The Effective Management Of Marketing Mix Variables As A Means Of Achieving Increase Sales Volume In A Competitive Industry (A Study Of Pz Cussons Nig. Plc Lagos)
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I dedicate this project to the almighty God who gives me strength and courage, the author of wisdom, knowledge and skill. Also to my beloved parents Mr. & Mrs. Egwuom Okehie.
The accomplishment of this project would have not been possible without the help of the almighty God. I wish to express my profound gratitude to him for the wisdom and knowledge he gave to me which prompted this organized project.
I express my gratitude to my project supervisor, Mr. Onyike I.S for being meticulous and careful in correcting and editing this work.
I appreciate my HOD Mr. E.U. Njemanze for his fatherly care and encouragement; I will not forget my beloved parents for their prayers and advice. Also to my beloved and cherished brother and sisters, my sincere thanks goes to my friends for their moral support and encouragement.
My final greeting goes to all occupants of Saniss logde, Ihiagwa road, Nekede (2014/2015) set, may God bless you all.
This study sought to appraise how effective management of marketing mix variables can serve as means of increasing sales volume with special reference to PZ Cussons Nigeria PLC, Lagos. A sample size of 20 top management staff and 333 customers were selected for the findings.
Questionnaires were distributed to both customers and management. The research used both descriptive and inferential statistics to analyze the data. The finding showed positive relationship between the marketing mix variables of product, place, price and promotion on increasing sales volume of PZ Cussons Nig. Plc.
Recommendation were also made on how the firm can sustain it competitive advantage using the marketing mix variables.
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 the problem 7
- 1.3 Purpose of the study 7
- 1.4 Research questions 8
- 1.5 Research hypothesis 9
- 1.6 Significance of the study 9
- 1.7 Scope of the study 10
- 1.8 Limitation of the study 11
- 1.9 Definition of terms 11
- 2.0 Review of related literature 15
- 2.1 Introduction 15
- 2.2 Marketing mix variables 16
- 2.3 Product 19
- 2.4 Price 20
- 2.5 Place 22
- 2.6 Promotion 24
- References 39
- 3.0 Research methodology 40
- 3.1 Introduction 40
- 3.2 Research design 40
- 3.3 Sources of data 41
- 3.4 Population of the study 42
- 3.5 Sampling techniques 43
- 3.7 Method of questionnaire distribution 47
- 3.8 Validity and reliability of measuring instrument validity 48
- 3.9 Method of data analysis 48
- 4.0 Presentation and interpretation of data 50
- 4.2 Data presentation 50
- 5.1 Summary of findings, conclusion and recommendations 76
- 5.1 Summary of findings 76
- 5.2 Conclusion 77
- 5.3 Recommendations 78
- References 81
- Appendix 82
- Questionnaires 83
1.1 Background Of The Study
Marketing variables/mix is defined as the right or appropriate combination of the 4P’s of marketing. It can also be seen as a mixture of the basic elements of marketing in any given marketing plan, and they are:(Product, Place, Price and Promotion). The essence of this mixture is to blend the elements in such a way as to attain the greatest effect at the minimum cost in order to satisfy consumer’s needs and firm’s objectives.
Okafor (2002) is of the view that marketing variables is the use of right combinations of 4p’s of marketing at any point in time (Product, Price, Place and Promotion) in order to accomplish the firm’s objective and also to achieve the satisfaction of customers.
Kotler (2000), defined it as the set of controllable variables that the firm can use to influence the buyers responses. It has to exist in a balanced equilibrium. The wrong mix or failure to time the variables in relation to the environment will lead to low sales volume.
For the purpose of this work, PZ Cussons Nigeria PLC with its head office on town planning way, llueju, Lagos is serving as a study. It is imperative to know whether PZ is integrating marketing variables into her business operation, is to say, whether she is producing products that would meet/satisfy the needs of customers at affordable price, informing them of the existence of those products as well as making them available at the right place and time.
Admittedly, it is vital to know how PZ manages these entire variable most effectively and efficiently in order to increase their sales volume, and it is often said that most profitable business only come when the consumers have been satisfied. The marketing mix elements or an ingredient includes.
