Market Segmentation As A Tool For Distributing Pharmaceutical Product In Imo State

Market Segmentation As A Tool For Distributing Pharmaceutical Product In Imo State

Abstract

This research work is aimed as assessing the Role of market Segmentation in the Distributing of Pharmaceutical Products in Owerri, Imo State. This study was to explore whether proper market segmentation has been followed in the business operations including the problems they face in implementing the segmentation processes.

The survey method design was employed in this study. Amongst the major finding are: that all the pharmaceutical firms operating in three (3) zones adopt market segmentation in one way or the other in their business. It facilitates customer satisfaction it enables the firm to maximize sales and making profit and patronage.

It enables the firm to note the importance of segmentation to marketing and increase sales through the process of product differentiation. It also show that promotional tools where used to compliment market segmentation. Based on the above findings, we concluded that: pharmaceutical firms achieve their set by serving customers better at comparative low cost.

It also helps the firm to better position themselves to spot market opportunities to exploits. Pharmaceutical firms make available the appropriate product meant for the particular segmentation promotional tools were used to compliment market segmentation which includes advertising, personal selling, sales promotion and public relation recommendation made are: firms should engage on product differentiation strategy.

Promotional mix and compulsory law by national assembly to register pharmaceutical firms with NAFDAC. In other to phase out fake drugs in the industries. Also training of old and new personnel including representative of pharmaceutical firms should be encouraged on periodic basis.

Table Of Contents

Preliminary Page(s)

• Title page
• Approval page
• Dedication
• Acknowledgement
• Abstract
• Table of contents

Chapter One

1.0 Introduction

• 1.1 Background of the study
• 1.2 Statement of problem
• 1.3 Objectives of the study
• 1.4 Research questions
• 1.5 Significance of the study
• 1.6 Scope of the study
• 1.7 Limitation of the study
• 1.8 Definition of terms
• References

Chapter Two

2.0 Literature Review

• 2.1 Introduction
• 2.2 Market
• 2.3 Marketing concept
• 2.4 Market segmentation concept
• 2.5 Bases for segmentation consumer market
• 2.6 Requirement for effective segmentation
• 2.5 Pharmaceutical products and markets
• Reference

Chapter Three

3.0 Research Design and Methodology

• 3.1 Introduction
• 3.2 Research design
• 3.3 Sources/method of data
• 3.4 Population and sample size
• 3.5 Sampling techniques
• 3.6 Validation and reliability of measuring Instrument
• 3.7 Method of data analysis
• References

Chapter Four

4.0 Presentation and Analysis of Data

• 4.1 Introduction
• 4.2 Presentation of data
• 4.3 Analysis of data
• 4.4 Interpretation of data

Chapter Five

5.0 Summary, Conclusion and Recommendations

• 5.1 Introduction
• 5.2 Summary of findings
• 5.3 Conclusion
• 5.4 Recommendations
• Bibliography
• Questionnaires

Chapter One

1.0 Introduction

Market segmentation is extremely important before and during operation. The need for effective and efficient market segmentation in any organization cannot be over emphasized.

For any organization to succeed in a competitive environment like ours blessed with opportunities, risk and uncertainty, market segmentation must be adopted in its operation. This study emphasizes on market segmentation as a tool of distributing pharmaceutical products in Imo State.

1.1 Background Of The Study

About fifty six pharmaceutical firms are registered in Owerri; Imo State sources Pharmacists Council of Nigeria Imo State office, Owerri. We have three political zones in Imo State, these zones include

• Zone A Owerri
• Zone B Okigwe
• Zone C Orlu

These three (3) zones were selected on the concentration of pharmaceutical firms in the areas of consumptions or satisfaction of the customers or consumers.

Hence, this research is set to asses market segmentation as a tool of distributing pharmaceutical products in Imo State.

1.2 Statement Of The Problem

This research work or project study is set to spot out the failure in the distribution of pharmaceutical products like high prices, lack of customers patronage, diluted drugs, expired drugs, out of stock syndrome and hard drugs in the industry as a whole in Imo State particular and Nigeria in general.

With proper evaluation, it will make the pharmaceutical firms to understand the business environment in which it’s going to operate and possibility of satisfying the customers in such business environment. Without proper evaluation of the market requiring new products. Due to change or dynamic nature of the market. So consumer attitudes/behaviour changes with the market in terms of brand or product.

Also proper evaluation will help pharmaceutical firms to understand their consumer’s attitude/behaviours. Owing to bad roads, firms find it difficult to distribute their products in Imo state, high prince of some product makes it very had for firms to segment their product.

1.3 Objectives Of The Study

1. The objectives of this study is to assess market segmentation as a tool of distributing pharmaceutical products.
2. To see whether segmentation is properly done in the pharmaceutical industry.
3. If it is not properly done then this project study will spot out the failure and suggest ways of improving market segmentation in the distribution of pharmaceutical products.
4. In this study profitability of firms through high sales turnover will be recorded out of stock will be minimized.

1.4 Research Questions

1. Does market segmentation serve as a tool of distributing pharmaceutical products?
2. Does pharmaceutical firms segment their market?
3. What are the ways of improving market segmentation in the distribution of pharmaceutical products?
4. Does market segmentation increase sales of the pharmaceutical firms?

