EFFECT OF PERSONAL SELLING ON IDUSTRIAL PRODUCT
( A CASE STUDY OF MUTUAL BENEFITS ASSURANCE PLC FAJUYI ROAD, ADO EKITI)
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This study seeks to evaluate the impact of personal selling on industrial products can be used to achieved customers services with special reference to a case study of mutual benefit insurance Fajuyiroad, Ado Ekiti.
Some related literatures were reviewed like the originadservices ofMutual Benefits Assurance Plc, major steps on the effect of personal selling on industrial products recruiting and selecting sales people, training of sales people increased relevance of personal selling in the marketing of industrial product Material Benefit Insurance Fajuyiroad, Ado Ekitihas a staff population of 65 and consumer (2000) the marketing department were selected for sample size for staff 20. Sample size for consumer 344 the total questionnaire distributed 346 and 271 were collected.
The presentation of analysis and interpretation of data was made using percentage and chi-square statistical method is use in testing the hypothesis. It was ascertained that personal selling has helped Mutual Benefits Assurance Plc,Fajuyiroad, Ado Ekitito achieve increase in productivity, increase market share and bring about good customer relation.
TABLE OF CONTENTS
Title Page … … … … … … … … … i
Approval page … … … … … … … … ii
Dedication … … … … … … … … iii
Acknowledgement … … … … … … … iv
Table of contents … … … … … … … v
Abstract … … … … … … … … … vii
CHAPTER ONE
1.0 INTRODUCTION … … … … …… … 1
1.2 Statement of Problem … … … … … 5
1.3 Objective of the study … … … … … 6
1.4 Scope of the study … … … … … … 7
1.5 Research Questions … … … … … … 7
1.6 Research Hypothesis … … … … … 8
1.7 Significance of the study … … … … … 9
1.8 Limitation of the study … … … … … 12
1.9 Definition of terms … … … … … … 12
CHAPTER TWO
2.0 LITERATURE REVIEW … … … … … 14
2.1 Definition of personal selling for industrial
products … … … … … … … … 14
- Conditions for use of personal selling for
Industrial Products … … … … … … 16
- Approach for use of personal selling in
marketing industrial product … … … … 19
2.4 The role of the sales force … … … … 20
2.5 Managing the sales force … … … … … 23
2.6 Recruiting and selecting sales people … … 26
2.7 Training sales people … … … … … 27
2.8 Compensation of sales people … … … … 29
2.9 Evaluation of salesmen … … … … … 30
2.10 Personal selling processes … … … … 31
2.11 Industrial products … … … … … … 35
References … … … … … … … 38
CHAPTER THREE
3.1 RESEARCH METHODOLOGY … … … … 39
3.2 Sources of Data … … … … … … 40
3.3 Population of the study … … … … … 41
3.4 Sampling Techniques … … … … … 42
3.5 Determination of sample size … … … … 43
3.6 Questionnaire Distribution/Method … … … 44
3.7 Method of Data Analysis … … … … … 45
CHAPTER FOUR
4.0 PRESENTATION, ANALYSIS AND INTERPRETATION OF DATA 51
4.1 Analysis of data … … … … … … 51
4.2 Test of Hypothesis … … … … … … 61
CHAPTER FIVE
5.0 SUMMARY, CONCLUSION AND RECOMMENDATIONS … 69
5.1 Summary … … … … … … … … 69
5.2 Conclusion … … … … … … … 72
5.3 Recommendation … … … … … … 73
References … … … … … … … 76
CHAPTER ONE
INTRODUCTION
Personal selling is one of the five major promotional tools used for influencing and persuading the audience or prospects to develop a positive attitude towards a firms products. The term personal selling have been defined by several marketing experts.
A. I. Okafor (1996.P4) defined personal selling as the aspect of the total promo-tool, which makes possible the occurrence of direct personal communication between the organization and its prospective buyers for the purpose of facilitating exchange for the mutual satisfaction of both parties.
Finally, personal selling can be defiles as the personal communication of information about a product, services or idea to the prospects for the purposes of facilitating and actualizing sales.
The words “communication” means communicating information about company’s product to the prospects on any interpersonal basis. The interpersonal approach of peraondl selling minimizes wasted effort as the selling effort focus on the prospective customer’s. Personal selling is the only promo-tools that actualize sales than other promo-tools.
