PROBLEM AND PROSPECTS OF RETAIL MARKETING IN IMT
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PROBLEM AND PROSPECTS OF RETAIL MARKETING IN IMT
ABSTRACT
Modern retail marketing requires more than just manufacturing a product and making it available to target clients; retailers must also engage with them.
The problem and potential of retail marketing in a marketing environment has resulted in a drop in the degree of demand for goods or services, as well as its ability to create awareness. This project effort will therefore examine the challenges and prospects of retail marketing in IMT.
The researcher’s primary goal was to analyse how effective the problem and prospects for retail marketing in Nkutume IMT were in meeting the needs of the customers.
Based on the summary of findings, the first section includes the study’s general background, objective research question, scope, and methodology. The second section includes a definition of retail marketing, marketing types, retail functions, a challenge, and potential solutions for controlling retail marketing.
Third, the major topic of the study, the problem and prospects of retail marketing in IMT, were thoroughly examined. The researcher observed the problems faced throughout the transaction, and sampling was used to determine the services provided.
The study’s recommendation to employ will not only satisfy clients with the services provided, but will also result in a continued increase in profit, making the retailing problem a thing of the past.Chapter one
INTRODUCTION
1.1 Background of the Study
This investigation was conducted at the Enugu Institute of Management and Technology in Nigeria’s Enugu state. The institution is made up of two campuses,
namely campus II and campus III. IMT is located in the Enugu North Local Government Area of Enugu Town, the state capital. The researched area is thickly populated with indigenous people.
IMT students are highly dedicated to their academics. The institution has well-built structures across two campuses. The institution’s wealth of well-qualified lecturers, technological equipment, and amenities is most likely responsible for the institution’s comparatively high school fees.
There will be an intensive attempt to provide relevant information about retailing, such as geographical aspects and historical development in terms of socioeconomic and business activities. Also, an effort will be made to discuss the concept of problem and prospect of retailing from a general perspective,
which will be given in the next chapter of this project based on what is currently obtained in Nkutume as a case study. Critics argue that there is a lack of business qualities of relaters in Nkutume. They also take advantage of the slow rate of business growth in Nkutume, making erroneous predictions about the future.
As a result, they claim that Nkutume is bound to continue in a negative market because the shop owners refused to give customers preferred services such as credit, etc.
Some of these rumours and false statements may stem from the notion or perception that the people who have been operating in Nkutume have never received any commercial incentives.
This popular idea has resulted in real facts concerning the elements that influence shops and locations. They are still being influenced, and their future is likely to be affected.
Furthermore, this study aids the authors’ discernment of the overall problem and, clearly, future prospects of retailers, particularly in terms of retail marketing activities that typically lead to wholesale, which in turn leads to retailing at IMT Enugu’s NKutume Campus 3.
1.2 Objective of the Study
Any human endeavour without a purpose would undoubtedly be seen as an exercise in futility. However, the key objectives of the study are as follows:
To identify the issue with retail marketing in IMT.
Find strategies to reduce the problem to a bare minimum.
To find potential business prospects in IMT.
To investigate potential prospects of retail marketing in IMT, both current and future.
To give relevant recommendations based on the research findings and conclusions regarding the methods of assessing and maintaining retail marketing within institutions.
1.3 RESEARCH QUESTIONS.
The authors have decided to employ appropriate research questions to temporally posited statements as a starting point for seasoning and explanation during the project study effort in order to provide logical reasoning and data presentation.
The following are the research questions.
How will the absence of motivation and illiteracy effect retail marketing in IMT?
How would unity and cooperation among retailers improve the overall development of retailers to customers?
How much will financial help influence retailer marketing growth in IMT?
Is there a need for the introduction of the retailers union in IMT?
1.4 Scope of Study
There is no human action without scope and method. To this purpose, the scope and methodology underlying the effort are listed below.
Scope
The scope of the study was limited to the current status of retailers in IMT, particularly in terms of the retail business environment. It discusses the problems and prospects of retailing in the institution, as well as making an effort to provide pertinent recommendations for the betterment and advancement of retailers in the institution.
1.5 Method of Study
In the course of studying this work, as obtained in the institution (IMT), the study method is intense, with several questionnaires distributed to pick a sample of respondents. The author additionally makes use of own observations and knowledge.
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