1.5 Significance Of The Study

This study is expected to help researchers or students in the areas of health (pharmacies) and even the academic (pharmaceutical firms).

Based on this fact, the significance of the project work is geared towards how segmentation enhances the distribution of pharmaceutical products to meet the health needs of the customers so that profitability of firms through high sales turnover will be recorded and out of stock will be minimized.

The activities of any economic system depends on the efficiency with which economic is organized, the greater the quantity or quality of pharmaceutical products that will be available for consumption. As such consumers, pharmaceutical firms, hospitals/clinic health professional, institution and government with benefits from this study.

In this direction, this study will add knowledge and guide other researches who are interested in this area product to reach the health needs of the market segments. So that profitability of firms through high sales turnover will be recorded out of stock will be minimized, measurability distribution system (Okwandu G.A 1999).

The activities in any economic system depends on the efficiency with which economic system operate. The more efficient the economy is organized the greater will be the quantity or quality of pharmaceutical products that will be available for consumption. As such consumers pharmaceuticals firms hospitals/clinic, health professionals institution and government will benefit from this study in the direction.

1.6 Scope Of The Study

The scope of this study defines the research in terms of area covered. This study covered some selected pharmaceutical firms in Owerri. About fifty six pharmaceutical firms were registered in Imo State sources Pharmacists Council of Nigeria Imo State Office, Owerri. We have three (3) zones in Imo State.

• Zone A Owerri
• Zone B Okigwe
• Zone C Orlu

These three (3) zones were selected on the concentration of pharmaceutical firms in the areas and population interest of the researcher including consumption level.

1.7 Limitation Of The Study

The constraints include difficulty in tracing down the firms or audience in personal interview and filling of the questionnaires then attitude of some will want to respond to questions at their own leisure time and not when the researcher wants it. This situation leads to spending more money on transportation fare and the money involve in the construction of questionnaire.

Finally, time has not been a good friend of any researcher; therefore this research was not an exception. Time was dismally short for a study of this nature to be perfectly completed.

1.8 Definition Of Terms

The following terms which are used in this research work are defined operationally and they are thus:

Market:

Can be define as a set of actual and potential buyers of a firm’s product. (Kotler 1999)

Market Segmentation:

This is the process of dividing heterogeneous market into sub-group which has homogenous characteristics with the purpose of serving each segment with a special marketing mix elements and the maximization of profit.

Distribution:

The entire function of getting foods into the hands of consumers is often referred to as distribution. Meanwhile, according to Iruka (2001:129) distribution deals with the physical movement of products and the selection and management of the channels through which the product move from point of production to the final user. In distribution as a major variable of marketing, you find the various marketing intermediaries that perform a variety of marketing function.

Marketing Mix:

This is otherwise known as (4ps) which include product, promotion, price, place or distribution. They are tools or strategy to offer a better products and services better than their competitors.

Pharmaceutical Firms:

These firms deals on the various brands of drugs, they manufacture, they buy and supply or distribute drugs of the marketing place.

Pharmaceutical Products:

These are products which are used in treatment of illness, disease in the hospital or clinic and individual medication.

Marketing:

The American Marketing Association (AMA) cited in Ezirim (2002:3) defines marketing as the performance of business activities that direct the flow of goods and services from producer to consumer or user.

Chapter Five

5.0 Summary, Conclusion and Recommendations

5.1 Introduction

This chapter entails the various findings and the discussion of findings based on the findings we draw conclusion and then give the final recommendations.

5.2 Summary Of Findings

This study discovered that pharmaceutical firms operating in the three (3) zones in Owerri, Imo State adopt market segmentation in one way or the other in their business operations.

1. Based on the findings, it was revealed that the firms adopt market segmentation as a tool of distributing pharmaceutical products.
2. The investigation also shows whether segmentation is properly done in the pharmaceutical industry.
3. Based on the findings, if it is not properly done then this project study will spot out the failure and suggest ways of improving market segmentation in the distribution of pharmaceutical products.
4. The information gathered disclosed that profitability of firms through high sales turnover will be recorded out of stock will be minimized.

5.3 Conclusion

The following conclusions were made based on the findings of the researcher.

1. Market segmentation serves as a tool of distribution pharmaceutical products.
2. Based on the findings market segmentation is properly done in the pharmaceutical industry.
3. If market segmentation was not properly done, this research will spot out the failure and suggest ways of improving it in the distribution of pharmaceutical products.
4. Profitability of firms through high sales turnover are recorded, out of stock will be minimized. Because the sole aim of segmenting market is to make profit and continues in business.

5.4 Recommendations

The following recommendations were made by the researcher based on findings:

1. In view of the competitive and dynamic nature of our business environment where marketing activities are being executed, the need for market segmentation in the pharmaceutical firms cannot be under estimated. Therefore firms are advised to engage in effective market segmentation in distributing pharmaceutical products to the consumers.
2. Pharmaceutical firms should adopt segmentation in order to satisfy their target customers.
3. Pharmaceutical firms should pattern their distribution strategy to suit the market segment so that the right product will be available at the right time and the right place. This way we can phase out fake products, expired products and out of stock problem.
4. Based on our findings, pharmaceutical firms should engage more on product differentiation strategy in order to increase sales and make profit.

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