Personal selling also facilitates sales by performing the job of information educating and persuading the prospected about the company’s product. Personal selling also plays the unique role of bring about direct contact between the organization and the prospects.
It is therefore clear from the foregoing that personal selling occupies a strategic position in the all over promotional effort of an organization and its target market. Because of this strategic position it service as a means of communication between the organization and the target market.
Personal selling is face to face interaction of the organization and the prospects is made possible. No matter promo-tools has the capacity of doing this except the personal selling and it is worth nothing, it is only through personal selling that the prospects are convinced to accept the value offered by the organization in exchange for a price sought .
In this project the researcher’s Concentration is on an appraisal of the impacts of personal selling of industrial products. The researcher also briefly looked at the impacts generally and try to measure an appraisal of the impact of the personal selling has on the industrial products. Once a new product has been manufactured or produced, the next is to bring it to notice of prospects and persuaded them to buy it and this is done through personal selling.
Mutual Benefits Assurance Plc is a Nigeria-based company that offers life and general insurance classes. Mutual Benefits Assurance Plc is located at Fajuyi Road, Ado-Ekiti, Ekiti, Nigeria.The principal objective of the Company is to render qualitative insurance and risks management services. General business products include property insurance, liability/bond insurance and special risk. Life insurance products include personal and group accident insurance, as well as individual savings and pension plans. The Company is engaged in financial and wealth protection in Nigeria. The Company operates through its subsidiaries which include Mutual Benefits Assurance Plc, Mutual Benefits Life Assurance Ltd., Mutual Benefits Microfinance Bank Ltd., Assurance Generales du Cameroun, Mutual Model Transport Ltd., TFS Securities & Investment Ltd., Mutual Benefits Assurance Company, Liberia, Charks Investment Ltd., and Mutual Benefits Homes & Properties Ltd.
This research work evaluates the effect personal selling in the marketing of industrial products. Those industrial firms and institution that have recognized the usefulness of promotion do not see personal selling as equally to or surpassing the other element of promotional mix- like adverting publicity and sales promotion their end up spending more money of these other services without achieving their cooperate objective. But today the story has changed as more and more managers have come to realize the impact of personal selling and employ the service of professional sale person to handle their goods. Personal selling is seen as the seller’s promotional presentation conducted on a person to person basis with the buyer for the purpose of making sales.
Personal selling is used to satisfy marketing objectives like satisfaction of customers wants by identifying their problem and trying satisfying them.
1.2 STATEMENT OF PROBLEM
Personal selling is expensive on per contact basis for Mutual Benefits Assurance Plc.
1) Poor management of sales force: it is also a problem because when the management cannot manage their staff or employee properly and resources, they cannot achieve their objective effectively.
3) Poor motivation of sales force: It is also a problem in Mutual Benefits Assurance Plcbecause when the sale people are not properly motivated it can result to the embezzlement of company’s fund by the sales force.
4) Poor Training of sales force: it is also a problem in Mutual Benefits Assurance Plc because when the sales force are not properly educated about the product they cannot be able to convince their customers to any of their product.
1.3 OBJECTIVE OF THE STUDY
The purpose of the this study is to appraisethe effect of personal selling in Mutual Benefits Assurance Plcwith a view to identifying detects in the current, theeffect of personal selling and recommending the most appropriate personal selling strategy that will enable the company to achieve his other objective.
THE OBJECTIVE OF THIS STUDY IS TO EXAMINE THE FOLLOWING:
To evaluate the current personal selling programme of Mutual Benefits Assurance Plc.
2) To identify the current personal selling programme of other companies.
3) To identify the problems militating against effective sales force in Mutual Benefits Assurance Plc
4) To establish the relationship between effective personal selling of Mutual Benefits Assurance Plc in other to achieve its marketing objective.
5) To also establish how effective personal selling will enable Mutual Benefits Assurance Plcachieve better customer services
6) To also establish how effective personal selling can combat competition through effective personal selling programme.
7) Finally, to recommend the most appropriate personal selling that would enable Mutual Benefits Assurance Plcto achieve increase market share.
1.4 SCOPE OF THE STUDY
Since the study is concerned with the effects of personal selling in the marketing of industrial products, the researcher shall limit the study to Mutual Benefits Assurance Plc in Fajuyi Ado Ekiti. The benefits of personal selling to the industrial producers and industrial users.
