ENHANCING THE SALES OF CONSUMERS GOODS USING MARKETING SEGMENTATION
(A Case Study of PZ Nigeria Plc, Kaduna)
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ABSTRACT
This project is focused on enhancing the sales of consumer good using market segmentation with particular reference to the PZ Nigeria plc as case study. To achieve this, the work is divided into 5 chapter in chapter one started with introduction of research work, the statement of the problem, the purpose of the study has been presented, the chapter two which deals with literature review in the area of market segmentation, in chapter three which also presented methodology used in carrying out the research and major instrument used to collected data, are simple random method questionnaires, personal interview and documentation which were presented in chapter four. The estimated management and customers population is 2000 people which a sample size of 155 was selected for questionnaire, 35 for management staff and 120 were for customer and distributors respectively. The sample percentage method and chi-square test were used respectively, the following null and alternate hypothesis are formulated tested and prove in the study HI: Market segmentation of PZ plc has impact on the sales of its consumer goods, Ho: Market segmentation of PZ plc does not have impact on the sales of its consumer goods. The researcher accepted the alternate hypothesis (H1), rejected the null hypothesis (Ho). The researcher observed new finding in the studies such as the strategies adopted by PZ plc, the strategy of segmentation is applied by the PZ plc in its marketing activities. In summary it was seen that the marketing concept is all about satisfying the identified needs of people by supplying them with acceptable goods and services, PZ Nigeria Plc are living to the expectation of their customers by embarking on marketing segmentation, the researcher concludes on the fact that PZ Nigeria plc is marketing oriented firm, the researcher also suggested several recommendations, such as PZ Nigerian Plc should maintain the quality of the company’s product and also make room for approvement so that the lowest income earner can afford their products and should also engage in promotional activities in order to increase awareness for PZ plc product and services.
TABLE OF CONTENT
CHAPTER ONE
1.0 Introduction – – – – – – – 1
1.1 Background of the study – – – – – 3
1.2 Statement of the problem – – – – – 6
1.3 Purpose of the study – – – – – – 7
1.4 Significance of the study – – – – – 8
1.5 Statement of hypothesis – – – – – 9
1.6 Delimitation and Scope of the study — – – 10
1.7 Definition of the terms – – – – – – 12
CHAPTER TWO
Literature Review
2.0 Introduction- – – – – – – – 15
2.1 Marketing segmentation- – – – – – 15
2.2 Historical perspective/background of Peterson Zochonia 17
2.3 Importance of marketing segmentation – – – 20
2.4 Condition for effective segmentation – – – 22
2.5 Basis for marketing segmentation – – – – 23
2.6 Target market – – – – – – – 33
2.7 Differentiated marketing – – – – – 35
2.8 Validity and viability of market segmentation – – 37
2.9 Segmentation and target – – – – – 41
2.10 Segmentation and profitability – – – – 43
2.11 Market segment and company asset – – – 45
2.12 Benefit of segmentation – – – – – 45
CHAPTER THREE
3.0 Introduction – – – – – – – 49
3.1 Area of study – – – – – – – 49
3.2 Research design – – – – – – – 50
3.3 Population of study- – – – – – – 50
3.4 Sample size and sampling techniques- – – – 50
3.5 Instruments for data collection – – – – 51
3.6 Administration of the instrument – – – – 52
3.7 Method of data analysis and presentation – – – 53
CHAPTER FOUR
Data Presentation and Analysis
4.0 Introduction – – – – – – – 54
4.1 Characteristic and classification – – – – 54
4.2 Presentation and analysis of management questionnaire 57
4.3 Presentation and analysis of customer and distribution questionnaire – – – – – – – 66
4.4 Proof of hypothesis – – – – – – 72
CHAPTER FIVE
Summary, Conclusions and Recommendations
5.1 Introduction – – – – – – – 76
5.1 Summary – – – – – – – – 76
5.2 Conclusion – – – – – – – – 78
5.3 Recommendations – – – – – – 82
Bibliography – – – – – – – – 86
Appendix – – – – – – – – 58
CHAPTER ONE
1.0 INTRODUCTION
Marketing is a business that identifies unfulfilled needs and wants defines and measures their magnitude determines which target market, the organisatioon can best serve and decide on appropriate product, services and program to serve these markets.
