PROBLEMS AND PROSPECTS OF MARKETING IN SMALL-SCALE BUSINESS IN NIGERIA
Abstract
This study focuses on marketing issues and prospects in Nigerian SMEs. The study also focused on analyzing and evaluating the marketing efforts of small businesses, with particular reference to the Aqua Rapha (God’s Healing Water) Company.
Data for the study were collected using questionnaires and oral interviews.
The hypothesis of the study was tested with chi-square. After analyzing and testing the hypotheses, the researchers came to the following conclusions.
· First, the Aqua Rapha (God’s Healing Water) company puts the marketing concept into practice.
・The Aqua Rafa (God’s Healing Water) company does not conduct market research. It was also noted that the company advertises its products through face-to-face sales.
· Researchers also found that customers of Aqua Rapha Company are satisfied with their distribution system.
· Based on the results, the researchers made the following recommendations. i) Aqua Rapha Company must adopt marketing concepts and practices.
ii) the company should always conduct market research;
iii) it is imperative that companies implement an appropriate marketing mix;
iv) that Aqua Rafa should hire a marketing professional;
table of contents
chapter One:
Foreword
1.1 Research background
1.2 Problem
1.3 Purpose of the survey
1.4 Description of Hypotheses
1.5 Validity of research
3. Achieve savings on foreign currency purchases.
In response to the weakening of large-scale industries, the government has promoted small-scale industries as a self-industrialization strategy. Attention has focused on the fact that small businesses in the Nigerian economy have received almost no attention, as they create nearly three times more jobs than large industries and play a vital role in the developing economy. I’m here.
It is therefore important to rethink the issues that are hindering the growth of this sector. Researchers have categorized such problems as operational constraints and financial constraints, as well as some government policies that do not favor small industries.
Aqua Rafa (Divine Healing Water) was founded on December 15, 2004 by its sole owner, Father Ezike Mbaka.
His ability to make little or no money and his interest in small business led him to become involved with a small business partner in a household goods distribution business.
The owner has prepared a feasibility study. The report is not far from becoming a reality.
The feasibility study was good as there were few under- or over-valuations due to the ongoing inflationary trend in the country and the reform of the country’s economic system.
The factory is located at 9th Mile Corner across from Ama Brewearer plc in Enugu. The factory is located in this area due to its proximity to the sources of raw materials used in production. The primary raw materials used in making our bagged water are locally sourced. Manufacturing utilizes the services of various experts in the production of packaged water.
These professionals from different disciplines/departments work together to ensure the necessary amount of success that guarantees the company’s goals. The Purchasing Department does its job by receiving all the requirements necessary for production.
Factory workers organize raw materials and use them to manufacture complete products. After manufacturing, they communicate with stores, who package these products, contact marketing to sell there, and realize the funds retained by the finance department for the company’s progress. The program could have taken a long time, but the company faces serious financial constraints. The availability and cheapness of the most important raw materials also influenced product selection.
Investment firm Aqua Rapha manufactures packaged water, the capacity of which he says is at least 850 (20) bags per day. With 240 working days per year, the production is modest at 203,760 (23,760 bags per year).
Management of an aqua rapha investment company focuses on the human side of the company. In other words, the behavioral aspect of management is the most important. The owners of aqua rapha Investments Company believe that proper compensation encourages employees to work harder and do their best to achieve the goals set by the organization. 1.2 Problem Description
During the study period, the country’s economic objectives focused on lowering the level of essential goods and encouraging increased domestic production, especially in the handicraft sector.
However, Nigerian SMEs face many challenges today.
These issues seriously hinder their prospects and growth
1.3 Purpose of the survey
The purpose of this survey is to:
1) identify and investigate problems that prevent small industries from operating effectively; For example, companies in fields such as finance, marketing, and technology.
2) identify prospects available to case firms;
3) and suggest methods or solutions to solve these identified problems.
1.4 Hypothetical view
Hypothesis I
Ho:
Aqua Rafa (Divine Healing Water) does not practice marketing concepts.
Hi:
Aqua Rafa Investment Company puts marketing concepts into practice. Hypothesis 2:
Ho:
Aqua Rapha Investment Company does not conduct market research.
Hi:
Aqua Rapha does market research.
Hypothesis 3:
Ho:
Consumers are dissatisfied with the quality of products made with aqua rapha (divine healing water).
Hi:
Consumers are satisfied with the quality of products made by Aqua Rafa (God’s Healing Water).
1.5 Importance of research
The study is very timely, especially today as countries steer towards better economic development and growth. This study provides operational details, which are of immense benefit to both operations and potential. Its purpose is to pet your employees so that the affected people understand what the business is about. Similarly, different categories of customers are empowered to moderate unreasonable behavior. This work will ensure the success of the operation by elucidating the game’s technologists and discussing customer-employee relationships, marketing strategies, behavior at the Aqua Repha Company, and more. The degree is designed to create a long-needed awareness in business to show its potential and how best to optionally exceed it, recognizing the important role it plays in society and the economy. 1.6 Scope of investigation
The survey for this study was national, but had time and other limitations. It was confined to the Aqua Rapha, the healing waters of the Enugu gods.
1.7 Definition of terms
The following terms used in this study should be understood as follows:
marketing:
Marketing is defined as a set of critically important creative human activities aimed at identifying. To anticipate and satisfy human needs and desires by exchanging them as efficiently and effectively as possible.
Marketing is in the realm of human activity. Marketing requires a level of intelligence that only humans have. Two monkeys are not marketable. It covers both business and exchange relationships and is intended to facilitate and perfect exchanges. A business relationship is short-term (a transaction is the unit of measurement for an exchange), whereas an exchange relationship is more permanent and ongoing.
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