An examination of the effect of promotional tools on organizational performance

Project Abstract

This research project aims to investigate the effect of promotional tools on organizational performance. Promotional tools are essential components of marketing strategies used by organizations to communicate with their target audience and increase brand awareness. The study will focus on various promotional tools such as advertising, sales promotions, public relations, and personal selling to determine their impact on key performance indicators of organizations. The research will employ a mixed-methods approach, combining quantitative analysis of financial data and qualitative assessment of marketing strategies. The quantitative analysis will involve examining financial statements to measure the impact of promotional expenses on revenue, profitability, and market share. Additionally, surveys and interviews will be conducted with marketing professionals to gather insights into the effectiveness of different promotional tools in achieving organizational objectives. The study hypothesizes that an effective mix of promotional tools tailored to the target market and organizational goals will positively influence organizational performance. It is expected that organizations that strategically allocate resources to promotional tools and integrate them into their overall marketing strategy will experience higher levels of customer engagement, brand recognition, and ultimately, improved financial performance. The findings of this research project will contribute to the existing body of knowledge on the relationship between promotional tools and organizational performance. By identifying the most effective promotional tools and strategies for different types of organizations, this study aims to provide practical recommendations for marketers and business leaders to enhance their marketing efforts and achieve better performance outcomes. Ultimately, the research seeks to help organizations optimize their promotional activities to drive business growth and competitive advantage in today's dynamic market environment. By understanding the impact of promotional tools on organizational performance, businesses can make informed decisions about resource allocation and marketing investments to maximize returns and achieve sustainable success.

