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SURVIVAL STRATEGY
ADOPTION BY SMALL SCALE RETAIL OUTLET IN NIGERIA
ABSTRACT
The subject of this
project is survival strategies adopted by small-scale shops in Enugu state
urban. This recent changes in the
Nigeria Business environment have forced small-scale shops to formulate diverse
survival strategy in order to survive the turbulence in Nigeria environment.
This study process on those things that small-scale shops can
do and have done to accommodate market changes such as downsizing, expansion,
offering discounts, location and relocation of the shops can do and have done
to accommodate market changes such as down, sizing, expansion offering discount
location and relocation of the shop at a better site, margin, cool structure,
the product line, diversification, free gifts and booms, differentiation and
segmentation etc.
To achieve this the researchers constructed questionnaire
base on research question formulated in chapter one.
The major findings in these studies are as follows:
1. Location and
relocation of business at a better site is as important as the growth of the
business.
2. Down-sizing
small-scale shops encourages high profit margin from the specified field of
treatment.
3. Discounts, free
gifts and bonus, attracts customers patronage.
4. Product line diversification, differentiation and
market segmentation are the major strategies that can be adopted and have been
adopted by small-scale shops in order to face and win its competitors.
5. To survive a
small-scale shop must be responsive to the needs of its consumers, financially
up to date etc.
The major conclusion drawn from this study is that the
survival strategies adopted by the small-scale shops are discount bonus, and
gifts offered to consumers based on the quantity of purchased. The use of
product line, product diversification, location and relocation, differentiation
and market segmentation are greatly helpful for the survival of small-scale
shop. Recommendations were made based on the findings and conclusion drawn.
TABLE OF CONTENTS
CHAPTER ONE
INTRODUCTION
1.0 Background to
study
1.1 Objectives of the
study
1.2 Scope and
limitation of the study
1.3 Significance of
the study
1.4 Statement of
research problem
1.5 Definition of key
terms
1.6 References
CHAPTER TWO
LITERATURE REVIEW
2.1 Retail
shopping in Nigeria
2.2 Shop keeping
as small business
2.3 Model retail
strategies
2.4 Retal shopping
in Nigeria
2.5 Problems of small scale business in Nigeria
2.6 Reference
CHAPTER THREE
SUMMARY OF FINDINGS
3.1 The research
of findings
3.2 Conclusions
3.3
Recommendations
3.4 Reference
CHAPTER ONE
INTRODUCTION
1.1 BACKGROND OF THE
STUDY
Survival strategy involves the development of a well
articulated marketing plan for successful introduction of the product into the
market. This is not static and would most probably under go refinement and
modification in subsequent stages.
The marketing strategy deals with the marketing mix coordination that would be
used, the market and the marketing budget.
The first section should describe the market size structure,
behaviour and the company’s intended share of the market. It should also
describe product positioning and the possible project consequent on that.
The second part will develop deeper into the marketing mix
component, the planned product quality which follows from the first, the
planned price, distribution and
production strategy. This section should also include the marketing budget
needed to carry out the strategy
The third section is a
fallout from the previous two it describes the long run sales and profit
goals based on the first two section.
This is the process that continues through development stage as new information is
accumulated about the product and the market.
Several
analytical tools are available to
firms technique risk analysis and bays tan decision theory. The key to whether a product
should be developed is whether it will find
easily to sufficient market acceptance to return a satisfactory
project to its firm what are the
expected minimum to maximum sales help determining risk involved.
The models
for estimating sales adopted by managers differs depending on whether they are designed to estimate the sales of one
turn purchased products. On
infriquenting purchased product ( koltered 210) .
No matter
what type of production the first task is to estimate first time purchasers may
techniques are available for doing this , the method used depending on the
estimate of the each period. The factors like a price etc which affect
penetration are considered. product. One method is to just estimate the market
potential and then the rate market penetration for
The company has to guess at the survival age distribution of
the product, the lower end of the age distribution will indicate when the first
replacement sales will take place. Several other factors influence replacement
decision, the purchases discretion of the buyers. Small products desire that
repeat purchase be estimated means sometime as first time seller. The company
should try to estimate what happen in each repeat purchase ratio is likely to
rise or fall.
Estimating sales is not the business analysis. Cost of
subsequent product need to be estimated at the same time as sales, as it is in
the nature of promotional expenditures to influence both sales of cost
simultaneously we need to consider sales to cost against alternative marketing
progress to determine the most favourable choice.
There a number of strategies a small scale outlet can choose.
The first is market retention which is
established market through market development strategy which is when a firms
concentration on market development growth sector/ tailored to the needs of new
business in existing market.
