Notesale: Turn your study into money

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MANAGEMENT OF BUSINESS AND PERSONAL FINANCES

BY

ODEWOYE FRANCIS SUNDAY
...
HOW TO CONTROL YOUR EXPENDITURE

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4-7

i
...
Debts to avoid

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9- 11

iii
...
IMPORTANCE OF EMERGENCY SAVING

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15-16

i
...
WHAT BUSINESS MANAGERS SHOULDN’T DO

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19-21

i
...
Tips to make your business a going concern

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21-27

iii
...
UNEMPLOYMENT VERSUS DEBT MANAGEMENT

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30-31

5
...
MARKETING RESEARCH ESSENTIAL FOR BUSINESS GROWTH ----------- 35-37
AUTHOR’S PROFILE
REFERENCES

2

PREFACE
The objective of this is to provide a link between the activities of the Managers to
meet the present-day requirement concerning the effectiveness of the
organization and personal finances and in satisfying the consumer while realizing
the organization goal
...
The writer has taken into
consideration the practical aspect of the field and the shortage of textbook on
Business Management and Personal finances and high cost of obtaining those
that are available is beyond the financial limitation of many students
...


3

CHAPTER ONE
HOW TO CONTROL YOUR EXPENDITURE
Introduction
...
Credit card debt and bankruptcy have affected
many individuals, but you can prevent this from happening to you
...
While economists say the ideal
thing is for the government to spend more on capital projects, and less on
recurrent expenditure, the reality is that over 70 per cent of the country’s
expenditure is recurrent
...
While they have been
told that the ideal things are for them to plan, have budgets and saving- among
other things, the reality is that they spend spontaneously, with a large chunk of
their earnings going to “waste” on things they could do without
...
It is not enough for you to say “I didn’t waste the
money; I spent it on useful things
...

To avoid “eating” or “wasting” your future and to keep your expenditure in check,
consider the following:
1
...
Once
4

you determine this, you will be able to review your spending and determine what
you can take off the list
...

The idea is that if you spend money on things you need, you will not find it that
hard to at least remember most of your expenditures
...
How much went to beverages, snacks, gum,
DVDs, etc
...
Stop unnecessary expenses
...
If you reside in cities like Lagos, Port Harcourt or Kano, ask yourself if
you need that beverage or snack being ‘shoved’ in your face while you are stuck in
traffic
...
Let’s
say you got a pair of shoes you didn’t need for $5, 000
...
If you do that for one month, you imagine what that amounts to in a year
...
It could also be money that can be saved
...

3
...

Without budgets, financial experts say it is impossible to eliminate spontaneous
spending
...
It is not enough to just set aside, say,
$20, 000 for foodstuff or to budget $100, 000 for your trip home for a festival
...
That way, you won’t see one huge watermelon that “is so cheap and
irresistible” even though it did not make your shopping list
...

4
...

The amount of money people spend on entertainment and food has resulted in
phrases such as “eating your future
...
In a country where
virtually everything “calls for celebration,” many people end up spending a lot on
entertainment and food; naming ceremonies, “washing” a new car or promotion,
birthdays, awards, movies, festivals, the etc
...

According to experts, people need to be smart about these things; avoid what can
be avoided
...
The truth is that while some people can afford to have 30 cartons
of wine that go for up $30,000 per bottle for a naming ceremony, many others
can’t and admitting that truth will help them to keep their expenditure in check
and secure their future
...
Review your utility bills
...
In many states in the country, such utility
bills as water bills do not exist, but that leaves you with electricity and phone bills;
for some people, gas etc
...

What do you do when suddenly your electricity bill reads $18, 000 instead of $5,
000 ranges you have become used to? Do you make a complaint or do you just
pay? Consider applying for a pre-paid meter and turning off electronic devices
once they are not in use
...

While many people do not think it is possible to predetermine how much they will
spend on recharged cards for their phones, nothing stops you from not only doing
this or making a habit out of it
...
Get insurance cover
...
in the country is rather high
...

