| Content | Abstract
This project topic is on The impact of sales promotion in the marketing of consumer product in Nigeria with reference to Unilever Nigeria Plc Lagos. This research is aimed at finding out if sales promotional activities have positive effect on the sales of the precuts of the company and to find out the roles of the company’s product. In an attempt to achieve the objectives stated above, research samples, the opinion of the respondents gotten through convenience sampling procedure. The data gotten were analyzed through simple percentage. After the analysis, the following findings were made 1) That Unilever Nigeria Plc adopt sales promotion 2) That the organizational needs the media to research customers 3) That sales promotion has a positive effect on the profit of the firm. Based on the findings above the following recommendations were made 1) That the organization should intensify units sales promotional activities. 2) That the company should not neglect any promotional tool or activity because each of them should has a part ot play in realizing the organizations objectives. 3) The company should be innovative in nature in order to meet up with the world modernizations. | CHAPTER ONE
1.0 INTRODUCTION
Corporate Social Responsibility (CSR hereafter) as a concept has attracted worldwide attention and acquired a new significance in the global economy (Akinyomi, 2013). Keen interest in CSR in recent years has stemmed from the introduction of globalization and international trade, which have reflected in increased business complexity and new demands for enhanced transparency and corporate citizenship (Jamali & Mirshak, 2007). Moreover, while governments have traditionally assumed sole responsibility for the improvement of the living conditions of the population, society?s needs have exceeded the capabilities of governments to fulfil. In this context, the spotlight is increasingly turning to focus on the role of business in society and progressive companies are seeking to differentiate themselves through engagement in CSR.
Corporate social responsibility (CSR) is an area which has gained much attention in the last 10-15 years. There is no generally accepted definition of CSR, however, attempts have been made to define the area. The EU-commission presented a definition in 2001, which was changed in 2011; Corporate social responsibility is the responsibility of enterprises for the impacts of society (EU commission, 2011). The term CSR encompasses a variety of issues revolving around companies? interactions with society. The sorts of issues covered include ethics, governance, social activities such as philanthropy and community involvement, product safety, equal opportunities, human rights and environmental activities. When considering CSR from the perspective of the accounting profession, such consideration is necessarily and inextricably linked with social (and environmental) reporting or accounting. Social accounting was itself a product, in part, of the early social responsibility movement of the 1960s (see Drucker, 1965), but also appeared around the same time the environmental movement emerged (Gray & Guthrie, 2007). Interestingly, while social issues were the initial research focus of accounting academics, these were to some extent overwhelmed by the emphasis on environmental issues that came later.
Corporate social responsibility is goal oriented and based on norms of the society and the company. It is a concept describing a company?s obligations to be accountable to all of its stakeholders in all its operations and activities on a voluntary basis. The literature is replete with other definitions of CSR. The concept in the opinion of Windsor (2001) is open to conflicting interpretations. Some authors have equated corporate social responsibility to morality (Phillips & Margolis 1999). Some described it as corporate citizenship (Carroll, 2004). Rugman and Verbeke (1998) included environmental responsibility. Nicolau (2008) defines socially responsible companies as those which in profit-making operational decisions, considers the full scope of environmental impact and balances the needs of stakeholders.
Despite the need for business to be morally conducted, one of the primary concerns in CSR discussions is whether organizations pursue it for economic reasons or simply because doing so has intrinsic merit. Some studies have imputed philanthropy reasons as stated in Carroll, 2004 study. However, there have been few empirical tests in support of the intrinsic merit motive, which makes CSR practice susceptible to the popular accusation of being a gimmick for profitable public relations and marketing strategies. For Rapti & Medda (2012), the main force that drives companies to adopt corporate social responsibility is CSR?s financial benefits. Recent studies indicate that a large majority of Chief Executive Officers believe that CSR can improve a firm?s competitiveness which is critical to its future success (Accenture and UNGC, 2010). Carroll?s (1999) admonition is that the corporate entity firm should strive to make a profit, obey the law, be ethical, and be a good corporate citizen. The common underlying understanding of the CSR concept is the voluntary engagement of companies in integrating their business operations with the social and environmental concerns of their stakeholders.
1.2 STATEMENT OF THE PROBLEM
In recent years, customers, employees, suppliers, community groups, governments, and some shareholders have encouraged firms to undertake additional investments in corporate social responsibility (CSR). Some firms have responded to these concerns by devoting more resources to CSR. Other companies' managers have resisted, arguing that additional investment in CSR is in consistent with their efforts to maximize profits. The resulting controversy has induced researchers to examine the relationship between CSR and financial performance, in an effort to assess the validity of concerns regarding a trade-off between investment in CSR and profitability. Existing studies of the relationship between CSR and financial performance suffer from several important theoretical and empirical limitations. One major concern is that these studies sometimes use models that are mis-specified in the sense that they omit variables that have been shown to be important determinants of profitability.
Promoters of CSR have argue that organizations should integrate economic, social and environmental concerns into their business strategies, their management tools and their activities, going beyond compliance and investing more on human, social and environmental capital (Belal and Momin, 2009; Perrini, 2006 ). However, previous studies have observed that although the concept of CSR has been recognized as an important ingredient for business success, the relationship between CSR and companies? financial performance has been inconclusive, controversial and open to further research (Lee and Park, 2010; Wijesinghe and Senaratne, 2011). The evaluation of the impact of CSR on firms? financial performance is considered important in view of limited research on this topical issue in Nigeria. This study is therefore, aimed at filling this gap.
1.1 OBJECTIVES OF THE STUDY
The objectives which this study tends to achieve are as stated below:
I. To find out whether or not Corporate Social Responsibility performance leads to an increase in profit.
II. To evaluate the impact of Corporate social responsibility on the financial performance of an organization
1.2 Research Questions
This study tends to investigate and provide answers to the research questions listed below:
I. Does Social Responsibility performance leads to an increase in profit?
II. Does Corporate social responsibility increase financial performance of an organization
1.3 Research Hypotheses
The hypotheses were formulated in the null form:
Hypothesis 1
H01: Improved Corporate Social Responsibility performance does not lead to an increase in profit.
Hypothesis 2
H02: Corporate social responsibility has no impact on the financial performance of an organization.
1.4 Significance of the Study
The significance of the study include the following
1) The study will create awareness on the corporate social responsibility
2) The awareness on corporate social responsibility will further improve a firm?s financial performance.
3) Confidence of stakeholders of corporate social responsibility information will be enhanced.
