THE EFFECT OF MARKETING STRATEGY IN A DIVERSIFYING ECONOMY

THE EFFECT OF MARKETING STRATEGY IN A DIVERSIFYING ECONOMY

(A case study of Nigeria Export Promotion Council Headquarter, Abuja)

ABSTRACT

This project title “The Effect of Marketing Strategy in a Diversifying Economy” (a case study of Nigeria Export Promotion Council Headquarter, Abuja) tends to focus on the diversification of oil to non-oil sector of the economy. Marketing strategies cannot be effective without the logic called tactics, tactics is the yardstick of achieving it predetermine goal. Marketing strategies could also be attributed to management concept where planning, coordinating, staffing, directing and supervising become the mean to win engagement. This project is divided into five chapters, the first chapter comprises of introduction, statement of problem and research hypothesis. The second chapter comprises of review of related literature and the theoretical framework. The third chapter comprise of how the data is collected and the sample size. The fourth chapter comprises of data presentation and analysis and test of hypothesis. The final chapter is the conclusion of the study. Also appropriate recommendations were made as to how to address the effective of marketing strategy in a diversifying economy. This is an intellectual work and like all other intellectual work did not draw a final conclusion.

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

The important of marketing in a diversifying economy cannot be overemphasised. Its activities cut across the social, political and economy state of the country. However, marketing activities has not achieved much both home and abroad. The marketing field is bound both by the environment and by the limit impose by the perception of the observer. In some companies, marketing is still concerned with little or more than sale force and advertising management; in other forms marketing is an integrative corporate activity that provides the direction for corporate strategic planning. In non-business organisation executives are only beginning to perceive the potential of marketing in achieving institutional goals. The different between these approaches is due in part to the perception of management and its attitude towards change.

This study is focus on ‘marketing strategy in a diversifying economy’ A case study of Nigeria export promotion council Headquarters, Abuja is that Nigeria economy is import oriented which discourage local industries to improve in the production of goods and services. The word diversifying means to move oil to non-oil sector of the economy.

1.2     STATEMENT OF THE PROBLEM

The end of the civil war in 1970 and the emergence of petroleum export in the early 70s, as the major source of foreign exchange for Nigeria market a significant watershed in the economic history of Nigeria.

The collapse of the international oil market in the early eighties and consequently downward spiral of prices left Nigeria with serious economic crisis manifested in recession macro-economic inability, fiscal, balance of the authorities the dangers associated with the countries over dependence on a single commodity (oil)and the compelling need to diversify the country’s productive base through the non-oil exports. Since the early 80s there are economic and social deficiencies that emerged including the following.

1. An import dependence economy.
2. A debt-ridden treasury.
3. High levels of unemployment and underemployment coupled with underutilization of installed capacity.
4. An economy leaden with subsidies.
5. Over-valued currency.
6. Neglect agricultural and food storage.
7. A nation without a clear vision purpose leadership and sense of direction.

1.3     OBJECTIVES OF THE STUDY

The writer’s interest in this subject matter is to look at:

1. The role the export promotion council has played in trying to diversify the economy of the country.
2. The exploration sector and its participation in the exploration of non-oil products.
3. It will also look at the measures that government has taken so far, to see to the development and growth of such programs.

1.4     SIGNIFICANCE OF THE STUDY

One major significance of this work is that it will contribute to existing knowledge about the effect of marketing strategies in a diversifying economy.

It will help educate both individuals and organization about the need to have a diversifying economy that can improve the economy and provide job opportunities.

This project work will serve as a literature to new projects and to those wishing to write on the effect of marketing strategies in a diversifying economy and also to fulfil a part of what is required to obtain a National Diploma (ND) in Federal Polytechnic Nasarawa and the study will give knowledge to other students and the society at large.

1.5     RESEARCH QUESTIONS

1. What are the roles the export promotion council has played in trying to diversify the economy of the country?
2. What is the participation of the exploration sector in the exploration of non-oil products?
3. What measures have the government taken so far, to see to the development and growth of such programs.

1.6     RESEARCH HYPOTHESIS

The aim of the study is to question the reliability and to validate this hypothesis.

H_o:    Marketing strategies play an important role in the diversifying of the Nigerian economy.

H_i:     Marketing strategies does not play an important role in the diversifying of Nigerian economy.

1.7     SCOPE OF THE STUDY

For convenience, this study is limited to the effect of marketing strategies in a diversifying economy a case study of Nigeria Promotion Council Headquarters Abuja. The result generated will serve to mirror it effects Nigeria Promotion Council Headquarters Abuja and all organizations in general.

It will help to understand the problems faced by the promotion council and how diversifying economy has helped improve the economy of Nigeria.

1.8     LIMITATIONS OF THE STUDY

The study is limited to the activities of Nigerian Export Promotion Council Abuja and related literature. Any information or recommendation received from questionnaire personnel interviews and will be used for this project.

The writer faced a lot of constraints during the period of this work. One of such constraints was time. Time needed for gathering information, travelling, administering questionnaires and conducting personal interviews.

Getting the required information from the organisation was not an easy task because of the reluctance on their part to release needed information for this research work.

The class work and other academic activities to the constraints the researcher had. Funds were also part of the constraints, there were not enough funds to enable the writer travel always or whenever the need arises. And also cost of station any and scarcity of textbooks was part of the constraints experienced. Also cost of typing manuscript and building of the research work.

1.9     DEFINITION OF RELEVANCE TERMS       

Marketing strategies: The fundamental marketing logic by which the business wants to achieve it marketing objectives.

Marketing mix: The particular blend of controlling marketing variables that the firm uses to achieve it marketing objectives in the target market.

Recession: Period of temporary business reduction.

Diversification: Means engagement in products, industries, technologies and market which are new to the company. These products will normally appeal to new classes of customers.

Economy: Avoidance of waste of money, strength or anything else of value.

Market: The set of all actual and potential buyers of a product or set of condition in which buyers and sellers transact business.

Product: Anything that can be offered for attention, acquisition, use or consumption that might satisfy a need. It includes physical objects, services, person, places, organisation and ideas.

Industrial goods: Usually refers to such products as machinery, manufacturing plant or raw material. Essentially, they are goods sold to industry as opposed to costumers.

Spiral: Continuous or expanding of decrease or increase in prices, wages or employment.

Foreign market: Marketing activities by a firm outside its home country.

International markets: The set of buyers found in other countries. This set includes foreign countries, producers, reseller and government.

Inflation: An economic phenomenon in which decreasing purchasing power of currency caused by a persistent tendency of prices to rise often sharply compare with deflation.

Invisible exports: Items such as financial services in the current balance of payments, that is not physically tangible as exports.