When this happens, more often than not, they are forced to get a replacement
because of the importance of what lost
...
So, when theirs is stolen, they
are bound to get a new one as quickly as possible
...
To avoid spending a fortune
replacing items you have already purchased, insurance is the way to go
...

i
...
Bad money management can leave a lot of people sliding gradually
into debt
...

Minimizing debts will take a lot of effort and will power but will be worth it in the
long run
...
Household debts
...
There are
ways to save on household energy expenses such as gas and electricity; if you get
your energy from different suppliers, then combining them could save you a lot of
money per year
...

Other household expenses that are a priority will be items such as the weekly
food shopping bill
...
The main aim of reducing your
household bill is to free up some of your income that can then be used to pay off
serious debts
...
Seeking financial help
...
It may be the time
to seek help from a debts counsellor, who will be able to talk to your creditors on
your behalf and minimize your debts
...
Bank charges
...
Try phoning your bank, explaining the situation and reclaiming the
charges
...
They will look into the
problem and will usually offer a repayment as a gesture of goodwill
...
These charges can mount up in no time and can
seriously damage your finances
...

4
...

Paying with cash instead of using your debit or credit card is the best way to keep
track of your finances
...
Paying with cash also means you are unlikely to splash out
on impulse buying with your credit card
...
Debt is easy to achieve but never easy
to get rid of, and curbing the desire to spend is difficult for some peop0le
...

ii
...
Actually,
recognizing debts that you can and can’t afford means assessing income and debt
repayments now and in the future
...
Assessing affordable debts
...
These debts can take the form of new
clothes or food shopping paid with the use of a credit card
...
These debts can take the form of buying a car
using a loan or a finance arrangement or even buying a property
...

2
...

Financial budgets are vital when it comes to future and present finances
...
Setting
out a financial budget will help to assess times scales when it comes to debt
...
Present income versus expenditure will be part
of the plan but debts that are still being paid in five years should also be part of
the picture
...
Can you afford large debts?
Items purchased on credit, such as a new car, are major debts
...

Repaying a large debt over many years will drain money in terms of interest
payments; the longer the repayment schedule, the more interest paid
...
If
an item such as a car cannot be paid for in five years, then this debt is not
affordable
...
Good debts versus bad debts
...
A new car
decreases in value as soon as it leaves the showroom so it isn’t good debt
...
Buying a home is also generally seen as the smarter
option for renting; renting will not provide any financial return
...

5
...

It’s useful to know what is classed as good and bad debts
...
Property purchases such as homes (good debt)
ii
...
New vehicle purchases (bad debt)
iv
...
High-interest loans such as payday loans (bad debt)
vi
...


6
...
Most people have no other option than to buy
their home using loans and financing
...

Mortgage payments should not exceed 30 per cent of one’s take-home pay per
month; this is after having been paid
...


11

7
...

Even when purchasing good debts such as a mortgage, there are variables
...
Interest rates can
increase as can mortgage payments
...
Think of these savings as a safety
net, something that can be used to weather any financial storm
...

A financial budget is the best way to assess whether or not certain debts can be
afforded
...
This is a long-term financial forecast
...


III
...

When it comes to spending, we naturally tend to act on the spur of the moment,
losing sight of the long –term consequences
...
The reality
is that everything has a consequence, either good or bad
...
The question is not if, but when
...
Your financial future is being formed each day as you
spend
...
Ignorance or faith is not an exemption
...
Everything
12

will turn out right somehow
...
Their focus is not on their responsibility as faithful stewards of
the money that comes into their hands
...

They are perpetually hoping and praying for a financial breakthrough, believing
that God will bless them so much that all their financial troubles will be over
...
If you cannot handle money, more money will not solve
your financial problems
...
If you are a leaking bucket, more water will simply expand
the hole, making it worse
...
You are like a farmer that planted nothing, hoping for a
harvest through fervent prayers backed with fasting
...
The thirsty traveler
...
Besides the well was a bottle of water with a note attached
...

