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AN EMPIRICAL INVESTIGATION OF COVID-19 ON PRODUCT SALES AND MARKETING

CHAPTER ONE

INTRODUCTION

BACKGROUND OF STUDY

Specifically, the outbreak of the harmful pandemic known as Covid-29 has had an impact on many states, continents, regions, urban and rural communities, families’ thinking and lifestyle.

COVID-19 is a global public health emergency with a high infectivity, a high fatality rate, and a protracted incubation period. The COVID-19 pandemic, according to Elis (2020), was a black swan event that impacted every element of human life. The coronavirus sickness (COVID-19), according to mineth (2020), is a human social and economic calamity that has threatened the core of human existence.

The virus continues to spread rapidly over the world, with 2,403,888 persons affected as of May 11, 2020. (WHO, 2020). The outbreak is expected to peak in June 2020, with just a little decline beginning in July 2020. (WHO, 2020). The COVID-19 epidemic has impacted all parts of society, particularly vulnerable groups such as the elderly, infirm, disabled, ostracized, and impoverished (Donthu & Gustafsson, 2020).

COVID-19 has also compelled businesses all across the world to function in more innovative and resilient ways.

Many countries’ governments decided to preserve lives before saving their economies in reaction to the pandemic, declaring immediate or phased lockdowns in their countries. The COVID-19 epidemic, lockdown, and social separation mandates, on the other hand, have disturbed consumer buying and shopping behaviors. It has a significant impact on people’s psychology and conduct. Panic buying, which refers to the behavior of purchasing unusually large volumes of products in response to a public health emergency, was one of the most common behaviors during the COVID-19 epidemic (Imanet 2004). The fundamental variables that promote panic buying are loss of control, instability, social learning, and fear of shortage (Imanet 2004). As a result, the Covid-19 restrictions imposed by governments had a major impact on markets, as movement and transportation were prohibited, market places were limited to opening 2-3 times a week, social separation and no direct interaction in all sectors, and so on.

STATEMENT OF PROBLEM

COVID-19 has posed a significant issue over the world; in addition to numerous illnesses and fatalities, considerable segments of the global population have been quarantined or had their freedom of movement restricted. A symbiotic relationship emerged between human activities and daily existence as a result of certain necessary preventative actions. Nonetheless, production and supply of goods were kept to a bare minimum as employees adhered to the stay-at-home directive, and businesses were shut down due to safety precautions taken to prevent the virus from spreading. Inversely, this led in a scarcity of items in the markets as panic buying occurred in several countries throughout the world, including Nigeria, resulting in inflation on rare products. As a result, grocery consumers faced a variety of difficulties.

 PURPOSE OF THE STUDY

The purpose of this study is to conduct an empirical investigation of the effect of Covid-19 on product sales and marketing. Other specific goals include the following:

To determine the impact of Covid-19 on product sales and marketing in Nigeria.

 

The goal of this study was to see how much Covid-19 influenced product availability and pricing in Nigeria.

 

The purpose of this study was to see how Covid-19 affected consumer purchasing power and behavior.

 

To see how sales and marketing strategies were affected by Covid-19 preventive initiatives.

 RESEARCH QUESTION

What impact does Covid-19 have on product sales and marketing in Nigeria?

What impact did Covid-19 have on product availability and price in Nigeria?

What impact does Covid-19 have on customer purchasing power and purchase behavior?

How much did the Covid-19 preventive efforts influence sales and marketing strategies?

 SIGNIFICANCE OF THE STUDY

This research on the critical investigation of Covid-19’s effect on product sales and marketing will be useful to other academics who are working on a similar topic. This data will be especially useful to students, academic pioneers, and the government because the information included therein is of national scale and may be of interest to the general public.

 SCOPE OF THE STUDY

The purpose of this study is to look into the impact of Covid-19 on product sales and marketing utilizing Ugbogologo Market in Asaba, Delta State as a case study.

LIMITATION OF THE STUDY

The scope of the study is limited due to a lack of time and resources to cover the entire country. This study is limited to Delta State, and the results may not reflect the situation in other (large and small) markets across the country.

DEFINITION OF TERMS

Covid 19: Also known as coronavirus, this is a contagious respiratory disease produced by a novel coronavirus strain that causes illness in humans.

A product is an object or system that is made available for consumer usage; it is anything that can be sold to a market to fulfill a customer’s want or need.

Marketing is the set of activities that a firm engages in to promote the purchase or sale of a product, service, or good. It’s one of the most important aspects of business and trade.

A market is a collection of systems, institutions, procedures, social interactions, or infrastructures through which participants exchange goods and services. While parties might barter goods and services, most markets rely on transactions.

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