ABSTRACT
This project
examines Effects of sales promotion on
marketing of real estate in Nigeria, with reference to Federal Housing
Authority. In order to achieve the objective, two specific objectives, two
research questions and two hypothesis were raised. Frequencies and percentages
were used in presentation of personal data and answering research questions. A
probability sampling technique was adopted as it ensures equal chance for all
elements. A total of one hundred and fifty (150) questionnaires were
administered, but only eighty (80) were returned. This means that approximately
81 % of the administered questionnaires were retrieved. Statistical tools such
as correlation, regression and analysis of variance were employed for this
study using statistical package for social scientist (SPSS) while Frequency
distribution table were used in the analysis and presentation of
socio-demographic data of the respondents. Regression analysis was used in
order to estimate the effect of some independent variables on the dependent
variable were used to text the two hypotheses. l Based on the responses
elicited by the respondent and the result from the two tested hypothesis, it
was established that There is no significance relationship between sales
promotional tools and strategy in marketing of real estate and also that There
is no significance relationship between Estate Surveying adoption and sealing
real estate market. The findings also revealed that there is The study found
that there is no relationship between sales promotional tools and strategy in
marketing of real estate with a value r = 0.592 which signifies that change in
Sales promotional tools really cause change strategy in marketing of real
estate to a large extent as well as
Sales promotional tools does not have any effect on strategy in
marketing of real estate. 47.6% of the variation recorded in real estate is
accounted for by the promotional tools. In conclusion, the business world today is a world of competition. A
business cannot survive if its products do not sell in the market. Thus, sales
promotion has to be undertaken to increase sales. From these literatures, sales
promotion can help you provide information to potential customers that aid them
in making a decision.
TABLE
OF CONTENTS
Title page i
Certification ii
Dedication iii
Declaration iv
Acknowledgement v
Abstract vi
Contents vii-x
CHAPTER
ONE: INTRODUCTION
1.1 Background
information 1-5
1.2 Statement of the problem 5-7
1.3 . Objectives
of the study 7
1.4 Research Questions 7
1.5 Research Hypotheses 7
1.6 Scope of the study. 8
1.7 Limitations of the study 8-9
1.8 Operational Definition of Terms 9-10
CHAPTER TWO: LITER ATURE REVIEW
2.0 Introduction 11
2.1 Conceptual Review 11-13
2.2 General Marketing 13-15
2.3 Estate Marketing Practices 15-18
2.4 Challenges of Estate Marketing 18-20
2.5 Measures Against the Challenges of Estate
Marketing 20-22
2.6 Attributes
Required for Estate Marketing 22-23
2.7 Empirical
Studies on Estate Marketing 23-26
2.8 Conceptual framework 26
2.8.1 Sales Promotion Tools 27-30
2.8.2 Sales Promotion Strategies 30-32
2.8.3 Factors influencing sales promotion 32-34
2.8.4 Dependent
Variable (Real Estate Market) 34-36
2.9 Brief
History of Federal Housing Authority in Nigeria 36-38
2.10 Summary 38
CHAPTER THREE: RESEARCH METHODS
3.0 Introduction 39
3.1 Research
Design 39
3.2 Study
Population 40
3.3 Sample
Size and Sampling Techniques 40
3.4 Sources
Of Data Collection 40
3.5 Instrument
Of Data Collection 41
3.6 Method
Of Data Analysis 41
3.7 Validity
And Reliability Of Research Instrument 41-42
CHAPTER
FOUR: DATA ANALYSIS AND INTERPRETATION
4.0 Introduction 43
4.1 Demographic
Information of Respondents 44-45
4.1 Analysis
of Respondents’ Bio data 45-47
4.2 Analyses
of Respondents’ Responses 48-56
4.3 Hypotheses
Testing 56-63
4.4
Discussion of Findings 63-64
CHAPTER FIVE: SUMMARY, CONCLUSIONS
AND RECOMMENDATIONS
5.1 Introduction 65
5.2
Summary 65-66
5.3
Conclusion 66-68
5.4 Recommendations
68-69
5.5 Suggestions
for Further Study 69-70
References 71-72
Appendix
73
TABLES
Table 3.1:
Descriptive Statistics 44
Table 3.2:
Gender 45
Table 3.3: Age
of the respondents 46
Table 3.4:
Educational level of respondents 46
Table 3.5: Work
experience of the respondents 47
Table 3.6: Department in organization 47
Table 4: There is force in sale promotional tools in real estate
marketing 48
Table 5: There are Deemed Appropriate Tool for Enhancing Effectiveness of
Sales Promotion 48
Table 6: Would you rate your level of satisfaction with sales promotion
strategies
used in real estate
marketing 49
Table 7: Considering all the quality of sales promotion in real estate