He had a tough decision to make- drink the water in the bottle to quench his
thirst or pour it down the hole and prime the pump for a continuous stream of
cool freshwater
...
If he drank the water, that maybe his
last drink
...
What if he pours it
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down and nothing happens? Same as drinking the water in the bottle- he will be
back to square one
...

He decided to take the risk
...
For some scary moments, nothing seemed to happen
...
Water started gushing out; clean, cool and freshwater
...

With enough drinking water, he made it safely home
...
That would be living from hand to mouth, praying for the next source of
water, no matter how dirty
...
We would end up going round in circles, looking for
water rather than finding our way home
...
How far do you think?
We are all creatures of habit, and this includes the way we think
...

Some people already have year2020 planned out
...

Some have no idea what they will be doing next Saturday, whether they have
money set aside to renew their insurance policy or how much they need to set
aside for their children’s school fees
...

There are even some whose wives are pregnant and they have no money set
aside to cover the hospital bills despite the nine months’ notice
...
These same people will
wear the latest fashion, harass neighbours with noise from their parties and buy
Aso-Ebi for every event they are invited, spraying cash to play to the gallery
...

When their bills fall due, they run from pillar to post and bombard the gates of
heaven for a financial breakthrough and last-minute miracle
...
They sow bad seeds and pray for crop failure
...
Another Christmas approaches
As another season of celebration approaches, it is another opportunity to stop
and think
...
What money lessons have you learned
in the past year? What was your experience in January 2019? Why were you so
broke even before the middle of the month and your children had to stay at home
till month end although schools resumed by the second week of January? What
do you think you did to put you in that situation? What will you do differently?
If you cannot think one year ahead, at least try to think three months ahead; look
beyond Christmas to the bills waiting for you at the other side of Happy New Year
...

Consider the full picture, not just Christmas decorations, gifts and parties
...

Allocate your funds based on available inflow
...
Allocate funds based
on priority, not urgency
...
Have
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a budget for the upcoming Christmas and stick with it
...
It is not a do-or-die affair
...
Find creative ways to cut costs
...

Forget about public opinion
...

What people think about you has no bearing on whether you will get to your
desired destination or not
...
Look far ahead, and
check to see whether your current daily actions support those goals and dreams
...


16

CHAPTER TWO
IMPORTANCE OF EMERGENCY SAVING
People who use credit cards in an emergency is wasting a large amount of money
in interest payments
...

1
...

Unemployment can hit anyone at any time and there are no guarantees of a
secure job for life anymore
...
If unemployment occurs, it
will mean paying bills and debts from a reduced income
...

2
...

Credit cards can come in handy if a financial emergency occurs
...

Paying by credit card means paying interest charges until the debt has been
cleared
...
There is no interest-free
period in which to repay cash taken from a credit card account
...
Why cash is always better than credit
...
The
added interest will simply mean that the price of goods and services will be
inflated when using credit
...

17

For large families, a broken washing machine can seem like an emergency
...
Interest-free options should be considered if an
emergency savings fund is not available
...
The basic emergency savings fund
...
Six months’ worth of living expenses
can seem like a lot to save for families on a budget
...
Putting in what can be afforded will be
a start, and the fund can be added to when there is any spare cash
...

5
...

Those who may find it hard to resist dipping into their emergency savings fund do
have an option
...
Giving notice does sound as if it
defeats the purpose of an emergency savings fund
...
If unemployment were to occur, the notice
period would be similar to receiving the next month’s wages after the last salary
payment
...
For most people, creating an adequate
emergency fund will take around three years
...
Emergency savings funds can be a lifesaver in the future
and will help to beat the lenders if financial hard times do occur
...


Manage Debts and Savings

Anyone who is considering creating a savings fund should know one of the most
important principles
...

