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ABSTRACT
The study examines marketing of industrial product in a competitive marketing economy. The main objective of the study is to examine marketing of industrial product in a competitive market economy. The specific objectives are to examine performance of industrial products in a competitive marketing environment, to determine the extent to which relationship marketing has contributed in the marketing of industrial products in a competitive marketing economy, to examine the challenges faced by the firms in the marketing of industrial products in a competitive marketing economy, to find out whether there are solutions to the challenges of marketing industrial products in a competitive economy. Our population of the study was made of the entire staffs of Berger paint PLC which was unknown. The sample size of this study is judgmental sample of 100 respondents which comprise of both the senior and junior staffs of Berger paint PLC. Therefore the sample size for this study is 100. Findings revealed that there are solutions to the challenges of marketing industrial products in a competitive marketing environment. Based on the findings of the study, summary, conclusion and recommendations were made that marketing managers should create a good relationship with customers and important external bodies in the market such as dealers, suppliers, the government is an important part of marketing strategy formulation and management so the government should help in controlling the market in 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 economy.
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 marketing 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 be it large or small 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. As regard to the above fact the 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. The research study also explains the need for a firm to concentrate on its core competencies and at the same time explore opportunities that are arising so as not to be left behind. Core competencies help an organization to distinguish its products from its rivals as well as to reduce its costs than its competitors and thereby attain a competitive advantage. Therefore the study seeks to examine marketing of industrial product in a competitive marketing environment.
1.3 OBJECTIVES OF THE STUDY
The main objective of the study is to examine marketing of industrial product in a competitive marketing environment. The specific objectives are as follows:
- To examine performance of industrial products in a competitive marketing environment.
- To determine the extent to which relationship marketing has contributed in the marketing of industrial products in a competitive marketing economy.
- To examine the challenges faced by the firms in the marketing of industrial products in a competitive marketing economy.
- To find out whether there are solutions to the challenges of marketing industrial products in a competitive economy.
1.4 RESEARCH QUESTIONS
- What are the performance of industrial products in a competitive marketing environment?
- What is the extent to which relationship marketing has contributed in the marketing of industrial products in a competitive marketing economy?
- What are the challenges faced by the firms in the marketing of industrial products in a competitive marketing economy?
- Are there solutions to the challenges of marketing industrial products in a competitive economy?
1.5 RESEARCH HYPOTHESIS
HO: There are challenges of marketing industrial products in a competitive marketing environment.
HI: There are solutions to the challenges of marketing industrial products in a competitive marketing environment.
1.6 SIGNIFICANCE OF THE STUDY
The importance of this study (Research Work) is to help or be of help to any marketing organization that would like to embark on the marketing of industrial product, so as to assist them in establishing a well rooted company through the enhancement of sales in competitive economies.
It is also 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 contributing to literature in 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 limit scope to some selected organizations in Port Harcourt Metropolis which include Thompson and Grace Investment Limited, Apex Integrated Services and Indoroma petrol chemicals etc.
1.8 LIMITATIONS 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 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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