THE ROLE OF TRADE FAIRS IN PROMOTING ENTREPRENEURAL PURSUITS IN AKWA IBOM STATE

THE ROLE OF TRADE FAIRS IN PROMOTING ENTREPRENEURAL PURSUITS IN AKWA IBOM STATE

CHAPTER ONE

INTRODUCTION

• Background of the Study

A trade fair is an exhibition organized so that companies in a specific industry can showcase and demonstrate their latest products and services, meet with industry partners and customers, study activities of rivals and examined market trends and opportunities.

In the contrast to the consumer fairs, only some trade fair are upon to the public, while others can only be attended by company representatives (members of the trade, e.g. professionals) and members of press, therefore trade shows are classified as either “public” or “trade only”. Modern trade fairs follow in the tradition of trade fairs established in late medicinal Europe, in the era of merchant capitalism. In this era, produce and craft producers visited towns for trading fairs to sell and showcase products.

From the late eighteenth century, industrial exhibitions in Europe and North America became more common reflecting the technical dynamism of the industrial revolution.

In the late 19^th century, the concept of annual industry wide trade shows gained fraction, spreading from European manufacturing centres to North America. By the 20^th century, specialized companies came into existence simply to manage the trade-show industry, and permanent trade show grounds or convention as venues that featured a rotating calendar of trade shows.

In the 21^st century, with the rapid industrialization common place throughout the Asian continent, with China dominating the exhibitions industry in Asia, accounting for more than 55 percent of all space sold in the region in 2011.

Today, trade fairs often involve a considerable marketing investment by participating companies. Cost include space rental, design and construction of trade show displays, telecommunications and networking, travel, accommodations and promotional literature and items to give to attendances.

In addition, costs are incurred at the show for services such as electrical, booth cleaning, internet services and drayage (also known as material handling). Consequently, cities often promote trade shows as a means of economic development.

Exhibitors attending the event are required to use an exhibitor manual or online exhibitor manual to order their required services and complete any necessary paperwork such as health and safety declarations. An increasing number of trade fairs are happening online and these events are called VIRTUAL TRADE SHOWS. They are increasing in popularity due to their relatively low cost and because there is no need to travel whether you are attending or exhibiting.

An example of the large format work that can be done at international trade shows:

Large Trade Fairs Grounds in the International Market.