1
...
One of the major disadvantages of doing this is that money is
being continually wasted on interest payments
...
Clearing
interest accumulating debts first before building a savings account does make
financial sense
...
Why do banks encourage consumers to save?
Banks encourage people to spend more than they encourage them to save
...

Having savings means the customer is lending the bank money at a much poorer
interest rate than if the bank lends the customer the money
...

3
...
Banks and lenders love customers who only make
minimum repayments as this means they are paying interest for the longest
period
...
Customers who incur late and missed payment penalty fees are
also seriously adding to the lender’s profits
...
Are there any good debts?
Some debts do of course make financial sense
...
Interestfree credit is about as close to good debts as it comes
...
Which debts should I clear first?
Any debts with high-interest rates should be the first to go
...
Priorities
debts into high-interest rate debts and work down the list with the lowest interest
debts left until last
...

6
...
Savings are savings and it does not matter if it’s a regular
savings account or an emergency savings fund
...
Saving before debts are cleared
simply means the customer is contributing to the bank’s profits
...
So I should only create a savings fund when debt-free?
A savings fund should be left until a debt-free status has been achieved
...
It simply makes some financial sense
to clear off interest accruing debts and then build up a savings fund
...
This
does not make any sense as the customer with savings is, in effect, borrowing
their savings and being charged interest on it
...
More importantly,
managers lack the values, sensitivity and awareness needed to interact effectively
all day long with people
...
And every day, you are on the lookout to ensure that everything is
running smoothly and that no one makes a mistake
...

Though they admit that it is impossible to completely avoid mistakes, they stress
that by understanding the common mistakes, managers will be in a better
position to avoid them, and when they make any of the mistakes, they will be
able to learn great lessons from them
...
Shunning Additional Training
According to experts, many people fail as managers because of inadequate
training
...

According to the Managing Director, Silex Limited, Mr Steve Obong, says getting
basic management training may not be enough in today’s world
...
’
He says,” What obtained yesterday would most likely not obtain today
...
”
2
...
Experts say such a move can lead to a lot of
problems from the organization and for such managers because by handing off,
they leave their workers without supervision
...

3
...

Many companies have periodic evaluations and many managers chose to wait for
such periods to point out the mistakes or weaknesses of their employees
...
This they say is because the
attitude or flaws of such workers may affect productivity, which in turn may cost
the company clients
...
By
providing regular feedback to employees, managers can keep them in check and
prevent them from creating division among the workers or causing the company
to lose customers
...
Being inaccessible
Some managers are just ‘too busy’ for their workers; they have no time
...
According to experts,
this is a huge mistake because when you are done holding meetings with your
clients, it is your employees that will provide the service, produce the product
22

needed or execute the project that was discussed
...
This is because they need to clarify and
when they have challenges, they will need you to guide them or provide a
solution
...

Ensure you keep an open door policy because it will help you to keep your
workers on the same page with you
...

5
...

Yes, experts say managers should not be too distant
...
Now, they say managers should not be too friendly
with employees
...

They say while you are supposed to be approachable, becoming friends or too
friendly with employees may make it difficult for you to function effectively
...

6
...

Experts say many managers make the mistake of thinking that money is all that
motivates their staff members
...
Once
you have failed to motivate your workers, you will be unable to get the best out
of them, which is enough to make you fall as a manager
...

23

7
...

Another big mistake managers make is that they hardly delegate responsibilities
because they believe that they are the only ones who can get the task done
properly
...
Experts say this is not only a source
of de-motivation for workers; it can get the managers frustrated and stressed
...

i
...
Whether you do all the work yourself or hire a professional, there are
some basic money principles to be adhered to
...
What do you know about money? Do you
understand money? Do you have a philosophy about how you use money?
Experts say many people have little understanding of money; consequently, their
finances are never in order regardless of how much money they have
...
Differentiate between needs and wants
...

