EXHIBITION AND TRADE FAIRS AS AN IMPROVED MARKET SHARE PERFORMANCE IN DANGOTE FLOUR MILL PLC, LAGOS
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CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
Exhibition and trade fair is growing at a rate of three times that of traditional advertising. Though relatively small compared to the major components of the marketing communications mix; advertising, sales promotions and P-O-P communications-expenditures on event sponsorship are increasing. Thousands of companies invest in some form of event sponsorship (Hussainy, 2008).
Exhibition and trade fairs can be defined as a form of brand promotion that ties a brand to a meaningful athletic, entertainment, cultural, social or other type of high-interest public activity (Reyhav, 2009). Exhibition and trade fairs are distinct from advertising, sales promotion, point-of-purchase merchandising, or public relations, but it generally incorporates elements from all of these promotional tools. Event promotions have an opportunity to achieve success because, unlike other forms of marketing communications, events reach people when they are receptive to marketing messages and capture people in a relaxed atmosphere (Muehlingand Laczniak, 2007).
Marketing is also seen as a process by which individuals and groups obtain what they want through creating, offering and exchanging products of value with others. All sport and recreation organizations undertake marketing, although they are often not aware that they are actually doing so. Listing in the yellow pages, telephone directory, placing information in the local newspaper, offering a discount and special offers etc. are all forms of marketing.
Thus, an event is a marketing communication activity and can be looked at as an activity with a high level of involvement. Because events involve their target group and involve it in the company and the products as well as they give the target group an experience that appeals to all senses. In other words, events appeal to the feelings and emotions that arise in the individual and the event-based communication becomes differently visible and alive. The message may therefore be able to create a stronger effect than through traditional communication channels (Romaniuk and Sharp, 2004).
From its origins in event planning, the exhibition and trade fairs industry has seen great growth in the last five years and has consistently been one of the most effective tools that marketing professionals have at their disposal in terms of making a tangible connection to current and potential customers. The increasing competitive pressures brought on by globalization are forcing business professionals to find new ways to engage customers. Not surprisingly, savvy exhibition and trade fairs professionals are therefore focusing the majority of their efforts and budgetary spend on lead generation tactics such as trade shows. While it is important to garner leads, marketing and specifically exhibition and trade fair professionals cannot lose sight of the fact that the sales cycle only begins at lead generation and that current and prospective customers must also be nurtured even beyond purchase. Companies can benefit tremendously from the deeper exhibition and trade fairs touch points that promote nurturing such as proprietary conferences that provide a controlled environment for delivering messages and closing business. The nurturing process will allow the customers to more effectively be funneled into the subsequent stages of the sales cycle thus creating greater opportunities to develop into repeat customers (Saleem, 2010).
Exhibition and trade fairs are growing rapidly because it provides companies alternatives to the cluttered mass media, ability to segment on a local or regional basis, and opportunities for reaching narrow lifestyle groups whose consumption behavior can be linked with the local event.
It integrates the corporate sponsorship of an event with a whole range of marketing elements such as advertising, sales promotion, and public relations. Corporations both large and small have grown this industry at a rate of 17 percent per year, and they have achieved a high level of success (Mitchell, 2007).
An event is a live multimedia package with a pre-conceived concept, customized or modified to achieve the clients objective of reaching out and suitably influencing the sharply defined, specially gathered target audience by providing a complete sensual experience and an avenue for two-way interaction (Jalees, 2006).
Exhibition and trade fairs involves canvassing for clients and arranging feedback for the creative concepts during and after the concept initiation so as to arrive at a customized package for the client, keeping the brand values and target audience in mind. Marketing plays an important role in pricing and negotiations as well as identifying opportunities to define and retain event properties by gathering marketing intelligence with regard to pricing, timing etc.
The peculiarity of the food processing industry for the study is because of the customer satisfaction, safety, providing product information and the maintenance of commercial viability.
1.2 Statement of the Problems
Organizations using exhibition and trade fairs strategies are left behind in terms of products sale and acquiring new customers. In spite of spending millions of Naira on advertising, companies are not being able to generate effective leads as expected or converting them into loyal consumers.
Again, marketers face extensive challenges in their marketing communications, for example, increased media and audience fragmentation, greater competition in the media market, and decreased effectiveness of traditional advertising and promotion (Belch and Belch, 2007). Therefore, marketers constantly look for new ways to communicate with consumers in which process many expenses are being incurred.
The sustainability of events marketing can be very expensive to maintain in the sense that clients might be mounting pressure on the distributors because they are under pressure from their own stakeholders. The study will address the problem in exhibition and trade fairs and improved market share performance.
1.3 Aims and Objectives of the Study
This research work seeks to study exhibition and trade fairs And Improved Sales Performance. The objectives of this study include:
- To determine the relationship between the combined duo of trade fairs and exhibition and improved and increased market share in a competitive market.