4) This study will help to improve the knowledge and managerial practices.
1.5 Scope of the Study
This scope of this study in terms of its contents is restricted to the concept of Corporate Social Responsibility and Organisational Performance of Organisations. The study is limited to the Beverage Industry with particular emphasis on Fan Milk Plc, Ibadan which serves as the main study. The researchers restricted the study to Ibadan because of limited finance and time constraint; hence Ibadan is used by the researchers as a sample representative of the entire nation.
1.8 Definitions of Terms
Business Policy: It is the active process of guiding and directing the course of an organization toward the attainment of objective.
Environment: The environments of an organization are those elements, institutions, organization and system whose activities and services are essential for the effective performance of the organization but are not subject to its control.
Organizations: This is a system of coordinated activities of a group of people working co-operatively towards a common goal, under authority and leadership.
Performance: Refers to the quality and quantity of work produced.
Productivity: A measure of production efficiency, a ratio between output and input.
Social Responsibility: This is the reactive responsiveness to an organization?s obligatory operational, activities like economic, productive and legal requirement to its stockholders and stakeholders.
1.9 Historical Background of Fan Milk Plc, Ibadan
The Company FAN MILK PLC was incorporated in Nigeria in November 1961, and the diary plant went into production by 3rd of June, 1963. The first directors of the company were Eric Enarbog (Chairman) and founding members. Fredric Clerke, William Hardy, Lars Skensued and Chief B. Olufemi Olushola. The initial capital was 50,000 pounds of which 10% was held by Nigerian Investors. The name FAN MILK and the FAN VOGO was exclusively made by Eric Embony Diary plant located at Eleyele Industrial Layout Ibadan, but inspite of its modest size, it was equipped with the most modern equipment in the market at that time. The Original range of diary product was limited to plainfull cream with chocolate flavoured milk. Both products were held and packed in the revolutionary and unorthodox triangular park of which FAN MILK was the first company to produce such in West Africa | CHAPTER ONE:
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Business is like war in one respect. If its ground strategy is correct, any number of tactical errors can be made and yet the enterprise proves successful (Robert E. Wood).
The business in question could be private or public venture. It could be one man business (Sole proprietorship) or a world class multinational. Every business enterprises still operating as a going concern, must adopt its marketing strategy to meet the desired aspiration. In the same vein for any business to survive under the current unpredictable socio-eco-political dispensation in the country be it profit making or non-profit making, it has to effectively market its products or services which have to be promoted on a regular basis.
Apparently, one of the vehicles for conveying marketing strategies is sales promotion and its significant to organizational performance cannot be over emphasized. Sales promotion according to Kotler and Armstrong 2001:512, is a short term incentive to encourage the purchase of sales of a product or services.
Kotler (1984) posits sales promotion as consisting of a variety of promotional tools designed to stimulate earliest and/or stronger market response. Undoubtedly, sales promotion is an important element in making function. It forms part of the promotional mix. Sales promotion helps maintain a high level of awareness of the supplier and the brand in several ways. Not only does sales promotion win and help to maintain the patronage of customers but it also build the goodwill of dealers and distributors who enjoys increase in store-traffic and high rate of stock turnover, sales promotion also encourages the trail and repeat purchase of product and services. It forms an essential ingredient in motivating adoption process of products. Direct mail, shorts and catalogues which are component of sales promotion generates enquire for industrial goods and services leading to increase in re-order level.
It is quite evident level that no business organization that desire to survive can afford to neglect the importance of sales promotion in the marketing of its product or services. It is on the basis of this invaluable contribution to organizational success that this study is being carried out to focus on sales promotion and organizational performance in NBC plc (coca-cola) onitsha plant. The origin of sales promotion Nigeria Bottling Company Plc, this can be traced from the era of marketing philosophies/concepts and development of coca-cola product it self when Dr. Johnson pemberton first had an appreciation of advertising. Coca-cola the product that gives the world its best known task was developed under modest circumstance in Atlanta, Georgia on May 8th 1886 in United States. Dr. John Perberton first produced what to become coco-cola syrap in a three legged brass pot with a boat bar in his backyard. He carried the jg of few products down the street to jacob?s pharmacy where it was placed on sales for scent a glass as sode foundation drink.
Dr. Perbertons partner and book-keeper Frank M. Robinson suggested the name ?COCA-COLA? and designed the script that distinguishes the famous trademark. The first newspaper advertisement appeared in the Atlanta journal not only inducing and promising refreshment but also informed the public where to get it.
The idea of Dr. Perberton was by means of a free ticket ?go for one drink and redeemable at soda foundation?. Since the slogan ?Delicious and refreshing was introduced in 1886, coca-cola promotional activities have continued to reflect several of such slogan.
In Nigeria coca-cola sales promotion activities have taken several dimensions for instance the first promotional event was tagged ?Animal kingdom?. A competition which offered its participants to win gifts. It lasted for a period of three months. It was a successful and rewarding promotion as it generated great awareness for coca-cola and its products. Other subsequent sales promotion activities includes:
? Under the crown promotion
? The price reduction promotion
? The coca-cola N20 million BIG BLAST sweepstake.
? Instance redemption of price
? Mega million
? A ?Drink, collect and win crown collection promotion.
Onitsha like her parent plant has also embarked on series of sales promotion activities focuses on fanta. The program was tagged ?Fanta Actuation:. The sales promotion was aimed at stimulating the demand for fanta and it offered the consumer opportunity to win gift. There was also trade promotion in which dealers where given allowance to buy in large quantities and enjoy free additional cases of coca-cola.
The coca-cola fanta refreshment promotion programme embarked on by Nigeria Bottling Company Plc, was carried out nation wide and it offered its participants opportunity to win a returned ticked to south Africa. Winners were selected through raffle draw, consolation prize such as free drink, T-shirt, cap, were also given to customers. Another promotion had, was A ?Drink, collect and win crown collection promotion. The exercise took place in April 2002 and it was tied in to the 2002 FITA world cup tournament in Korea/Japan, over 120 million Naira worth of prizes were awarded during the three months long promotion.
The mega million promotion was another promotional programme of NBC Plc. It took place in 2003 for just three months and it was held nation wide. The topic was taken so as to examine and appraise, critically the role of sales promotion and its efforts on both organizational performance of NBC Plc and the product being manufactured. Likewise, the research work orients to seek and analyze the problems inherent in efficiency and effectiveness of management in terms of profit realized as a function or result of the promotional activities.
