Full Project – AN EMPIRICAL INVESTIGATION OF COVID-19 ON PRODUCT SALES AND MARKETING
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AN EMPIRICAL INVESTIGATION OF COVID-19 ON PRODUCT SALES AND MARKETING
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF STUDY
Notably, many states; continents; regions; urban and rural communities; families thinking and lifestyle of have been impacted by the outbreak a harmful pandemic pandemic known as Covid-29.
The COVID-19 pandemic is a global public health emergency characterized with high infectivity, a high mortality rate, and a long incubation period. According to Elis (2020), COVID-19 pandemic is a black swan event that caused a ripple effect on every aspect of human life. In the view of mineth (2020), The coronavirus disease (COVID-19) is a human social and economic crisis that has attacked the core of human existence. The virus continued to spread uncontrollably around the world; as of May 11, 2020, 2,403,888 people had been infected globally (WHO, 2020). The outbreak is predicted to reach its peak in June 2020, declining only from July 2020 onwards (WHO, 2020). The COVID-19 pandemic has affected all segments of the population, especially vulnerable groups such as the old, the infirm, the disabled, the marginalized and the poverty-stricken (Donthu & Gustafsson, 2020).
COVID-19 has also pushed businesses across the world to rapidly operate in newer and more resilient ways.
In response to the pandemic outbreak, the leaders of many countries decided to save lives before saving the economy, declaring sudden or phased lockdowns in their countries. Policies like “social distancing” and “stay-at-home” were implemented overnight, which severely damaged several businesses across industries and consumer markets suffered scarcity (Donthu and Gustafsson, 2020, Leite et al., 2020).
However, The COVID-19 pandemic, lockdown and social distancing mandates have disrupted the consumer habits of buying as well as shopping. It affected people’s psychology and behavior intensively. One of the most typical behavior during the COVID-19 pandemic is panic buying, which refers to the behavior of buying unusually large amounts of products based on the need of coping with public health emergency (Imanet 2004). Loss of control, insecurity, social learning, and fear of scarcity are the core factors that causes panic buying (Imanet 2004). thus, the Covid-19 restriction measures mandated by Governments had a massive effect on markets as movements were restricted likewise transportation, market places restricted to opening 2-3 times a week, social distancing and no direct contacts in all sectors, and so many more. Hence in this study, the researchers aims at discovering and ascertaining how Covid-19 and its mandated precautionary measures affected markets and products.
1.2 STATEMENT OF PROBLEM
COVID-19 has created a very difficult challenge throughout the world in addition to many illnesses and deaths, large portions of the world population are quarantined or have had their freedom of movement limited. Several mandated preventative measures created a hintch among human activities and daily survival. Nevertheless, the production and supply of goods was at the minimum level as staffs observed the stay at home policy and businesses were also shutdown due to safety measures enacted to contain the spread of the virus. inversely, this resulted to scarcity of goods in the markets as panic buying behaviour took place across many countries of the World just like in the case of Nigeria and resulted the inflation on scarce products. Therefore, food shoppers suffered different challenges during the coronavirus pandemic, such as limited public transportation, food stock-outs (i.e. exhausted inventories), and reduced hours at supermarkets and grocery stores.
1.3 PURPOSE OF THE STUDY
This study is carryout on the bases of achieving an empirical investigation of Covid-19 effect on Products’ Sales and Marketing. The following are other specific objectives;
- To ascertain the effects of Covid-19 on sales and marketing of products in Nigeria.
- To investigate the extent to which Covid-19 affected the availablity and price of products in Nigeria.
- To investigate the effect of Covid-19 on consumers purchasing power and buying behaviour.
- To examine the extent to which Covid-19 prevention measures affected sales and marketing strategies.
1.4 RESEARCH QUESTION
- what is the effects of Covid-19 on sales and marketing of products in Nigeria
- What is the extent to which Covid-19 affected the availability and price of products in Nigeria?
- What is the effect of Covid-19 on consumers purchasing power and buying behaviour?
- To what extent did Covid-19 prevention measures affected sales and marketing strategies?
1.5 SIGNIFICANCE OF THE STUDY
This study on the critical investigation on Covid-19 effect on product sales and marketing will serve as a source material to other researchers who may be conducting a research on a similar topic. More so, students, academic pioneers and the Government will find this material relevant as the information contained therein is of national scope which can be of interest to the citizens at large.
1.6 SCOPE OF THE STUDY
This study is carryout on the investigation of Covid-19 effect on Products’ Sales and Marketing using Ugbogologo Market Asaba Delta state as case study.
1.7 LIMITATION OF THE STUDY
The study is limited, based on the fact that there are not time and material resources to see to the whole Nation. This is delimited to Delta State only and the findings may not reflect the situation in the other markets (big/small) in the country.
1.8 DEFINITION OF TERMS
Covid 19: This is also known as coronavirus and it is a communicable respiratory disease caused by a new strain of coronavirus that causes illness in humans.
Product: a product is an object or system made available for consumer use; it is anything that can be offered to a market to satisfy the desire or need of a customer
Marketing: Marketing refers to activities a company undertakes to promote the buying or selling of a product, service, or good. It is one of the primary components of business management and commerce.
Market: A market is a composition of systems, institutions, procedures, social relations or infrastructures whereby parties engage in exchange. While parties may exchange goods and services by barter, most markets rely on sellers offering their goods or services to buyers in exchange for money.
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Full Project – AN EMPIRICAL INVESTIGATION OF COVID-19 ON PRODUCT SALES AND MARKETING