PROBLEM AND PROSPECTS OF RETAIL MAKETING
More than just creating a good or service and making it available to target clients, modern retail marketing also requires businesses to interact with their clientele.
The issue and potential of retail marketing in a marketing environment have caused the degree of demand for goods and services to decline, as well as the effectiveness of its continuous awareness-raising efforts. So, this project assignment reviews the issue and future of retail marketing in IMT.
The primary goal of the study was to ascertain how well Nkutume IMT’s retail marketing challenges and opportunities met consumer needs.
According to the first section of the summary of findings, the study’s general background, the study’s objective research question, its scope, and its methodology are all included. Second, it includes a definition of retail marketing, a list of marketing categories, an explanation of how retail functions, a problem, and potential solutions. Finally, the primary subject of the study was fully covered here. The researcher observed the issue that was faced during the transaction, and sampling was utilized to draw conclusions about the work that was done.
The study makes a recommendation that if followed, will not only result in customers being satisfied with the services provided, but also in a continuing rise in profits due to the problem of retailing being solved.
1.1 BACKGROUND OF THE STUDY
The Institute of Management and Technology Enugu in Nigeria’s Enugu state is where this research is being done. Campus ii and Campus iii are the two campuses that make up the institution. IMT is located in the Enugu North Local Government Area of Enugu Town, which serves as the state capital of Enugu. The area under study is heavily populated with locals. IMT students are really committed to their education. The institution’s two campuses are home to well-built buildings. The institution’s wealth of highly qualified lecturers, wealth of technology resources, and wealth of amenities likely accounts for the comparatively high rate of the institution’s tuition.
A comprehensive effort will be made to present pertinent information about the retailing, covering topics such geographic features and historical growth with reference to socio-economic and commercial activity. Although Nkutume is the case study for this project, an effort will also be made to analyze the notion of problem and prospect of retailing from a general perspective. Critics claim that Nkutume lacks the business traits that are necessary for successful relationships with customers. They also benefit from Nkutume’s slow rate of business growth and erroneous future predictions.
As a result, they claim that Nkutume is destined to remain in a poor market because the store owners never wanted to treat customers fairly by extending credit to customers, etc. Some of these false statements and stories may have originated from the belief that those who have been working in Nkutume have never had any financial incentives.
This public perception has been sparked by verifiable information on the variables affecting retailers and geographic areas. still having an impact on them and maybe affecting their future. Also, this study helped the authors understand the larger issue and the merchants’ evident future potential, particularly with regard to the retail marketing activities that typically lead to wholesale sales turn culminates into the retailing in NKutume campus III of IMT Enugu.
1.2 OBJECTIVE OF THE STUDY
Without a goal, all human attempt will undoubtedly be seen as a pointless exercise. Nonetheless, the following are the study’s main goals:
To identify the issue that retail marketing in IMT is now facing
To identify strategies for reducing the issue to the absolute minimal.
To locate different commercial prospects in IMT.
To investigate potential future retail marketing opportunities in IMT, both current and upcoming.
To provide pertinent advice based on the research’s findings and conclusions regarding the methods for monitoring and sustaining retail marketing within institutions.