HISTORICAL BACKGROUND OF THE STUDY
The Nigerian Bottling Company (NBC), which is part of coca-cola HBC, was incorporated in November 1951 to bottle and sell carbonated non-alcoholic beverages. The company has the sale franchise to bottle coca-cola product in Nigeria. Product of coca-cola began in 1953 at a bottling facility in Lagos, and new plants at Kano, Port Harcourt and Ibadan were opened shortly afterwards. The company metta.
Nigerian Bottling Company (NBC) became a public company in 1972 with its shares coasted on the Nigeria stock exchange NBC generated its own power and is self sufficient in carbon dioxide and water product. Coca-cola?s range of products in Nigeria includes the following beverages all of which are bottle in returnable glass. Coca-cola, fanta in orange, lemon and black current flavours, sprite, Eva bottle water, five alive juice, and Schweppes in bitter lemon, club soda and tonic water (These, ?Mixers? were previously bottled under the krest brand but NBC re-acquire the Schweppes franchise in August 2001).
However, the company has grown across the geographical blocks of Nigeria with about 16 bottling facilities (plants) around the country, and it uses 82 distribution warehouses and 200,000 distribution outlet. For instance, the onitsha plant is one its plails and it began production in 1987 at the commercial nerve centre of eastern region. It cover Anambra and Delta State. The plant supplies four (4) major depots located in Nnewi, Oba, Agbor and Ekwulobia, with numerous retailers over ten thousand currently its staff strength ranges between four hundred and fifty staffers. The success of the plant since its fourteen years of operation has put coca-cola product the ultimate in the eastern market.
1.2 STATEMENT OF THE PROBLEM
The beverage industry is influenced by seasoned fluctuations and climatic changes coupled with depression in the economy. This phenomenon puts soft drink. The sensitivity of the soft drink market often lead to sales decline, erosion of market share, low capacity utilization, reduction in overall industrial output and colossal loss of profit. Thus the success of any beverage firm that wishes to sustain the acceptability of its product hands on its intensive sale promotional activities.
Despite the magnitude and relative importance of sales promotion, comparatively, little attention is given to it by most business organization. Many view it a money consuming and a waste venture. So, the question is ?could sales promotion if adopted as one of the problem solving behaviour help organization to achieve their marketing objectives?.
It is in the light of this question that the researcher was motivated to conduct a study on sales promotion with reference on the Nigeria Bottling Company Plc. However, one excruciating hindrance of sales promotion is the difficulty in measuring its direct contributions to organizational performance.
Hitherto, the major problem is mobility to know the extent sales promotion can be used to stimulate organizational performance and operations, which can be viewed under the following sub-problems.
? Is sales promotion helping to improve sales?
? Does the promotional activity have position impact on organization?
? Is there any correlation between sales promotion and organization performance
? Could sales promotion be an incentive to sales force motivation
? Is sales promotion really influencing the activity and choice of distribution channel?
? Are there opportunities that organization has not taken advantage of?
? Are the existing customers satisfied with the company?s product?
? What are the criteria used in the application of the promotion to suit organizational operation?
1.3 OBJECTIVE OF STUDY
The objective of the study is to find out the impact of sales promotion on Nigeria Bottling Company Plc Onitsha within three months sales promotion and the contribution of sales promotion to the growth of soft drink industry in Nigeria. Thus the research seeks the following:
i. To find out how effective sales promotion is being used in the operation of NBC Plc with respect to profitability and market share.
ii. To find out the extent to which sales promotion can be used to improve consumer patronage, gather channel supports and motivate the sales force of NBC Plc and the entire soft drink industry in Nigeria.
iii. To establish whether the use of sales promotion activate the production level of soft drinks.
iv. To ascertain whether sales promotion helps to level sales peak and valley that might be brought about by seasonal fluctuation in the soft drink market.
v. The research project would also expend the researchers? knowledge and equip her basic skills in scientific problem techniques towards the fulfillment of her academic pursuit.
1.4 RESEARCH QUESTIONS
The research question for this study will cover the following:
i. What effect does sales promotion have in the operating of NBC Plc, with respect to profitability and marketing share?
ii. What extent can sales promotion be use to improve consumer patronage, gather channel supports and motivate the sales force of NBC Plc?
iii. Does sales promotion activates the production level of soft drinks?
iv. Does sales promotion help to level sales peak and valley that arise as a result of seasonal fluctuation in the soft drink market?
1.5 SIGNIFICANCE OF THE STUDY
The study is relevant in that it seeks to identify the roles sales promotion plays in the marketing strategies and achievement of organizational goals and objectives. The study tries to expose the impact of sales promotion on profit generation, production output and employees commitment to organizational activities.
The study will serve as a guide to the company under examination and the entire soft drink company in Nigeria by giving them an insight on ways in which planning and execution of sales promotion programme can be done to yield a better result.
It will furnish information which serves as reference points for organization that caries out sales promotion in motivating and gathering channel supports and consumer?s patronage. The findings and recommendation will be relevant to all firms in the soft drink industry.
Lastly, the study will add to existing stock of knowledge in administrative science research and will equally help other researcher seeking adventure into sales promotion.
1.6 SCOPE OF THE STUDY
The study will involve a view of sales promotion activities of Nigeria Bottling Company (Coca-cola) Onitsha plant, Onitsha metropolises of Anambra State (Eastern Nigeria). The study will further cover the following:
i. The relationship between sales promotion and organizational performance for a period of three months, which form the promotional period.
ii. The effect of sales promotion on the sales of major brands of the Nigeria Bottling company Plc. product.
iii. The effect of economic condition and the purchasing power of consumers at the time of sales promotion.
iv. The effectiveness and efficiency of management in term of profit generation and planning.
Finally, the study would rely on the sampling opinion of management/staff of NBC plc, coca-cola Onitsha plant, the distributors/dealers and the consumers all within the Onitsha metropolis of Anambra State.
1.8 LIMITATION OF THE STUDY
Undoubtedly, any study that seeks to enrich human knowledge is certainly a difficult task. This project is not an exception. Many of the difficulties that could have jeopardized the success of the research was able to eliminated by the researcher but some constraints are still outstanding, these include:
TIME- It is difficult to cover more areas than those itemized one to time constraints within which the study should be completed. It become an Herculean task to travel round various village and towns within Onitsha metropolis to collect the information and still meet up with demand of academic at school.
