Impact Of Purchasing Strategies On Organisational Growth PZ Industrial Plc
This study is on impact of purchasing strategies on organizational growth Pz industrial plc. The total population for the study is 200 staff of PZ industry in Lagos state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made up development technicians, sale coordinators, product developers and junior staffs were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
1.1 Background of the Study
The Nigeria economy got in power till 1986 a highly regulated economy with local, state and federal government owing a large value proportion of the national economy.
However, with the introduction of Structural Adjustment Programme (SAP) in August 1986. The national economy was deregulated and most of the control were abolished while the price mechanisms system or the market force system was introduced to determine the price of goods and services. Before the introduction of the Structural Adjustment Programme (SAP), the purchasing industry, like other sector of the economy was owned largely and controlled by the government.
The sector was dominated by those referred to as the Big four i.e. Intercontinental Company, Africompany, UBA and First Company. However with deregulation of the economy brought about the Structural Adjustment Programme (SAP), many private participants entered the industry. The competition brought by those company offered some basic services some of the service offered by company are receiving deposit of customers, collecting cheques of customers drawn on themselves. From this traditional function developed other services referred to as services purchasing. It is a related purchasing services and now purchasing activities.
A list of services offered by company include acceptance and safe keeping of deposits and other valuable, granting of loans and overdraft to customers, transfer of funds business services foreign exchange services, money creation, cashing credit facility, project financing service funds transfer outside and within Nigeria, letter of credit and foreign currency domiciliary account etc.
Finally, these services benefit both the provide (Company and the receive customers) as well as the economy without them company cannot be in business and the economy will not grow individuals and corporate activities will also be hampered. It is based on these facts that company services become very vital even before the advent of modern purchasing activities.
Paterson Zochoms (PZ) industries limited was incorporated on 4th December 1948, under the name of P.M Nicholas and company limited to take over the soap making activities of Mr. P.B. Nicholas who had some years prior to that data established a factory for that purpose.
Paterson Zochoms itself was incorporated in England in 1884, become a public company quoted in the London and Northern is that o general merchants in activity is that of interest now includes city in Nigeria, Ghana, sierra Leona and textile whole selling in the united kingdom.
In 1957, Mr P.B. Nicholas sold out his interest in the company to P.Z, two years later the company change it name to Alaghon industries limited, and in 1960 adopted the name associated industries 1976, the company change its name to Paterson Zochoms industries limited.
After incorporation in 1948, new factory buildings were erected and modern soap making equipment installed at Aba.
During the years 1967 to 1970, manufacturing operation at the Aba factory was disrupted, and in consequence the company operated in vented premises in Lagos, a factory which enabled it to its customers. The manufacturing buif and equipped factory premises near Logos. The company’s range of products include bar soap and tablet soap perfumery. Cosmetics, confectionery medicaments and pharmaceuticals, all which are distributed throughout Nigeria with butter stock held at strategic centers. The company (P.Z) is well known through its Duck, premier and joy soaps, Rubb ointment, mint super mint pomade, jet hair cream, Venus de Milo rage of cosmetics, Danfulani pomade, Elephant, Apc etc.
All these categories of product must be sold to enable organization attain its objectives that has already been set. It is when consumers are happy with the organization can make the employee happy. The big question therefore is can public relation serve effective as an instrument for attaining the entire corporate objective.
1.2 Statement of Problems
- To present the level of competition in the purchasing industry calls for strategies that will win the customer over.
- To understand what is purchasing, what are services and how company market their products called services. These are some of the areas this research emphasis much on.
- Ways company can survive and have a sustainable share of market, it must be able to properly and profitable market its products.
- To also understand at the end of this research, why company are struggling to stay afloat in the turbulent business environment.
1.3 Objectives of the Study
- To examine the purchasing strategies employed by company in retaining existing customers and attracting new ones.
- To critically examine the various financial services offered by company to measure the effectiveness of the purchasing activities employed by the company also the objective that are intended to be achieved.
- To inquire into the cause of negative perception on the company by the public.
