Market Segmentation As A Tool For Distributing Pharmaceutical Product In Imo State
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I sincerely dedicate this project to Almighty God for his mercy upon my life.
My acknowledgement goes to the Almighty God for his goodness towards me and my entire family throughout my staying in this institution and during this research work.
My thank goes to my supervisor, Mrs. Lilian Oparaku for her effort and advice as a good mentor.
Finally, my gratitude goes to my uncle, brothers, sisters and my friends especially to my belong parents Mr. and Mrs. Lekwauwa Eke for their support.
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
- Title page i
- Approval page ii
- Dedication iii
- Acknowledgement iv
- Abstract v
- Table of contents vi
- 1.0 Introduction 1
- 1.1 Background of the study 1
- 1.2 Statement of problem 2
- 1.3 Objectives of the study 4
- 1.4 Research questions 4
- 1.5 Significance of the study 5
- 1.6 Scope of the study 7
- 1.7 Limitation of the study 8
- 1.8 Definition of terms 9
- References 11
- 2.0 Literature review 12
- 2.1 Introduction 12
- 2.2 Market 13
- 2.3 Marketing concept 15
- 2.4 Market segmentation concept 20
- 2.5 Bases for segmentation consumer market 24
- 2.6 Requirement for effective segmentation 25
- 2.5 Pharmaceutical products and markets 26
- Reference 28
- 3.0 Research design and methodology 29
- 3.1 Introduction 29
- 3.2 Research design 29
- 3.3 Sources/method of data 30
- 3.4 Population and sample size 31
- 3.5 Sampling techniques 33
- 3.6 Validation and reliability of measuring Instrument 34
- 3.7 Method of data analysis 35
- References 36
- 4.0 Presentation and analysis of data 37
- 4.1 Introduction 37
- 4.2 Presentation of data 37
- 4.3 Analysis of data 38
- 4.4 Interpretation of data 44
- 5.0 Summary, Conclusion and Recommendations 45
- 5.1 Introduction 45
- 5.2 Summary of findings 45
- 5.3 Conclusion 46
- 5.4 Recommendations 47
- Bibliography 49
- Questionnaires 51
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
- The objectives of this study is to assess market segmentation as a tool of distributing pharmaceutical products.
- To see whether segmentation is properly done in the pharmaceutical industry.
- 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.
- In this study profitability of firms through high sales turnover will be recorded out of stock will be minimized.
1.4 Research Questions
- Does market segmentation serve as a tool of distributing pharmaceutical products?
- Does pharmaceutical firms segment their market?
- What are the ways of improving market segmentation in the distribution of pharmaceutical products?
- 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:
Can be define as a set of actual and potential buyers of a firm’s product. (Kotler 1999)
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.
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.
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.
These firms deals on the various brands of drugs, they manufacture, they buy and supply or distribute drugs of the marketing place.
These are products which are used in treatment of illness, disease in the hospital or clinic and individual medication.
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.
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How to nail it on the head during your project defence
You are through with writing that project. Now what?
You have found yourself at that point where you have to defend what you have written. Of course you have to stand in front of your supervisor and other literary personalities to prove that you know what you wrote in your project paper. Unfortunately, the more you think about it, the more it looks like you are about to face a legion. It is not a war. But the emotion of dread welling up inside of you makes it look like one. So now you are asking yourself questions.
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You really want to nail it, but you need to come to terms with exactly how to get everything in perfect control. Especially your emotions of fear that seem to make a wreck of you every time you think about public speaking.
So here is the deal. I want to help you avoid that feeling that would ruin your precious moment if you dare to let it. And we are going to do it together.
I am going to highlight some very important tips to help you get in control for you to be comfortable enough to move from that feeling of DREAD to CONFIDENT; and making an awesome Impression for that great rating your supervisors should be giving to you so freely.
Consider these tips as you prepare for your defence. We will be taking them one after the other so here we go.
Watch Your Body Language And Keep It Confident:
Can you tell that a person is falling apart if they look confident? … If I can second guess you rightly, am sure you answered no to that question. Remind yourself that you need to come out that way. Now this might seem like a huge big deal when you are dealing with the foreboding. Maintaining a poise of confidence is very important. So find your most comfortable position, sitting or standing and draw up your body. You must exude confidence. It is something you need to do for yourself. People can only see what you allow your body language to show. So you must endeavour to put that out. Remember the story of David and Goliath? … At the end of your defence day, you want to be David.
Dress In Your Most Comfortable And Impressive:
Am sure this one is a no brainer. However I must highlight that you choose comfortable pieces. You don’t want to look so good and yet look like you were forced to wear something that does not belong to you. It’s great to ensure that as impressive as your clothes are on you, that they are also very comfortable.
Speak With Authority:
Going hand to hand with that aura of confidence is your most powerful asset:your words. If you look that confident, your words must not come out like whimpers. To be able to pull this off, you definitely need to speak as deliberately as possible in expressing yourself. Let them also hear what they see.
Use, Your Gestures:
I have often found this to come to my rescue in dealing with shyness and conveying my confidence. Usually it gives you an edge to also drive home your point. You must, however, ensure that you do not over use it. It doesn’t mean that your hands should be flying all over the place. That would be absolutely unnecessary. If you do this well, after a while you will realize that you are not as self-conscious as you used to be at the very start. For most situations, it would have completely disappeared altogether; leaving a really confident you talking.