FINANCE- The cost of research materials were very exorbitant and grossly out of the researcher one to the prevalent economic situation in the country. Since accurate data gathering repeated calls on respondents, high cost of transportation, high cost of transportation greatly reduced the number of investiture schedules appointment with respondents.
ILLITERACY- The level of awareness in the society of ours also affected the collection of data. Most respondent (consumers and distributions) were illiterate. Some of them could not even fill the questionnaire themselves. Hence, it demands greater time and effort to read and interpret the questionnaires to them to facilitate prompt response.
INFORMATION- One of the most obvious limitations is the size of the sample and the coverage. The research is limited to onitsha metropolis, which is a commercial centre. However, the number of total target population. Therefore, this limits the extents of which generalization could be made and create the need for further study that will take care of adequate sample size. Again, the research is affected by time and mobility for pressing issues, churches, services and domestic family clears which make it difficult, to collect more information likewise, sales manager was not very accessible because of his frequent trips outside the company to monitor the sales force and make contacts for more sales.
The relevant attitude of management staff of NBC plc Onitsha and the bureaucratic ways of the executives in granting request for interviews and their deliberate hold back of information to avoid industrial espionage, constituted a major set back for the research. Thus, there was problem of researcher trying to ascertain the exact income and turnover of the company over the period in question.
1.9 DEFINITION OF TERMS
a. Advertising- Advertising is any paid form of non-personal presentation and promotion of ideas, goods and services by an identified sponsor.
b. Brand- This is a name, term sign, symbol or design or a combination of them, intended to identify the goods or services of one seller or group of sellers and to differentiate them from those of the competitors.
c. Brand loyalty- This is consumer unreserved willingness to choose a brand over the other brands and tendency to search for that particular brand when buying.
d. Coupon- These are pieces of paper from the manufacturer or his intermediary entitling its holder to a discount on a particular product. They are certificates that give buyers a saving when purchase a specific product merely to invite guest.
e. Dealers- Middlemen in the distribution chain. They buy goods in order to resell them. They include wholesalers and retailers.
f. Direct mail- Mailing of a price of information literature of any other promotional materials to selected prospects.
g. Effectiveness- Having the power to produce or producing a desire result. The act of producing a pleasing effect or actual rather than theoretical.
h. Efficiency- Producing satisfactory results. The quantity of a person capable of completing work within a relative short time.
i. Exhibition- Putting on display of a company?s product or service for promotional purpose particularly the gathering of number of such display which are either on view to the public in general or merely to invited quest.
j. Goods- Articles that are being offered for sales or produced for consumption.
k. Motivation- This is the drive that propels a person to act beyond normal expectancy or to achieve a goal or objective that he would not ordinarily. It is an inducement which propels or under action.
l. Organization- A business or profit oriented outfit that produces goods and services for the society.
m. Sales promotion- Short term incentives to encourage purchases or sales of a product or services. | CHAPTER ONE
1.1 INTRODUCTION
This research focuses on why people buy people government bonds shares.
A bond is a long term debt instrument ,similar to an Iou .A bond is issued by a government [government bond ] to raise fund to finance a developmental project .it can also be issued by a company or an entry [corporate bond ] to finance a specific project. When you purchase a bond you are lending money to a government, a company or an entry know as an issuer in return for that money the issuer provide you with a bond in which it promises to pay for specified rate of interest during the life of the bond and to repay the face value of the bond [the principal ]when it matures ,or come due.
Bonds can be also called bills notes, debt security or debt obligation to simplify matters, we will refer to all these as ?bonds?
FEDERAL GOVERNMENT BOND (FGN) Federation government bond are debt securities (liability) of the federal government of Nigeria issued under the authority of the debt management office and listed on the debt management office and listed on the Nigeria stock Exchange. The federal government of Nigeria has an obligation to pay the bondholder the principle and the agreed interest as they fall due.
The Federal Government of Nigerian has been issuing the federal government of Nigerian bonds series since 2003. Trading of federal government of Nigerian bonds began in 2006 with the government appointment primary Dealers/Market Makers. FGN bonds currently have maturities ranging from two years to twenty years.
The interest earned on these bonds is called coupons and are paid semi-annually though they can be paid quarterly and annually. The minimum investment in FGN bonds at the auction is N10,000.00 per bond maturity.
FGN bonds trade in both the primary market and the secondary market. The primary market is where bonds are initially bided for at auctions organized by the DMO. This auction takes place on the third Wednesday of every month and investors interested in the primary auctions can only bid through PDMMS with the help of their stock brokers, bankers or even investment adviser.
The secondary market is for subsequent trading of the bonds. The market is liquid and with large volumes of bonds available. Investors still go through their stock brokers, bank, discount houses, investment manager or even CBN offices to participate.
All monetary transaction on bonds are done through the central securities, clearing system and settlement of transactions are done it is working days. All investors are required to have the account.
The benefits of investing in government bonds include the following. Among other, the investment is ?default risk-free? as repayment is guaranteed by the government interest received is tax-free relatively high returns and this can be up to 18% per annum. It can be used as collateral for loans and it is fully transferable and marketable on the floor of the NSE.
Economics Reasons why individuals entities local government, state government, foreign countries invest in shares of FGN bonds or other securities.
To create wealth or to create assets or to create or to create capital, economic theory states that INCOME (N13,000) is a flow of wealth whereas N120,000 is stock of wealth. Income earners can refuse to spend a portion of their income instead they can save it, they do not want their asset in the form of liquid cash.
Anybody who holds assets in other forms other than as liquid cash would earn an addition return. Hence, the investors get back the principal sum plus interest.
To supply loanable fund or idle funds to those who would make demand for them.
Hence the economic process of saving & investment is archived. The investing public or investors are the individual or entities who supply loanable fund to those who make demand for them. Examples are government stock sold by the Central Bank repayable with interest after 91 days; debenture sold by public limited liability companies repayable with fixed interest.
To avoid a reduction in the value of money held in hand as a result of macro-economic factors.
To take advantage of a ?bull market?
A period of steady rising price with people exporting those price increase to continue. These is high optimistic.
During economic boom, these is no intention by people to hold on to money, they are willing and capable of releasing money by convesting them to other assets such as shares and bonds. Logically with economic propensity price of bond will rise. Even with mild inflations, the lends gains and these is capital appreciation.
