THE ROLE OF TRADE FAIR ON PATRONAGE OF A NEW PRODUCT(A CASE STUDY OF DANGOTE GROUP OF COMPANIES, LAGOS STATE)
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The purpose of this project is to assess the role of trade fair on patronage of a new product using the easy study of DANGOTE GROUP OF COMPANIES, LAGOS STATE. And it also looked into the problems that arose from patronage of a new product which need to be critically examined by the introduction of trade fair method. The chapter one is based on background of the study, statement of the problem, research questions. The purpose of the study, the scope, limitation of the study and definition of terms. The second contains literature review under the literature review we have the definition of trade fair by different schedule, and the reason why trade fair organized for a new product and new product planning, product development stage, parties present at trade fair center, type of patronage and classification production cycle and stage an so on. The third chapter talks about area of the study I study location, population of the study, sample and sampling of the procedure and instrument for data collection. The fourth chapter contains the analysis and presentation of data, analysis of response received from questionnaire, response from personal interview. The chapter five contains summary, conclusion and recommendation. Base on how patronage of a new product and response can obtain from personal interview, conclusion shall be drawn and appropriate solution shall be done.
1.1 BACKGROUND OF THE STUDY
Trade stretch itself out every product in Nigeria that whether customer’s goods or industrial goods, service and idea are being patronized through exhibition (Trade Fair Programme). It is very compulsory to ring the impact of new products because it is an important function to trade fair. The purpose is to move forward a product, service of idea in a channel of distribution. It is an effort by a seller to inform persuader and remind target customers about the company and its marketing mix. It attempts to win the attention of the buyer to make them accept and used the product or service being promoted.
Therefore, trade fair has the advantages of enabling buyers to come face – to face with the manufactures, the products for themselves and get answer to whatever questions that might be having in visitors mind about the product on display.
This project also point out trade is being organized and the steps to take if an organization want to be a participant. And in this project work trade fair cannot be organized without government prastatals is responsible for this.
Lastly, a trade fair is very vital to product development if it is well organized.
1.2 STATEMENT OF THE PROBLEM
There are many problems arise from the course of role of trade fair on patronage of new product. Trade fair however, has been considered to be one of the universal marketing tools that have greater role of a new product. This study is meant to provide same question like. Is there any relationship between new product and trade fair?
Is trade fair really important to new product in an organization?
Can trade fair be used as tool of patronage of new product?
Can trade fair be used as weapon to overcome competitive advantages?
Can trade fair be used a public relation between the manufacture and customer?
1.3 FORMATION OF HYPOTHESIS
This is essential for searching out the statement of acceptable fact. Therefore, the hypothesis below are deducted in a attempt to carry out the study effectively.
Ho: The introduction of trade fair has no effect on patronage of a new product.
Hi: The introduction of trade fair has effect on patronage of a new product.
1.4 PURPOSE OF THE STUDY
These purposes are as follow:
The major purpose of this study is to find out the importance of trade fairs patronage of new product.
To determined the role played by trade fair in the organization of the state.
To examine importance of trade fair in the economic and social cultural development of the state.
It also aims to find out whether the problems stated above have handed than from further organization another trade fair.
Finally, to know trade fair has let the outside world know the economic viability of state in terms of product development an also to know how it has been able attract local and focusing a investors to invest in the state.
1.5 SCOPE OF THE STUDY
The Dangote group of companies is chosen as case study of this research work. The various stages involves is meaning of trade fairi, why trade fair organized for new product, role of trade fair, parties present at the trade fairi center, problems associated with the practices of trade fairi, meaning of products, types of product and product life cycle. In carrying out this research work, the researcher face enormous problems which are discussed below this study is contain.
1.6 LIMITATIONS OF THE STUDY
In the course of this study, the researcher faced a lot of limiting factors and these factors are constraints faced by the researchers.
There is not adequate cooperation from the Dangote group of companies and therefore no adequate data might help in the course of this research work.
Because there is no full cooperation from Dangote groups of companies, Lagos state, so a lot of time was washed in order to seek their attention before they could get convinced about the purposes and important of the study, a lot of researcher’s time has been wasted.
Financial constraints also limited the research to dangote group of companies, Lagos state alone and their limiting his scope as well as data.
Some of the questionnaire sent out and some were delayed in return while some were not even returned. There is also a limitation of modern day’s textbooks that patronage the present behaviour of nowadays trade fair.
1.7 SIGNIFICANCE OF THE STUDY
The importance of trade fair on patronage of new product oriented organization and how it can take positive role on the sales volume. This study is also arisen as a result to determine then ability of trade fair in stimulating the public and services. It has a very vial in order to let product oriented organization aware that trade fair serve a techniques towards profit planning market research sales promotion and product advertising. The development of any firm depends largely on the demands for its product orb services it becomes necessary to study the extent to which trade fair has caused the development of new products.
1.8 DEFINITIONS OF TERMS
- Marketing: Marketing can be defined as a performance of business organization that direct the flow of goods from producer to the customers at a profitable rate.
- Product: Product could be defined as an outcome or output of a performance of business organization that can satisfied a particular need.
- Advertising: This is a personal form of promotion which usually brings product of an organization to line light or accepted.
- Personal Selling: This is a personal and enters personal presentation of ideas or product to sell between the selling is the only one that brings the seller and buyers closer to each others.
- Sales Promotions: This is another form of non-personal form of promotion that is aiming at boost the image of product.
- Publicity: This is another form of non-personal form of promotion usually paid for and persuasive in nature.
- Demonstration: This involves technical goods. Here the participants try to demonstrate to buyer / users the proper use of the product.
1.9 HISTORICAL BACKGROUND OF THE STUDY
Trade fair in Nigeria was established in 1960 when Nigeria got independence. The first international trade fair was held in 1977 at Lagos, which attracted many countries of the world.
According to Adetunji, the director general on public exhibition to dangote groups of companies, Lagos State branch, the first trade fair Dangote group of companies was held at Lagos state trade center in 1986, as part of its activities in promotion in Nigeria and fair has an ever – increasing number of exhibitors and visitors firm all over the world. The trade fair come yearly and attracts business people, investors and professional. This makes it an important business forum.
Aliu P.A said the companies organize and receives trade missions, which are aimed at promoting trade relations between Nigeria and the respective countries of such visitors.
The Lagos State trade fairis is an annual event organized by the Dangote groups of companies in Lagos state also organized quality skill – based courses supported by cognitive training and it provides live between local and international trade.