the large numbers of the potential customers.
It is also defined as the process of marketing technologies which are used usually on temporary basis to make goals and services more attractive to customers or the potential buyers.
Places: Place means the various activities the company undertakes to make the product accessible and available to target customer, the management is responsible to select and manage the trade channels through which the product will reach the right market at the right time and develop a distribution system.
Marketing Mix: marketing mix as “the term used to describe the combination of four inputs that contribute the cone of the company system” while another looks it as the process of a set of controllable variable that the firm can use to influence the buyer response.
Industry: It means on establishment that make use of mechanical in reactions or machineries in the production process.
Impact: It means the profound effect or influence, which any activities has on its environment.
Promotion: It could be defined as any action displayed to bring the product to the knowledge of the public. It is part of direct and indirect advertising programmes, which is intended to stimulate quick sales action and it also consisting and personal selling helping to make them more effective e.g special price sales, free sample distribution, premium offers contests coup offers, point of sales demonstrations, pack product offers.
Public Relations: This can be defined as the process of management function that evaluate public attitudes, identify the policies and producers of individuals or organization with the public interest and executive a progarmme of action to earn public understanding and acception.
Advertising: According to Philip Kolter, it is defined as any paid form of non-personal presentation and promotion of ideas, goods and services by an identified sponsor.
Personal Selling: It can be defined as the process of match up specific product with customer on a person-to-person basis to secure ownership transfer. it is also an oral presentation of items of product or services to the buyers. These methods are used in selling high complex technical products.
Price: This is made about product planning and of pricing polices by the management. It is also defined according to the Cardiff (1980) as promotional misers of promotional activities where all promotional elements are used effectively and each is assigned adequately with weight in the total a product can be defined as those thing offered to a market which includes, physical objectives, social amenities for satisfactions, this includes not only physical products or services offered but also personality’s idea and organizations.