The stock-market has technical salesmen with the Job title of stock-brokes, Jobbes, Investment adviser who provide accurate information and make demand and provide accurate information and make demand and supply mechanism work smoothly for those buying and those selling with no price fluctuation preduction is based on fact and figures, yet these could be speculation but then it would be based on proper gives estimates not these hence. Participant in the stock-market do not have to be gambles.
To manage the problem of liquidity with the problem of lend?s risk. The length of time a lendes would past with his money would determine the interest he would earn on the principal sum.
1.2 STATEMENT OF PROBLEM
1. To identify the fundamental causes of the uncoordinated administration of the sale of FGN Bond until the DMO was established.
2. To find out the causes of poor management of the Public Debt.
3. To correct the problem of paucity of data and statistic on the total debts securities the FGN is involved in as a borrows.
4. And why is it in arrears in the payment of interest.
5. To find the root cause of the problem of poorly trained personnel in the Central Bank and other agencies in the management of FGN Bonds.
1.3 OBJECTIVES OF THE STUDY
The Debt Management Office (D.M.O) is a Public agency Created by an act of the National Assemble.
The Debt Management Establishment Act 2003 for the purpose of
? Maintenance and disseminating timely, reliable debt data .
? Ensuring affective and efficient management of Nigeria public debt port
folio.
? Assisting government in formulation and implementing sustainable debt
strategies.
? Advising on borrowing policies and assisting in the management of
government?s contingent.
? Tracking federal government loans to Sister African Countries.
1.4 SCOPES AND LIMITATION OF THE STUDY
The study will be confined to the Bonds Markets of Debts Management office (D.M.O), and would cover Bonds, shares, and capital Market.
The second Chapter will deal mainly on literature review revealing the reasons why people buy government bonds and shares with the meaning of bonds and shares.
The third chapter will state the method of data collection with reason for choosing the method. The fourth, as well as the fifth chapter deal with the interpretation of data collected and the summary of findings, conclusion and Recommendation of the study carried out respectively.
The study is mainly on why people buy government bonds & shares.
1.5 IMPORTANCE OF THE STUDY
1. To emphasize the need for the government to sell bonds
2. To achieve its fiscal policy and control inflation
3. To determine how successful the DMO has being as the agency for the
government in the sales of bonds
4. To determine whether the financial advice and the investment advice of the
DMO has resulted inefficient or profitable public debt port folio.
5. To determine whether the level of borrowing through debt securities is
sustainable.
6. To determine what has been the gain or the return enjoy by the FG from the collaboration between the central Bank and the DMO in the same of FGN bonds.
7. To show while sale of bond has been effective since the DMO and the CBN took over the operation
8. To show that Deficits budgeting can be managed through the sale of bonds
9. To indicate why sale of bond will provide revenue into the annual budget and enable FG to fund its long term project
10. To indicate how FG has extended its financial operation to the foreign market by selling bonds abroad
1.6 HISTORICAL BACKGROUND OF DEBT MANAGEMENT OFFICE (D.M.O)
The D.M.O was established on 4th October, 2000 to centrally. Coordinate the management of Nigerian?s debt. Which was hiertherto being done by a myriad of establishment in an uncoordinated fashion. This diffused debts management strategy lead to inefficiencies for instance, in the FMF alone; four different departments have functions for the management for the external debt in the following form.
Functions for the Management of external debt are;
1. External finance department: responsible for all paris club debt and for the management of public debt statistics
2. Multilateral Institution Departments responsible for relationship with all multilateral institution (excluding the African Development Bank and its subsidiaries such as AOF and NTF, which is handled by the ABER Department). It also responsible for managing and servicing multilateral debt.
3. Africa and Bilateral Economic Relations (ABER) Department responsible for liaising with the ABD and its subsidiaries. ECOWAS, and all non-paris club bilateral creditors.
In the CBN the following department had some involvement with
external debt management
1. Debt management department responsible for the London club debts consisting of trade debts, pas bonds, and Promissory Notes.
2. Debt conversion committee responsible for managing various debt conversion options such as debt for debt, debt-for-export, debt-furniture, and debt-for-development.
3. Various departments responsible for processing and effecting loan repayment on behalf of all the other agencies of department of government listed above.
This diffusion in the management of public debt created fundamental problems, including the operational inefficiency and poor coordination such as.
1. Inadequate debt data recording system and poor information flow across agencies with consequent inaccurate and incomplete debt records.
2. Inadequate manpower and poor incentive systems for the affected personnel, which affected output performance.
The consideration of these myriad problems of a relatively autonomous debt management office, which resulted in the formation of the DMO in October 2000. The need for the creation of a separate of a public debt management office was these fore Aimed at achieving the following advantages.
1. Achieving positive impact on overall macro economic management including the fiscal policies.
2. Projecting and promoting a good image of Nigeria as a discipline and organized nation capable of managing its assets and liabilities while.
Our chartes states our commitment t o our stakeholders and office our role, outlines our vision i.e. to manage Nigeria debt as an assets for growth, development and poverty reduction. Our mission i.e. To rely on well ?motivated professional work force and state-of-the-art technology to be among t he emerging markets Topton debt management offices, interest of best practice and contribution to national development by the year 2012. Our core value EXCITE in which E-Excellence, C-Commitment, I-Integrity, T-Teamwork, E-Efficiency then WHO we serve, our strategy 2008-2012. Our service deliver standards, performance target our expectation from those we serve, our grievance redress procedures, stokeholds participation finally the feedback which is the only way we can measure our performance in providing you with the services you need and make improvement where required. | CHAPTER ONE
1.0 INTRODUCTION
The word ?logistics? emanated from the military and it actually connotes the movement of materials, supplies, instrument, equipment, ammunition as well as troops from one location to another, especially in time of war. The concept of logistics and other relation supply chain components such as procurement, inventory, storage, traffic and distribution management all has their history traceable to military operation research and management. However, as strategic management began to take its root in business and economic operation, logistics management loomed so large that it becomes too important to be disposing with. Again, the place of logistics operation and management is further emphasized by the fact the international trade relationships have warranted a mass movement of varieties of commodities, machinery, equipment, components, parts raw materials etc. across frontiers, owing to such variable as distance, nature of consignments weight and size of consignment, challenges posed by notes and channel of transportation was well as various other complex issues, it has long been realized that logistics management, planning and control are activities that call for the highest level of mental alertness, finesse and cognitive complexity root only the, logistics operation are areas of business activities which are vocative that they continue to attract a lot of legal attention from time to time.