However, the risk
involved are greater than the first two strategies described above .but
well managed companies with a good track record will usually be adopting this
strategy in the fulfillment of corporate objective for growth and improved
profitability.
These
components provide us the idea of the opportunity set for a company and how the
company can perform its activities In the environment in order to achieve its
object.
The small
scale can pursue more product line consistency or less, depending on whether it want to acquire a
strong reputation in a single field or participate in several fields. According
to N.G.NWOKOYE, he suggested two alternative strategies which may in the degree
of product assortment for planning the products .to offer customs product
differentiation strategy (a limited line strategy)
Product
differentiation refers to when a marketer attempts or a very narrow product
line which he attempts to differentiate psychologically in the eyes of various
consumer segment through advertising and sales production-example, a
small-scale retail is one super market in New Heaven.
A super market and originally been defined as a complete
departmentalized goods store with minimum sales volume of one million dollars a
year and at least the grocery department
fully self service. In addition to the above definition, super market place
heavy emphasis on price. As such, at least in the past, they offered minimum
customer service.
Present day supermarkets differ a while, variety of
merchandise as they aim towards a one stop shopping service to the consumer.
Supermarket are departmentalized retail establishments but unlike department
store, the department are organized on one large floor space.
The operating advantages of super markets are low operating
cost as a result of minimum investment on fixtures and fittings, self service
and the operating strategy of low margin but high turnover and mass display of
merchandise. The result is low prices to
the customers. Super markets may not appeal to service desiring customers but they do a very good job with
the economy consumers who constitutes their target market.
1.2 OBJECTIVES OF
THE STUDY
This study seeks to generate empirical knowledge about the
survival strategies adopted by small scale retail outlets in Nigeria
specifically the study as aimed at identifying the following
i.
The major problems that pose a threat to the survival of small scale
firms in Nigeria.
ii. The product market scope of small retail outlets.
iii. The
growth sector of small scale retail outlets.
iv. To
identify the types of incentive adopted by these outlets.
v. The
effect produced by location of stores.
vi. To
intimate the owners of the small scale outlets to the use of discount, product
line and diversification.
The small scale firms come in for special mention line as a
specially planed facility for retailing.
In the past retail shops
developed in the central business district and drew their customers from the
entire city. For example in terms of
organized and unorganized retailing the area around Okpara Avenue and environs
in Enugu can easily be described as the central business district. Secondary business district develop with city
expansion. In Enugu there are several,
One is around Ogui Road O’ Conner Street axis. Another is at the Zik Avenue
Achara layout axis. There is also the Kenyetta Street- Edinburgh road axis.
Other business district have developed many from the central
city area in the adjoining areas of the old city such as chime Avenue business
are in New Heaven, the area around Abakpa Nike market in Abakpa, the Agbani .
Road area which includes the coal camp area. There are also free standing shop
areas mostly in the neighborhood areas. All the above differ from shopping
center which have been described by the American marketing Associate as a
geographic Chester of retail stores,
collectively handling an assortment of good varied enough to satisfy most
of the merchandise wants of consumers within convent traveling
time and thereby providing attraction of general shopping trade modern shopping
centers are much more than this as they are consciously planned. Integrated and
the total areas of the shopping center including the building are owned by an
agency.
A planned
and integrated shopping center aims at achieving a tenant mix which will
produce optimum sales rent; service to the community and profitability of the
shopping center.
According
to Kiaylin an ideal tenant mix service to achieve.
I a balanced
diversification of shops in the center by offering a wide range of product and
services.
Ii A specific image
for the center eg specially convenient.
Iii Maximal pedestrian
flow in order to ensure that there is a 100% location advantage for all
tenements.
Iv maximum sales
potentials in the trade area.
V A synergy between
the satellite tenants and logical layout of shops.
Vi A pleasant
shopping environment
Vii Enough variety to
create the maximum attractiveness to the population of that specific trading area.
Viii Maximum return on
investment.
1.4 SIGNIFICANCE OF THE STUDY.
In view of the service of small scale outlets to the
consumers, it becomes imperative for the survival strategies to be clearly
spelt out for the existing and intending owners. It is the need for the study
to make a viable and purposeful rectification so as to clearly identify the
impact survival strategies for small scale firms should be in decision relating
establishment, this study is aimed at how effective is these strategies
involved in the consumers satisfaction. It is also the need for the study to
arouse consciousness.
The important of the research study consideration in making
the choice have been identified as follows:
i.
The size of the trading area: This is the area from which stores located
within the city regularly draw patronage.
ii.
The population size of the trading area and the trend therein usually
considered in terms of families or number of consumer spending unto and
characteristics of population, particularly those that denote socio-economic
statues, such as educational level, family size, extent of home ownership etc
iii.
