Assessment of marketing strategies adopted by fast food

Thesis Overview

<p> </p><p><em><strong>INTRODUCTION </strong></em></p><p><em><strong>1.1 GENERAL OVERVIEW </strong></em></p><p>Whatever commodity is produced has to be marketed. A commodity/product is anything that is taken to the market for attention, acquisition and use. Therefore the question is what is marketing and how is it applied by fast food firms in their business. Kotler (1994:6) defines marketing as a social and managerial process by which individuals and group obtain what they need and want through creating, offering and exchanging product of value with others. Marketing is one of the organic business functions, without it, a business cannot survive. The American Marketing Association defines marketing as a performance of goods and services from producers to ultimate users. According to Leighton (1966:11) the marketing concept starts with the assumption that the objective of a business enterprise is to make a return to those who have invested on it, that one must sell in order to make profits and that the best means of making profitable sales over the long run is to produce a product which satisfies the needs of customers. Kotler (1983:17) appears to have gotten at the cars of marketing concept when he says that “marketing as a business philosophy holds that the keys to achieving organization goals consist in determining the needs and wants of target market and delivering the desired satisfaction more effectively and efficiently than competitors. Also emphasizing the fact that marketing involvement are orientation from butting the company in the counter of affairs to nutting the customers earns. Boone (1973:3) say marketing orientation implies that the customer and not the company is in the middle.The marketing concept is a managerial philosophy which assumes that the ultimate aim of a business is to satisfy the target market, in the most effective and efficient manner through proper identification of needs and wants of such target market.From the fore going, it can be seen that the marketing concept is in accordance with the company’s objective of making profit. But this concept further states that such profit must be made by producing goods and services that satisfy the consumer wants and needs, and from the integration of marketing activities.</p><p><strong><em>1.2 STATEMENT OF PROBLEM</em></strong>This is a marketing strategy that will eventually determine whether or not a business is successful. It is a fact that more people work outside their homes today. Despite the fact that consumers in Nigeria (just as in most African countries) are used to our local staple food such as rice, garri, yam, and many more. Producers or manufacturers of fast food are deemed lazy and irresponsible by most people owing to our values.</p><p><strong><em>1.3 OBJECTIVE OF THE STUDY</em></strong>The general aim of this study is to have an interview of assessment the marketing strategies adopted by fast food firms in Imo State. Thus the study has the following specific objectives. 1. To review the marketing strategies adopted by fast food firms and their impacts.2. To identify the factors that impeder the efficient marketing of fast food in Owerri and proper solution. 3. To ascertain the effects of frequent price change in fast food business in Imo State. 4. To establish the popularity of fast food against the backdrop of our traditional feeding habbits.</p><p><strong><em>1.4 SIGNIFICANCE OF STUDY</em></strong>This study is beneficial and important with respect to the problems under study. The research is intended to examine the strategies adopted by fast food firms in Owerri, Imo State. The fast food industry will benefit fro the study since hopefully if will unearth the causes of high or low popularity of fast food. This is important because success of fast food depends on consumer want, how the study will help in satisfying consumer better and re-oriention of the illusion about fast food consumption. Consequently it is therefore hoped that the result of this study will provide the background for future research and reference.</p><p><strong><em>1.5 RESEARCH QUESTIONS </em></strong>The research questions are as follow:1. What strategies does Mr. Biggs Owerri and Rennys Ihiagwa, Owerri use to market its product(s).2. How does these strategies improve the marketing of their product(s).3. What are the short-comings of these strategies in marketing fast food?</p><p><strong><em>1.6 STATEMENT OF HYPOTHESIS </em></strong>The following hypothesis will be tested in the course of these study. 1. Ho: Marketing strategies does not help in improving the marketing of fast food.H1: Marketing strategies help in improving the marketing of fast food.2. Ho: The Market strategies adopted by Mr. Biggs Owerri and Rennys, Ihagwa, Owerri do not increase people’s desire for fast food.H1: The Market strategies adopted by Mr. Biggs Owerri and Rennys, Ihagwa, Owerri increase people’s desire for fast food.</p><p><strong><em>1.7 SCOPE OF THE STUDY</em></strong>The scope of this study is limited to the activities of Mr. Biggs plants and that of Rennys within Owerri in Imo State. It covers all the marketing strategies adopted by Mr. Biggs and Rennys and the inherent problem associated with than. However as the research deals on the assessment of marketing strategies adopted by fast food firms using Mr. Biggs and Rennis as a survey. The findings of the research can be generalized to suit their plants within the country as their function and activities are the sance.</p><p><strong><em>1.8 LIMITATION OF THE STUDY</em></strong>In the cause of carrying out these surveys, some limiting factors or constraints do not allow an elaborate work to be carried out on all of Mr. Biggs sales outlets in the whole of Imo State and that of Rennis but limited to the ones within Owerri. Some of the limiting factors are, time, finance, and inadequate information. a. TIME: The sourcing for books to which references was made passed a very tough problem. It was not easy getting the text books especially on marketing strategies. It therefore took the researcher a questionable time before he could get some of the text books required to complete this survey.b. FINANCE: Finance is one of the limiting factor to this research because as a student who is depending on his parents, he was not financially strong to meet all the financial requirement that he requires in gathering information for this research work like, photocopying of materials and transportation to the plants of the two firms under survey at Owerri where he requires information on the study under research. c. INADEQUATE INFORMATION: Most of the information that were needed to complete this research work was not made available to the researcher as vital information were not released because the firms regards them as secrete to their business.</p><p><strong><em>1.9 OPERATIONAL DEFINITION OF TERMS </em></strong></p><p>1. MARKETING STRATEGIES: Marketing strategies involves all those activities put in place such as product planning, market diversification, promotion and distribution programme etc aimed at satisfying the target market more effectively and efficiently.2. CUSTOMER SATISFACTION: This is the process of ensuring that customers are provided with what they need and want goods and services or things of value, at the right time, the right place, and in the right combination.3. FAST FOOD: Quikly eat in food as a stop gap especially hamburgers, meet pies, cotactch-egg doughnut etc. 4. MENU: This is a list of courses at a meal available at a restaurant, like Mr. Biggs and Rennis.5. MARKETING: Marketing is the human effort directed toward the identification and satisfaction on consumers wants and needs through exchange process.6. CHANNEL OF DISTRIBUTION: They are the marketing institutions that exchange titles to products as it moves from production point to consumption point. 7. PRODUCT: Product means anything offered to the market for attention, acquisition and or used and which has a monetary value.8. FAST FOOD FIRMS: Fast food firm, are those firms that manufacture and sell fast food to fast food customers.9. FAST FOOD CUSTOMERS: They are the patronizes or people who buy and eat fast food.10. MARKET: A market is defined as people with the need to satisfy with the purchasing power to back up the need as well as the willingness to spend it.</p> <br><p></p>