According to experts, everything that people need revolves around food, shelter
and clothing
...
Unfortunately, they say many people fail
to do so
...
And there are many more
24

examples like that
...
For instance, while you need a bed to sleep in, you do not need one that
has gold engravings or fittings all over
...
To spend money
wisely, always distinguish between needs and wants then go for the needs and
ignore the wants
...
Do not spend all your earnings
While this is self-explanatory, many people find it impossible to spend less than
they earn
...
Now, the benefits of having some form of savings are numerous
...
Of course,
the economic situation in the country has left some people with barely enough to
feed, but many people have risen above such a challenge by adopting drastic
saving tips
...
More money may not be enough
...
While
some of these people may genuinely need more money, experts say some others
have enough but mismanage it because they are financially illiterate
...

25

Take time out to determine which category of money user you belong to, and if
you believe that more money is what you need, then you need to know that there
will be a time when you will realize that you did not need all those gadgets, cars
or personal houses
...

4
...
This means that by deciding to purchase one item, you are giving up
another
...
For example, if you have one million
dollars and you are to choose between buying a plot of land and buying a car, by
choosing the car, you need to know that the car did not just cost you one million,
it also cost you a plot of land
...
Develop yourself
For you to get the most out of your money; experts say it is important that you
spend some to develop yourself
...

6
...
Because not only is such a move capable of making you live above
your means, it is also likely to make you invest in items you do not need
...
Some of them are forced to sell the cars at a
loss
...

Also, avoid borrowing money
...
According to experts, if you can just live within your
means for some years, you will be able to achieve a high level of stability
...


Tips to Make Your Business a Going Concern

Owning your own business is one of the most rewarding adventures you can
endure; it can also be a stressful adventure
...

A going concern is a business that functions without the threat of liquidation for
the foreseeable future, usually regarded as, at least, within 12 months
...
According to experts, these challenges
are likely to increase as the excitement the business owners feel when they first
set up the business wears off
...
This is because
they are likely to lose interest in the business and therefore, fail to put in the
creativity and drive the business needs to grow
...
Avoid boarding knowledge
Yes, you are the boss and employees look up to you to provide direction and
27

leadership; many of them even expect you to know everything or more than they
know
...
But this is one urge
experts say you have to resist
...

By sharing information or knowledge, experts say you can boost staff morale
...
When you hoard knowledge, however, you may
leave them alienated and ‘force’ them to be less loyal
...
Information contained in newsletters does not have to be
strictly about the organization or the industry; it could contain safety or personal
finance tips, for instance
...
Stay up to date
One of the reasons some businesses have failed to live up to expectation,
according to experts, is because their owners are stuck in the past- they do little
about research, neither do they follow happenings in the industry
...
When you ignore such information, you may end up with a
business that is out of touch with reality
...
Your competitors,
consumer expectation, etc
...
You need t
28

constantly find out what people want, what is the trend, who are your
competitors now etc
...

3
...
Experts say you must guard against this
...
Experts advise that you must always ensure that customer
service is a priority for you
...
While doing your best to keep existing customers happy
through excellent customer service, experts say you can also attract more
customers via networking and existing clients
...
Don’t just set the standard; keep it
Many businesses that are battling for customers today once had customers
queuing for their services and products
...
So, you did
your research then, found out what was obtainable in the industry and improved
on it
...

This is part of the reasons experts warn that business owners should not just set
the standard, but also keep improving on it
...
To achieve this, and
possibly improve on the standard, experts say it is important to keep your
employees motivated and happy
...
Lead by example
As the boss, leading your team is not just about giving directives and laying down
rules, it is equally about playing your role and keeping the goal in focus at all
times
...
Once you lose your focus or relax, so will they
...
According to them, keeping your eye on your
goal is essential to successfully run your business
...
More so if you are not passionate about your business, if there are
challenges along the way, your hearth will tell you ‘keep on’, you will make it, and
then you will start using your skills to address the challenges
...
Stay creative
Experts say a great entrepreneur wakes up every day thinking of ways to improve
his business
...
While it may
not be possible to improve the business every day, by thinking this way, they say a
business owner is unlikely to get left behind as he will almost certainly seize every
opportunity to add something new and creative to his business
...
Are you doing better than you
were last month? What is responsible for the change? Asking yourself, such
questions are important
...
Outdo yourself
Regardless of what has been achieved; experts say great business owners always
strive to do better
...