This involves decisions about product features, quality, packaging, branding, design, colour, size, service, guarantees, assortments and also when to modify the product.
This entails the determination of the appropriate exchange value for product, least price, credit term, discount allowance, flexibility, how high, moderate price for different location and market.
This deal with persuasively communication to the target market about the availability of the firm’s product it also involves the decision of the market to consider which of the marketing promotional avenue to utilize either by advertising media, copy, timing, personal selling, selection and trailing in order to covey the massage to the target market.
Place (Physical Distribution):
This is concerned with marking the product available to the target market, decision on type of channel to use, middle men, whole sales, retailers or direct method of distribution, location, storage, transportation and logistics, services levels.
The environment of marketing continually affects customers taste and the way in which customers needs and wants can be met. Marketing companies like PZ Cussons as a result of effective management of marketing variables operates not only in Nigeria but also in African countries, Asia and Europe with its strategy built on four core principles and this was as a result of good board of directors among which are, Anthony green, Davis Chris, graham Calder, Alex Kanellis, Brandon high and John Panteliers. All these directors work hand in hand for the betterment of their organization.
Apart from that in (1879) George Paterson and George Zochonis set up a trading post in sierra Leone. After which, Paterson Zochonis (PZ) in(1879) manufacturing base is established in Ghana, a part from that in 1973 PZ entered the detergent and refrigerator market simultaneously in Nigeria, then in 1975 PZ acquired Cussons Group, in 1976 soap manufacturing started up in Melbourne, Australia. in 1988, PZ Cussons Indonesia is established, in 1993 PZ by the state owned pollen Wroclaw in Poland followed by 1995 Pollena Uroda. In 2002, Paterson Zochonis plc is renamed PZ Cussons PLC enters into a joint venture (Natricima) with Glanbia PLC to supply evaporated milk and milk powder in Nigeria between 2004-2008, they acquire Charle Worthing to hair care business and the sanctuary spa and sanctuary product business both in mature and emerging market.
PZ Cussons strives to appeal to its customers with a better packaging that is better than its competitors. Since product is the life wire of an organization and as well maintains longer profit and growth objectives, PZ has a lot of product with high standard quality among which are Venus relaxer, premiere soap, elephant detergent, breeze soap and imperial leather etc. so based on their high standard product quality and reduction in price, it is increasing its distribution channels which extend to wider coverage. Although none of these variables can work in isolation of the others, that is why they embark on marketing research to know the pressing need also where adjustment is needed for it work towards it as well as maintain its position in the market.
Because of the dynamic nature of the environment, it has been encountering mange problems with regards to meeting its customers’ needs both hesitant, timid, skeptical and reticent customers which is not always easy. But blending all these variables with help it to cope.
It is imperative to know also that the current issue of PZ is their financial performance which has a positive impact in all territories in which it operates, particularly in the developing world. During 2009 revenue publishment, operation profit before exceptional items adjusted basic earnings per share for PZ Cussons rose by 27%, 19% and 15% respectively generating benefits for their shareholders, employees and wider stakeholders.
Marketing variables is the bedrock of any organization that wants to meet the test of time PZ Cussons should put more effort in the way they sell their services in order to increase their sales volumes. Their product should be in high quality and at a reduce price, at the right channel and right place.
1.2 Statement Of Problem
Nigerian economy is becoming increasingly sophisticated. The activities of marketing mix variables are not been performed as it is supposed, due to the stage of the economy.
Constant regulation of these variables in the area of distribution, pricing, promotion, packaging, marketing research is also a problem.
Furthermore, in most situations, the marketing jobs are performed by people that are not specially trained for it, and as a result these people will not be able to coordinate the marketing variable. The question is how far Nigerian entrepreneurs have been performing these functions in running their firms.
To this end, it is vital to establish the impact of marketing variables on patronage of consumer goods.
1.3 Objective Of The Study
The major objective of the study is to appraise the impact of effective management of the marketing mix variables on achieving increased sales volume in a competitive industry with particular reference to PZ Cussons Nig. Plc, Lagos.