1.5 RESEARCH QUESTIONS
1) Is there any detect in the current personal selling in the marketing of industrial products?
2) What are the problems that militate against effective personal selling of marketing industrial products?
3) Is there any relationship between effective personal selling in the marketing of industrial products sustainable growth Mutual Benefits Assurance Plc?
4) How cans effective personal selling brings about increased marketing share in Mutual Benefits Assurance Plc?
5) How can effective personal selling brings about better customer service in Mutual Benefits Assurance Plc?
1.6 RESEARCH HYPOTHESIS:
For the purpose of this research the following hypothesis will be stated.
Ho: High cost of personal selling does not constraint its choice for promotion exercise.
Ho: Personal selling is important in the marketing of industrial product.
Ho: Salesmen are not adequately remunerated for personal exercise.
Ho: Personal selling does not contribute to increase marketing activities.
1.7 SIGNIFICANCE OF THE STUDY
1) This research work is significant and beneficial to industrial firms that are yet to discover the benefits of personal selling.
2) Any researcher wishing to discover the rational for adoption of personal selling by industrial firms.
This study will also clarity and inform the yet to embrace, personal selling manufacturers on the needs to adopt it as one of strongest weapons of promotional tools. The study through it findings and recommendation will enable the case study company to solve its problem of using personal selling as promotional tools when it is an awkward to do so. And when it is suitable to do so as well.
Although the target market of the industrial product are fewer but this study will help any interested manufacturer of industrial product to know how best to adopt.
Personal selling as promotional tool for reducing customer perceived risk on product, if still seems to be neglected in the field of marketing programmers. It has been remarkable how relatively little attention, personal selling in industrial marketing has received in the professional intercourse and in academic research.
However, existing knowledge is limited concerning how effective personal selling is used in the marketing of the industrial products. This research work is focused on the marketing of industrial product by personal selling especially in Mutual Benefits Assurance Plcand the industrial customers and prospects.
The company’s products are bought by organization for the purpose of producing other goods for resale.
The study therefore seeks to find the following:
The effects of personal selling in the marketing of industrial products.
The benefit of personal selling to:
The industrial produce
The industrial customer
The problem of salesmen in personal selling.
The contribution of personal selling to selling promotional exercise.
The industrial firms have low turn over, therefore, they cannot afford the cost of personal selling despite its necessity.
Both the public and the firm see it as an awkward means of promotion.
The target market of industrial products is not as large as the target market for consumer product.
Total sales volume.
Total net profit.
Other products or to be used in the operation that is raw materials or products purchased for further production.
1.7 LIMITATION OF THE STUDY
During the course of carrying out the research project the research was constituted by the following limitations:
A huge sum of money was involved in conducting this research work, which account for one of the problems encountered by the researcher in the course of writing this work.
Also there was a problem of distribution and collection of questionnaires as well as time that was wasted in conducting personal interview because the lazy staffs needed enough explanation before they could offer some relevant information.
Finally, the time requirements was a problem that the researcher has to grapple with given the bulk of assignment and lectures that has to be attended irrespective of the research work.
1.8 DEFINITION OF TERMS
INDUSTRIAL PRODUCT: This can be defined as a product purchased to be directly or indirectly to produce. Other products or to used in the operation. That is raw materials or products purchased for further production.
PERSONAL SELLING: This can be defined as the interpersonal communication of information, idea about a products service to the prospects for the purposes of facilitating and actualizing sales.
A product: This can be defined as anything of value tangible or intangible that can be offered to customers actual and potential for their attention, acquisition and consumption for the purpose of satisfying their needs.
SELLING: This is the first of persuading prospective buyers to buy goods and services from which they can derive suitable, benefit thereby increasing their total salesmen satisfaction.
CHAPTER FIVE
5.0 SUMMARY OF FINDING, CONCLUSION AND RECOMMENDATIONS
5.1 SUMMARY OF FINDINGS
In the process of carrying out this research work, the researcher examined how an appraisal of the impact of personal selling in the marketing of industrial product can be achieved or improved with emphasis on Mutual Benefits Assurance Plc, Fajuyi, Ado-Ekiti.
The questionnaire was constructed in line with the purpose and objectives of the study so effective way to manage the activities of the sales force.