30

What is going to happen for the next 10 years? While it is up to you to decide,
experts say failure to set a target, which is an improvement on your initial target,
will only leave room for your competitors to displace you- that is if you are
already at the top
...


Six Ways to Enhance Your Credibility

You may not succeed in business if nobody believes in you
...

1
...

The days are long gone when customers were impressed by an illustrious
corporate name or a fancy job title
...
Be authentic, even if all you bring to the table is your
enthusiasm
...
Know the legitimate value of what you provide
...

You ‘II refuse to cave into unreasonable customer demands
...

You ‘II will be strong and confident about what you can contribute, thereby
creating credibility
...
Have insight based on research and analysis
...
Insight comes
from learning about a film, the role it plays in the industry and the customers that
it serves
...
Remember; even the smartest
CEO doesn’t know everything and as an outsider, you can bring a fresh
perspective to old problems
...
Listen actively, consider carefully and respond succinctly
...
Nothing
says, “I’m insecure and insincere” spouting pat answers to questions that haven’t
been asked
...

5
...
Whenever you communicate with customers, edit out
everything that sounds like a sales pitch (e
...
money-back guarantee); don’t make
unsubstantiated claims ( e
...
we have the highest quality) and avoid marketing
biz-blab ( e
...
reach out, best practices)
...

6
...
In real life, would-be sales heroes
fall flat on their faces
...
Even customers with a
detailed list of requirements usually need a clearer understanding of their needs
and how best to meet them
...


32

CHAPTER FOUR
UNEMPLOYMENT VERSUS DEBT MANAGEMENT
Long-term unemployment can bring stress and financial hardship and mounting
debts are one of the major worries
...

1
...

For most people, money worries will play a big factor during a period of
unemployment
...
Credit card and loan repayments are not classed as
high priority debts unless they have been secured on the home
...

Keeping the creditors at bay will mean contacting them immediately to make
them aware of the change in circumstances
...
Renegotiate credit terms with creditors
...
Creditors should be open to this option as
it means they do not have to start recovery procedures
...
Simply telephone or write to the creditor
explaining the financial situation and proposing the rate that you can afford
...
If
possible, set out how long the renegotiated repayments are likely to last
...
Don’t panic if creditors refuse to renegotiate
...

33

This is often a common bluff used by certain credit companies in the hope that
customers will pay more than they can afford
...

The only option open to creditors is to call in debt collection agencies or use a
court judgement
...

Don’t succumb to pressures from creditors; a court judgement will usually mean
creditors will end up with the lowest payment from debtors
...
Take a stronger approach with creditors
If creditors are being unreasonable, then consider bringing in professional help
...
Creditors will also be aware that the debtor is taking the matter seriously
and he knows the available options
...
Work out new repayment rates
...
Included in the budget should include:
i
...

ii
...

iii
...

iv
...

v
...

vi
...
Enquire about the likelihood of interest being frozen for some time
...

Taking a proactive approach immediately and contacting creditors to make them
aware of the situation is the best solution
...
Customers do have legal rights and
protection from creditor harassment
...
Many individuals have been deceived, defrauded or even killed in the
process of conducting business with their online friends
...

As a result of these inhuman acts carried out on unsuspecting users of the
internet, experts have called on users to apply caution when dealing with other
people online
...
They advise that one must
understand that no stranger should be trusted when conducting online deals
...
Online victims
fail to speak up because of the fear of being stigmatized
...

Below are some important tips that can help you to stay safe online, according to
experts:
1
...

