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ABSTRACT
The study examines the effect of industrial marketing on a nations economy. The main objective of the study is to the effect of industrial marketing on a nation’s economy. the specific objective of the study is to examine the extent to which industrial marketing has enhanced the production of goods in a nation, to determine the extent to which industrial marketing has improved economic activities in a country, to examine the challenges of industrial marketing in a nations economy, to find out if there is solution to the challenges of industrial marketing in a Nigeria. The researcher determined the sample size to use from the population of the total staffs of Bontis LTD and Devine marketing. Therefore the sample size of this study is judgmental sample of 100 respondents which comprise of both the senior and junior staffs of PZ industries PLC. Therefore the sample size for this study is 100. Findings revealed that there is significant effect of industrial marketing on a nation’s economy. Based on the findings of the study, summary conclusion and recommendations are made that marketing manager should develop more industrial marketing strategies to enhance industrial product marketing to facilitate the production of goods in a nation, marketing managers should create a good relationship with customers and important external bodies in the market such as dealers, suppliers of industrial products, the government is an important part of marketing strategy formulation and management so the government should help in controlling the market and as such help the economy, the marketing manager should help develop internal analysis which includes strengths, weaknesses, core competencies, resource constraint analysis to help the firm perform well in a competitive economy, marketing managers should create marketing strategy with a good marketing objective to help them attain organizational goals in a competitive market.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Industrial marketing (or business-to-business marketing) is the marketing of goods and services by one business to another. Industrial goods are those an industry uses to produce an end product from one or more raw materials (Peter M. Chisnall 1995).
The fundamentals of consumer marketing are equally applicable to the industrial marketing. The work of the industrial marketing is exclusively different, as all the forces of market that affect industrial demand. The managers of industrial marketing must react in a different way to change the markets, develop products to meet these changes, and market them in exclusively different ways to the target and sophisticate customers while maintaining corporate policies. Therefore, industrial marketers face many distinctive marketing situations not normally encountered in the consumer market. Further, the industrial marketing has been the backbone of the high standard of living enjoyed by consumers in past or since the industrial revolution at global level. It is dynamic and challenging in any nation‘s economic growth and development. As and when the principles, knowledge, and practice of marketing cut across all industries, to market effectively in the industrial market than it becomes compulsory for the policy makers to study the industrial marketing differently and to understand the industrial marketing problems. Woodruffe, Helen (2000).
Generally, industrial organisations tend to be technically oriented-much more interested in a particular product and its technical development. Many managers in such firms are promoted out of engineering and research and development departments. Sometimes technical values tend to dominate their decisionmaking.
When it happens, there is a risk of becoming so charmed wit h a technical accomplishment or particular product parameters that the necessary flexibility for responding to customer needs in a competitive market place disappears. It is more serious in industrial marketing due to the complexity of the problems customers are attempting to solve. For marketing effectiveness, the product should always be regarded as a variable and should be viewed from the perspective of the customer. Customer benefits and need satisfaction, rather than the physical product, should be the center of attention. Further, customer satisfaction should be dominant in all corporate decision making; so, it cannot be the exclusive domain of the marketing department. Providing customer satisfaction must involve all decision makers and will affect product design, demand analysis, manufacturing techniques, resource utilization, and long-range profits of the business organizations. Robert R.Reeder, Edward G.Brierty & Betty H.Reeder (2001),
Moreover, the understanding of the concept of industrial marketing is compulsory for industrial marketing manger to provide proper guidance and stimulation for research and development of new products; to exploit and develop markets for new products; to define the methods for promoting products to customers considering the major increase in the cost of media advertising and personal selling; to innovate in distribution and other areas to keep up with changing requirements of industrial customers doing business on a multinational basis; to meet stiff competition through modernized business; to refine and modify product positioning; and to approach problems in the modern ways Robert R.Reeder, Edward G.Brierty & Betty H.Reeder (2001).
1.2 STATEMENT OF THE PROBLEM
This study is poised at comprehensively determining the importance of industrial marketing on a nation’s economy. The industrial marketing activities of any organization or company are so weighty to the extent that they are weightily integrated into the broad business terms known as materials management. Because of the complex nature of these procurement activities, the strategic management in the organization ensures that they tailor every program, plans, procedure, policy, strategy, and objective towards the actualization of the corporate mission statement or philosophy of the organization.
This study will find out and understand the concept and effect of industrial marketing on a nation economy.
This study will also reckon with the merchandising, purchasing, promotions and pricing programmes and the factors affecting the operations of marketing organizations, as well as the role of effective industrial marketing practice to the success of the manufacturing industries as well as the nation’s economy.
1.3 OBJECTIVES OF THE STUDY
The main objective of the study is to examine the importance of industrial marketing on a nation’s economy.
The specific objectives are
- To examine the extent to which industrial marketing has enhanced the production of goods in a nation.
- To determine the extent to which industrial marketing has improved economic activities in a country.
- To examine the challenges of industrial marketing in a nations economy.
- To find out if there is solution to the challenges of industrial marketing in a Nigeria.
1.4 RESEARCH QUESTION
The following research questions were used to guide the research:
- To what extent does industrial marketing enhanced the production of goods in a nation?
- What is the extent to which industrial marketing has improved economic activities in a country?
- What are the challenges of industrial marketing in a nation’s economy?
- Are there solutions to the challenges of industrial marketing in a Nigeria?
1.5 RESEARCH HYPOTHESIS
The following research hypothesis will guide the researcher:
HO: There is no significant effect of industrial marketing on a nation’s economy.
HI: There is significant effect of industrial marketing on a nation’s economy.
1.6 SIGNIFICANCE OF THE STUDY
The study will be useful to the following groups and corporate firms.
It beneficial to the management of manufacturing firms likewise, all stock holders in the manufacturing company. The study is expected to be of use to organization practicing material management such as employees, hospitals, construction companies and marketing management consultants.
Also the study will be beneficial to students of higher institutions, particularly those involved in seminars, symposium and workshops, as it is materials. The study adds to the stock of knowledge in the field of management science research as it fills the wide vacuum created by existing literature materials on the research problem.
1.7 THE SCOPE OF THE STUDY
This study covers the importance of industrial marketing on a nation’s economy. All marketing organizations could have been covered but for time and cost constraints. So the researcher decided to pick some selected marketing organizations in Port Harcourt Metropolis Bontis LTD, and Devine Marketing.
1.8 LIMITATION OF THE STUDY
The study is limited to the following limitations:
The level of frankness in response to questions by the respondents is quite doubtful.
Finance: Accessing fund for the research work as difficult and this to a great extent limited the quality of research activity.
Time: The time allocated to the research work was not sufficient to give room for further intensive work on the field of study.
Organization Policy: Policies of the organization limited the level of information received. The personnel of the firms were not willing to give information, stating that it was against the organization’s policy.
1.9 DEFINITION OF TERMS
Marketing: The action or business of promoting and selling products or services, including market research and advertising.
Industrial marketing: (or business-to-business marketing) is the marketing of goods and services by one business to another.
Nation’s Economy: The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
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