- To determine the relationship between the combined duo of trade fairs and exhibition and building customer loyalty and retention in a competitive environment.
- To determine if the intensity of combined duo of trade fairs and exhibition will lead to increasing effective demand that generates high sales.
- To determine if the combined duo of trade fairs and exhibition will lead to competitive edge in terms of brand acceptance and effective demand.
1.4 Research Questions
The following research questions were buttressed for the study:
- What is the relationship between the combined duo of trade fairs and Exhibition and improved and increased market share in a competitive market?
- How will the relationship between the combined duo of trade fairs and exhibition affect building customer loyalty and retention in a competitive environment?
- Will intensity of combined duo of trade fairs and exhibition lead to increase in effective demand that generates high sales?
- Will the combined duo of trade fairs and exhibition lead to competitive edge in terms of brand acceptance and effective demand?
1.5 Research Hypotheses
In carrying out this research work the following theoretical statements are suggested to serve as a direction on which the work will be premised:
Ho: There is no significant relationship between the combined duo of trade fairs and Exhibition and improved and increased market share in a competitive market.
Ho: There is no significant relationship the combined duo of trade fairs and exhibition and building customer loyalty and retention in a competitive environment.
Ho: Intensity of combined duo of trade fairs and exhibition will not lead to increase in effective demand that generates high sales.
Ho: Combined duo of trade fairs and exhibition will not lead to competitive edge in terms of brand acceptance and effective demand.
1.6 Scope of the Study
This research work examines the exhibition and trade fairs and Improved Market Share Performance with a view to explore Dangote Flour Mill Plc in Apapa, Lagos. The study will be evolving around the following products produced by Dangote Flour Mill Plc, Wheat Flour, Pasta Semolina.
1.7 Significance of the Study
It is hoped that the findings and recommendations of the study will be of great benefit through the following ways:
The study will broaden students understanding about the importance of exhibition and trade fairs in any business environment and it effects on sales performance.
The study will provide helpful solution to the economy through the exposition of factors that can improve and increase market share in a competitive market.
1.8 Definition of Terms
Sales Performance: Refers to the ability of a companys sales professionals to €œwin€ at each stage of the customers buying process, and ultimately earn the business on the right terms and in the right timeframe.
Market Share: Market shares are the portion of a market controlled by a particular company or product.
Exhibition and trade fairs: This is a process by which individuals and groups obtain what they want through creating, offering and exchanging products of value with others.
Influence: Influence is the action or process of producing effects on the actions, behavior, opinions, etc., of another or others.
Food: Food is any substance consumed to provide nutritional support for an organism. It is usually of plant or animal origin, and contains essential nutrients
Customer Loyalty: Customer loyalty is the result of consistently positive emotional experience, physical attribute-based satisfaction and perceived value of an experience, which includes the product or services.
Competitive Market: A competitive market is one in which a large numbers of producers compete with each other to satisfy the wants and needs of a large number of consumers.
Customer Retention: Customer retention refers to the activities and actions companies and organizations take to reduce the number of customer defections.
Effective Demand: Effective demand is the level of demand that represents a real intention to purchase by people with the means to pay.
Brand: A brand (or marque for car model) is a name, term, design, symbol, or other feature that distinguishes an organization or product from its rivals in the eyes of the customer.
Event Planning: The process of planning and coordinating the event is usually referred to as event planning and which can include budgeting, scheduling, site selection etc.
Marketing: Marketing is a form of communication between you and your customers with the goal of selling your product or service to them.
Corporate Sponsorship: Corporate sponsorship is a form of advertising in which companies pay to be associated with certain events.
Marketing Communication: Marketing communications is a communication process that entails the planning, creation, integration, and implementation of diverse forms of marketing communications.
REFERENCES
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Latif, A. S. and Abideen, Z. U. (2011). Influence of Role Model on Pakistani Urban Teenagers Purchase Behavior. European Journal of Economics, Finance and Administrative Sciences, 31(1), 07-16.
Mitchell, I. (2007). The Changing Role of Fairs in the Long Eighteenth Century: Evidence from the North Midlands. The Economic History Review, New Series. Vol. 60, No. 3, pp. 545-573.
Muehling, D. D., Laczniak, R. N. (2007). €œAdvertisings immediate and delayed influence on brand attitude: considerations across message-involvement levels€, J. Advert., 1(1): 23-34.
Reyhav, I. (2009). Knowledge sharing in a trade show.A learning spiral model.The Journal of Information and Knowledge Management Systems.Vol.39 No.2, pp.143-158.
Romaniuk, J., & Sharp, B. (2003). Brand Salience &Consumer Defection in Subscription Markets. Journal of Marketing Management, 19(3): 25-44.
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Saleem, H. (2010). Few Determinants of Compulsive Buying of Youth in Pakistan.European Journal of Social Sciences, Volume 17, Number 4, pp. 521-535.
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