A STUDY OF PROMOTIONAL MIX ON CONSUMER BUYING BEHAVIOR OF A NEW PRODUCT (WITH SPECIAL REFERENCE TO FAST MOVING CONSUMER GOODS SECTOR)
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Date
2015
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Uva Wellassa University of Sri Lanka
Abstract
New product development has emerged as a salient aspect in modern business environment. It is highly popular in today's world. The new product improvement emphasizes the significance of introducing new products on the market for persevering with enterprise success. Hence, when trying to launch an innovative product to a new target audience that has been identified, it is important to inform them about the needs they have for the new product. The current aim of promotion mix is to create customer awareness through creating most attractive promotion methods. Fast moving consumer goods sector is a field which the most competition has achieved in Sri Lankan market. Hence, the purpose of this research is to measure and find the effect of promotion mix on consumer buying behavior of new product in fast moving consumer goods sector in Western province and ultimately give recommendations. Further there is a limited number of researches have done in Sri Lankan context regarding new product and promotional mix. Therefore this study aims to fulfill the theoretical gap and empirical gap which literature has not fulfilled. To examine the current level of promotion mix and consumer buying behavior of new product, a questionnaire survey was conducted using 250 sample and through correlation and regression analysis of SPSS, the data was analyzed. As a result, the current level of promotion mix and consumer buying behavior of new product in fast moving consumer goods sector is emphasized as moderate, where the relationship of promotion mix on consumer buying behavior of new product in fast moving consumer goods sector in Western province, concluded as moderate. As for the findings and results, there was significant impact on promotion mix to consumer buying behavior of new product in fast moving consumer goods sector. And through that future researcher can identify another significant factor and give recommendations to improve consumer buying behavior of new product further.
Key words — New product, Promotion mix, Consumer buying behavior. Fast moving consumer goods sector
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Entrepreneurship And Management Degree Programme (ENM)