AN INVESTIGATION INTO THE EFFECT OF SALES PROMOTION ON THE BUYING DECISION OF CONSUMERS (A CASE STUDY OF GLOBACOM NIGERIA LIMITED)
- Project Research
- 1-5 Chapters
- Quantitative
- Regression
- Abstract : Available
- Table of Content: Available
- Reference Style: APA
- Recommended for : Student Researchers
- NGN 5000
BACKGROUND OF THE STUDY
Following the beginning of the Industrial Revolution, there was an increase in the production of products and services due to the incorporation of machines into the production system. As a result, there was an abundance of items that were available for purchase. In this respect, customers were made aware of a wide range of goods and were asked to choose the one that would provide them with the highest possible level of pleasure, taking into account the specifics of their requirements ( Aluko, 2022).
On the other side, businesses were interested in improving their image, reaching high sales numbers, increasing their profit margins, and simultaneously acquiring a competitive edge over their rivals. In light of the aforementioned, in order for a business to succeed where its rivals have failed, it is imperative that the business use certain marketing techniques in order to capture the attention of its customers and pique their interest (Azika, 2022).
When a customer goes shopping, she or he is forced to make four important selections for each product category, whether those decisions are made overtly or not. Whether or not to make a purchase in the category, and if so, whether or not to do so, where (which shop), which brand, and how much. Consumer attributes such as income, family size, and shopping frequency, as well as the marketing environment, are two potential sources of impact on each of these four choices (e.g., the prices and promotion activities of the various brands and stores). The components that make up the marketing mix may have varying degrees of influence on these four choices (David, 2021).
In recent years, there has been a growing agreement that the amount of money that businesses in the majority of industrialized nations and several emerging countries of the globe spend on sales promotion greatly exceeds the amount of money they spend on advertising. When one considers the unavoidable function that it plays in complementing many other means of product marketing in order to attain short-term results, it is not unexpected to find that this is the case. The goal of sales promotion should be to win back loyal customers, boost the frequency of subsequent purchases, and enable businesses to make the most profit possible. When it comes to the four components that make up the marketing mix—product, price, location, and promotion—promotional efforts are perhaps the most crucial. If they are effectively carried out, these components may assist a firm in resolving issues and gaining a competitive edge (Giles, 2020).
Even though it represents for more than 65 percent of the normal marketing budget, the biggest drawback of sales promotion is that it is not successful over the long run. This is the conclusion reached as a consequence of Paul's efforts in his study during (2021). However, additional research conducted by Jones in the year 2022 suggests that sales promotions have the potential to initiate a continuous increase in sales over the long term, provided that they have already been successful in producing brand loyalty, repeat purchases, and customer satisfaction over the shorter term.
In addition, the question of how to make the most of each advertising event has developed into one that is becoming a more crucial one. Studies conducted by certain managers, on the other hand, have shown that eighty percent of promotion users are, in fact, devoted consumers who, most likely, would have purchased the brand regardless of the offer (Kotler,2022).
Promotion, in its most fundamental form, is an activity that serves the functions of informing, convincing, and swaying consumers to acquire certain things. Promotion also has an effect on the elasticity of demand for a product, making demand inelastic when the price of the product goes up and making demand elastic when the price of the product goes down. The delivery of information in a clear and concise manner is the primary goal of promotion. In general, the following goals are intended to be accomplished by the practice of promotion:
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