CHAPTER ONE
INTRODUCTION
BACKGROUND OF THE STUDY
Market segmentation is a vital issue in marketing strategy.
Therefore, marketing segmentation is the sub-dividing of a market into district subset of customers where any subsets may conceivably be selected as a target to be reaching with a district marketing mix.
Kotler (2008) opines that market is a place or a geographical area where buyers and sellers meet and function, goods and services are offered for sale and transfer of ownership of title occur.
The aggregate market is so huge that any single market needs to capture only a small portion of it to be very successful hence, the strategy employed.
Limsitursti (2009) define marketing strategy can be viewed as the techniques, styles and way that a distributing, developing and selling of their products in order to attract the attention of its customers.
It is interesting to note that, each major variable, for the entire firm’s offering requires careful research and studying before short and long term marketing plans can be evaluated. Therefore, the needs for this study goes a long way in re-organization that people as buyers and customers differ in their need, taste, family and cultural background, motivation lifestyle, and attitude towards products and purchases.
It is relevance to the present time in that, this set of buyers should process distinguishing characteristics so that they may be used as marketing targets product are positioned to meet segment customer need, and a marketing mix appropriate to a particular segment may selected . Kotler (2008) in his view, market segmentation offers an efficient way for marketers to plan for attaining the desire goals and set objectives.
STATEMENT OF THE PROBLEM
One of the obstacles that often lead to businesses failure is the inability of some marketing executives to formulate, plan their strategies, they operate without taking into cognizance the factors or the element both internal and external to the forms which they operate. This research work is primarily concerned with studying marketing company has given and how market are been segmented in order to improve. Its operational performance thereby providing the consumers with adequate products as to how, where, what or getting them.
1.3 OBJECTIVES OF THE STUDY
The importance of market segmentation in any business organization cannot be over emphasized. Every business organization is faced with the impact of selecting a suitable market of that will be follows to entire effective marketing penetration.
The following are the objectives of this study
To determine the most effective segmentation strategies to used in an organization
To identify the requirements for effective market segmentation
To establish the bases of segmenting a answer market.
To identify what the requirements and what customers wants in each market for its uses.
To determine the benefits of market segmentation to the consumers and the organization at large.
To solve the problems of segmenting a market
STATEMENT OF THE HYPOTHESIS
The following hypothesis was formulated for this project work.
Ho: that, the impact of market segmentation does not affect the overall performance of an organization.
Hi: that the impact of market segmentation has a greater advantage on the overall performance of an organization.
SIGNIFICANCE OF THE STUDY
The study would serve as first hand information to those in production department of the relevance of segmenting a market for their various users of their product.
The relational of every organization is to maximize profit and satisfying consumers through the society.
Market segmentation will serve as eye openers to those in the marketing field of identify their potential consumers at wherever they reside.
This study will guide and instruct consumers of what and how they produce their products and where they can meet them.
1.6 SCOPE OF THE STUDY
The scope of this study is narrowed to segmenting of consumers market on which emphasis is placed on a contemporary market and consumer market. This will also covers those in marketing department in the organization used as a case study.
LIMITATIONS OF THE STUDY
During the course of this study, there were some problems encountered which stood as limitations to the research work.
TIME
Time is a very important factor in our day activities in that it waits for no one. Therefore, the little time space available for the researcher to carry out this study was a limitation to the study.
FINANCIAL
Due to this subject matter, all photocopies, typing, transportation to keep this study is constraint but it did the little possible with the available money.
RESPONDENTS
When gathering and collating the questionnaires, some respondents filled the form correctly while other damaged it due to negligence, some are unwilling to co-operate with the researcher.
SUPERVISOR
My supervisor, being loaded with work apart from supervising this project work and the task of administrating the department, may not always be at my disposal due to her work.
HISTORICAL BACKGROUND OF THE CASE STUDY
United wire production limited, Kaduna is Liability Company.
The company was incorporated in March 1977, and started commercial production in October 1979, and has been in full products since January, 1980.
United wire products limited in currently set up to produce different sizes of wire, Nail, Barbed wire chain link fencing wire.
In 1981-82 the company underwent an expansion exercise involving the introduction of two new product lines soft building wire welding electrodes. it is the only company in the northern states producing welding electrodes. In 1985, a Gal vanishing plant was added to the product line of the company. The company at that time was first to manufacture Galvanized wire which is a raw material required for the production of barbed wire, chain link fencing wire and galvanized welded mesh. The successes recorded above have not only made the company the leading wire manufactures in other states but also one of the leading in the country as a whole.
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