IIARD International Institute of Academic Research and Development

INTERNATIONAL JOURNAL OF SOCIAL SCIENCES AND MANAGEMENT RESEARCH (IJSSMR )

E-ISSN 2545-5303
P-ISSN 2695-2203
VOL. 10 NO. 11 2024
DOI: 10.56201/ijssmr.v10.no11.2024.pg.217.232

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Marketing Strategies and Turnover Rate of Consumer Products by Traders in Rivers State

Omunakwe, Angela Chika; Agburum Okechukwu

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Abstract

This study aimed to analyse the impact of marketing strategies on turnover rate of consumer products in Rivers State, with a specific focus on Port Harcourt Metropolis. A stratified random sampling technique was employed to select a sample size of 287 traders and residents from various demographic and business categories within the metropolis. A survey method using well-tailored questionnaires was utilised to collect data, which were subsequently analysed using descriptive statistics. The findings revealed that key marketing strategies such as advertising (35.2%), social media utilisation (41.8%), promotions, and discounts (38.3%) significantly contributed to enhancing sales and turnover rates. Descriptive statistics showed that the majority of respondents employed these strategies, with frequencies and percentages indicating strong positive associations between these strategies and higher turnover rates. Challenges such as inadequate financial resources (28.6%), insufficient marketing skills (29.6%), and intense competition (24%) were also highlighted. To address these challenges, the study recommends improving financial support through low-interest loans, enhancing marketing skills through targeted training programs, and fostering collaborative networks among traders to share resources and strategies. These measures are crucial for optimising marketing strategies and boosting business performance in Rivers State.

keywords:

Marketing Strategies, Turnover Rates, Port Harcourt Metropolis, Consumer

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