IMPACT OF MARKETING STRATEGY ON PROFITABILITY OF CONFECTIONARY PRODUCT IN NIGERIA
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IMPACT OF MARKETING STRATEGY ON PROFITABILITY OF CONFECTIONARY PRODUCT IN NIGERIA
ABSTRACT
In recent years, marketing tactics have been prioritised in any company organisation in order for the firm to have or acquire the desired market share and eventually achieve success. The need for this study originated from the prevalence of confectionery items in Nigeria in any corporate organisation.
This research aims to understand the impact of confectionery products on consumers and how profitability may assist organisations achieve their goals.
As a result, the data gathered and analysed served as the foundation for arriving at Chapter One.
INTRODUCTION
1.1 Background of the Study
Marketing remains a relevant discipline, a vital role in every organisation that has products and customers in order to survive the tough competition; it must plan out marketing strategies that will assure the achievement of the company’s objectives and set of goals.
Marketing concepts are crucial tools for achieving company goals, which will always deliver favourable outcomes. The essence of marketing is to study consumer behaviour; in order to sell well, a product must provide genuine satisfaction.
Confectionary products were once thought to include sweets, chew gum, and biscuits, but consumer tastes and expectations have changed dramatically in recent years.
Nowadays, a sweet varies depending on the occasion, and chew gum and biscuits are among the most common confectionaries. The changes in confectionery items are not confined to physical characteristics, but also include changes in government administrative practices in many areas of the Nigerian economy.
There has been a significant shift in the outlook of international business as it pertains to all Nigerian company sectors; the influence of this development necessitates the use of new contemporary techniques not only to maintain standards and profitability, but also to ensure survival.
The research project is an empirical examination of the marketing of current products in Nigeria, using OK Foods Limited as a case study.
Finally, it is hoped that the findings of this study will aid in the introduction of marketing mobility in various forms within the industry and elsewhere, as successful marketing actions are the result of management information and applied commonness.
1.2 Statement of Problem
Marketing of confectionery products in Nigeria aims to find out the following challenges:
1. To what extent has the confectionary company been harmed by the country’s deteriorating economy?
2. How will the company sustain and enhance its market share in order to maximise profit and satisfy the company’s objectives?
3. How has the company (OK Foods Ltd) managed to compete?
4. Liability for dealing with the high costs of a promotional company and an effective distribution channel?
1.3 The Study’s Purpose and Objectives
The primary goal of this study is to investigate how the marketing idea may be used to increase the profitability of OK Foods products in the Nigerian market.
The research is designed to provide recommendations on how to achieve profitable sales of the company’s products, particularly in the Nigerian market.
However, the research work is an activity aimed at the following:
Ø Assess marketing concepts’ impact on confectionery sales.
The study aims to investigate the impact of distribution issues on the marketing of confectionery products.
Ø Determine the impact on demand for confectionery products.
Ø Determine pricing policy for promoting confectionery products.
The purpose of this study is to analyse the impact of promotion, specifically advertising, on the marketing of confectionary items.
1.4. Research questions
The research questions are as follows:
1. Does the channel of distribution effect sales?
2. Does the product affect demand?
3. Does promotion affect demand?
4. Do product qualities impact sales?
1.5 Research Hypothesis
Ho: Good price methods attract more buyers to buy homemade confectionery products.
H1: Good pricing tactics encourage more customers to purchase homemade confectionery products.
Ho: Competitive actions, especially by international confectioners, do not harm the sales of homemade confectionary products.
H1: Competitive activities, notably those of foreign confectioners, hinder sales of homemade confectionery items.
Ho: Inadequate promotional efforts do not alter consumer preference for the company’s products.
H1: Inadequate promotional efforts influence consumer preferences for the company’s products.
Ho: Ineffective distribution channels do not hinder sales of homemade confectionary products.
H1: Ineffective distribution channels have an impact on the sales of home confectionery items.
Ho: Product quality or qualities do not effect sales of home-trade confectionery goods.
H1: Product quality or qualities influence sales of home-trade confectionery goods.
1.6 Scope and Limitations of the Study
The study’s scope is the impact of marketing methods on the profitability of confectionery products in Nigeria, with a focus on Lagos for further examination.
The study was done using a questionnaire and a face-to-face interview; nevertheless, the majority of the organization’s staff were afraid to reveal essential and valuable information due to the possibility of it being leaked.
There is a hidden agreement not to expose their secret to other rural confectionaries, knowing full well that they are competing.
The respondents’ refusal to return the majority of their questionnaires prior to the study hampered the researcher’s ability to proceed with and complete the investigation.
Another drawback is that the researcher was not buoyant enough to impede its travel about Lagos in order to get vital information for the project’s success.
1.7 Significance of the Study
The study’s goal is to emphasise the role of marketing in confectionery products. The investigation will allow OK Food Limited to determine whether to access its fill potentials. The corporation would also understand why customers preferred its items.
The research will also propose strategies to increase consumer satisfaction. The study will inform consumers on how the company has taken them into account in marketing to ensure that the items are affordable in terms of price and availability. The study will be extremely beneficial to future confectioners.
1.8 History of OK Foods Limited
OK Group of Companies began manufacturing plastics in 1989 under the name OK plast. Today, OK plast is the best on the market. The sales of OK plast were positive, therefore the company decided to invest in confectionery items.
Marketing research was conducted, and the findings revealed that consumers were dissatisfied with what was available on the market at the time, leading to the formation of OK Foods. O.K Foods Limited, founded in 1994, produces over metric tonnes of biscuits each year in its facilities along the 18010 motorway.
Today, the company offers a variety of biscuits, including O.K Stars, O.K Football, O.K Jungle, O.K Banana, O.K Wafers, and O.K All Butter Biscuits. O.K Foods Ltd’s products are widely distributed throughout the country. The biscuits can be purchased in bulk from any of the major distribution points in Lagos, Ibadan, Warrl, Calabar, Kano, Kaduna, Aba, and Port Harcourt.
The company has a workforce strength of about 300 individuals that are committed to excellent quality, and the O.K group of enterprises is known for corporate responsibility. O.K. Foods Limited.
Upholds the concept that business exists not only for the benefit of people involved, but also for the community in which it operates. As a result, the corporation sponsors a fun fair for youngsters.
1.9 Definition of Terms
Marketing is the process of finding, analysing, anticipating, and meeting consumer requirements and desires in order to maximise profits. Marketing can be defined as a human activity aimed at satisfying needs and desires through the exchange process. Marketing can also be defined as a process charged with the responsibility of generating profit, which the business unit aims to achieve through marketing spend.
Marketing Concept: Marketing concepts are the corporate philosophy that bases choices on an objective assessment of consumer needs and preferences. The marketing principle is “we start with the consumer and his needs, then find a product or service to meet these needs and arrange for this product.”
Confectionary items include sweets, chocolates, pies, and pastes. at the conclusion.
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