Full Project – Marketing segmentation as a tool for organizations survival and growth in Nigeria

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CHAPTER ONE

INTRODUCTION

1.1    BACKGROUND TO THE STUDY

Marketing is increasingly being recognized as an organization belt in public or private and it Marketing is the cornerstone of most successful companies not only in developing countries but also in both developing and underdeveloped countries such as ours.

To survive, grow and flourish, business must design market segmentation to deal with environmental forces such as changes in population, income level, tastes and fashion, sophistication in technological competition, etc. Hence, one of these tools in market segmentation is a customer oriented tool or philosophy that identifies the customer’s needs within a sub-market (segment) and satisfied them in an efficient and profitable manner.

The very fact that buyers differ in their tastes and preferences are too numerous and widely spread or scattered makes market segmentation and almost inevitable tools that must be employed as rightly observed by an advertisement agency, there will be no market for products that everybody likes little, but only for product that everybody likes a lot of mostly, most of these customers will be unevenly spread in several locations and this is the logic behind market segmentation.

The statement above clearly indicates then needs to identify the various needs and preference of the customers, classifying them into groups and then tailor the product to suit each group. This is what market segmentation does. Market segmentation is also in conformity with the philosophy of market concept which is employed by most firms today as their guiding philosophy. It is a philosophy which holds that the key to achieving organizational goals consist of the organization in determining the needs and wants of its target market and delivering the desired needs and wants more effectively and efficiently than the competitors (Philip Kotler, 1980).

The heterogeneity of the market place makes it infeasible to implement the marketing concepts using a single market impact aimed at all buyers instead, market segmentation occurs. That is, distinctive marketing strategies aimed at one or more targets are developed.

1.2    STATEMENT OF THE PROBLEMS

Firms are faced with difficulty of identifying and selecting particular market target and satisfying them by blending the market mix elements. Thus, market segmentation recognizes that every market is made up of distinguishable segment consisting of buyers with different needs.

The tasks of clearly understanding consumer needs and wants, identifying various homogenous customers characteristic according to an outlined dimension in order to group them together adequately and to effectively develop market mix to match this characteristic and buying requirement are problems. Constitute a problem to the companies.

Market firms find it difficult to apply market segmentation strategies used in evolution of marketing  programs, there by segmenting markets into sub-set with the satisfying customer groups and equally  increase organization growth in Nigeria.

Some firms find it difficult to apply market segmentation strategies due to their inclination of the strategy as an expensive and time consuming exercise because of inadequate information on its importance to customer satisfaction. Therefore it becomes highly imperative to evaluate the impact of market segmentation in order to enhance organization growth in Nigeria.

1.3    OBJECTIVES OF THE STUDY

         This study aimed at evaluating and exploring the impact of market segmentation on organization growth in Nigeria; the following are the other objectives of this study.

1. To determine the extent at which the application of market segmentation as a tool by organizations assist them in achieving their objectives.
2. To analyze marketing segmentation and to identify its tools for organization’s survival and growth in Nigeria.
3. To determine the degree to which Nigeria Brewery plc. 9^th mile corner Enugu state practice market segmentation.
4. To examine the dimensions and basic of segmentation market and their relationship to sale increase in order to enhances organization growth in Nigeria.
5. To provide recommendations to firms on how to adopt market segmentation.

1.4   RESEARCH QUESTIONS

         For the purpose of this research work the following questions were formulated:

1. Towhat extent has the application of market segmentation as a tool by organizations assist them in achieving their objectives?
2. To what extend has marketing segmentation and its tools help in organization’s survival and growth in Nigeria?
3. To what degree do Nigeria Brewery plc. 9^th mile corner Enugu state practice market segmentation?
4. What dimensions and basic of segmenting market and their relationship to sale increase do you adopt?

1.5    SIGNIFICANCE OF THE STUDY

This research work apart from being an essential requirement for the partial fulfillment of national diploma, it will be an added value and benefit to the researcher, other individuals and groups.

This research work will be of great benefit to Nigeria Brewery plc. 9^th mile Corner Enugu State as the findings and recommendations will help improve their marketing activities.

This research work will also benefit student In other institutions in related course. It will serve as secondary sources of data to other researchers wishing to conduct a research on related topic.

1.6    SCOPE OF THE STUDY

The scope of this study covers “The Impact of Market Segmentation on Organization Growth in Nigerian. With special reference to Nigerian brewery Enugu.

1.7    LIMITATION OF THE STUDY

         In carrying out this research work, the researcher is faced with a lot of challenge’s ranging from time, finances and lack of availability oo information’s needed for this research work. However the researcher was able to use other tactical approach to meet the standard of the study.

1.8    DEFINITION OF KEY TERMS

Market: There is no outstanding definition of the term market. A market can be defined as set of all actual and potential buyers of a product. Market can also be defined as a people with needs and wants to satisfy money to spend and willingness to spend it.

Segmentation: Segmentation is a process of dividing a whole unit into sub units or parts with similar characteristics. Market segmentation can be defined as a market strategy in which a large heterogeneous market is broken down into small, more homogenous segment as a separate marketing program in developed for each segment. Market segmentation is the act of dividing a market into a distinct and meaningful group of buyers who might separate products and or marketing mix.

Products: The term product is anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a need or want.

Strategy: Strategy is the determination of the long term goals and objectives of an enterprise and the adoption of action and allocation of resources necessary for the attainment of these goals and objectives.

Target market: Target market can be regarded as the act of selecting one or more of the market segments and developing a separate marketing mix strategy for each segment.

Positioning: Positioning the act of designing the company’s products and image so that they occupy a meaningful and distinct competitive position in the target customer’s mind.

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Full Project – Marketing segmentation as a tool for organizations survival and growth in Nigeria