TRADE FAIR AS AN INSTRUMENT OF INCREASING MARKETING PERFORMANCE IN NIGERIA BUSINESS

TRADE FAIR AS AN INSTRUMENT OF INCREASING MARKETING PERFORMANCE IN NIGERIA BUSINESS
 
ABSTRACT
This study concentrated on Trade fair as an instrument increasing marketing performance. A case study of Emily Millionaire Industry Ltd Enugu. In the light of this, the researcher commenced this work by taking a quick look at the definitions, evaluation and background information of trade use of several data collection techniques which include: Questionnaire, personal interviews, observations. The analysis of this data collected revealed certain prospects and problems shows in the researcher’s presentation and analysis of data. On that note, the researcher made the following findings. Trade fairs in Enugu stat were organized by Trade fair board have not been very efficient. Therefore, call for improvement. There is a general awareness about Trade fairs as very vital in the revitalization of the nation’s economy. Trade fairs exhibitions have frequently organized that people are calling for its or regulation and control. Based on the above findings, the research made the following major recommendations participants in trade fairs must have clearly defined objectives for participation in trade fairs. Scientific and technical ideas must be trade in our fairs rather than monetary transactions. Emphasis should be made on purchase rather than immediate sales. Finally, a body be established by government to control the frequency at which fairs are organized in Enugu state.
 