marketing, is it promotional tools 50
Table 8: Sales promotions strategy is being practiced in real estate
marketing 50
Table
9: There is marketing strategy for sales of real
estate 51
Table 10: There is great quality tool in real estate marketing in Federal Housing
Authority 52
Table11: Marketing of Federal Housing Authority affect real estate
marketing 52
Table 12: There is endorsement for
effective real estate marketing 53
Table 13: Effectiveness of good marketing multiplies Federal Housing Authority
in real estate
marketing 54
Table 14: The adoption of estate survey on different strategies seals real
estate deals 54
Table 15: Surveying adoption of real estate strategies impair the
effectiveness of
Marketing 55
Table 16: Real estate survey aids
different strategies in sales promotion 55
Table 17: Federal Housing Authority improve sales promotion in real
estate 56
FIGURES
Fig 2.1: Relationship between
variables 26
CHAPTER
ONE
INTRODUCTION
1.1 Background information
The
business environment has become very competitive in the 21st century due to the
growth in technology, infrastructure and access to information around the
globe. This has made the environment very complex and consumer preferences keep
changing because of the low switching cost in the market. Due to this
increasing demand of consumers in the market, management of business
organizations have to increase their resources with attention focused more on
attracting and retaining its customers (Kotler, 2013).
The
ever increasing competition in the global market has prompted organizations to
be determined and ensure satisfaction of customer needs and wants more
efficiently and effectively than ones competitors (Kotler, 2018).Sales
promotion is an initiative undertaken by organizations to promote and increase
sales, usage or trial of a product or services (Aderemi, 2013). Sales promotion
refers to the provision of incentives to customers or to the distribution
channel to stimulate demand for a product. It is an important component of an
organizations overall marketing strategy along with advertising, public
relations and personal selling. Sales promotion acts as a competitive weapon by
providing an extra incentive for the target audience to purchase or support one
brand over the other. It is particularly effective in spurring product trials
and unplanned purchases (Aderemi, 2013).
Sales
promotion is a marketing activity that adds to the basic value proposition
behind a product (i.e. getting more for less) for a limited time in order to
stimulate consumer purchasing, selling effectiveness or the effort of the sales
force (Aderemi, 2013). Thisimplies that, sales promotion may be directed either
at end consumer or at selling intermediaries such as retailers or sales crews.
Estate marketing
is an important
aspect of the
practice of Estate Surveying and Valuation. Oni and
Adebayo (2012) established that the problems associated with estate agency and
marketing must be addressed if the profession
of Estate Surveying
and Valuation will
continually be relevant. The
scholars buttressed further
that estate agency
and marketing is the
aspect of the
profession with the
highest presence of charlatans
and quacks. The
other aspects of
the profession of
Estate Surveying and Valuation are; property valuation, property
management, feasibility and
viability study and
property development. All these aspects of the profession are
interdependent. There is need for the
establishment of value before a property can be marketed. Also, the final stage
of property development is marketing of property either for sale of to
let. The interdependence of the
aspects of the
profession of Estate Surveying and valuation necessitate
the need for continuous research on all the aspects of the profession.
Estate
marketing is a type of marketing that fits into the broad definition of marketing.
Anyanwu (2013) opined
that marketing consists
of business activities that seek to anticipate demand, help in
developing and making the products
or services available
to the satisfaction
of the consumers (users
and at a
profit to the
organization). Kotler (2014) described marketing
as a social
and managerial process
by which individuals and groups
obtain what they want through creating, offering and exchanging products of
value with other. Olakunori and
Ejionueme (2017) described marketing
activities as the
identification and satisfaction
of people’s needs through the exchange process. It can be inferred from the
above definitions of marketing that the satisfaction of clients should be of
paramount interest to a marketer.