Total retail trade potential for the particular kind of business under
consideration which may be estimated from the amount of disposable income
available in the community situation,
with attention to the number, size and quality of existing business
establishments handling related lines of merchandise.
progressiveness of the community as evidenced by such factors
iv. As
new construction in progress, adequately of school system, chamber of commerce
and other civic activities police and fire protection , public transportation,
street improvement and public parking facilities.
v.
Benefits occurring from labour specialization and export services. These
manifest themselves in better buying, effective selling and better over all
management.
1.5 STATEMENT
OF RESEARCH PROBLEM.
In most
Africa, most of the business organization are in size and operation. There are
some small large sized ones with big
operations owned by foreigners and wealthy indigence but small scaled one keep on
operating side by side with those large ones. The small scale business
enterprises
survive the test of the time due to the following .
i. SMALL CAPITAL
REFINEMENT: The capital required to
commerce business operation in west African is usually small. That is
say that the establishment of business enterprise required small capital. Thus,
there are many small business enterprise in west African .
ii. UNDEVELOPED LOCAL
MARKET: The market influence are not
developed hence limited the extent of the firm’s production. This keeps the
size of the business and its operation in a small shape to enable it dispose
with is produced.
iii. INADEQUATE
EXPERIENCE TO MANAGE LARGE BUSINESS ORGANIZATION . The business man in west African .New Heaven are not well
experienced in the management of large business enterprises. They lack the
entrepreneurial drive to take large risks. The situation promote small scale
business enterprises which they have gained much experience in their
management.
iv. NATURE OF SERVICES: these are some services that require
personal and special attention. The entrepreneur prefer to operate such
services in a small scale so as to achieve the objectives of the specialized
services. Such services include tailoring mediation, hairdressing, landing.
v. MANAGEMENT CONDITIONS: “The management condition of a small business unit always easy. Some entrepreneurs
want an easy way out thereby prefer to operate to small business unit for easy
management.
vi. NEED FOR FLEXIBILITY: The large sized firms are not adaptable to changing times. The small
business unit can easily be adjusted or changed to adapt to the changing times
and circumstances. There is greater risk in adjusting the large firms than
small sized firms.
vi.
DESIRE FOR INDEPENDENCE: some entrepreneurs have the
desire to be in control of all decisions of all decisions and
actions taken in their business concerns. The only way a business unit can be
under the control of one person is when
the business unit is a small one. The desire to be independent prevents some
businessman to expend their business enterprises to a large unit.
1.6 DEFINITION
OF KEY TERMS.
Strategy is a
programme which an organization employs in order to achieve her aim or the over
all response of a local organization to the demand of her environment.
Strategy provides a
business organization the concepts in
business activities the logic of the importance of strategy formulation is that
every business has a strategy either conscious or unconsciously formulated.
Small retailing as a
marketing institution has evolved over the years as is evident in the different
types of retailer and functions performed over time. These theories have been
advanced to explain evolution of retail institution that adopt best to as
environment will simile and grow. The
wheel of retailing theory maintains that retailing institutions pass through a
life cycle.
This life cycle beings with low-margin low price and minimum
service offerings as competitive moves. The next stage in the life cycle sees
the small scale retailer up grading its facilities and offerings and adding more services in a bid
to increase the volume of sales and hopefully profit. The above more increase
lost and therefore, price and makes the competitive environment attractive to a
new low cost, law margin and limited service competitor. Hence what is our
business? The logic of the importance of strategy formulation is that every
business has a strategy either consciously
or unconsciously formulated. This is why (Stoner 91982) defines strategy
as the overall response of a business organization over its environment.
Objective tells us where an organization wants to go but
strategy tells us how to get there. According to Ansoff (1965) a good
strategy has four major components.
These are; growth vector of the organization i.e. the opportunity set.
Competitive advantage: This means the differential advantage.
Product market
strategy: This simply is the mission of the organization.
Synergy : This means other advantages in the strategy.
For effective management of a scale business the manager is
required to understand his strategy. Such strategy must be consciously
formulated by considering technological and environmental factors.
Small Scale Business
Nigeria Bank for commerce and industry defines small scale
business enterprises as firms or companies with assets (including working
capital but excluding and not exceeding N750,000 and paid employment up to 50
person. Such as establishment must be wholly Nigeria enterprises promotion
decree).
The central bank of Nigeria in its monetly policy circular
No.2 (1980) defines small scale business as an enterprise where annual turnover
ranges between N25,000 to N500.000.
OWNER / MANAGER
It is the owner of a business, the capital supplier, and also
an entrepreneur
He posses the
following
(a). Self employment
(b) Self reliance
(c) Need for achievement
(d) Risk bearer
(e) International locus of control
(f) Innovator.
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