APPRAISAL OF THE PROBLEMS AND PROSPECTS OF PURCHASING IN SMALL SCALE BUSINESS IN NIGERIA
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TABLE OF CONTENT
Table of content
1.1 Background of the study
1.2 Statement of problem
1.3 Objective of the study
1.4 Research Hypotheses
1.5 Significance of the study
1.6 Scope and limitation of the study
1.7 Definition of terms
1.8 Organization of the study
2.0 LITERATURE REVIEW
2.1 Nature of management in small scale business
2.2 Types of management in small scale business
2.3 Concept of small scale business
2.4 The importance of a small scale business
3.0 Research methodology
3.1 sources of data collection
3.2 Population of the study
3.3 Sampling and sampling distribution
3.4 Validation of research instrument
3.5 Method of data analysis
DATA PRESENTATION AND ANALYSIS AND INTERPRETATION
4.2 Data analysis
This study is on appraisal of the problems and prospect of purchasing in small scale business in Nigeria. The total population for the study is 200 staff of aqua rapha investment ltd in Uyi, Enugu state. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made sales managers, marketers, senior staffs and junior staffs were used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies
1.1Background of the study
After about a decade and a half of adopting an industrialization strategy based on large-scale industries, mostly of the assembly type, Nigeria has failed to achieve industrial development. The large-scale industries, which were setup, tended to be capital intensive and in appropriate, given the country’s resources endowment. Their capital equipment and technical manpower have continued to be largely imported. As a result, the triple objective of setting up large-scale industries namely:
1. Achievement of high level employment
- Local sourcing of raw materials.
- And saving of foreign exchange acquisition materialized.
In response to the weakness of large-scale manufacturing government has sought to promote small-scale industries as a strategy for self-reliant industrialization. In Nigeria economy, attention has been drawn to the fact that small-scale enterprises have received very little attention where as it is providing employment for approximately triple the number engaged in large-scale manufacturing as well as playing their role which is crucial importance to our developing economy. This is why it is important to reconsider the problem hindering the growth of his sector. Such problems the researcher has classified into managerial and financial inhibitions as well as some of the government policies, which do not favour small-scale industries
HISTORICAL BACKGROUND OF AQUA RAPHA INVESTMENT LTD.
The Aqua Rapha (God’s Healing Water) was established on 15 December 2004, by its sole owner Rev. Father Ejike Mbaka. His ability to generate money out of little or nothing and his interest in business as whole made him engage in small business partnership dealing on the distribution of household goods. The owner made the feasibility study. The report is not too far from what became the reality. The feasibility study was good, only that there were few under and over estimations due to the on-going inflationary trend in the country and reforms in the economic system of the country (NAFDAC). The factory is located at 9th mile opposite. Ama Brewearer Plc in Enugu State. The factory is located in this area because f its proximity to the source of the raw materials for the productions. The major raw materials used in the production of sachet/packaged water are sourced locally. The manufacturer employs the services of different professionals in manufacturing of the packaged water. These professionals from different field/department work together to ensure the success of desired quantities that will ensure the company’s targets, objectives and goals. The purchasing department plays their roles by getting all the necessary requirements for the production. The factory men will organize the raw materials and use it in production of complete products. After production, they will communicate stores and stores will pack those products and communicate purchasing for sales there by realizing funds what the finance department will keep for the enhancement of the company. The programme could have taken of long before now, but the company has a serious financial constraint. The availability and cheapness of the major raw materials also affected the choice of products.
Aqua Rapha Investment Company produces packaged water. Its product capacity is at minimum of Eight hundred and fifty (850) bags that contains (20) sachets, per day. Given an effective annual working period of 240 days the output is modestly placed at 203, 760 (Two hundred and three thousand, seven hundred and sixty) bags per year.
The management of Aqua Rapha Investment Company focus attention on the human side of the enterprises. In other words the behavioural aspect of management is primus. The proprietor of Aqua Rapha Investment Company believes that by rewarding workers adequately they tend to work harder and put in their best to achieve the organization set goals.
1.2 STATEMENT OF THE PROBLEM
For the period under review, the country’s economic objective was centered on reducing the level of important and promoting the expansion of domestic production especially in the small-scale manufacturing sector.
However, small-scale industries in Nigeria today are faced with a lot of problems.
These problems go a long way to hamper their prospects and growth in the country and thereby limiting their potential contributions to the development of the economy.
Such problems are as follows:
- a) Many small-scale industries do not possess a visible feasibility study of their projects.
- b) There is also the problem of loan misapplication and non-repayment of loans.
c) They keep poor accounting and business records, and
d) Because of the low capital outlay involved, experts are not often employed.
The researcher will therefore, focus attention on the problems and prospects of parts company limited and what the company should do to alleviate these problems hindering its prospects and opportunities available to it.
1.3 OBJECTIVE OF THE STUDY
The objectives of this study are:
- To identify and examine the problems militating against the effective operations of small-scale industries via-the case of company in areas of finance, marketing, technical etc.
- To identify the prospects available to the case company.
3) And to suggest ways or solutions of solving these identified problems
1.4 RESEARCH HYPOTHESES
Ho: Aqua Rapha (God’s Healing Water) does not practice purchasing concept.
Hi: Aqua Rapha Investment Company practices purchasing concept.
Ho: Aqua Rapha Investment Company does not carry out purchasing research.
Hi: Aqua Rapha carryout purchasing research.
Ho: Consumers are not satisfied with the quality of product produced by Aqua Rapha (God’s Healing Water).
Hi: Consumers are satisfied with the quality of product produced by Aqua Rapha (God’s Healing Water)
1.5 SIGNIFICANCE OF THE STUDY
This study, which is primarily aimed at explaining the appraisal of the problems and prospects of purchasing in small scale business in Nigeria, will provide an insight into the problems and prospect associated with purchasing in small scale business. This report would be of great benefit for businessmen and businesswomen, to expose them to problem and prospect in small scale business. The findings will be useful for researchers to further generate knowledge in the field
1.6 SCOPE AND LIMITATION OF THE STUDY
The scope of the study covers appraisal of the problems and prospects of purchasing in small scale business in Nigeria. The researcher encounters some constrain which limited the scope of the study;
- a) AVAILABILITY OF RESEARCH MATERIAL: The research material available to the researcher is insufficient, thereby limiting the study
- b) TIME: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
- c) Organizational privacy: Limited Access to the selected auditing firm makes it difficult to get all the necessary and required information concerning the activities.
1.7 DEFINITION OF TERMS
PROBLEM: A matter or situation regarded as unwelcome or harmful and needing to be dealt with and overcome
PROSPECT: The possibility or likelihood of some future event occurring.
PURCHASING: Purchasing refers to a business or organization attempting to acquire goods or services to accomplish its goals.
SMALL SCALE BUSINES: Sometimes called a small business, a small-scale enterprise is a business that employs a small number of workers and does not have a high volume of sales. Such enterprises are generally privately owned and operated sole proprietorships, corporations or partnerships.
1.8 ORGANIZATION OF THE STUDY
This research work is organized in five chapters, for easy understanding, as follows
Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study. Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature. Chapter three deals on the research design and methodology adopted in the study. Chapter four concentrate on the data collection and analysis and presentation of finding. Chapter five gives summary, conclusion, and recommendations made of the study
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