Specifically the objectives of the study are:
- To determine the effect of product strategies on achieving increased sales volume by the firm in the industry.
- To assess the effect of pricing strategies on achieving increased sales volume by the firm in the industry.
- To evaluate the effect of promotional strategies on achieving increased sales volume by firm in the industry.
- To determine the impact of distribution strategies on achieving increased sales volume by the firm in the industry.
1.4 Research Questions
The following questions guided the study:
- What is the effect of product strategies on achieving increased sales volume by the firm in the industry?
- What is the effect of pricing strategies on achieving increased sales volume by firm in the industry?
- What is the effect of promotional strategies on achieving increased sales volume by the firm in the industry?
- What is the impact of distribution strategies on achieving increased sales volume by the firm in the industry?
1.5 Research Hypothesis
The following research hypothesis guided this study:
- Ho1: There is no relationship between product strategies and increased sales volume.
- Ho2: There is no relationship between pricing strategies and increased sales volume.
1.6 Significance Of The Study
This study will be useful to the research, business organization, the management, the society, the government that interacts with one another in an attempt to satisfy their individual and consumer needs.
The study is aimed at studying the general cause of non application of marketing variables, as many previous researchers have contributed in their personal capacities.
It also explains the in depth analysis of the benefit that would occur to firms, if the firm apply their marketing mix properly and adjust it in order to suit the environment they operate.
This study been marketing oriented, will serve as an addition to the series which other researchers can emulate in the future.
1.7 Scope Of The Study
The study was restricted to finding out the extent at which marketing mix elements (variables) affect consumer patronage.
The study was restricted to those areas alone, because of some barriers, other patronizers of PZ’s products like the government are not reached, as a result no attempt was made progress beyond consumers.
1.8 Limitations Of The Study
The researcher encountered problems like reluctance of some respondents in releasing information because they did not believe that the information collected were purely for academic purpose.
Apart from that, there is another constraint because the researcher had other class work like assignments and attending of lectures, so utilization of this to meet with the adequate information vital to this is a barrier.
The study was originally meant to cover patronizers of PZ Cussons products, but as a result of insufficient funds, most of these prospects are not reached.
1.9 Definition Of Terms
Some of the terminologies used in this chapter is been defined below:
A brand is a name, term, design or other feature that distinguishes one seller’s product from those of others. It can also be referred to as a set of physical attributes of a product or services together with the beliefs and expectations surrounding it, a unique combination which the name or logo of the product or services should invoke in the mind of the prospects.
This refers to the path through which goods and services travel from the vendor to the consumer or payments for those products travel from the consumer to the vendor. A distribution channel can be as short as a direct transaction from the vendor to the consumer, or may include several interconnected intermediaries along the way such as wholesalers, distributors, agents and retailers. It can also be referred to as the sequence of organization through which product or services move from the point of production to the point of consumption.
This can be seen as a planned mix of the controllable elements of a product’s marketing plan commonly termed as 4P’s; Product, price, Pace and Promotion. These four elements are adjusted until the right combination is found that serves the needs of the product’s customers, while generating optimum income.
In a simple term, target market refers to a particular group of consumers at which a product or service is aimed. It is a group of customers a business has decided to aim its marketing efforts and ultimately its merchandise towards. It can also be seen as group of individuals who collectively are intended recipients of an advertiser’s message.
This is a method or plan chosen to bring about a desired feature, such as achievement of a goal or solution to a problem. It is the key decision or plan of actions required to reach an objective or set of objectives.
This is the element of the marketing mix that represents the basic offering being made to consumers; it is the everything – the life wire of every organization. It is the item offered for sale. It can be service or an item. It can be physical or virtual or in cyber form.
These are products that are purchased for consumption by the average consumer. Alternatively called final goods, consumer goods are the end result of production and manufacturing and are what a consumer will see on the store shelf. Clothing, foods, automobiles and jewelry are all examples of consumer goods. Basic materials such as copper are not considered consumer goods because they must be transformed into usage products.
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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.
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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.
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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.
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