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.
INTRODUCTION
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.
1. 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.
2. 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
3. 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.
TABLE OF CONTENTS
Title page
Approval page
Dedication
Acknowledgement
Abstract
Table of content
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