EVALUATION OF BUSINESS STRATEGIES ON COMMERCIAL ROAD TRANSPORTATION COMPANIES IN ENUGU STATE.
This study is a research in the evaluation of business strategies on commercial road transportation companies in Enugu State.
The purpose of the study is to unravel the reasons behind the neglect and the ineffective and inefficient way business strategies have been applied in the road transport sub-sector in Enugu State.
1. To seek the evaluation of strategies that are being adopted by operators in the sub-sector and at the end proffer outstanding ways to better the situation. While carrying out the research, the data collection method adopted was the questionnaires, the statistical tool used was chi-square. A total of sixty questionnaire were distributed out of which fifty-one was returned. The findings from the hypothesis is and research shows that, the pricing strategies adopted by transporters had a large extent increase in customer patronage especially the going market rte strategy.
The promotional mix elements used by the transportation organization had an impact on customer patronage. Table 4.7 especially advertising and publicity.
Factors that affect the commercial road transporters are competition, high operating charge, high cost of maintenance and government policy.
Finally, recommendations was made in the research work at the end some of them include:
1. The operators in the sub-sector should apply more of sales promotion elements such as discounts for those who travel two or more times with them in a week plus contest and sweep stakes.
2. The personnal of the firms should be trained and re-trained properly to give the industry a fact life. This could be done through work shops, seminars and symposia. The umbrella Union could handle it to reduce cost.
3. The government should reduce further the high traffic charged on vehicles and the service parts importation. Also the issue of roads rehabilitation should be given consideration.
TABLE OF CONTENTS
1.1 Background of the study
1.2 Statement of the problem
1.3 Purpose of the study
1.4 The Objective of the study
1.5 Scope of the Study
1.6 Research questions
1.7 Research hypothesis
1.8 Definition of terms
Review Of Related Literature
2.1 The role of business in commercial road
transportation companies in Enugu State.
2.2 Business Services
2.3 Formulating and Implementing business strategies in
Commercial road transport organization
2.4 Problems with implementing of business strategies
2.5 The Commercial road transport in Enugu State
2.6 Features of services Organizations
2.7 The Commercial road transport customers
Research Design and Methodology
Area of the study
Population of the study
Sample and sampling techniques
Instrument for data collection
Reliability of the Instrument
Validation of the Instrument
Method of the data collection
Method of data analysis
Data Presentation & Analysis
4.1 Presentation and analysis of data
4.2 Summary of results
Discussions, recommendation and conclusions
5.1 Discussions of Results & Findings
5.3 Implication of Research Findings
5.5 Limitation of the Study
5.6 Suggestions for Further Research
1.1 BACKGROUND OF THE STUDY
The purpose of every business organization is to make and provide valuable products or services available to its consumers and in turn make profit. To achieve this, the business must be properly aligned to identify the needs of its customers and strategically, produced and deliver quality products and service on feel time to its customers.
Strategic business plays a pivotal rule in order to achieve the above objectives. Customer’s needs satisfaction come to play. If the firm does a good job of understanding customers’ needs develop products and services that provide superior value and prices, distributes, and promotes them effectively the products or services will sell easily that is strategic business. To put it more succinctly, it is a firm’s game. Plan to beat competition and have a good share of the business.
In the commercial road transportation sub-sector therefore, the need to adopt business strategies cannot be over-emphasized. This is because of the dynamism associated with customer preferences over time. Transportation, which is generally regarded as a service is very important in every economy. This is because, it aids in the business of goods and services.
This include all activities directly concerned with the movement of persons and goods from one point to another. The efficient and easy mobility of goods and persons would be a large extent depend on the quality available means of transportation. The colossal effect of poor transportation system in any economy is better imagined, because not only would the people be faced with services mobility problem but also their business and the nations economy would face serious set back as there would be a decline in the contributions effected persons would have made in the economic and social growth of the nation in Enugu State, he Commercial road transporation business comprise of Enugu transport company (ENTRACO) which operates in Intra City – Enugu to Umuahia to Aba in that other order and Intra-city, Enugu- Lagos, Aba to Abuja in that order also. ENTRACO is owned by Enugu State Government. There is also private transportation company which also operate on Intra and Inter City bases. Examples of private transportation companies in Enugu State include CHISCO Transport Company. Young Shall Grow Company and IFEX Company. These two forms of commercial road transport business ownership mentioned above operate “paripassu”.
