ABSTRACT
The current challenges in the European market calls for producers to look at the possibility of entering a new market, this demands assessment of the consumers’ behavior and market analysis of any potential market in order to sell the excess production. This is the case of Finnish Farmers Cooperative that identified the Ni-gerian market as a potential market for their product (powdered milk).
The aim of this research was to assess the consumer behavior of milk consumers in Nigeria and also make a review of the Nigeria market in order to determine the viability of the market for the Finnish Farmers Cooperative in order to sell their excess production.
In order to achieve the aim of the research materials like reports and articles relat-ing to the Nigerian market, reports on past related researches on consumers, books on theories of market research and write ups on customer behavior and data col-lected directly from milk consumers in Nigeria for the purpose of the research were examined.
Quantitative and qualitative research methods were used to collect and analyze the data collected from milk consumers and potential distributor interview respective-ly. Also a desk research was carried for the market assessment.
The results showed that consumers in Nigeria are influenced by both human and none human factors such as family members, price, quality etc which determine the consumption preferences. Also, analysis showed that there is growth in the Nigerian market and there exist shortage in supply of milk product in the country.
It was concluded that consumers in Nigeria would at high probability consume the new product entering the Nigerian market, while recommendation was to follow the regulations as required and make and possibly partner with an agent.
TABLE OF CONTENTS
ABSTRACT
1 INTRODUCTION
1.2 Research Problems and Objective
1.3 Limitation of the Study
1.4 Structure of the Study
2 THEORETICAL FRAME WORK
Economic Theories
2.1 Market Analysis
2.2 Environmental Analysis
2.4 SWOT ANALYSIS
3. RESEARCH METHODOLOGIES
3.1 Data Collection
3.2 Survey/Questionnaire Method
3.3 In depth Interview
3.4 Documents Analysis (Desk Research)
3.5 Reliability and Validity
4. ANALYSIS AND RESULTS IN NIGERIA MARKET
4.1 Nigeria Dairy Market Assessment (Analysis)
4.2 Nigeria-Finland Bilateral Relationship
4.3 Business Operation Environment in Nigeria – PESTEL Analysis
4.3.1 Political Environment
4.3.2 Economic Environment
4.3.3 Social-cultural Environment
4.3.5 Ecological Environment (Environmental Factors)
4.4 Competitive Analysis (Using Swot) 2 Competitors
4.5 Analysis of Respondents’ Results
4.5.1 Demographic Data
4.5.2 Behaviours of the consumers and Purchasing Intention
4.5.3 Potential Distributors Interview Outcome
4.5.3 Reliability and Validity of Analysis and Research
5 CONCLUSIONS AND RECOMMENDATIONS
5.1 Conclusion
5.2 Recommendation for the company
5.3 Recommendation for further research
REFERENCES
APPENDICES
1 INTRODUCTION
The official description of consumer behavior defined it as the study of individuals, organizations or groups and the modalities they utilize in selecting, securing, using and disposing of products, services, experience or idea to satisfy needs, including the study of the impacts that the modalities have on the consumers and the society (Lars, Consumer Behavior, Psychology of Marketing). It can be determined from the description that studying consumers can help organizations develop or improve their market strategy, how a consumer feels about the environment, what influences the consumer in buying a particular product or what might influence him or her in buying a new product.
Also, looking at the importance of customer behavior research from the perspective of application, the micro perspective involves understanding consumers with the aim of rendering help to an organization to accomplish objectives (CiteManagment Article Repository, Why study Consumer Behaviors). In addition, studying potential consumer behaviors and conducting a market analysis (the process of determining conditions, characteristics and factors of a market as described in Dictionary Reference) of a potential market remain an important and necessary task for an organization planning to enter a new market.
As a result of the current political situation and restrictions affecting business in Europe, especially the. trade restrictions by Russia on European countries, Finnish products producers can no longer have guarantees of selling their products to Russia which use to be biggest receiver of their production. As a result of this, Finnish farmers have to look for new markets and new customers.
Nigeria was chosen as a potential market for the Finnish milk powder as a result of the Nigerian growing population and shortage of supply of milk products. The situation for dairy business is promising since the Finnish representative (Ambassador to Nigeria) and Nigerian Government are both working on different project to strengthen bilateral relationship the two countries of both countries.
1.2 Research Problems and Objective
The objective of this research is to find out milk consumers’ behaviour in the Ni-gerian market and examine the purchase preferences and also to assess the Nige-rian market which is a potential market for Finnish milk products, especially powdered milk in order to determine the viability of the market for the Finnish milk producers (Finnish farmers Cooperative). Focusing on examination of con-sumers’ behaviour creates opportunity for the researcher to facilitate a manager with entirely new functions of a product and new ways of service delivery by a seller. Consumer behaviour research is designed in a way to provide information on consumers’ actual behaviour (PMR Research, Consumer Behaviour Research). This also provides information on the factors that determine type of product con-sumers buy and related information.
Prior to assessing consumers’ behaviour and buying preferences, the sub objective of assessing the market to determine viability is required, thus after defining the market (i.e. the history of Nigerian dairy market) vividly, carrying out market analysis is highly important in order to develop a deeper knowledge and under-standing of the market size, trends, growth rate, opportunities, profitability and distribution channels
The need for analysis of consumer behaviour and market assessment creates an additional objective, which is to analyse the forces in the market assessment (analysis) which are environmental analysis, competitors’ analysis and assessment of potential agent and making of suggestion to the case company based on re-search outcome.
Problem Formulation
The research is conducted to find out solutions to the problems below:
1.) What human and non human factors determine what type of milk consum-ers buys in Nigerian market?
2.) Does potential exist for a Finnish product (powdered milk) to enter and make sales in Nigeria?
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Item Type: Project Material | Size: 75 pages | Chapters: 1-5
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