Nigeria Marketing Board is quite an interesting organ in business transactions. It plays a very significant role in growing businesses.
In different industries from different sectors of the economy, take for instance, in the agriculture, there are marketing boards that overseas the activities of businesses, and the marketing boards are designed to making input thus, ensure that the businesses thrive and grow.
I did gave an example here, mentioning agriculture. The responsibility of the marketing boards here is to ensure that, the agriculture produce are promoted, be it crop or product.
Marketing board is a non profiting institution, many people see it as business league, some others called it trade groups. Marketing board is made up of representatives, polled from different sectors or businesses.
Actually, marketing boards are not expected to form a part of businesses and vice versa, but for the purpose of growing businesses, many find it necessary to belonged.
What Is Marketing Board?
Marketing board is a nonprofit organization established with the sole aim of assisting businesses grow by way of promoting these businesses.
Functions Of Nigeria Marketing Board
Marketing board in Nigeria has played pivotal role in making sure that businesses in Nigeria thrive and grow by the virtue of its functions, and in this article, we will discussing these functions of marketing board together, and here we go;
Helps Pooled Resources
One of the functions of the marketing board has been to pooled businesses together for the purpose of pooling resources together with a view to expand their businesses.
Marketing board makes provision for such opportunity for members of different businesses, and by so doing, member businesses are able to pool their marketing resources together.
For a typical example, the marketing board more often run ads in quite a number of media, and these include, radio and television and magazines and newspapers, as well as social media.
This is a good one there because ordinarily, member businesses would not have been able to single handedly secure such huge resources to run media campaign with a view to promote its business.
Nevertheless, through the help of the marketing board, member businesses team up, they could be producers, manufacturers, and even companies, etc.
By so doing member businesses can achieve business promotion of a well-planned and coordinated media marketing program, courtesy of marketing board.
Helps Inspired Demand
Through the help of the marketing board, businesses are enjoying increases in products demand. The reason is obvious, this is because the marketing board has instilled in customers positive regards to taste for products.
Do not forget, many agricultural producers, for example, sell whatsoever they produced to wholesalers, like commercial buyers, and sometimes, they can sell them to the distributors, and sometimes, to companies and restaurants.
Be that as it may, it is a known fact that, the way a customer thinks about the taste of a product and the demand for that product do impact sale, but this is true.
Going by this, the marketing board has played a vital role to this regards by instilling positive regards and taste for products, and as well, caused the producers of such products to incorporate the products in their offerings with a view to drive business transactions for the producers of the products. This is serious!
Helps In Branding Product
The marketing board is specializes in product branding. I will like to take agriculture for example again. In agriculture, small scale farming and large scale farming, in both farming, none considered the important of their products, not even the food producing business.
That however, should not holds so much issue, since the customers do not even bother to know the name of the industries or manufacturers who produced these products perhaps, because the producers sell the products directly to the wholesalers, not to the public, but to large distributors of the products.
Be that as it may, branding a particular product can inspired customer’s demand. Through marketing board’s media campaigns, general product is turned into brand in itself.
The marketing board will do it so good that, customers will check package any time they want to buy that product rather than prefer foreign import.
Helps In Networking
In general sense, the marketing board is not and will not be a chamber of commerce. It is not an industry association. Ordinarily, business organizations can take part in meetings, and sometimes in campaign, and not marketing board. Marketing board only made provision for opportunity for businesses that belonged to a particular industry to network.
These companies can from alliances, and businesses within an industry, and it can as well, learn about possible opportunities.
The advantage of networking is that, while building contacts, as member companies, who do not have any need today, can have connection to call for either assistance or for cooperation at some point in time in the future.
Helps Resist Competitive Production
For businesses to thrive and make good returns on their production, certain things should be in place, and that in effect means that, the marketing board must have to go out of its way to ensure that_there is fair and stale returns on businesses production.
The marketing board can achieve this feat by stopping competitive production with a view to balance products prices by way of stabilizing product prices, and as well, guide against fall in products prices.
The marketing board do achieved this by simply restricting products supply to the market and/or it may decides to rather fix the prices of this products themselves.
In other words, the total goods produced must exceed supply or allowed to the market. To maintain this regulation, the marketing board will have to either holds some amount of goods produced in its warehouses or diverts these products to other channel for disposal, for instance, exported them.
Similarly, the marketing board can discourage competitive production by setting standard for quality control, the products can also be graded with a view to improve products quality, economical system of producing goods may be introduced.
In different industries from different sectors of the economy, take for instance, in the agriculture, there are marketing boards that overseas the activities of businesses, and the marketing boards are designed to making input thus, ensure that the businesses thrive and grow.Buy and Sell Bitcoin in Nigeria - Register for free on Luno
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