Within the state, though with slight differences in their services provisions. For instance, ENTRACO operate to alleviate the sufferings of commuters provide employment and at the same make some profit.
While the private owned ones has profit making as their cardinal objectives whether overtlyt or covertly pronounced of the objectives of the firms, the underlying factors to note is that business strategies are very vital for the continual existence of the firms. In the light of the above, the marketing mix elements otherwise called the four p”s include product price, place and promotion have to be properly blended order to make significant impact in the industry. Take for example price and promotion CHISCO transport company for instace offers some snacks which is a form of sales promotion to its passengers from Enugu to Lagos and other roles which it plays. The price the company charge for such services is virtually the same charge by other firms in the Industry. Similarly, there are other firms that provide television and video in their vehicles for customers viewing pleasures as they convey them to their destination. These are strategies though some modifications are needed to make these more effective and efficient in attracting more customers patronage.
1.2 STATEMENT OF THE PROBLEM
In the commercial road transport sub-sector of the economy, it is disheartening that strategic business has not been given its rightful place hence, the general transportation problems of our economy lings on the inability of operators to apply result oriented business strategy to combat competitions which is in the industry. The strategy to be adopted on the type of service rendered definition of the target market (segmentation) price and promotion in relation to customer patronage, are some of the factors flats need to be explore which will give insight on the type and nature of the general strategy to be adopted by any firm in the industry. In the commercial road transport sector and business strategy being haphazardly and or out rightly neglected in the day activities of the firms in the industry has brought about poor patronage and low productivity in the economy. The problems so far identified will be looked into and solutions proper for them.
1.3 PURPOSE OF THE STUDY
a. This study will seek to unravel the reasons behind the neglected or the effective and efficient ways business strategies have been applied in the road transport sub-sector forward.
b. Due to customers preference changes over time, the researcher will seek to find the effect of the such change on the strategies adopted by commercial road transport operators and to make recommendations.
c. It will also help to identify the strategies that are adopted by commercial road transport operators.
1.4 THE OBJECTIVES OF THE STUDY ARE AS FOLLOWS:
1. To identify strategies that are adopted by commercial road transport operators in any state.
2. To determine the impact of the strategies on productivity.
3. To find out the impression of customers
4. To make recommendations and proffer solutions.
1.5 SCOPE OF THE STUDY
The study of the evaluation of the business strategy of commercial road transportation companies is a very wide topic. The researcher could not spread the investigation to cover the whole country, I view of the fact that the time available is short. The study was, therefore limited to be the (ENTRACO) Enugu State Transportation company that have their business situated and operated here in Enugu State since the area covered in the study was Enugu State only.
1.7 RESEARCH QUESTION
a. What factors? Affects the commercial road transport.
b. What promotional mix elements do commercial road transport use to get their passengers attention?
c. What customers services do commercial road transports offer to commuters?
d. What pricing strategies/policies commercial road transports adopt to attract patronage?
e. What kind of service development strategies, do the commercial road transport adopt to carter for the different classes of passengers?
1.8 RESEARCH HYPOTHESIS
HO1: There is no relationship between price and passengers patronage.
HO1: There is a relationship between price and passengers patronage.
HO2: There is no relationship between promotional mix element and customers patronage.
HO2: There is a relationship between promotional mix element and customers patronage.
HO3: There is no relationship between services rendered in transit and customers patronage.
HO3: There is a relationship between services rendered in transit and customers patronage.
1.9 DEFINITION OF TERMS
BUSINESS STRATEGY: It is broad principles by which a business units expects to achieve it business objectives in a target market. It could be defined as a game plan business managers has for positioning the company in it chosen market arena, competing successfully pleasing customers, and achieving good business performance.
COMMERCIAL: This term derived from commerce. It is act of having or showing a desire to make a big profit without regard for other consideration.
SERVICE: Any work carried out for others by an individual or a group of individual where no transfers of goods involved.
CONSUMER CUSTOMER: These two are inter changeable in this study. They are those two group of people who patronize the services rendered by an organization.
CUSTOMER SATISFACTION: This is the main aim or business concept whereby a person buys a product or services for the satisfaction will provide. That is the benefits.
TRANSPORT RATE STRATEGIES: These are effort applied by different commercial and transport organization to place a price or amount to be paid for the services they render that could give them adequate level of business.
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