1.4 Research Hypotheses
For the successful completion of the study, the following research hypotheses were formulated by the researcher;
- H0: there is no purchasing strategies employed by company in retaining existing customers and attracting new ones
H1: there is purchasing strategies employed by company in retaining existing customers and attracting new ones
- H02: there is no cause of negative perception on the company by the public.
H2: there is cause of negative perception on the company by the public.
1.5 Significance of the Study
- The research work is in partial fulfilment for the requirement for the award of Higher National Diploma (HND) in purchasing and finance.
- The study will help open up the new possible avenue for further researcher, which will help to widen the knowledge of research.
- The study will give the researcher as well as the public an insight on the issues, problems and prospect of Purchasing of purchasing in Nigeria.
1.6 Scope and Limitation of the Study
As Anyanwu (2010) point out, a researcher is not expected to cover a discipline in the course of his study in line with this statement, this research work would not cover everything on this topic, but specially on the relevant aspect of the impact of purchasing of purchasing service and the post reform of purchasing strategies in company services delivery in Nigeria. This study will examine the various purchasing strategies employed by some selected company.
The focus is on Nigeria Company and the study does not attempt to do comparative analysis of Nigeria Company and company in other countries. There is no human successful endeavour without constraints. The limitation for this study include:
Financial and time constraints which restrained free movement round the study areas in order to make adequate interviews, observation and assembling of secondary data. The uncooperative attitude of some staff and customers of the selected company by withdrawing information needed. The uncooperative attitude of some staff and customers of the selected company by withdrawing information needed. If we lack the secondary data required for this works it will make the research work difficult.
1.7 Definition of Terms
The researcher employed simple English for easy understanding of the terms phrases few terms can still be defined.
Those strategies employed by firms and organisation to attract customer to there product and services.
Arm Chair Purchasing:
This is a period where companyers seat and wait for customers to come and patronize them, they don’t hunt for customers.
This happen when the customer is pleased with the various services rendered by the company.
To allow a particular sector or allow the market forces to determine price in the market or a particular industry.
This is getting the right goods and service to the right people at the right place at the right time and with the right communication and promotion.
An institution corporate recognised by a country’s highest monetary authority or government, business is determined by that monetary authority or government.
1.8 Organization of the Study
This research work is organized in five chapters, for easy understanding, as follows
- Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study.
- Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature.
- Chapter three deals on the research design and methodology adopted in the study.
- Chapter four concentrate on the data collection and analysis and presentation of finding.
- Chapter five gives summary, conclusion, and recommendations made of the study
Summary, Conclusion and Recommendation
It is important to ascertain that the objective of this study was on the impact of purchasing strategies on organizational growth PZ industrial plc. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of purchasing strategies on organizational growth PZ industrial plc.
This study was on a study of impact of purchasing strategies on organizational growth PZ industrial plc. Three objectives were raised which included: To examine the purchasing strategies employed by company in retaining existing customers and attracting new ones. To critically examine the various financial services offered by company to measure the effectiveness of the purchasing activities employed by the company also the objective that are intended to be achieved, to inquire into the cause of negative perception on the company by the public.In line with these objectives, two research hypotheses were formulated and two null hypotheses were posited. The total population for the study is 200 staff of PZ industry in Lagos state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made up development technicians,sale coordinators, product developers and junior staffs were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
Although studies focusing on impact of purchasing strategies on organizational growth PZ industrial PLC, through a global sourcing trend that induced greater purchase management internationalization and centralization, this research work shows that these dimensions involve decision-making processes featuring distinctive criteria and influences. Indeed, companies in later stages of their Globalisation Process Evolution adopted global sourcing and purchasing strategies that involved more centralised relevant decisions (especially as regards benchmark price negotiations and critical suppliers’ selection and certification). On the other hand, companies in their earlier globalisation process stages tended to pursue Global Sourcing and Purchasing Strategies based on more local autonomy and focusing on local supply solutions.
Management should closely monitor and manipulate their inventory system to maintain production consistency for organizational profitability and effectiveness.
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