Business & Investment

Problems and Prospects of Marketing in Nigeria

Problems and Prospects of Marketing in Nigeria . Every enterprise plays important role in the advancement of one’s society. In achieving this, such business must embrace business proposition ever invented in human history.

Every successful business man applied this principle, renowned business men you ever heard of, from across the globe might have used this simple principle to enhance their businesses hence, the need for strategic marketing approach.

No business stands the test of time without proper understanding of the marketing mix in the market place and no nation succeeds without embracing the power of enterprise because it fosters private driven economy of nations, example abound in developed world.

Problems and Prospects of Marketing in Nigeria

Marketing in my own definition is process of activities that takes place from when the goods are produced up to the point a consumer can access the products at market place. Someone might have assumed that before now several activities might have taken place to get the goods to the market.

Be that as it may, one thing is to produce a product, another is to get the product to the customers. Here and then is where marketing come to play because you must be able to convince your customers that your product is good and it preferable over the same product produced by different firm.

What you do, You produce the product and you keep producing it, you build distribution system or channel for the product and you control that particular market, and the resultant effect of this marketing approach is wealth creation, job and employment opportunities, availability of essential commodity for sustainability and development – this has been the impact of marketing in Nigeria

Nigeria, for example has experienced a steady drive of efficient marketing strategy that has contributed to the overall socioeconomic status of  Nigerian state. Both the public and the private business environment have embarked on this approach and evidences are bound.

Business enabling environment has caused continuous influx of business investors into the country. Companies, industries and all kinds of business competing for relevance and profiteering purposes. The teeming unemployed youths, who have been roaming the streets are engaged productively. ??

Inspite of the current reality of economic crisis, locally made goods are available and accessible. As a result of this new wave socioeconomic growth, new financial approach in growing both public and private business  (PPP) that is, Public Private Partnership has been introduced to to help facilitate the government mandate of wealth and job creation.

Most rural dwellers have witnessed development courtesy of good marketing approach, as a  good number of people are linked to urban centers, thereby ensuring access to urban areas and easy conveyance of agriculture produce to urban areas.

The Nigerian nation, inspite of the current economic reality in the nation, has over the years been faring well occasioned by government”s efforts in crating enabling environment for businesses to thrive, as well  as  the resolve and commitment of business owners in meeting expectations and yearnings of the people as they produced goods that meet specified standard for human consumption.

Yet there are some factors militating against marketing in Nigeria. And some of these factors constitute problem to the nation’s economic growth.

For example, some Nigerians are suffering from knowledge deficiency. No business firm that has not  invest in relevant literature in it choosen area can succeed because marketing skills are not inherent, they cannot be earned but learn.

Another challenge is how to get the product to the end user. Today, the traditional way to market has been abandoned. The world today, has been described as a global village because of innovation in technology, and the new development has posed a grave challenge to most of the Nigerian business men who have no knowledge on how to embrace the new technology.

Again lack of funds is another issue of concern as some of the business firms could not undertake relevant market strategies that would have given their Business a place in the market place. Yet in the list, has been some unfavorable government policies, and indeed this has hampered the success of marketing in Nigeria.

Business owners are decrying of government negligence to their plight. They decried of  lack of support and assistant from the part of the government, but no matter what the case may be government may not be able to reach out to all business men in the nation except maybe to create an enabling environment for all sorts of businesses to thrive.

Furthermore, the current economic reality in the nation has sent some of the businesses home due to high cost of living. Sometimes businesses do put some proficiency to work by way of attacking customers psychology with a view to motivate them to buy,  but the economic situation on ground as made their efforts futile as there is no money in circulation.

Some of the Business firms are in debt, unable to clear the bills. Some who are still in business have yet find it difficult to coup with the current economic reality in Nigeria due  nonavailability of electricity. It is quite unfortunate situation if a nation like Nigeria could produced crude oil and yet could not keep the lights on.

Sometimes too,  the hike in fuel pump price is a worrisome issue.  Think of it! The cost of running private business today in Nigeria is  not something to write home about.

Suggestion:

The cost of living in Nigeria today is so high. No one can dispute that. And it seems to me that Nigerian government is in delima.

It is time for the government to initiate strategies that would serve the nation out of this mess of recession. One such strategy is by overhauling the government settings, the executive, the board, management in government agencies and parastatals.

The seat of government should be manned by men of  proven integrity and men who are Competent in their individual area of calling and engagement, not the old criminal who specialized in looting Nigeria’s treasury.

More so, globalization has given the world the status of ‘global village’, which has invited Nigerian business men and women to invest in the new order of literature. Today’s technology must be a way of life for any business man or woman who desires to make mark in the Business world in this digital era.

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Joseph Athanasius

Joseph Athanasius is a Content Developer at InfoGuideNIgeria.com. InfoGuide Nigeria is a team of Resource Persons and Consultants led by Ifiokobong Ibanga. Page maintained by Ifiokobong Ibanga. If you need a personal assistance on this topic, kindly contact us.

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