PROFIT ENHANCEMENT OF MEAT PRODUCTS MARKETING : THE CASE OF FAST FOOD AGRIBUSINESS IN NIGERIA

Abstract

Meat products marketing agribusiness is a feature of developed economies that has undergone improvement and extended to developing nations such as Nigeria. It is still evolving all over the world. The meat products in fast food marketing agribusiness is gaining a lot of attention in business and economy debates in recent times. Most of the debates were anchored on the profitability. The performance and growth of fast food marketing firm is highly depended on the profitability. The growth of the fast food marketing firm in a competitive business environment will depend on the application of profit enhancement strategies. This subject matter is sensitive enough to warrant an investigation. The study analysed profit enhancement strategies of meat product marketing agribusiness in Nigeria. All the registered meat product marketing agribusinesses equalling 100 in Delta state, Nigeria, were used for the study. Collected data with questionnaire were analysed using a combination of descriptive statistics and inferential statistics, awareness index and strategy utilization index. Managers are 60% aware of profit enhancement status. Profit enhancement utilization index of 42% was observed. Regression analysis shows that marketing communication, feedback and communication cost-based pricing and internal auditing are the major profit enhancement strategies adopted by the managers of fast food marketing agribusiness in the study area. The result of the study shows that external factors (0.494), social factors (0.478) and consumers demand (0.310)have a positive and significant relationship with the utilization of profit enhancement strategies among fast food marketing agribusiness. Based on findings, It is important for the managers of meat product marketing firm in the industry to scale up their utilization of profit enhancement strategies.