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 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.