(a) State five reasons companies conduct marketing research. (b) Explain the following sales promotional tools:...

Explanation

(a) Reasons for Marketing Research

(i) To provide possible solution to marketing problems.

(ii) To determine why consumers prefer a certain brand.

(iii) To get first-hand information on the needs of consumers.

(iv) To study how consumers respond to a new product.

(v) To make sales forecasting easy.

(vi) To determine the appropriate price of a product.

(vii) To help allocate salesmen to territories.

(viii) To enhance the organizations competitiveness.

(ix) To determine the effect of promotional activities.

(x) To determine how often Consumers buy a particular product.

(xi) To identify competing products in the market.

(xil) To identify business opportunities.

(b) Sales Promotional Tools

(i) Price-off - This is a form of price reduction by firms to encourage patronage from prospective buyer.

(ii) Salesmen competition - These are incentives offered to salesmen who perform better than their fellow salesmen

(iii) Free gifts -These are free products given to customers for purchasing certain items.

(iv) Premium offer - These are products offered either free or at a lower price as an incentive to customers to buy more of a particular product.

(v) Samples - These are products given to customers for free to encourage them to buy the product