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Major Factors Influencing the Fast Moving Consumer Goods - Dissertation Example

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Nigeria is today one of the sub-Saharan countries that experience high sector growth of fast moving consumer goods (FMCGs), according to estimates undertaken in 2011 (Oxford Business Group, 2011). …
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Major Factors Influencing the Fast Moving Consumer Goods
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Download file to see previous pages According to the statistics, the country improved its net worth of FMCG from an initial $884 million in 2008 to $1 billion in 2011 (Iheduru, 2012). There is high competition in this sector, and this explains why majority of foreign-based firms have become interested in the Nigerian market. Many factors account for this scenario experienced in the Nigerian FMCG market. For example, strong economic growth, relatively political stability, and increased consumerism in the country can explain why FMCG market continues to expand in Nigeria. Nevertheless, the sector has not been immune to challenges, which tend to reverse the gains made in the sector. Some of the challenges arise from insecurity issues, political uncertainties in terms of post-election violence, infrastructural impediment, structural and regulatory bottlenecks, and distribution inefficiency (Iheduru, 2012). Therefore, it is in this state of lack of clarity that information has to be sought regarding Nigeria’s FMCG sector, and identify specific factors enhancing the growth of FMCG sector.
FMCGs Industry
Most literatures depict FMCGs industry to be concerned with production, distribution, and marketing of packaged products to diverse group of consumers. Various factors have been explored, which are perceived to have direct or indirect role in the development and sustenance of FMCG industry. Many of these factors can be categorized as both internal and external and have to do with general business environment (Paul, 2010). Therefore, some of the identified factors, which have made the industry blossom include the cost of operations estimated to be low, availability and utilization of efficient and effective distribution networks, the increasing competition in the sector that motivate many players, and the increasing number of people in different countries has also enhanced consumerism (Paul, 2010). These factors can be used to explain the Nigerian scenario, but other micro-aspects found in the country have to be investigated. In order to find out which specific factors have contributed to progress of FMCGs industry in Nigeria, survey is conducted on a number of FMCGs in the country and analysis of generated resulted will be undertaken. The understanding is that, effective analysis of the results will clearly show which factors and to what level they have contributed to grow of FMCGs in Nigeria. How FMCGs companies in Nigeria try to build on their market share Increasing market share is one of the critical aspects players in the FMCGs industry try to achieve. Given that it was earlier identified that competition in FMCGs sector is increasing, the participants have innovated diverse methods and strategies to stay ahead of the rest. In other words, achieving competitive advantage and remaining in a win-win situation requires market participants (sellers) to identify the most appropriate and best strategies. For example, earlier studies that have been done have shown that, in order to create and increase market share, FMCGs firms adopt some of the following market strategies. The firms innovate and market strong product brands as compared to their competitors (Gough 2004). Product brand is one of the most frequently and thoroughly used strategy by FMCGs firms to identify, penetrate, and control markets in different regions in which they operate. By owning and promoting strong brands, firms are able to resonate well with a particular market niche, which subsequently leads to increase in market share, a fact ...Download file to see next pagesRead More
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