Fundamentally, logistics and its various components have formed the new of virtually all categories of business organization. This has resulted from the fact that no product or commodity has any economic value until it get to the final consumer. Interestingly, the chain of activities that ensure that materials, goods, commodities of product get to the final consumer are supply chain or logistics activities. Therefore, most business enterprises are logistics activities. Therefore, most business enterprises are logistics driven.
Since logistics advance of the 1950s there are numerous effort focuses on this area in different application. Due to the trend of nationalization and globalization recent decade, the important of logistics management has been given the various areas. For industries, logistics help to optimize the existing product and distribution process base on same resources through management technique for promoting the efficiency and competiveness of enterprise, the key element in logistics chain in distribution system which joins the separate activities.
Logistics, is the process of planning, implementing and controlling the efficient, effective flow and storage of good, service are related information from the point of origin to the point of consumption for the purpose of confirming to customer requirement.
Heoket, glaskowsky and lvie (1973) defined logistics as the management of all activities which facilitate movement and the coordination of supply and demand in the creation of time and place utility.
Wikipedia (2006) defined logistics as the art and science of managing and controlling the flow of good, energy, and other resources.
The chartered institution of logistics and transports (uk) (2005) defines logistics as the position of resources at the right time, in the right place, at the right cost, at the right quantity.
With all the sighted definition, it becomes very clean that logistics has to do with the efficient transfer of good from the source of supply through the place of manufacture to the point of consumption in a cost ? efficient way why providing and acceptable service to the customers.
Distribution is the key function that adds value across the supply chain and play on strategic role. The important of the supply chain can be seen in the classical example in supply chain like Wal-Mart, Fed EX, and UPS. The cornerstone of such operation are a vast array of ware housing facility in information network access, despite the success story of such example, new trends are emerging in the market, the two most domination been a shift from the buy-hold-sell (BHS) to tell sell ? source ? ship (53) molded of distribution, new value ? adding roles, and in the continues globalization of distribution business. A shift in distribution model. The dynamic nature of market technological development and demanding customers has caused distributors to adjust their way of doing business. Traditionally, distributor buy goods hold them in warehouse until they are required and then sell them to retail level customers. The model is been challenge by a more cost effective time ? phased delivering of goods model which reduce cost associated with inventory and respond more quickly to customer demands ?sell-sources ship (53) is displacing the buy ? hold ? sell (BHS) model of distribution. (Girard 1999).
1.2 OBJECTIVE OF THE STUDY
The general objective of the research project will be to investigate whether there are some factors that affect customer?s satisfaction through effective distribution logistics among production firm in Nigeria.
Specific Objectives of the Study are as follow:
1. To identify some specific areas of gaps and deficiencies in logistics and distribution systems that impact on customer?s satisfaction.
2. To establish the relationship between effective logistics and distribution systems and customer?s satisfaction especially with Cadbury Nigeria Plc products.
1.3 RESEARCH QUESTION
1. Do ineffective Logistics and distribution systems of a firm impact on customers Satisfaction?
2. Is there any significant difference between effective logistics system and customers satisfaction with specific reference to Cadbury Nigeria Plc?
3. Does effective distribution impact mindful of the fact that production is not complete until goods and services get down to the final consumers?
1.4 SCOPE OF THE STUDY
The study distribution and logistics in achieving customers satisfaction could have been extended to cover a widen areas but because of some limiting factors the scope of the study is limited only to Cadbury Industry.
1.5 LIMITATION OF THE STUDY
The researcher encountered many problems in the process of carrying out this study. The main problem was the collection of needed. Information in Cadbury Nigeria Plc. A lot of protocol had to be observed which served as a clog in the wheel of progress of the study.
The researcher also faced financial challenges as the project work involved traveling from place to place for the collection of data. The time collection of the conducting of the researcher was inadequate and most thing were done in hate in order to meet up with the submission date.
1.6 SIGNIFICANCE OF THE STUDY
The research will enable the researcher to have broad knowledge of achieving customer?s satisfaction through effective distribution and logistics system.
The research work will afford future researchers to use this work as a reference material.
The study will enhance the reputation of the case study (Cadbury Nigeria plc) engaging in this research will help build the company brand.
1.7 DEFINITION OF KEY TERMS
Logistics: is concerned with getting product and services where they are needed whenever they are desired.
Distribution: means making good and services available to the customers and the most convenient place in a reasonable price.
Distribution: means to speed the products throughout the market place such that a large number of people can buy it.
Distribution Strategy: is the planned course of action undertaken to achieve the aim and objective of an organization.
Distribution management: means activities as warehousing, materials are holding, packaging, stock control, order processing and transportation.
Channel of Distribution: refers to a various avenue, place, platform, through which good and service past before they got too the final consumer.
1.8 HISTORICAL BACKGORUND OF CADBURY NIGERIA PLC.
The of Cadbury Nigeria PLC dates back to the 1950s when the business was founded as an operational to source. Cocoa beans from Nigeria as a precursor to enable the company?s founders to tip opportunity, for serving the local customer market with world-famous Cadbury branded product. In the early 1960s, an initial operation was established to repack imported bulk product. This packing operation grew rapidly in to fully fledge manufacturing operation and resulted in the incorporation of Cadbury Nigeria Limited in January 1965, in 1975, the firm become a publicly listed company with shares trades locally on the Nigeria stock exchanges.
Cadbury Nigeria has grown to become a household name providing consumer with much love bands and revenue of #35.75b in 2013 and #50b in 2015 in Asset.
RICH PORTFOLIO OF HIGH QUALITY BRANDS CADBURY PLC
Introduce in the year 1960, Cadbury Bournvita, the company flagship brand, was initially imported and repack locally on the general side at Agindinhbi Ikeja Lagos. Having consolidate the food Drink market in Nigeria, Cadbury Bournvita was re-launched in a world class, environmentally friendly, poly propylene jar in 2011 and remain today a market leader in the food Drinks categories, In 2013, the Nutrition society of Nigeria (NSN) endorsed Cadbury Bournvita as a food drink rich in energy and essential micronutrients, the only food drink brand to be so endorsed.
OTHER BRANDS IN THE PORTFOLIO
Cadbury also develop other product categories most notable candy, introduce in 1970, Tom Tom the big, black and white sweet for soothing relief which was sustained market leadership for over 40years remains the most Iconic brand in Nigeria candy market. It now carried in there variant classic, honey lemon and Strawberry. The other brand in the company?s candy portfolio is Trebor, Butter mint, the delicious sweet with the double pleasure of butter in 2012, the company expanded in product categories in Nigeria when it launched Tang, the global leader in powered beverages.