Have A Good Opening And Closing Line:
Make sure you have perfected a good opening line. You should also be armed with a good closing line too. Try and rehearse it to a friend. If for the first time you presented it, your friend does not say “wow, that’s beautiful” or something like that; just know you need to keep refining it until you get the perfect line. Both opening and closing lines will go a long way in how impressed your panel gets to rate you high.
Make Sure You Know Your Work:
Certainly you should understand how important it is to know your own work from start to finish. Not having in-depth knowledge of your own work is tantamount to a suicide mission. Why should you kill yourself?
When all is said and done, this is what you came to defend in the first place. You should know your work from A to Z.
Prepare For The Questions:
Now this part is truly essential. You must be sure you do not floor all the good work you did on your presentation by not answering correctly. You must pay attention to the questions you are asked to be sure you will give the right answer. Many people get it wrong at this stage and spoil their good presentation. When you do not understand any question do endeavour to ask the person to expatiate what they mean before you answer.
These tips are by no means exhaustive, but applying these tips will give you some necessary advantage you need for a great outcome. Of course that outcome would mean that you eventually earn all your points on this project.
The structure of a good project work
Undergraduate projects in Nigeria is a prerequisite for graduation amongst Nigerian tertiary students who will which to obtain bachelors degree in their respective courses of study such as accounting, banking and finance, business administration and a host of others. Writing an undergraduate project in Nigeria for final year students entails a lot both financially and otherwise. Being able to develop any final year project depends on getting a researchable topic whether it is Accounting Undergraduate project topics, Banking and Finance research topics or banking and finance project topics and materials and it all requires diligent hard work of students who are willing to develop best undergraduate projects in Nigeria and graduate in flying colors.
A typical Undergraduate project in Nigerian tertiary institutions can be said to be divided into five or six chapters depending on the format of the school and course of study which are
The introduction of an undergraduate project states the main research problem and research argument. What precisely the study is all about and why it is important. It looks at the originality of the research work and how it will fill the gap in other studies. Justification for a research undergraduate topic should not be lengthy before it has been explicitly stated.
Below are the contents in chapter one of an undergraduate research project which includes;
- Background of the study,
- Statement of the problem,
- Objectives or aims of the study,
- The research questions,
- Research hypothesis,
- Significance of the study,
- Scope of the study,
- Limitations of the study and
- Operational definition of terms.
2. Literature review
Literature review of any undergraduate research work, be it business administration project topics or Economics project topics just to mention a few is very critical to securing a high grade in one’s project work. The literature review of a research process uncovers what other writers have written about the student’s topic. A student’s undergraduate research work should include a discussion or review of what is known about the subject and how that knowledge was acquired. The review could conclude with a brief summary of the literature and its implications. The contents of the literature review are the theoretical review, conceptual framework, empirical review and summary of literature review.
3. Research Methodology
This section includes a description of the research methods used in the undergraduate research work such as the sample size, data collection methods, measurement instruments, research data analysis procedures and the population from which the sample was selected. This section also describes the method used in selecting the sample or samples, validation and reliability of the instruments used in the research work. There are different research statistical techniques used in undergraduate research work such as SPSS, e-views etc.
4. Results & Discussion
This section presents and discusses the data analysis results used in an undergraduate research work, the results of each analysis is being summarized, tabulated, and then discussed for each research question. Then for each research hypothesis, the statistical test of significance selected and applied to the data is briefly described, followed by a statement indicating whether the hypothesis was supported or not supported. In presenting the result analyses/summary in an undergraduate project tables and figures and or graph are used to add clarity to the presentation.
5. Summary, Conclusions And Recommendations
This section summarizes the findings of the study in an easy to understand manner. It also explains the practical implications of those findings, and points to recommended directions for future research in that area.
This is where every source cited in the undergraduate research work is being included. Every undergraduate research work must be properly referenced for its authenticity.
Choosing A Good Project / Research Topic
Students in Nigerian universities these days wish to choose a very simple project topic/material. There is no issue choosing a simple project topic; the only problem is your ability to choose a good project or research topic that your supervisor will easily approve for you.
Most project supervisors really want to see how good his or her project student understands his or her surrounding through the kind of topic he or she chooses for their project work.
There are some project topic that are not reject-able; for instance in Nigeria of today; what do you think is the major issue on ground now?
If a project student can choose or craft a topic on the effect of dollar increment on the economy of Nigeria. Such project topic will be very interesting to write on.
Now what are the qualities of a good project topic?
- The materials for the project topic must be easily assessable.
- The project topic itself must be meaningful.
- The variables must be able to give a clear aim of the project topic.
What do I mean by variable?
Well I am deriving my point from the area of ; the variables here are those main words in the project topic.
Like the above project topic; the effect of dollar increment on the economy of Nigeria. You can see the main variables that really define this project topic are:dollar, increment and economy.
Before you present your topic to your project supervisor, first of all understand your project topic, and then secondly try to do some research for your topic to see if at least you can get up to 60% of what you need to write the complete project.
I said that above because you might have a very nice topic that the materials are not available online and there are no books as regard the topic; in this case the project topic becomes difficult for you even though the topic is catchy.
What do I mean by your topic being assessable?
Well what I mean is very simple and easy to understand. Simply pick your project topic, type it on google and see if you will have at least a good background for the topic you are writing on.
If you can have a good background for your project topic and you can understand the problem associated with the project topic, then I believe the aim of the project is not far-fetched.