a. State five features of the post- independence era in the history of marketing in Nigeria b. Explain five functions of marketing in Nigeria.

Answer Details

(a) Five features of the post-independence era in the history of marketing in Nigeria

(This is the period from 1960 onwards, when Nigeria gained political independence.)

1. Rise of indigenous participation: Nigerians began to take over trading and marketing activities that were formerly dominated by foreign (expatriate) firms such as UAC and Leventis.
2. Indigenisation policy: Government enacted the Nigerian Enterprises Promotion Decrees (indigenisation) transferring ownership of many businesses to Nigerians.
3. Growth of manufacturing and local production: Import-substitution industries grew, so more goods were produced locally and marketed within the country.
4. Establishment of marketing boards and regulatory bodies: Commodity/marketing boards and standards bodies were set up to control the buying and export of agricultural produce and to regulate trade.
5. Expansion of infrastructure and modern retailing: Roads, banks, advertising agencies, supermarkets and department stores expanded, improving distribution and promotion.
6. Increased use of modern marketing techniques: Advertising, branding, market research and organized distribution channels became more widely adopted.

(b) Five functions of marketing in Nigeria

1. Buying: Marketers obtain goods from producers/suppliers in the right quality and quantity for resale.
2. Selling: Goods and services are moved from sellers to buyers through persuasion, promotion and exchange.
3. Transportation: Marketing moves goods from points of production to points of consumption, creating place utility.
4. Storage/warehousing: Goods are held safely until they are needed, creating time utility and steadying supply.
5. Financing: Marketing provides or arranges the funds and credit needed to move goods along the channel.
6. Risk bearing: Marketers accept the risks of price fall, spoilage, theft and changing demand.
7. Market information: Marketing gathers and supplies information about prices, customer needs and competition to guide decisions.