The
performance evaluation of an estate
agency department in
an Estate Surveying
and Valuation firm
depend on ability
to sell or let
properties in their
portfolio (Ogedengbe, 2016).
As result of
this, Estate Surveying adopt
different strategies in sealing
real estate deals.
The scholar buttressed
further that it is
pertinent for Estate
Surveying recruit professional
marketers to execute
their real estate
brokage business. Araloyin and
Olatoye (2011) established that consumers of real estate are now sophisticated with
high expectations from
the agents. The scholars
identified the following
as the need
of consumers; courtesy, provide service
as promised, frequent
communications, exact time services would be performed, and
personal attention.
There are
different methods employed
by Estate Surveying
and Valuation firms
to market properties.
Sani and Gbadegesin
(2015) identified five common
methods of marketing real estate in Nigeria as;
site/billboard, direct mailing, press marketing, brochure/bulletin, and personal
contact. The scholars rated site billboard as the most common means of
advertising real estate. The study did
not put social media marketing into consideration. In addition to all these methods of marketing
real estate, the scholars identified some important attributes that facilitate
the marketing of
real estate. The
first ten attributes
are; good track records, big client base, reputation, creativity in
marketing, professionalism in dealings. Up-to-date with property trend,
dedication and total commitment qualified and experienced team, ability to
provide good service and ability to achieve the desired result.
The expectation of real estate consumers
concerning estate marketing is high and the challenges plaguing the practice
are enormous. The level of Sophistication expected from an Estate agent by a consumer cut across other aspect
of the profession.
A consumer needs
a professional to supply
the sale value,
rental value and
purchase value of
a property.
Also, a
consumer needs information
about the cost
implication of property
maintenance for property purchase or sale. This assertion was corroborated
by Araloyin and
Olatoye (2011). Ability of an Estate Surveyor to fulfill this
required mandate will earn the
surveyor a trust which will facilitate real estate marketing.
There are ethical provisions in the Nigeria
Institution of Estate Surveyors and professional guidelines guiding the
practice of Estate agency and marketing. However, despite this ethical
guideline, there are cases of contravention of rules which arise as a result
increase in competition among
Estate Surveyors (Akomolede, 2006).
These contraventions are having
negative impact on
the practice of
Estate agency and marketing. These contraventions also give a bad image
to the practice of the profession of Estate Surveying and Valuation in Nigeria.
Unethical
practices and other factors negatively affect the estate agency and marketing
function of an
Estate Surveyor. In
order to ensure the
continuous relevance of
the profession of
Estate Surveying and Valuation,
it become imperative
to examine the
practice of Estate marketing which is a major aspect of
the profession of Estate Surveying and Valuation. This study aimed at achieving
the following objectives; to assess
the estate marketing
methods adopted by
Estate surveyors in practice,
to examine the
cost implication of
the various methods,
to assess the challenges
of estate marketing
in the study
area, and to examine the mitigating measures of
reducing the effect of the challenges.
According
to Kotler (2013), Sales Promotion is a key ingredient in marketing campaigns
and consists of a diverse collection of incentive tools, mostly short term
designed to stimulate quicker or greater purchase particular products or
services by consumers. Sales promotions programmes are those activities other
than stimulate consumer purchase.
1.2 Statement of the problem
Real estate market needs to provide offerings or
services that satisfy consumer needs and expectations to ensure the company’s
economic survival. In order to achieve this feat, they need to understand
consumer buying behavior to help them evaluate their service offerings.
There
have been many attempts in the past to study the effectiveness of sales
promotion tools. According to Timadeyin (2019) sales promotion tools used
strategically not only increase brand awareness but also encourage consumers to
buy new product.
Promotion go through a cycle of decision making
processes before making a purchase decision which define their behavior in the real
estate marketing from these organization. The sales promotion process is a
complex matter as many internal and external factors impact on the buying
decision of the consumer (Aderemi, 2013).
