International Journal of Research Studies in Management
CollabWritive Special Issue
2024 Volume 12 Issue 15
Available Online: 21 November 2024
Author/s:
Wu, Shiyi
Graduate School, Lyceum of the Philippines University – Batangas, Philippines
Abstract:
In the competitive landscape of novelty products, understanding the intricate relationship between market demand, marketing promotion, and sales performance is crucial for business success. Novelty products, characterized by their unique appeal and often short product life cycles, require tailored strategies to effectively capture consumer interest and drive sales. Market demand plays a pivotal role in shaping the strategies businesses employ to promote their products, while marketing promotion efforts directly influence consumer awareness and purchasing decisions. By developing a comprehensive framework that integrates these key elements, businesses can optimize their approach to improving sales performance and sustaining growth in the novelty products sector. This study aims to explore these relationships on Market Demand, Marketing Promotion, and Sales Performance: and provide actionable insights for businesses seeking to enhance their market position and profitability. This study used the descriptive method and participated by 400 business owners of novelty items that comes from first class cities in Guangdong Province in China that are operating in at least two years particularly form Guangzhou, the provincial capital and a major financial hub in South China and from Shenzhen. The study found that respondents moderately agreed on several factors influencing novelty products, including product creativity, pricing, and customer psychographic behavior. Additionally, the marketing strategies used by novelty stores, such as promotion, product presentation, and customer segmentation, were also moderately supported by respondents. Despite these moderate evaluations, the sales performance of novelty stores was generally strong, with positive indicators in sales growth, sales revenue, and customer growth. Moreover, the study revealed a highly significant relationship between market demand, marketing strategy, and sales performance. Based on these findings, a framework was developed to improve the business performance of novelty stores. The results indicate that novelty stores should enhance product creativity, pricing, and marketing strategies to better meet market demand and improve sales performance, guided by the developed framework.
Keywords: market demand, marketing promotion, sales performance, framework for novelty products, business improvement
DOI: https://doi.org/10.5861/ijrsm.2024.1315
Cite this article:
Wu, S. (2024). Market demand, marketing promotion, and sales performance: Framework for novelty products business improvement. International Journal of Research Studies in Management, 12(15), 207-214. https://doi.org/10.5861/ijrsm.2024.1315