Project Overview

<p> </p><p><b>INTRODUCTION <br>1.1 &nbsp; &nbsp; BACKGROUND OF THE STUDY</b></p><p>&nbsp;Promotion<br>is the systematic design and communication of product(s) ideas, knowledge and<br>attributes to identified market segment with a view to eliciting customer<br>response through the use of appropriate communication medium and technology.</p><p>Promotion<br>is the elixir to organization success. When organizational leaders are able to<br>create or develop a product for an identified market, what remains is to<br>properly promote both the organizational products and image to the favourable<br>attention of its publics, customers, shareholders creditors etc.<br>The essence and importance of promotion on marketing communications in the<br>marketing task is too crucial that it often dictate the success or failure of<br>products/service engaging in promotional activities. Marketing communications<br>involves setting objectives and goals to bring about awareness creation,<br>information dissemination and persuasion of market segment to respond and buy<br>products. Managerially promotion activities involved using the system approach<br>to plan organize, coordinates advertising programmes and other promotional<br>efforts.</p><p>&nbsp;Promotion<br>management has become so systematic in the 21st century to the extent that the<br>marketing effort has been broken down into sub-systems, thus we now have advert<br>managers, public relations (PR) experts, publicity experts, copy writers,<br>digital graphic illustration and even outdoor digital mega screen<br>technicians <br>Promotion not only serves to inform but also serves to delight the customer<br>through mind blowing, promo-campaigns and satisfaction creation. Promotion is<br>important to people, organizations and society because it helps oil the wheel<br>of economic growth and development. Promotion of goods and services helps to<br>bridge the gap between the manufacturer of products and consumers of such<br>products and services. Promotion helps to communicate the product knowledge and<br>product availability to seekers of goods and services. Promotion creates<br>efficiency channel effectiveness as middle-men strive to achieve better<br>distribution systems, creation of assortments and delivery of superior services<br>down the chain. Promotional activities has helped the organizations to become<br>more competitive, by developing better products and superior service delivery<br>techniques in their struggle to increased/retain their market shares. </p><p><b>1.2. STATEMENT OF PROBLEM</b></p><p>The<br>basic problem for research is to justify the effectiveness or impact of<br>advertising to adopt make sales especially during the introductory stage and<br>why is it that during introductory stage of the product life cycle a new<br>product dies not reaching the growth or maturity stage. What method(s) of<br>advertising are to and whether those methods are actually effective enough to<br>achieve the desired goals.</p><p>Over<br>the years, many organizations in Nigeria seem to believe that once goods or<br>services are produced; there is ready market for such goods and services. As they do not seem to recognize or<br>appreciate the place or role of advertising towards achievement of their<br>organizational profit or sales objectives. &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; </p><p><b>1.3. OBJECTIVES OF THE STUDY</b></p><p>In<br>the kind of adventure, there must be a study to ascertain its success. If that<br>is a general and acceptance principle the researcher also has some reasons in<br>going into the study under consideration. In view of fact, this study is<br>carried to achieve the following objectives.</p><p>1. To<br>examine the effect of promotional tools on organizational performance </p><p>2. To<br>access the degree of the effect of promotion on organizational growth and<br>profitability</p><p>3. To<br>recommend ways of improving organizational performance through promotion.</p><p><b>1.4. SIGNIFICANT OF THE STUDY</b></p><p>This<br>project will be of importance to the (NASCO)company limited in adopting a more<br>effective way of advertising to take care of uncertainly in the future which is<br>likely to occur in the industry especially in marketing new product entrance.<br>The finding of the study will also be of immense benefit to other companies who<br>may wish to carry out further research work on how advertising can be used when<br>a new product is introduce into the market. The finding will be useful to the<br>marketing department of Kaduna polytechnic who may be interested in researching<br>further into advertising new product or services in Nigeria and final year<br>student in particular who will graduate and go into business word to face<br>problem in the advertising system of the organizations, the student may find<br>themselves.</p><p><b>1.5. SCOPE OF STUDY</b></p><p>The<br>study is restricted to the examination of the effect of promotional tools on<br>organizational performance using Nasco companies as the case study</p><p><b>LIMITATION OF THE STUDY</b></p><p>The<br>scope of the research is limited by factors inherent in our environment such as<br>finance, time and attitude of respondents. The limitation encountered in the<br>course of the investigation are listed below.</p><p>It<br>is evidently clear that things are very difficult in Nigeria these days. This<br>problem becomes more apparent due to the high cost of transportation, a<br>considerable increase in price of writing, typing and binding material at the<br>time of writing this project due to the devaluation of Naira.</p><p>The<br>researcher had struggle in between lecture period and data collection. As a<br>result of this, some places which were to be visited were abandoned.</p><p>The<br>attitude of some consumers or customers who could not ,fill the questionnaire<br>correctly and even some did not return the questionnaire at all. Also attitude<br>of the administrative marketing manager of NASCO towards answering questions.<br>There was the suspicion that information revealed could be used to the<br>detriment of the company, or could be revealed to competitors despite the<br>assurance from the researcher that all information provided will be treated<br>with utmost secrecy. </p><p><b>1.6 &nbsp; STATEMENT<br>OF HYPOTHESIS</b></p><p>For<br>the purpose of this study the following hypothesis have been formulated</p><p>H0:<br>Promotional tools do not have an effect on organizational performance.</p><p>H1:<br>Promotional tools have an effect on organizational performance.</p><p><b>1.7 &nbsp; DEFINITION<br>OF TERMS</b></p><p>Marketing:<br>is the management process responsible for identifying, anticipating and<br>satisfying customers’ requirement profitable.</p><p>Product.<br>Product is anything that can be offered to market for attention, acquisition or<br>consumption, it includes physical objects, services, personalities, places,<br>organization and ideas.</p><p>Promotional<br>tool: is are the various methods of proportion that a company can adopt; Such<br>as advertising, personal selling, sales promotion, public relations and<br>publicity.</p><p>Advertising<br>this is a form of paid public announcement intended to promote the sale of<br>commodity or services or to bring about some other effects desired by adviser.<br>It is essentially a form of communication through such diverse media as<br>handbills, newspapers, letters and radio television broadcast.</p><p>Market<br>share is a firm percentage of the industry’s total sales.</p><p>Invocation<br>a new approach or concept in the, production cycle frequency involving the use<br>of invention practiced task.</p><p>Personal<br>selling: The process of making oral commercial representation during buying or<br>selling interview or services.</p><p>&nbsp;Marketing strategy: This is the marketing<br>logic by which the business units expect to achieve the marketing objectives.</p><p>Sales promotion: It has<br>been destined as a short term incentive to encourage purchase or sales of<br>product or services.</p> <br><p></p>