ANCULLARY BUSINESS
Cadbury Nigeria owned 99.61% equity in Stan mark Cocoa processing company limited, located in Ondo town in Ondo state, Nigeria. The company provide, all the Cocoa powdered required for manufacturing Cadbury, Bournvita, Stand mark Cocoa process company limited processing cocoa, bean in to several high quality cocoa by product (such as Cocoa butter, cocoa liquor) for local and export market, in April 2013 Cadbury Nigeria acquired the majority equity interest in Stan mark cocoa processing company limited, becoming part of the enhances Cadbury Nigeria fairly and now known as Cadbury Nigeria PLC cocoa processing plant.
The company has since grown originally to become of the leading manufacturers in Nigeria, with a rising profile in the Europe Middle East Africa (EMEA). Listed on the Nigeria Exchange since 1976, Cadbury is in the top 10 of the 258 quoted equities by market capitalism at the end of 2002. Cadbury Schweppes currently owns 46.3% of the equity, with the balance stock held by about 40,000 individual and institutional shareholders.
Cadbury Nigeria is one of the few Signatories till date to the convention on Business Integrity.
SHARE HOLDING STRUCTURE
Mondelez international was majority equity interest of 74.77% in Cadbury Nigeria through its holding in Cadbury Schweppes overseas limited. The remain 25.03% equity ownership is held by a diverse group of Nigeria individual and institutional shareholder.
1.10 CORPORATE SOCIAL RESPONSIBILITY OF CADBURY NIGERIA PLC
Nigerians have showered encomium on the nation?s leading Food drink, Cadbury Bournvita, on its contribution towards uplifting and identifying with its core target audience through its numerous corporate social Responsibility (CBR) initiatives some of the renowned Cadbury Bournvita CSR endeavors include breast cancer awareness campaign for mother, Children to support breast cancer awareness Campaign undertaken by Children, Ramadan seasonal reward for Muslim consumers and sponsorship of the LTV Christmas Funfair, BCOS fun park in Ibadan and calabar Children Carnival.
Speaking with the Tide at Cadbury Bournvita sponsored LTV Christmas funfair in Lagos, across section of mother at the amusement park said that apart from the brand key role in Children mental and health development, Bournvita has contributed immensely to the socio-economic life of its core target market, which are Children and Mothers.
Mrs. Abimbola Ajakaye, civil servant said, ?Bournvita is a good corporate citizen. Apart from providing world number Ore food drink, which standard and quality can be measured to anyone in the world? It is a brand that does not lose touch of its operating environmental and people patronizing it?.
According to the marketing manager, food and chocolates Cadbury Nigeria, Mrs. Bukky Bandele ?Bournvita a very proud to be official sponsor of the carnival calabar Children?s party 2007 Bournvita has an unrivalled pedigree an nourishing the bodies and mind of tomorrow?s leaders and we are looking forward to a great future all over the counting from all over the country who will be arriving in calabar for the Carnival?.
While visiting the park, the managing director Christmas is great kind of time in the year and it is a fantastic opportunity to partnering with our core target market Children and mother and LTV in the Christmas Fun-fair Cadbury and LTV are about 300 yard apart, there are in the same community and we like to be here and obviously Children are having a great time, which remains Cadbury Bournvita Cardinal Principle?.
The managing Director also affirmed Nigeria has the biggest market for the brand in Africa.
Throughout its history, Cadbury Bournvita has continuously re-invented itself in terms of product, packaging, promotion and distribution, the Cadbury lineage and rich brand heritage has helped the brand maintains its leadership position and image over the last 50 years. | CHAPTER ONE 1.0 INTRODUCTION The manufacturing sector of any economy is no doubt important to that economy. The manufacturing industry exists in an economics atmosphere which greatly determines its existence in terms of success or failure. The topic of research work needs close examination hence for meaning of what a depressed economy is. A depressed economy is that economy which is characterized by heavy unemployment, low level of consumer demand, substantial amount of unused industrial capacity, high inflation rate, large stock of inventory, tight monetary policies regime, usually evidence in high cost of capacity lack of confidence in the future as a result of which there will be problems of investments. The situation may last for several years depending on how quality the leaders are able to initiate and actualize a sustainable economy recovery programme. According to Central Bank of Nigeria (CBN), the world economy has already recorded strong recovered evidence in improved programme by industrialized countries of Western Europe, America and developing countries of Asia and Latin?s America. This while the rest of the world as already at the recovery phase of their trade cycle, Nigeria as still neck deep in recession. In addition, the economy continues to suffer from stocks and policy reversals as government continues to dally-belly ache over what policy must contributes the best therapy for the seeming terminally ill economy. That is in this economy doom in which Nigeria found herself that the manufacturing companies have to exist that is pertinent to note here that the cumulative effects of the depression on the average consumer is that this disposable income is substantially redressed or last completely as it is the case of the unemployed in the economy. In view of the prevalent unstable, changing, uncertain and declined economic environment, how would a manufacturing company survive and succeed in the attainment of the set objectives and goals. The key to survival is in the adoption of certain strategic management approaches, it has been argued that unstable and uncertain environment of today is not susceptible to calendar direction driven planning method which theories on traditional budgets and long rang plans, instead a completely new-orientation that drawn heavily from the planning and management will be adequate. 1.1 HISTORICAL BACKGROUND OF NIGERIA BOTTLING COMPANY PLC, LAGOS The company bottling company PLC, makers of cocacola its antecedent noted in that of its precursor A.G Leventies first established the business in Ghana in 1937 and her first branch in Nigeria dated back no 1943 his collaborates in those early years were MR. G.E Karalakis and Mr. A.P.Levent who set up the Nigeria branch. Originally the main activities were produced buying imports and wholesales of textiles goods. In the first post, would world tears, the business enlarged its scope to include hardware, building materials and provision on more sophisticated retail distribution and servicing of motor vehicle and technical products. At present, Nigeria bottling company in one of the companies in A.G. Leventies group of company which are publicly quoted on the 22nd of November 1951, which was registered capital of N2,500.00k cocacola which is the trade mark one its successful numerous products was first introduce 1953 in Nigeria when the company set up its first plan in Lagos. Cocacola itself was first made on 8th May, 1886 by Mr. John Peniberton, pharmacists in his home in Atlanta Geogia. The person that gave cocacola its name was Frank M. Robinson, Dr. Nemberson?s partners and book keeper. He also designed the script that distinguishes the famous trademark. Cocacola contents remain as secret as they have been for over 100 years. The formular which is known as MERCHNDIZE 7X is kept in the United States. Nigeria Bottling Company Plc is today seven millions bottles per day, a figure which is still growing with the continuing expansion of the existing nineteen plants and with the