The purpose of the study on marketing promotion in a depressed economy is to find out whether marketing promotions have a positive effect on the profit of industries inspite of the depressive state of the economy and also to find out whether marketing promotion increases consumer’s demand of a product in a depressed promotion perform the same function to consumers.
To guide this study three research questions were formulated. A review of literature was done to ensure sound researcher to what has already been done to ensure sound understanding to 80 members of staff in Choki Laboratories (30 executive members and 50 Junior Staff).
Fourteen (14) items questionnaire was used and the data collected were analysed using cluster variable hypothesis was also tested findings were made and recommendations based on the findings were also made.
Marketing promotions which most items is raftered to as marketing communications is one of the marketing mix variables. Marketing communication may be defined as the efforts by a company to design and disseminate information about its product existence, features and items and the benefits to the target market, using different medium. Promotion as marketing activity is persuasive communication Stanto described it as an excessive information persuasion and influence.
Marketing promotions is made up of four promotional tools, which include various forms of advertising personal sellings, sales promotion and publicity programmes. They are called the promotion tool or the promotional mix variables or the communication mix. Broadly, promotion means, to push forward; to advance an idea in such a way as to again acceptance and approval for it.
As goods and services preliterate in the economy competition for the customers disenctionary income become pronounced and marketing promotions become a handy weapon to sell goods or service or score acceptance of idea. In every economy of plenty, marketing promotions has always played key challenging roles to reconcile buyers and sellers of goods and services together, for purposeful business opportunities.
However, the situation becomes different in an economy of scarcity and economy raftered to as depressed.
Depressed economy by the UNO is the lowest point of a business cycle can reach. In a depression the gross national product also falls to its lowest point. Business state is poor, people cannot find work to earn money people cannot sell enough products to pay their costs, business may be faced to close. And because businesses close, additional people lost their jobs.
Another definition of depressed economy is the one that is economically depressed, characterized by high unemployment, low consumption of consumer goods and services and a declining number of retail outlets. While another definition of the word depressed economy is that geographical area or region within a nation as a whole. The index of depressedness most frequently used is the rate of unemployment. However, other indices of growth rate and income per head. While persistence out migration is also regarded as a characteristic of depressed economy.
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