Consumer are the most important things to consider while operating any business environment. It must therefore be clear that a through and constant study of the consumers is one thing and another entirely those needs of the consumer at a profitable level, hence marketers resort to a lot of strategies.
Many people are confusing marketing for its sub-functions such as advertising selling and merchandising. But an authentic marketing is not the act of selling what you can make but knowing what to make. It is art of identifying and understanding customers profit to the producers and benefits for the stakeholders.
Market leadership is a gained by creating customer services therefore marketing can be viewed as customer oriented philosophy. It is the creation and delivery of a standard of living. Organization must try to identify a particular market that is more attractive and that can be managed affectively and profitable. Market segmentation attempts to identity significant difference in buyer characteristic which is used to determine which target market should be aimed at and the type of product to be given to that market.
Market segmentation can be define as the act of dividing a market into distinct parts. A market consists of buyer and these buyers differ in one or more respects.
They may differ in wants resources and geographical locations. Buying attitude and buying practices. Any one of all these can be used to segment a market in order to serve the customer more effectively and efficiently.
Market segmentation can therefore be defined as the act of dividing a market into distinct parts, that is the process of dividing the total heterogeneous market for a product into several submarket or segment each of which tends to be homogeneous in all. Significant aspects, it can also be define as the act of dividing a market into distinct and meaningful groups of buyers who might merit separate product and or market mixes.
Segmentation strategy helps the organization to find reaction in customer trait and producing in line with those characteristics so as to conform to those identified needs of the customers.
1.1 BACKGROUND OF THE STUDY
It is obvious that companies can not connect all customers in large broad or diverse market and as a result of the needs to divide market in to group of consumer or segments with distinct needs and wants. It therefore becomes paramount for a company to identify
which market segment to serve better. Before the objective can be achieved, it is required that a keen understanding of consumer behaviour and careful strategic thinking. To develop the best marketing planning, managers need to understand what makes each segment unique and different. Modern marketers in their quest to study consumer behaboviour and responses to benefit offer by the product for example do people want quantity rather than low price. In an attempt to increase benefit to consumers, this will aid marketers to know how best to satisfy each category of these customers. It required a keen understanding of consumers behaviour and careful strategic thinking.
The over all intent is to identify groups of similar customers and potentials customers to prioritize the groups to address to understand their behaviour and to respond with appropriate marketing strategic that satisfy the different performance of each choosen division and thereby improve the company revenue. This can however be achieved through a distinct division of groups of buyers who might requires separate product and for marketing mix known as market segmentation.
According to Michael Porter (1970 P:37) with the right segmentation, the right list can be purchased advertising results can be improved and customer satisfaction can be increased leading to better reputation
Nelson (1984 page 125) explain that united states in the 18 century provides a broad segmentation of the population of their country based statistical analysis of house hold and geo-demogrpahic data. The recent times market have been divided based on the number of general criteria. Such as industrial or public versus private, although industrial market segmentation is quite different from consumer market segmentation but both have similar objectives. Regardless of which type of segmentation a marketer uses, the secret behind the marketing programmes recognize customer differences and efficiently highlight the differences to offer maximum satisfaction to every division.
1.2 STATEMENT OF THE PROBLEM
The quest for increasing the sales of consumer goods is every organisation’s problem. Both marketers of services and tangible seek to enhance profit and sales turnover and the objective of profitability can only be achieved when firms properly understand and apply the marketing segmentation strategy. Firms are also faced with the difficulty at identifying and selecting particular market target and satisfying them by blending the marketing mix elements thus marke