CHAPTER ONE
INTRODUCTION
1.1   BACKGROUND OF THE STUDY
Trade fair is a form of promotional strategy that enables companies or manufacturers to show case and demonstrate their products to both middle men and ultimate consumers. For many years, different companies have integrated trade fair successfully with their other elements of the communication mix. there are many reasons behind this strategy, the most important one relates to the fact that trade fair plays the role of a catalyst to economic productivity both on home markets and abroad. In the vast literature, although academics refer to trade fair in different ways, such as exhibitions, fairs, trade shows event where companies meet their customers and other important parties of their industry. specifically, Kirchgeorge and Kastner (2010) defined trade fair as events that are held at specific days, where a large number of companies present their new products and sell them to already existent customers and or to potential ones. Trade fairs are time-method of bringing buyers and sellers together mutually while exhibition and books are featured at trade fair which is designed to attract immediate prospect and to create awareness. As previously mentioned, trade fairs are defined as organized market events which are held at specific periods and places where a large number of companies present their offers and their consumers get informed or buy goods Pantano 2011.
People participating in trade fairs have privilege to physically examine, make comparism and learn about the new products, market movements, competition and new sources (Ahmed 2003). These shows are usually designed by a special group in a particular geographical area (as made in Nigeria Trade Fair). Individuals who participate in the fairs are always interested and inquisitive about the new trends in a particular field and probably may want to know whether there are any slight changes in product features. When the exhibit is well published, managed and targeted, this results in increased sales volume for exhibitors. Ability to staff is considered to be the most essential factor of these shows because it is those staff who will attend to the customers by informing, educating and persuading them to buy and use their newly introduced products.
Trade fair help in attending companies and enterprises get in touch with their customers and getting many inquiries from serious minded enterprises and company executives who end up placing prodders. Trade fair is a good venue for sales promotion and sales. The role of trade fair in marketing of goods is to increase marketing patronage and also to create a forum for physical interaction between manufacturers and their potential customers. Manufacturers use this medium to know how much interest buyers and consumers show in their products both for new product that are introduced and old products that have been existing in the market and terms, also how many express purchase intention or place order, since the participation vendors expected several benefit which include generating new sales lead, maintain new customers’ contacts (through the public relations officer at the trade fair stand), selling more to present customers introducing with publication motion pictures and visual materials. Trade fair is organized at regular interval mostly at the same location and period of the year. It usually lasts for seven to ten days (7-10). These are basically two kinds of trade fairs organized in Nigeria. The international trade fair is in three zonal regions in this country (Nigeria) are Lagos, Kaduna and Enugu. Lagos serves as a venue for any international trade fair that is listed in the western region while Enugu and Kaduna serve in the northern regions.
1.2 STATEMENT OF PROBLEM
Trade fair as an instrument for increasing marketing performance and the company need not to be over emphasized but most often the goods of trade fair are not usually acquired these start from the fact that it takes the producer of the goods because these stand are not strategically located. The place is usually crowded most often customers can not stand for long struggling to locate these stand. sometimes the attitude of the attendance are nothing to write home about, in some cases they do not relate very well with the customers, questions and enquiries by customers are not well treated, sometimes they are entirely ignored, one can find that price of goods at trade fair are at times very high compared to what is obtainable in the open market, most of these stands are attractive they are sometimes not clean and tidy this often brings about discouragement of some visitors and this have affected them negatively as well as sales of market participants. These problems and many more form the focus of the study.
1.3  OBJECTIVES OF THE STUDY
The general objective of this research is concerned on the impact of trade fair on marketing performance. However, other specific objectives are to;
i.         determine the impact of trade fair on a company’s market share
ii.         determine the influence of trade fair on a company’ profitability
iii.         ascertain the effect of trade fair on a firm’s product advertising
1.4 RESEARCH QUESTIONS
i.         What is the impact of trade fair on a company’s market share?
ii.         What influence does trade fair have on a firm’s profitability?
iii.         Does trade fair have any effect on a firm’s product advertising?
1.5 STATEMENT OF THE HYPOTHESES
HA1: There issignificant relationship between trade fair and a company’s market share
H01: There is no significant relationship between trade fair and a company’s market share
HA2: There is significant relationship between trade fair and profitability
H02: Trade fair has no significant relationship with profitability
HA3: There is significant relationship between trade fair and product advertising
H03: Trade fair has no significant relationship with product advertising
1.6     SCOPE OF THE STUDY
This study focuses on the impact of trade fair in the marketing of a company’s product in Nigeria. The study will focus on the importance, benefit of trade fair looking at the geographical location of Asaba. For the purpose of this work, the researcher will make use of the survey research method which is the best method for this work. The data for this study will be collected through the primary method through the use of questionnaire and analyzed using regression on the platform of the scientific package for social sciences (SPSS).
1.7     SIGNIFICANCE OF THE STUDY
The result of the study were useful to various groups of people, potential exhibitors both locally and internationally that might wish to use the trade fair for promotion of their products and services. The findings would assist the organization to make well informed decisions about taking a stand at a show. Participants to the show would be in a position to determine whether the shows were appropriate to ensure that the exhibitions fitted into their overall strategy and assist them to achieve their business objectives. The trade fair could use the results to formulate strategies that would add value to participating organizations and ensure its continued existence while the government and her agencies as well as policy makers might use the results for formulating good national policies for the country in the trade industry. The study was expected to contribute to the existing literature that might be useful as a source of reference to academicians and researchers. It would also be of value as a basis for future research in the area of trade fair and exhibitions in the country.
1.8     LIMITATIONS OF THE STUDY
Finance needed for transportation in other to source the materials that will enhance this project and also the non availability of researchers who have this work a similar work from which I could draw inferences.
Time factor; due to the tight schedule as a student limited time was devoted to this project work. I had to combine going to source for information on the project and attending lectures.
1.9     DEFINITION OF MAJOR TERMS
The following words or phrases are defined for clarity purpose of this research work;
TRADE FAIR; is an exhibition organized so that companies in a specific industry can show case and demonstrate their latest products, services, market trend and opportunities
MARKETING; is communicating the value of a product, service or brand to customers for the purpose, service or brand
ADVERTISING; is a form of marketing communication used to persuade an audience to take or continue some action, usually with respect to a commercial offering or political or ideological support
MARKET SHARE; is the percentage of a market defined in terms of either units or revenue accounted for by a specific entity
PROFITABILITY; refers to the potential of a venture to be financially successful.