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Full Project – Impact of sales forecasting on profit oriented organization in Nigeria

Full Project – Impact of sales forecasting on profit oriented organization in Nigeria

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Full Project – Impact of sales forecasting on profit oriented organization in Nigeria

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CHAPTER ONE

INTRODUCTION

  • BACKGROUND TO THE STUDY

The role of sales forecasting in the marketing activity of soft drinks industry in Nigeria. The seven up bottling company was established in Nigeria in 1960, with two plants, in Lagos and Oyo state and their main product are 7up but producing more product which is pepsi, mirinda, crush. Their peak periods are during the hot and dry season; very how sales are recorded during harmatan.

The company has its objective as organized and operated under the marketing concept. Company profit is a function of was customer satisfaction. Marketing concept by kotler is a management orientation that worlds that key of the organization to determine the need and wants of target markets and to adopt the organization to delivery the desired satisfaction current findings or industry show the 7up bottling company plc has 55% of the total market share while Nigerian Mineral water industries (limca) has 4% market share coca cola company plc has 93% market share.

The 7up bottling company of soft drink per day put upon itself the responsibility of having to effectively and efficiently distribute these drinks so that  they get to the consumers at the right place and at the right time.

Seven up has contributed to the economic well being of a lot of people in the past. It has given out numerous prizes to its lucky customers including cash, bicycles and even cars, in the countries they often given cash due to the theoretical belief that developing countries and in the current economic dispensation, cash would be preferred to any other prizes. The seven up bottling company plc is currently under the supervisor of motive group of foreign form to see the activities and operation of the company throughout the country, 7up bottling company has five department as sales and market department, production department, financial department, personnel department and engineering department.

The marketing activities of a business are developed to earn a satisfactory income for the firm. Good sales forecasting is vital for effective marketing management; the marketing manager is badly handicapped in this planning without realistic estimate of future sales. The manager cannot develop a forecast until he has some tentative plans. This shows that, forecasting and marketing strategy planning are inter – dependent, for actual sales to occur.

On a whole, sale forecasting is the initial estimate for the sales budget that is, the projected initial approved sales in naira terms it serves as a guide to the marketing department and the organization in disposing its scarce or limited resource and product it could also be sued to force products into the market in a bid to achieve estimated sales figure.

  • STATEMENT OF THE PROBLEM

The primary problem of this study is as follows:

  1. It is not easy to predict the future sales
  2. Despite hindrance to asses some sensitive data of sales record the available one will be used under the study.
  • Unfriendly and unfavorable competition as a result of marketing massage discrediting the service of other
  1. However to come out with a perfect sales trend to be used.
  2. It is very unrealistic to understand the concept of sales forecasters
    • OBJECTIVES OF THE STUDY

This study is purely on the roles of sales forecasting in the marketing activity of soft drinks industry in Nigeria. It is concerned with  solving or answering the problem and question rose by the study. It aim at describing how 7up bottling company plc is really involved in these tasks. To do this, from the staff these are:

To study the roles of sales forecasting marketing of the aforementioned industry (7up bottling company plc and Nigeria industry at large.

  1. To conduct investigation on how the management of the 7up bottling company plc procure their raw material for their product.
  2. Finally, the research work would be of immense benefit to the researcher as well as those advocating for knowledge in the various institution of learning.
    • RESEARCH QUESTION

The research question of the research is purely based on the problem associated with the role of sales forecasting in the marketing activities  of soft drinks  in Nigeria.

The research questions are as follows:-

  1. What are the procedures of sale forecasting of 7up bottling company plc.
  2. Does the management of 7up bottling company plc procure their raw material for their products?
  • Does the research work will be immense benefit to the researcher as well as those advocating for knowledge in the various products.
    • SIGNIFICANCE OF THE STUDY

Research they said is a means of solving problem according to Olaitan Nwoke arriving at dependable solution to problem through the planned and systematic collection analysis and inter – precaution of data if increase the knowledge and understanding of the research problem, phenomena and events concerning the activities as it is concerned with the role of sales forecasting in the marketing activity of soft drinks industry in Nigeria in 7up bottling company plc.

The research is determined to know the problem association with the role of sales forecasting in 7up bottling company plc in Nigeria, the research will be in better position to determine product that has lost its demand appeal in the market. The research is benefit through the knowledge acquire while conducting the research while the company stands to have more credit, in hat it help in product innovation, profit maximization and improving the living standard of the firm.

  • SCOPE OF THE STUDY

I want to focus on the role of sales forecasting on the business activates of a soft drink company (Seven up)

  • LIMITATION AND CONSTRAINTS OF THE STUDY

An exhaustive and more detailed research on this topic would have been carried out but for some obvious constraints of time, finance and attitude of respondents.

  1. Time constraint: Due to limited time frame for the completion of the programme, the gathering of more information and covering wider scope was limited. The researchers need to meet up with the academic calendar of the school
  2. Finance: Inadequate finance affected this work greatly as it limited the amount and quantify of information which the researcher would have accessed and gathered for this work.

A more elaborate research has greater financial implication

  • Attitude of respondents: Some of the respondents showed negative attitude towards the study because they felt that they have no financial benefit the respondents were reluctant to answer the questionnaires and some did not even answer or returned the questionnaire in some cases.

In the process of this research work, some constraints also emanate which include time constraints, financial problems and poor response, the work is also carried out writing the selected limit.

  • DEFINITION OF KEY TERMS

According to Gunther (20002) sale is contract involving transfer of the possession and ownership (title) of a goods or property or the entitlement to a service in exchange for money or value. Essential elements must be present in a valid sales are.

  1. Competences of both the buyer to enter into a contract
  2. Mutual agreement on the term of exchange.
  • A thing capable of been transferred, and
  1. A consideration in money (orits equivalent) paid or promised see also sales.

According to Gunther (2006) forecasting is an estimate or predication of future development in business such as sales, expenditure, and profit given the wide swings in economic activities and drastic effect these fluctuation can have  on profit margins, it is not surprising that business forecasting as emerged as one of the most important aspect of co-operate planning.

According to Krahn (2013) industry in the production  of goods  or related service within an economy the major source of revenue of a group or company is the indicator of its relevant industry. When a large group has multiple source of revenue  generation, it is considered to be work in different industries, manufacturing industry become a key sector of production and labour in European and north American countries during the industrial revolution, upsetting previous mercantile and feudal economics. This comes through many successive rapid advances in technology, such as the production of steel and coal.

 

 

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Full Project – Impact of sales forecasting on profit oriented organization in Nigeria

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