opening of the new plants in various parts of the Federation. The best known taste in the world is Coca bottle or grass of cocacola, fanta Orange segment and sprite the most widely sold lemon lime drink 1 Nigeria. Other products bottled by NBC Plc include Fanta Ginger Ace, Fanta Tonic Soda, Fanta Chapman, Krest Butter Lemon, Diet Coke, Fanta Lemon and Eva Table water. The company?s business activities are now grouped into three divisions, the bottling division, the agricultural division and the allied industry industry division. The bottling division is responsible for the bottling of cocacola and fanta orange of soft drink. To comply with the government policy on import restriction and to maintain highly quality of products, the company development a form as a way of searching its news materials locally. With this, they have Agricultural Division, which operates mainly through Sunlite Agro Industries company, a large scale merchandize maize and rice farming organization based in weppa production are also included in its operations. Another area of operation undertaken by agricultural division is production of Hybrid seed through one of the company subsidiaries, Agriculture seeds limited based in Zaria. The Allied Division Industires Co-ordinate the activities of other companies in the group such as manufacturing of glass bottles required to keep a large bottling in operation and the crown product factories in Ibadan and Kano which manufactures the mental crowns to seal the bottle. Also, the Benin Plastic Company which makes the plastic crates that facilities packaging has its activities under this division NBC is also the largest manufacturer of Carbon-dioxide (CRO) gas used or making soft drink. The Company is providing employment for approximately one million Nigerians throughout its nineteen plants, head office and regional offices. At the moment, over 500 Nigerians are employed in management position. While most of the employees are training and developing of responsible positions is continually carried out in all aspects of company activities. Nigeria Bottling Company Plc has not only provided employment for many Nigerians but also generate considerable internal revenue for the government through the payment of taxes and duties. The company always put something back into as a reward for patronizing its products mainly through philanthropic activities. For example the company is leader in the crusade for environmental protection. That is also sponsor for sporting events. NBC is conscious of its social responsibilities for this reason, sponsors activities such as: 1. Football-Local and National Competitions 2. Table Tennis, the Nigeria (closed) Championship 3. Activities of the disable and 4. Many Communal Projects and events 1.2 STATEMENT OF THE PROBLEM The problems have been identified from research carried out with the company under the study Nigeria Bottling Company Plc the problems are: 1. The low patronage of customers to manufacturing goods in a depressed economy 2. Inability to produce the needed raw materials 3. High cost of Production 4. Low income per head 5. Low purchasing power or deposal income 6. Inflation which brings about decrease in the value of money 7. Low quality of locally made raw materials 8. Lack of initiative to exploits the economics alternative during depresses economy. 1.3 AIMS AND OBJECTIVES OF THE STUDY The aims and objectives of this research project are as follows: 1. To identify the effects of depressed economy on the profitability of manufacturing companies. 2. To identify some of those variables that can be exploited during the depressed via strategic management approach to favour manufacturing companies 3. To adequately highlight those variables in manufacturing sector if not well taken care of can cause the down of the organization 4. To evaluate the various strategies open to manufacturer in a depressed economy 5. To suggest ways that manufacturing companies can be managed for effective result in a depressed economy. 1.4 SIGNIFICANT OF THE STUDY ABSTRACT The importance of this project is in fact that the manufacturing covers a greater percentage of the economy, hence, the need for study via the economy depression presently been undergone in Nigeria. This research work would also serve as a framework of organization operation especially in the manufacturing as it will avail investors with the strategies usable during the depressed economy. 1.5 STATEMENT OF HYPOTHESIS The problems identified earlier on gives us in sight into the nature of the research hypothesis. A research hypothesis is nothing but a conjectured statement which may be accepted to reject when tested. Hence, the main hypothesis of this study is: 1. HO: Depressed economy does not lead to low patronage by consumers of manufacturing products. H1: Depressed economy lead to low percentage by consumer of manufacturing products 2. HO: Depressed do not bring about inability to procure needed materials H3: Depressed bring about inability to procure needed materials 3. HO: Low purchasing power of the consumers will not affect the aggregate demand of the consumers. H3: Low purchasing power of the consumers will affect the aggregate demand of the consumers. 4. HO: High cost of production is not as a result of depressed economy. H4: High cost of production is as a result of depressed economy. 5. HO: Low income per head is not a reflection of the depressed economy. H5: Low income per head is a reflection of the depressed economy. 1.6 SCOPE OF THE STUDY This research work has its tired of coverage limited to Nigeria Bottling company (A manufacturing company). This research work will look into the operations of the Nigeria Bottling Company as well as pattern or preparation of budget in the company. 1.7 LIMITATION OF THE STUDY This research work is limited to information that will be available to us, particularly considering the strictly competitive environment in which the company operates and time duration. The likely limitations that can jeopardize the smooth effective completion of this research study are stated as: 1. Finance is a vital tool that determine the progress of a research 2. Some respondents may have enough time to grant interview and the workload in school contributes in its own small way to the limitation of the research work. 3. Time, cost. 1.8 RESEARCH QUESTION 1. Is lack of collateral security affecting the availability of loan? 2. Is tying down of capital unnecessary as a result of lack of managerial expertise? 3. Changes in government policy affect the successful implementation of policy by profitability oriented manufacturing company? 1.9 DEFINITION OF TERMS 1. Production: is defined as the various economic activities aimed at the creation of goods and services and the distribution of these to the final consumers for satisfaction of human wants. Production can also be defined as the creation of utility. All goods and services must possess utility, which means that they must be capable of satisfying certain human wants. 2. Inflation: may be defined as a persistence rise in the general price level of goods and services. It occurs when volume of purchases is permanently running ahead of production and too much money in circulation chasing too few goods. 3. Cost: is the value of economic use in production and is the monetary value consumed or amount spent in the cost of consuming goods and services. 4. Industry: is defined as a group of firms producing similar products and under separate administration or management. It includes a collection of different firms which produce similar goods under separate management. 5. Product: It is a complex of tangible and intangible attributes including packaging, colours, price manufacture?s prestige/service which the buyer may accept as offering what buyer intends to buy and what the seller intend to sell. |
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