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(The Nigerian Experience)
Abstract
The main objective of the study is to examine the relationship between industrial product marketing and performance of firms in a competitive marketing economy. The researcher therefore determined the sample size to use from the population of both the senior and junior staffs of Thompson and Grace Investment Limited and Indorama petrol chemicals, Port Harcourt. The data collected were processed electronically using Statistical Packages for Social Sciences (SPSS). The statistical test used in the analysis of the data collected was Pearson Product Moment Correlation statistical tool. In this context, questions relating to the main objectives were considered. From the analysis of this study, it was observed that industrial product marketing when adequately plan, has the propensity to enhance the performance of firms in a competitive marketing economy. Based on the above findings, the following recommendations were made among others: That manufacturing firms should ensure that they galvanize materials and parts, that manufacturing firms should ensure adequate capital items which will enable them gain competitive advantage in a marketing economy and that manufacturing firm should re-strategize their sales and supply strategy to increase their performance.
Table of Content
Title Page i
Cover Page ii
Declaration iii
Certification iv
Dedication v
Acknowledgements vi
Abstract vii
Table of Content viii
CHAPTER ONE 1
INTRODUCTION 1
1.1 Background of the Study 1
1.2 Statement of Problems 2
1.3 Objectives of the Study 3
1.4 Research Questions 3
1.5 Research Hypothesis 4
1.6 Significance of the Study 4
1.7 Scope of the Study 5
1.8 Limitations of the Study 5
1.9 Definition of Terms 6
CHAPTER TWO 7
REVIEW OF RELATED LITERATURE 7
2.1 Conceptual Framework 7
2.1.1 Concept Of Industrial Product Marketing 7
2.1.2 Dimensions Of Industrial Product Marketing 9
i. Materials and Parts 9
ii. Capital Item 10
iii. Sales and Supplies 11
2.1.4 Concept of Performance 12
2.1.5 Measures of Performance 13
i. Profitability 13
ii. Market Share 15
iii. Sales Volume 16
2.1.6 Industrial Product Marketing and Performance of Firms in a 17
2.2 Theoretical Framework 18
2.2.1 Porter’s Five Forces of Competitive Position Analysis 18
2.3 Review Of Related Empirical Studies 19
2.4 Summary of Literature Review 21
CHAPTER 3 22
RESEARCH METHODOLOGY 22
3.1 Introduction 22
3.2 Research Design 22
3.3 Population of the Study 22
3.4 Sampling Techniques Used 23
3.5 Sample Size 23
3.6 Sources of Data 23
3.6.1 Primary Source (s) of Data 23
3.6.2 Secondary Source of Data 24
3.7 Research Instrument for Data Collection 24
3.8 Validity and Reliability of Instrument 24
3.9 Techniques for Data Analysis 25
CHAPTER FOUR 26
DATA PRESENTATION AND ANALYSIS 26
4.2 Data Presentation and Analysis: 27
4.3 Testing of Hypothesis: 32
4.4 Discussion of Findings: 33
CHAPTER FIVE 36
SUMMARY, CONCLUSION AND RECOMMENDATION 36
5.1 Summary: 36
5.2 Conclusion: 36
5.3 Recommendations: 37
References 38
Appendix 1 40
Appendix II 41
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
According to the business dictionary, industrial products are machinery, manufacturing plants, materials and other goods or component parts for use or consumption by other industries or firms.
Industrial products are not sold to final consumer for ultimate consumption. They are goods sold primarily for use in producing other goods or rendering services or running of a business (Orji, 2010).
There are varieties of industrial products offered to the consumer by the marketer. In order to ensure effective sorting, the goods are classified into seven major classes, namely heavy equipment, accessory for the light equipment, raw materials, supplies, component parts, processed materials, business services (Orji, 2010).
According to Gronroos, (1999), competitive market is a market which a large numbers of producers compete with each other to satisfy the wants and needs of a large number of consumers. In a competitive market no single producer, or group of producers, and no single consumer, or group of consumers, can dictate how the market operates. Nor can they individually determine the price of goods and services, and how much will be exchanged. Competitive markets will form under certain conditions.
An economic market system capable of directing the whole of economic life, without outside help or interference, is called self-regulating or competitive economy. Once the self-regulating or competitive economy is designed and implemented by the state, to give all participants an equal opportunity for success, the self-regulating market is to be let alone by the state and allowed to function, without after-the- fact government or outside intrusions, regardless of the expected consequences. The government’s role is to set up and enforce impartial laws, not to play the game (Chris and Graham, 2007).