Irrespective of the proximity you may have garnered while chatting with this
36

individual online, you should not arrange to meet him or her in private on your
first face-to-face date
...

This, they say, is to forestall any act of intimidation, assault or fraud
...

2
...

Though there are trustworthy individuals to deal with online, the rising nature of
online fraud has made it necessary for businessmen and women to deal face-toface with their partners
...

3
...
You must
be happy with the deal before you make any payment, otherwise, you may have
yourself to blame in the end
...
Limit what you give out
Be strict when it comes to giving out anything to the other party
...
According to experts, you should only give the minimum
necessary personal information to sellers and buyers on the site
...


37

5
...

Online professionals say you should never carry large sums of money when trying
to buy things from someone you met online
...

6
...
Experts say you should not
hesitate to contact the website you are using immediately you notice anything
suspicious
...

7
...

No online shopping store needs the names of your children, your family history
etc
...

However, if crooks get them, combined with your Master Card number for
purchases, they can do a lot of damage
...
Make an effort to hold back information that is not related to
your purchase during online shopping
...
Protect your computer
Swindlers don’t just sit around waiting for you to give them data; sometimes they
give you a little something to help get things moving
...
You need to protect against malware with regular updates to your anti-virus
programme
...
Update it
regularly
...
Use strong passwords
Now and again, it is important to emphasize the need to utilize ‘uncrackable’
passwords
...
Creating a unique
password can come in handy when shopping around
...
are not the best
...
The best place to store your password is in your head
not on a sheet of paper
...
It
thus presupposes that remaining in business is a survival of the fittest
...
To gain a
significant share of consumers’ minds, marketing research is the key that unlocks
the insights
...
It also helps organizations to weigh the options available
before arriving at the best decision
...
Marketing research is imperative to enable an
organization to gain a significant edge in the market place
...

1
...
The purpose of the
research should be stated in unambiguous terms
...
The purpose should be overriding
above all other interests as a research endeavor should be rid of primordial
sentiments
...
This is to ensure that there are no loopholes rights from the initial stage
of the research
...

40

2
...
It is through research that a company knows
whether its product or service is meeting a need in the lives of customers
...
This is translated into the formulation of a corporate
strategy that can drive growth for the organization
...

Marketing research also assists to ascertain and understand the competition and
its operations
...
An organization
that invests in marketing research survives the competitors’ onslaught and also
understands the unmet needs of the consumers
...
The customer information provides thorough research is adapted as a
strategic instrument to penetrate the target markets as well as the identified
customers
...

Organizations can determine the profitability of the business and ways to
maximize profit with research
...
The survival of the company in the long term depends solely on its
ability to increase profit and not only to maximize sales
...

41

Marketing research equips an organization with the power to make informed
decisions that can accelerate growth in all facets of its operations
...

The result of any research endeavor is expected to be used as a blueprint to
effectively map out strategies aimed at engendering growth in an organization
...
Marketing research equips organizations
with the knowledge and tools to have a perfect grasp of the identified target
audience
...

It is through research that an organization knows the concerns and expectations
of the internal audience
...
Without
research, there is no way the internal stakeholders can align with the vision of the
organization
...
Through research, communication is tailored to meet
the needs of the audience
...
Any communication initiative can only achieve
its stipulated objectives when it addresses the needs of the audience
...

An important role of marketing research is that it enables businesses to discover
42

current market trends
...
Research
exposes organizations to the barriers that should be surmounted for business
growth and expansion to take place
...
From Nigeria, married, writing Research,
Educational and stories books are my work
...

Also Obtained Advanced Diploma Certificate in Community Health Science and
Masters in Business Administration
...
Wickens J
...
Oloko
...
(1983) “Impact of Societal Pressure on Management,”
Mimeograph, Centre for Management Development, Lagos, Nigeria
...
Kelby
...
(1969)
...

Cambridge University Press, Cambridge

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