Effective Sales Promotion: A Necessary Catalyst for Elongating the Product Life Cycle in A Developing Economy

Authors

  • Segun Kehinde Business Management, Covenant University, KM 10 Idiroko Rd, Ota 112104, Ogun State, Nigeria
  • Bankole Oluseun Business Management, Federal Polytechnic Ilaro, Nigeria
  • Chinonye Moses Business Management, Covenant University, KM 10 Idiroko Rd, Ota 112104, Ogun State, Nigeria
  • Taiye Borishade Business Management, Covenant University, KM 10 Idiroko Rd, Ota 112104, Ogun State, Nigeria
  • Oladele Kehinde Business Management, Covenant University, KM 10 Idiroko Rd, Ota 112104, Ogun State, Nigeria
  • Busola Simon-ilogho Business Management, Covenant University, KM 10 Idiroko Rd, Ota 112104, Ogun State, Nigeria
  • Kemi Kehinde Languages, Anchor University, Ayobo Street, Ayobo Rd, Ipaja, Lagos, Nigeria

DOI:

https://doi.org/10.56225/ijassh.v3i1.231

Keywords:

Sales promotion, Product Life Cycle, Communication, Developing economy

Abstract

The Product Life Cycle (PLC) is a concept that likens a product to animate objects because its life span ranges from introduction to decline. Products can further be likened to human beings to the extent that the lengths of their cycles vary among products, ranging from a few seasons to several decades. This study investigates the effective sales promotion for elongating the product life cycle in a developing economy. This study is designed using a quantitative approach through a survey questionnaire. A total of 100 Coca-Cola Nigeria PLC employees and product consumers participated in this study. The data was analyzed using a regression linear model by assisting SPSS-23. This study concludes that sales promotion is one crucial promotional mix element organizations need to identify and stimulate customer needs and wants. It performs the function of raising awareness of the product to the customer. It increases market share, which, in the long run, helps to sustain its life cycle, especially when perfectly used with other marketing mix elements like price, product, and place. The implication is that the location for redemption of prizes, for instance, in a bonanza, must be easy, or it will weaken the effectiveness of the sale’s promotional activity. The findings of this study recommend that companies improve product availability when needed, especially from the production plant to the depot. The promotional strategies should be communicated in the native language of the target market or audience.

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Published

2024-02-29

How to Cite

Kehinde, S., Oluseun, B., Moses, C., Borishade, T., Kehinde, O., Simon-ilogho, B., & Kehinde, K. (2024). Effective Sales Promotion: A Necessary Catalyst for Elongating the Product Life Cycle in A Developing Economy. International Journal of Advances in Social Sciences and Humanities, 3(1), 1–7. https://doi.org/10.56225/ijassh.v3i1.231
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