Base on the analysis, the following findings were made from the questionnaire distributed to the top management of Mutual Benefits Assurance Plc and their consumers.
Base on the findings in table 4.2, it can be seen that the company embark on personal selling.
Base on the findings in table 4.2, the policies and programes of Mutual Benefits Assurance Plc are rated impressively.
Base on the findings in table 4.4 and 4.5 it can be seen that Mutual Benefits Assurance observes defects in the current personal selling programmes.
The defects could be poor management of sales force. This is one of those problems they encounter in the current of personal selling prgramme. The sales force should be properly managed in order to bring the best in them. When they are properly managed by the company making available what they needed to work or perform their function it will make them not to attain to their objectives thereby making them not to actualized sales.
Poor motivation of sales force, this is also on of the defects that the company observes in the current personal selling.
In order to actualize more sales by the sales force, the company should motivate the sales force by given them incentives such as increase in commission, salary etc, this will go long way in motivating the sales force to bring out the best in them.
Poor training of sales force, this is also another defects, when the sales force are not given proper training which will help them in the knowledge the company and its product, they cannot be able to convince their customers in order to make sales.
Base on the findings in table 4.6, it can be seen that Mutual Benefits Assurance has taken remedial action on the defects. The remedial action taken is as follows:
a. engaging the services of a qualified distributors when the company engage the services of qualified distributors and their product will be properly distributed and more sales will be made.
b. The incentives given to the staffs are reviewed from time to time. The management had reviewed the incentives given to staffs in order to encourage them to put more effort in their duties. Making the product available at the right time, place and of good quality. This encouraged the consumers to buy more of the company products.
Base on the findings in table 4.7 and 4.8 it can be seen that Mutual Benefits Assurance encounter some problems in executing personal selling such as lack of finance, inability of training the sells force.
Base on the findings in table 4.9, it can be seen that effective personal selling enable Mutual Benefits Assurance to achieve their objectives.
Base on the above analysis and findings in table 4.12 it can be seen that the contribution of sales force helps the company to achieve their marketing objectives.
Base on the findings in table 4.13, the selection of right caliber of sales force contributed to the success of the company by binding of company’s reputation, increase in sales turnover, reduction in financial losses etc.
CONCLUSION
After a careful systematic appraisal of impact of personal selling as means of industrial product. It has been ascertained through the data analyzed that personal selling has helped Mutual Benefits Assurance to achieve increase in productivity, increase in marketing share, and bring about good customer relation.
However, high cost of personal selling, none dedication to duties by the salesmen and late salary payment are problems militating against impact of personal selling.
RECOMMENDATION
From the research made about An appraisal of the impact of personal selling in the marketing of industrial product, with a case study of Mutual Benefits Assurance Plc Fajuyi, Ado - Ekiti, we observed that they encounter some problems.
Therefore, I recommend that management should be cautious in the selecting and recruiting men and women of high sense of responsibility and self – motivation to carry out the sales duties, since the sales force do not work under the direct supervision of their superiors.
The peculiar environmental factors of interacting with people of different social cultural and personality background make it necessary that management should be caution in order to select people that posses high social intelligence for the sales position.
Since the sales force serve as an ambassador to their organization, they represent their company to customers and to the society in general. The opinions of the customers about the company are always base on their impression about the sales people. It is therefore necessary that management should be cautious in selecting men and women that exhibit high sense of integrity and good public relation.
Sales jobs requires considerable traveling and being away from home and family, they are also usually confronted by difficult customer who subject them to a lot of mental and psychological stresses. This factor coupled with physical stress associated with long travels, makes it necessary that management should recruit people of high degree of mental toughness and physical stamina.
Sales people unlike other occupational groups are usually entrusted with a great deal of company’s resources and finance. The nature of their job makes it necessary that they should spend their company’s fund.
It is therefore necessary that management should select and recruit people that are trustworthy and responsible into the selling positions.
More sales personnel should be trained from time to time, this modification would not only change the organization of the sale department of the firm, but it will also introduce new practices, knowledge and above all, it will bring about competition among the sales personnel in the firm.
Motivational tools in the from of payment of fair commission, training and development and other incentives to salesmen should be adequately provided.
The management should Endeavour to increase the number of persons or sales force in their marketing department.
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