(a) State five reasons companies conduct marketing research.
(b) Explain the following sales promotional tools:
(i) price-off;
(ii) salesman competition;
(iii) free gifts;
(iv) premium offer
(v) samples.
(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
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