Advantage of Trade fairs, bridges gap between buyer and seller
Trade fairs are beneficial in the following ways:
(1) In countries where media advertising is not permitted, fairs and exhibitions have a particularly important role in trade promotion.
(2) International fairs bring together at a convenient place potential buyers and from all over the world and facilitate broader communication and information dissemination.
(3) Fairs and exhibitions provide the sellers opportunity to promote their products and to contact both existing and potential customers. They get an opportunity for direct interaction and feedback.
(4) Fairs and exhibitions provide an opportunity to know the developments and trends in the industry concerned. in trade fairs/exhibitions, participants include not only the manufacturers/sellers of the final products but also the suppliers of machinery and technology, raw materials and intermediates, packaging devices and materials etc
(5) They also often enable participants and visitors to know about business opportunities, government policies, assistance packages etc. For example, at the Indian Seafood Fair, the Seafood Exporters Association and the Marine Products Export Development Authority seek to give wide publicity about the government policies and assistance for the development of India's seafood export industry, including the scope for foreign participation.
(6) Fairs and exhibitions facilitate gathering of competitive information.
(7) Fairs and exhibitions may help the manufacturers in improving the sourcing or technology, materials and buyers. Similarly, they help the buyers in improving the sourcing of supplies.
Trade fairs and exhibitions, thus, provide multiple benefits to both the manufacturers marketers and the buyers. Fairs and exhibitions often generate considerable amount of business enquiries and business for many participants.
Broadly, there are three categories of trade fair/exhibition visitors. They are:
(1) Those who may be curious or show an interest but are not potential customers. This category includes different types of "nuisance", visitors.
(2) Those who demonstrate a genuine interest. This category indur3Ps potential customers and influential people like VIPs and journalists.
(3) Those with a keen interest in the product or service now and who are definitely prospective customers.
The above information explains, how trade fairs helps to find buyer and seller each other? Comment below your thought about benefits of trade fairs in international business and role of it.
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