Self-regulating markets require competitive markets for labor, land and money. The state devises laws and regulations for their development and maintenance. This is the revolutionary change to how societies were previously organized. Land, unlike human beings, is part of the physical world (i.e., nature). However, land and people, down through history, are inexorably tied together. Institutions in tribal and feudal societies are dependent upon the people-land whole, and they are never separated. In contrast, self-regulating or competitive market economies split land and labor into two separate units of trade, resulting in a change in societal values (Chris and Graham, 2007).
In a self-regulating or competitive economy, market prices are allowed to seek their own level which is a price setting and market clearing mechanism. Initially, markets are expected to be in balance. However, when random information or external shocks to the self-regulating market economy moves prices, markets are assumed to be self-equilibrating, without outside interference from government.
1.2 Statement of Problems
Most times, most companies do not realize that competition is part of the marketing environment and as such do not give attention to the product and services they render even in a competitive economy (Chris and Graham, 2007). As regard to the above fact this research project seeks to give an insight on the creation of sustainable competitive advantage that is important for every firm in order to operate efficiently. It emphasizes on the need for the competency to be valuable, rare and not easy to be duplicated in the same way by other firms. Industrial products are not sold to final consumer for ultimate consumption. They are goods sold primarily for use in producing other goods or rendering services or running of a business (Orji, 2010). However industrial products require a high level of marketing effort to gain a sustainable competitive advantage. Therefore the study seeks to examine the relationship between industrial product marketing and performance of firms in a competitive marketing economy.
1.3 Objectives of the Study
The main objective of the study is to examine the relationship between industrial product marketing and performance of firms in a competitive marketing economy. The specific objectives are as follows:
1. To examine the extent to which materials and parts associate with performance of firms in a competitive marketing economy.
2. To examine the extent to which capital items associate with performance of firms in a competitive marketing economy.
3. To examine the extent to which Sales/Supplies associate with performance of firms in a competitive marketing economy.
1.4 Research Questions
The following research questions were proposed to guide the study.
1. Does materials and parts associate with performance of firms in a competitive marketing economy?
2. Do capital items associate with performance of firms in a competitive marketing economy?
3. Do Sales/Supplies associate with performance of firms in a competitive marketing economy?
1.5 Research Hypothesis
HO1: There is no significant relationship between materials and parts and performance of firms in a competitive marketing economy.
HO2: There is no significant relationship between capital items and performance of firms in a competitive marketing economy.
HO3: There is no significant relationship between Sales/Supplies and performance of firms in a competitive marketing economy.
1.6 Significance of the Study
The study will help marketing organization that would like to embark on the marketing of industrial products and assist them in establishing a well rooted company through the enhancement of sales in competitive economies.
It will also be of great importance to other companies in that at the end of the study, they would diligently make reference to this work and also take the necessary measures to meet up with efficient and effective marketing information system that will improve their levels of sales in competitive economies.
The study at its conclusion will contribute to literature on industrial product marketing particularly with reference to competitive market economy. Also, this work on completion will broaden the essence for application of modern marketing techniques for marketing organizations in Nigeria.
1.7 Scope of the Study
The study is delimited under the following heading: content scope, geographical scope and unit of analysis.
Content Scope: The content scope of this study involves an investigation to ascertain the relationship between industrial products measured by materials and parts, capital items and Sales/Supplies. While the dependent variable is performance measured by profitability, sales volume and market.
Geographical Scope: This study is delimited in Port Harcourt Rivers State with references to some selected firms in Port Harcourt Metropolis which include Thompson and Grace Investment Limited and Indorama petrol chemicals.
Unit of Analysis: The unit of analysis in this research involves both senior and junior staff of selected organizations in Port Harcourt Metropolis which include Thompson and Grace Investment Limited and Indorama petrol chemicals.
1.8 Limitations of the Study
The study was limited by the following:
The level of frankness in response to questions by the respondents is quite doubtful.
Finance: Accessing fund for the research work was difficult and this 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 wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
Industrial product: Machinery, manufacturing plants, materials, and other goods or component parts for use or consumption by other industries or firms. Demand for industrial goods is usually based on the demand for consumer goods they help produce (called derived demand).
Products: An article or substance that is manufactured or refined for sale.
Competition: The activity or condition of competing.
Economy: The wealth and resources of a country or region, especially in terms of the production and consumption of goods and services.
Competitive economy: An economic market system capable of directing the whole of economic life, without outside help or interference, is called self-regulating or competitive economy.
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