PROBLEMS AND PROSPECTS OF MARKETING IN SMALL-SCALE BUSINESS IN NIGERIA
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PROBLEMS AND PROSPECTS OF MARKETING IN SMALL-SCALE BUSINESS IN NIGERIA
ABSTRACT
This study focuses on the challenges and opportunities for marketing in Nigerian small businesses. The study’s goal was to identify and investigate the issues that impede the efficient running of small businesses.
The study also examined and evaluated the marketing operations of small-scale businesses, with a particular emphasis on the Aqua Rapha (God’s Healing Water) Company.
The data for the study were gathered using questionnaires and oral interviews.
The study’s hypotheses were assessed by chi-squared. After analysing and evaluating the idea, the researcher discovered the following:
· Aqua Rapha (God’s Healing Water) Company uses marketing concepts.
The Aqua Rapha (God’s Healing Water) company does not conduct marketing research. It was also determined that the corporation pushes its products through personal sales.
The researcher found that clients of Aqua Rapha (God’s Healing Water) Company are satisfied with their distribution system.
The researcher’s results led to the following recommendations.
i) The Aqua Rapha Company should adopt and implement marketing concepts.
ii) The firm should always conduct marketing research.
iii) That the organisation must properly blend the marketing mix.
iv) Aqua Rapha should hire a marketing professional.Chapter one
1.0 Introduction
1.1 Background of the Study
After about a decade and a half of adopting an industrialization strategy based on large-scale industries, mostly of the assembly type, which were set up, tended to be capital intensive, and in appropriate,
given the country’s resource endowment, their capital equipment and technical manpower have continued to be largely imported. As a result, the triple objective of setting up large-scale industries, namely:
1. Achieve high-level employment
2. Raw materials are sourced locally.
3. Savings on foreign exchange acquisition materialised.
In response to the shortcomings of large-scale manufacturing, the government has attempted to support small-scale companies as a strategy for self-sufficient industrialization.
In Nigeria’s economy, attention has been drawn to the fact that small-scale enterprises have received very little attention, despite the fact that they provide employment for roughly triple the number of people employed in large-scale manufacturing while also playing a critical role in our developing economy.
This is why it is critical to evaluate the issue impeding the expansion of this sector. The researcher has characterised such issues as management and financial constraints, as well as some government policies that do not benefit small-scale industries.
The aqua rapha (God’s Healing Water) was founded on December 15, 2004, by its only owner, Rev. Father Ejike Mbaka.
His capacity to make money from little or nothing, combined with his interest in small company, led him to form a small business partnership focused on the distribution of household items.
The owner conducted the feasibility study. The report is fairly close to what will happen in practice.
The feasibility analysis was good, with only a few under- and overestimations due to the country’s ongoing inflationary tendency and economic reforms.
In Enugu state, the facility is located at the 9th mile corner, adjacent Ama Brewery Plc. The factory is positioned in this area because it is close to the source of raw materials needed in production.
The majority of raw materials used in the manufacture of sachet/packaged water are acquired locally. The manufacturer engages the services of several professionals in the production of bottled water.
These individuals from many fields/departments collaborate to assure the success of required amounts that will meet the company’s targets, objectives, and goals. The purchasing department is responsible for gathering all of the production requirements.
The factory workers will organise the raw materials and use them in the manufacture of finished items. After production, they will interact with retailers, who will pack the products and transmit marketing for sales.
By realising funds, the finance department will be able to invest in the company’s growth. The programme may have taken a long time before now, but the corporation is under major financial constraints. The availability and low cost of primary raw resources influenced product selection.
Aqua Rapha Investment Company manufactures packaged water, with a minimum product capacity of eight hundred and fifty (850) bags containing twenty (20) sachets per day.
Given an effective annual working period of 240 days, the output is modestly calculated at 203.760 (two hundred and three thousand, seven hundred and sixty bags per year).
The management of Aqua Rapha Investment Company focuses on the human part of the business, or the behavioural components of management. The owner of aqua rapha investments believes that by suitably paying employees, they will work harder and do their best to meet the organization’s goals.
1.2 Statement of Problems
For the period under review, the country’s economic objectives were focused on lowering the level of vital goods and encouraging the expansion of domestic production, particularly in the small-scale manufacturing sector.
However, Nigeria’s small-scale companies are currently facing numerous challenges.
These issues have a significant impact on their possibilities for expansion in the country, reducing their potential contributions to economic development.
The problems are as follows:
a) Many small-scale enterprises do not have a visible feasibility study for their initiatives.
b) There is also a problem with loan misapplication and nonpayment.
c) They maintain weak accounting and company records,
d) Because of the modest capital investment, experts are rarely employed.
As a result, the researcher will concentrate on the difficulties and prospects of Parts Company Limited, as well as what the company should do to address the issues that are impeding its prospects and opportunities.
1.3 Object of the Study
The study’s aims are:
1) Identify and investigate the issues impeding the effective operation of small-scale enterprises using a company case study in areas such as finance, marketing, and technology.
2) Identify the opportunities available to the case company.
3) And to recommend methods or solutions for resolving these identified issues.
1.4 Statement of Hypothesis
Hypothesis I
Ho: Aqua Rapha (God’s Healing Water) does not use marketing concepts.
Hello: Aqua Rapha Investment Company uses a marketing concept.
Hypothesis #2:
Ho: Aqua Rapha Investment Company does not conduct market research.
Hi: Aqua Rapha conducts marketing research.
Hypothesis #3:
Ho: Customers are dissatisfied with the quality of Aqua Rapha’s (God’s Healing Water) products.
Hi: Aqua Rapha (God’s Healing Water) produces a high-quality product that customers appreciate.
1.5 Significance of the Study
The study is really timely, especially given that the country is striving for improved economic development and prosperity. This study will be extremely beneficial to both existing and new businesses because it will provide a full understanding of operations.
This is aimed at stroking the operative so that those involved understand what the business is about. According to the same viewpoint, various kinds of customers would be forced to change their unreasonable behaviours.
The job unravels the game’s technicians and ensures the operation’s performance by discussing topics such as customer-worker relationships, marketing techniques, and behaviour within the Aqua Repha Company.
The study should raise much-needed awareness in the business since it will shed light on its potential and how to effectively capitalise on it, as well as the critical role it plays in society and the national economy.
1.6 Scope of the Study
This study’s research would have been nationwide in scope, however due to time and other constraints. It was limited to Aqua Rapha, God’s Healing Water, in Enugu.
1.7 Definition of Terms
The terminology used in this study should be understood to mean the following:
Marketing is described as an essential collection of creative human actions focused at discovering, predicting, and satisfying human needs and wants through trade in the most efficient and effective way possible.
Marketing is a human activity that requires intelligence that only humans possess. Two monkeys cannot market. It is aimed at enabling and completing exchange, and it includes both transaction and exchange relationships.
The transaction relationship is a short-term affair (transaction is the unit of measurement for exchanged), but the exchange relationship is a more enduring and continuous relationship.
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