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Role And Importance Of Marketing To Manufacturing Firms In A Competitive Market Environment
[A CASE STUDY OF DE-UNITED FOODS INDUSTRY LIMITED. PRODUCER OF INDOMIE INSTANT NOODLES]
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While selling concept holds to the view that the primary objective of any established organization is to maximize profit irrespective of consumer frame of mind.
Therefore, De-United Industry management should adopt marketing concept policy which will help to create delighted customer through satisfaction of their basic needs, which will in turn yield optimum profit from increase in sales volume.
Recommend solution to some of the problems the company might be facing which might also be useful to other competitive firms.
1.4 SIGNIFICANCE OF THE STUDY
The significance of the study to researcher, the government and the company, De-United Food Industry cannot be over emphasized. The researcher gains more knowledge in the process of gathering information about this research work. Also, it is a partial fulfillment for the award of Higher National Diploma (HND) in marketing.
The government itself controls and owns a cost of industries or business units at home and abroad. Therefore, an appreciation of the need for this research work will enlighten the government on international market segmentation and reveal the domestic and foreign opportunities for the government owned industries.
The company, De-United Food Industry will gain more information about the market for its product and can use such information to appraise the national and significance of market segmentation and target marketing to its business success.
1.5 SCOPE OF THE STUDY
The scope of this research study cover the duration of time used during the research project, the geographical distance covered as at the time the research was conducted the financial constraint encountered and the challenges faced in getting relevance and coherent response from the targeted and selected audience.
The research project was conducted within the period of two (2) semester starting from December 2011 to June 2012. This is due to the availability of limited time which was carefully apportioned among other academic work besides project work.
The research study limited its findings to the consumption pattern of varieties of DE-UNITED FOOD INDUSTRY within Ilorin Metropolis, specifically between ELERO and SANGO Metropolis.
The financial incapability of the researcher limited the geographical distance covered during the time the project was conducted. However, the financial constraint experienced was eased by the contribution gotten from friends and relatives.
Additionally, most of the respondents are not willing to divulge and information regarding their perception of the product (INDOMIE) produced by DE-UNITED FOOD INDUSTRY in relation to other related products produced by several competing firms. However, with consistency and assurance that any information given will only be attributed for the purpose of the research project and report writing, the respondent feel at ease in responding to the question asked.
1.6 DEFINITION OF TERM
In the presentation of this project work, there are some important terminologies that are peculiar to the topic under discussion which may not be understood by some readers of this project such as marketing, market targeting, and market segmentation etc. there are defined below:
• MARKETING: According to British Institute of Marketing (B.I.M) annual report paper of 1982, 3rd edition, page 3, defines marketing as “the management process responsible for identifying, anticipating and satisfying customer requirement profitably.
While the American Marketing Association (AMA) in its own answer report of 1981, 5th edition, page 4, defined marketing as “The performance of all business activities that direct the flow of goods and services from producer to customer or usersâ€. The process is a society by which the demand for economic goods and services are anticipated or enlarged and satisfied through the conception physical distribution and exchange of such goods and services.
• MARKETING CENCEPTS: Marketing concept holds to the fact that the key for achieving organization pre-determined goals and objectives is determining the needs and wants of target market and delivering the desired satisfaction more efficiently and effectively than other competitors.
• MARKET: A particular potential market consists of people with similar need for particular goods and services, sufficient resources to make a purchase and willingness and ability to buy.
• MARKETING SEGMENTATION: Marketing segmentation can be defined as the analysis of a target market into several component homogeneous part in such a way that set of buyers can be differentiated.
This is a process of selecting carefully a portion of the market and designing a product to meet the requirement of that particular portion of the market. Market segmentation reveals the market segment, divide the opportunity facing the organization. At a point, the organization has to decide between ways and types of organization market selection strategies to be adopted.
• DIFFERENTIATED MARKETING: Here, the firm decides to operate to several segment of the market and designs, separate product for each identified market segment.
• CONCENTRATED MARKETING: here the firms go after one particular market segment and develop the idea product or them.
• UNDIFFERENTIATED MARKETING: the organization might ignore segment differences and to offer the whole market with one product offer. T eh organization does this by identifying what is common in the needs of consumer rather than what is different.
• TARGET MARKET: Target market is specific group of people to whom an organization marketing effort is directed.
• MARKETING MIX: This refers tot eh set of controllable variable that firms use to influence the target market to achieve its objectives.
• PRODUCT: This refers to everything both favorable and unfavorable that one receives in an exchange for its evaluated value usually in monetary term. It can be an idea, service, goods or services or both.
• CONSUMER: this refers to people who patronize a particular product or service to satisfy variety of their needs.
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ABSRACT - [ Total Page(s): 1 ]ABSTRACTThe primary objective for any profit oriented organization in to maximize profit and minimize lost among other objective. This in that survival mechanize for such organization. However, achieving these stated objectives and others given along with some environment elements which are not within the control and capacity of the organization. Among these external elements or environment factoring competition. The nature diversity and dynamic competition in the market determines the strateg ... Continue reading---
