Impact of Economic Recession on the Marketing of Pharmaceutical Products in Kwara State, Nigeria
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Date
2017-08-23
Journal Title
Journal ISSN
Volume Title
Publisher
Akamai University, United States
Abstract
Ever since the great depression of the 1930’s,
economic activities of various sectors of the
economy has been revolutionized, among these
sectors is the pharmaceutical sector in Nigeria.
The major question in this sector is how exactly
economic recession has affected the marketing of
pharmaceutical products in Nigeria. This study
examines the impact of economic recession on
the marketing of pharmaceutical products in
Nigeria. Primary data were used, the data were
generated through a structured questionnaire to
elicit
information from 150 customers and
intermediaries using simple random sampling
technique.
Student T-test and Z test were used to test the
hypotheses of the study. The result shows that
economic recession affects the income of
consumers in Nigeria and mitigates the sales of
ethical products thereby increasing the sales of
fake.
Description
y –229–
http://www.akamaiuniversity.us/PJST.htm Volume 18. Number 2. November 2017 (Fall)
Impact of Economic Recession on the Marketing of Pharmaceutical Products in
Kwara State, Nigeria
Isaac Iortimbir Aun, Ph.D.*1: Zakeri Abu, Ph.D.2
; Taiwo Ganiyu Oladipo, Ph.D.1
;
and Sunday John Akpan, Ph.D.3
1Department of Business Administration, University of Ilorin, Ilorin, Nigeria.
2Department of Business and Entrepreneurship, Kwara State University, Malete, Nigeria.
3Department of Marketing, Federal Polytechnic Ado-Ekiti, Nigeria.
E-mail: isaacaun@gmail.com*
zakeriabu2007@yahoo.com
ganiyu_taiwo@yahoo.com
ABSTRACT
Ever since the great depression of the 1930’s,
economic activities of various sectors of the
economy has been revolutionized, among these
sectors is the pharmaceutical sector in Nigeria.
The major question in this sector is how exactly
economic recession has affected the marketing of
pharmaceutical products in Nigeria. This study
examines the impact of economic recession on
the marketing of pharmaceutical products in
Nigeria. Primary data were used, the data were
generated through a structured questionnaire to
elicit information from 150 customers and
intermediaries using simple random sampling
technique.
Student T-test and Z test were used to test the
hypotheses of the study. The result shows that
economic recession affects the income of
consumers in Nigeria and mitigates the sales of
ethical products thereby increasing the sales of
fake and substandard products in the
pharmaceutical industry. The study therefore,
concluded that economic recession has a
negative effect on the marketing of
pharmaceutical products as it leads to a decrease
in purchasing power of customers and a shift of
customers from ethical products to fake and
substandard products. In light of these, the study
recommended that drug producers should adjust
their marketing strategies to suit environmental
needs and consumer responses through constant
marketing research.
(Keywords: economic recession, marketing,
pharmaceutical product.
Keywords
Citation
2