EFFECTIVENESS OF TRADE EXHIBITION IN PROMOTING THE OUTPUT OF SMALL AND MEDIUM SCALE ENTERPRISES
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CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
The origin and traditional background of trade fairs can be traced to time when neither good communication network of security needed for the establishment of pertinent commercial relationship were easily obtained. The first significant trade fair in Nigeria was held in 1960 to add glamour to Nigeria’s independence celebration, though with les business motives. The first trade fair with international magnitude was held in 1977 and 60 countries attended (Downing, 1991).
Over the years companies have come to accept trade exhibition as an effective way of creating awareness and this invariably stimulate the demand for their product. Trade fair or exhibition can be effectively used regardless of the product lifecycle but it will be better applied at the introduction stage of a product. This will allow patience consumer to know the product use and its design (Agumagu, 2006).
Over the years successive governments in Nigeria have recognized the importance and the vital role of the Small and Medium Scale Enterprises (SMEs) in ensuring meaningful and sustainable growth in a developing economy. Emphasis has shifted from large-scale capital intensive enterprises to small and medium scale ones because of their potentials for developing domestic linkages for rapid and sustainable industrial development. Apart from their potential for ensuring self-reliant industrialization, SMEs are also in a better position to boost employment (Goldstein, 2001).
The provision of credit to the grassroots has been a leading component of many of the government programmes. The policies lack of access to productive capital to which is one of the main factors that is preventing the populace from breaking away from the œpoverty trap. This trap makes it extremely difficult for the grassroots to overcome poverty without outside intervention. The trap can be viewed in terms of the populations low capacity to generate income, savings, and investment in the economic environment that offers limited employment opportunities, which thus leave the grassroots in perpetual poverty and deprivation. According to Gottschalk and Danziger (1985) the idea of enabling the poor to have access to loans is based on the virtuous cycle principle: œlow income, investment, more income, more credit, more investment, more income.
According to Taiwo (2012), it is noteworthy that trade exhibition could be as small as one main exhibition in one room apartment; it can also be general or specialized exhibition, which could be held for commercial and non-commercial exhibition. We are however interested in commercial exhibition. In recent time trade exhibition has gained prominence in the manufacturing industries.
Over the years successive governments in Nigeria have recognized the importance and the vital role of the Small and Medium Seale Enterprises (SMEs) in ensuring meaningful and sustainable growth in a developing economy. Emphasis has shifted from large-scale capital intensive enterprises to small and medium scale ones because of their potentials for developing domestic linkages for rapid and sustainable industrial development. Apart from their potential for ensuring self-relied; industrialization, SMEs are also in a better position to boost employment (Goldstein, 2001).
1.2 STATEMENT OF THE PROBLEMS
The negative attitude of organization towards the use of trade exhibition to promote and life of many consumers are endangered and inadequate information about the organization and its product.
Despite government institutional and policies support in enhancing the capacity of small and medium scale enterprises, small and medium scale enterprises has fallen short of expectations. This has generated serious concern and sceptism on whether SME can bring about trade exhibition and national developments in Nigeria. The concern is even more disturbing when comparing SME in Nigeria with other countries particularly where SME has become harbinger of trade exhibition reconstruction and transformation (Shulpen and Peter, 2002).
Small and medium scale enterprises have performed at very abysmal level. This lo performance has further exacerbated poverty, hunger unemployment and low standard of living of people in a country whose economics is ailing. The problem of small and medium scale enterprises are tied to some economic variables and the challenges that generally characterized the nation’s economy. Some of the challenges and problems include high level of unemployment, high poverty incidence, and low industrialization capacity, lack of finance, inconsistent government policies and inadequate infrastructure and insecurity of the business climate among others (Mazzarol and Thein, 1999)
Again, entrepreneurs are in business (take risk) because they want to make profit. Where the expected returns from a venture are lower than the opportunity costs, it will act as a disincentive for the entrepreneur. Due to collapsed infrastructural facilities and unbridled corruption, where entrepreneurs have to spend huge sums to provide some basic infrastructure and bribe government officials, it makes the costs of doing business in the country too high with adverse implication for profitability (Gottschalk and Danziger, 1985).
1.3 AIM AND OBJECTIVES OF THE STUDY
The main purpose of this research is to examine effectiveness of trade exhibition as a marketing tool in small and medium scale entrepreneurship. Other objectives include to:
- Examine the effect of trade exhibition on the development of small and
medium scale entrepreneurship.
- Find the financing opportunities available to trade exhibition in marketing SMEs.
iii. Evaluate the challenges faced by SMEs in Nigeria.
- Examine the effect of SMEs operation in trade exhibition.
1.4 RESEARCH QUESTION
In the light of the above, the research work appraises the effectiveness of trade exhibition as a marketing tool in small and medium scale entrepreneurship and poses the following questions:
- How effective is trade exhibition on the development of small and medium scale entrepreneurship?
- What are the financing opportunities available to trade exhibition in marketing SMEs?
iii. What are the challenges faced by SMEs in Nigeria?
- How effective is SMEs operation in trade exhibition?
1.5 RESEARCH HYPOTHESES
The following hypotheses were developed for the study:
Hypothesis One
H0: There is no significant relationship between trade exhibition and small and medium scale entrepreneurship business.
h1: There is significant relationship between trade exhibition and small and medium scale entrepreneurship business.
1.6 SCOPE OF THE STUDY
The study examines effect effectiveness of trade exhibition as a marketing tool in small and medium scale entrepreneurship with a view to explore Kolex Nigeria Limited in Ikeja, Lagos. The study as perceived might face some logistic challenges in term of the time and the costs involved in carrying out the research, but nevertheless, it would endeavor to accomplish its aims and objectives.
1.7 SIGNIFICANCE OF THE STUDY
This research intend to throw light on the need for trade exhibition in marketing of consumer goods, the finding of the study will therefore be used to: Throw more light on how consumers react to trade exhibition and its benefits in terms of informing them about the product and at the same time enhancing the company’s product image. The management of the company concerned will able to know those that may arise as a result of competition.
The study will broaden students understanding about the effect of Small and Medium Scale Enterprise (SMEs) in the eradication of poverty.
The study will also be of great benefit to the public by bringing to their awareness about the existence of SMEs and the roles it played in correlation with trade fair exhibition.
1.8 DEFINITION OF TERMS
Exhibition: A Display of work of art manufactured goods and natural production for which people are expected to place order.
Small and Medium Scale Enterprises (SMEs): SMEs are the engine room for the development of any economy because they form the bulk of business activities in a growing economy like that of Nigeria.
Economy: the word is used to mean a particular system of organization for the production, distribution, and consumption of all things people use to achieve a certain standard of living.
Trade Fair: A trade fair (trade show, trade exhibition or expo) is an exhibition organized so that companies in a specific industry can showcase and demonstrate their latest products, service, study activities of rivals and examine recent market trends and opportunities.
Personal Selling:- This is an oral presentation in a conversation with one or more prospective purchases for the purposes of making sales.
Publicity: This is the giving out of information about a product, person, or company for advertising or promotional purposes.
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