The consumer makes a purchase decision by examining
alternatives before making the purchase. Sometimes, the purchase may differ
from the purchase decision reached earlier. There is always a post purchase
evaluation by the consumers after purchasing and consumption of the service. Specific
factors that may lead to altered consumer buying behavior are size and
composition of the evoked set of alternatives, perceived risk, brand loyalty
and attribution of dissatisfaction. The consumer determines whether he was
satisfied or not with the services rendered. This actually will be an important
information reference point to the consumer in determining their behavior in
the next purchase (Kotler, 2016).
Sales promotion employs the use of some sales
promotion tools like; free trial, where they invite prospect customers to try
the products without cost. This method is ideal for products like fragrances
and make-ups since the results are immediate, but this technique is not very
effective for items like; acne fighting products or skin repair products which
usually takes longer period for the results to be seen. Another tool is the use
of free samples of assorted creams and fragrances, which is a technique only
directed to the sales consultants who have accounts to purchase the products
and sell at a profit to the customers.
Most of Sales promotion is usually directed to the
sales consultants, it would be more effective if they implement better sales
promotion tools that will be directed towards the consumers, since they are the
end users of their products. And even if they use sales promotion tools to the
consultants they should strategize them in a way that it will be effective on
the general sales.
This study, therefore, sought to determine the
effects of sales promotion as a strategy in marketing of real
estate in Nigeria Housing Authority.
1.3 .
Objectives of the study
The general objective of this study was
to assess the effect of sales promotion on marketing of real estate.
1. To
examine the relationship between sales promotional tools and marketing of real
estate.
2. To
evaluate the relationship between Estate Surveying adoption and sealing real
estate deals.
1.4 Research Questions
The
following are the research questions:
1. What
is the relationship between sales promotion and marketing?
2. Does
estate survey affect the strategies in sealing real estate deals
1.5 Research Hypotheses
The
research will have significance to the following different parties;
Ho1: There is
no significance relationship between sales promotional tools and strategy in
marketing of real estate
Ho2: There is
no significance relationship between Estate Surveying adoption and sealing real
estate market.
1.6 Scope of the study.
The
study was carried out at Federal Housing Authority main office in Festac Town, Lagos
to study the effects of sales promotion
as a strategy in marketing of real estate. For the purpose of this
study, the Federal Housing Authority were divided into six different
departments.
1.7 Limitations of the study
The
following are the limitations that the researcher encountered while carrying
out the study;
Time constraint
Time allocated for this study was not adequate and at best
stressful. This is because the researcher had seven other units to handle, a
full time job, family and social commitments. This limitation was, however, overcome
by proper planning. The lecturers were also very supportive and understanding
and this made it easier to manage everything.
Confidentiality
There were some respondents who feared sharing out information for
fear of being reprimanded by their managers for giving out information that
they may have considered confidential. However, the researcher assured the
respondents of the confidentiality of the information that they provided. The
researcher also obtained permission from the management of Federal Housing
Authority to undertake the research in the organization.
1.8 Operational Definition of Terms
In order to
make this study readable to all, especially those whose academic bent is not in
the area of this investigation that is marketing all key unfamiliar terms and
conceptions are alphabetically arranged and clearly defined as follows:
Sales Promotion: is
a short term incentive to initiate trial or purchase and one of the elements of the promotional mix.
Coupon: Are vendors attached to goods for sales indicating
that payment will be made.
Exhibition: Is the displaying of items of values in order to
stimulate awareness and interest about a product or service.
Marketing Mix: Is the term used to describe the combination of the
four element of a firm’s marketing system and they are product, price, place
and promotion.
Mass Production: Is the
production of a product in large quantities.
Strategy: is a general plan to achieve one or more long-term or
overall goals
under conditions of uncertainty
Real Estate: is
property consisting of land and
the buildings on it, along with its natural resources
such as crops, minerals or water; immovable property of this nature.
Premium: Is an extra sum of money which is paid in addition
to the normal cost of a product or service.
Trade deals: Is the offers of free merchandise, special
displays, buying allowance and discounts on some combinations.
Federal Housing Authority (FHA): a wholly owned agency of the Federal Government of Nigeria.
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