THE IMPACT OF MARKETING STRATEGY ON PROFITABILITY OF CONFECTIONARY PRODUCT IN NIGERIA
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Marketing remains a relevance discipline, an indispensable role in any organization can be said to have products and customers for company to survive the intense of competition; it mustmap out marketing strategies that will ensure the achievements of the company objectives and set of goals.
Marketing concept is important tools in the achievements of company goals, which will invariably yield positive results. The essence of marketing is to make consumer behaviour into consideration in order to sell successfully a product must give real satisfaction.
Before now, confectionary products are seen as sweets, chew gum and biscuits but recently there has been a lot of changes in the taste and expectation of consumers.
Nowadays, a sweet varies for different occasions likewise chew gum, biscuit change in the most pronounced among the confectionaries. The change in the confectionary products is not limited to physical attributes but also changes in government administrative techniques in all sectors of Nigeria economy.
There has been great change in the outlook of international business as it relates to all Nigeria business sectors, the impact of this development require new contemporary technique to be device not only for maintenance of standard and profitability but also for survival.
The research project is an empirical study on the marketing of contemporary products in Nigeria with OK Foods Limited as the case study.
Conclusively, it is hope that the findings that will emanate from this study help introducing the marketing introducing the marketing mobility of many forms within the industry and elsewhere due to the fact that successful marketing action are the result of management information and applied commonness.
1.2 STATEMENT OF PROBLEM
Marketing of confectionary products in Nigeria is aimed at finding out the following challenges:
1. To what extent has confectionary company been affected by dilapidating economy of the country?
2. How will the company sustain and increase their market share to ensure maximization of profit to meet company's objectives?
3. How has the company (OK Foods Ltd) been able to cope with competition?
4. Liability to cope with the high cost of promotional company and effective distribution channel?
1.3 PURPOSE/ OBJECTIVES OF STUDY
The main objective of this project is to examine how the use of marketing concept can be used to enhance the profitability of OK Foods product in Nigeria market.
The research comes in a way so as to offer recommendation on the means of achieving profitability sales of the company's products particularly in Nigeria market.
However, the research work is an activity set to the following:
Ø To determine the extent of the application of marketing concept to the sales confectionary sales.
Ø To examine the effect of distribution deficiency in the marketing of confectionery product.
Ø To determine the effect on demand for confectionary product.
Ø To determine the pricing policy for the marketing of confectionary product
Ø To examine the role of promotion in the marketing of confectionary products with emphasis on advertisement.
1.4. RESEARCH QUESTIONS
Research questions to be used are as follows:
1. Do channels of distribution affect sales?
2. Does product affect demand?
3. Does promotion affect demand?
4. Doesproduct attributes affect sales?
1.5 RESEARCH HYPOTHESIS
Ho: Good pricing strategies do riot attract more customers towards buying homemade confectionary product
H1: Good pricing strategies attract more customers towards buying homemade confectionary product.
Ho: Competitive activities particularly by foreign confectioner do not affect the sales of homemade confectionary products
H1: Competitive activities particularly by foreign confectioner affect the sales of homemade confectionary products.
Ho: Inadequate promotions effort does not affect consumer preference towards the company's products
H1: Inadequate promotions efforts affect consumer preference towards the company's products.
Ho: Ineffective distribution channel does not affect sales of homemade confectionaries products
H1: Ineffective distribution channel affect sales of home confectionaries products.
Ho: Products quality or attributes does not affect sales of home trade confectionary goods
H1: Products quality or attributes affect sales' of home trade confectionary goods;
1.6 SCOPE AND LIMITATION OF STUDY
The scope of the study is the impact of marketing strategies on the profitability of confectionary products in Nigeria, in Lagos for the detail study analysis.
The study was conducted by the use of questionnaire and face - to - face interview, most of the staff of the organization where unwilling to disclose vital and useful information because of possible leaking of such fact.
There is secrecy not to reveal their secret to other rural confectionary knowing fully that they are in a competition.
The unwillingness of the respondents to return most of their questionnaire before the study also hindered the researcher from going further and completing the study.
Confectionary is another limitation as the researcher was not buoyant enough to frustrate its movement around Lagos for the getting of useful information towards the success of the project.
1.7 SIGNIFICANCE OF STUDY
The study is aimed at highlighting the importance of marketing in confectionary product. The study with afford OK Food Limited the opportunity to know whether to tap its fill potentials. The company would also know why consumers prefer its products.
The findings with also suggest measures aimed at raising consumers' level of satisfaction. Through the study the consumers will know how the company has taken them into consideration in marketing sure that the products are within their reach with regards to price and place. The study will be of great benefit to future confectioners.
1.8 HISTORICAL OF OK FOODS LIMITED
OK Group of Company started in 1989 to manufacture plastics using the name OK plast. Today OK plast is the best in the market. The sale of OK plast was encouraging and with the encouragement, the company decided to invest in confectionery products. Marketing research was done and the result was that consumers were not satisfied with what was in the market then, hence the company of OK Foods. O.K Foods started in 1994, OK Foods Limited products over metric tons of biscuit per annum in its factory which is situated along 18010 expressway. Today, the company has 'various biscuits such as O.K Stars, O.K Football, O.K Jungle, O.K Banana, O.K Wafers, O.K all butter biscuits. The products ofO.K Foods Ltd can be found all over the country. The biscuits can be bought in large quantities from any of the major distribution in Lagos, Ibadan, Warrl, Calabar, Kano, Kaduna, Aba, Port Harcourt etc. The company has a staff strength of about three hundred workers who are committed to high quality for which O.K group of companies are known for corporate responsibility O.K Foods Ltd. Upholds the belief that business does operate for the betterment of all those concern with it but also for community in which generates. Hence the company sponsors children funfair.
1.9 DEFINITION OF TERMS
Marketing is the process of identifying, analyzing, anticipating and satisfying consumer needs and wants profitability. Marketing can be defined as human activity directed at satisfying needs and want through exchange process. Marketing can also be defines as process charged with the responsibility of making a profit which the business units hopes to achieve its marketing expenditure level.
Marketing Concept: Marketing concepts are the business philosophy that bases decisions on objective appreciation of consumers need and preference. Marketing concept adopts "we start with the consumer and his needs, continue with finding a product or service to satisfy these needs and arrange for this product.
Confectionary Product: Confectionary products are sweets, chocolates, pies and pasting.
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