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(PDF) A case study of Nigeria

   

Added on  2021-02-19

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RELEVANCE OF CONSUMER DEMAND THEORYIN DERIVING BUYING HABITS OF CONSUMERSIN DEVELOPING ECONOMIES: A CASE STUDYOF NIGERIA
(PDF) A case study of Nigeria_1
TABLE OF CONTENTSTopic: Relevance of consumer demand theory in deriving buying habits of consumers indeveloping economies..................................................................................................................3INTRODUCTION...........................................................................................................................3Background of study....................................................................................................................3Aim..............................................................................................................................................3Objectives....................................................................................................................................3Question.......................................................................................................................................4Rationale......................................................................................................................................4Scope of study..............................................................................................................................4LITERATURE REVIEW................................................................................................................4RESEARCH METHODOLOGY.....................................................................................................5Research Methods........................................................................................................................5Research Philosophy....................................................................................................................6Research Approach......................................................................................................................6Research Design...........................................................................................................................6Data Collection............................................................................................................................6Sampling......................................................................................................................................7Data Analysis...............................................................................................................................7TIME PLAN....................................................................................................................................7CONCLUSION................................................................................................................................8.........................................................................................................................................................8REFERENCES................................................................................................................................9
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Topic: Relevance of consumer demand theory in deriving buying habits of consumers indeveloping economies.INTRODUCTIONBackground of studyMicro economics is study of behaviour of individuals and organisation for making decisionwith regard to allocation of scarce resources and interaction with people in the economy. Theconcept of micro economy is implied to understand market services and goods which are relatedto economic issues and public (Chan and Gillingham, 2015). The study of microeconomics isdivided into five aspects where first is the theory related to choose and demand of customers.Further, choices of organisation’s with regard to goods and services is second elements ofmicroeconomics. Third element aim at interaction of company and consumers which leads tomotive of goods and price in market (Chapter 2: A REVIEW OF MICROECONOMIC THEORY,2017). Fourth aspect of microeconomics revolves around theory which derives demand andsupply for inputs in productive process and final section is areas which aim at economic welfare. Developing economies are the countries which have less developed industrial base and lowhuman capital development. Russia, Brazil, China, South and China are considered as part ofdeveloping countries. Like Nigeria which is an African country is making progress in socioeconomic terms but its human capital development is still considered as weak because ofunderinvestment. The country is ranked 152 out of 157 countries for Human capital index inWorld Banks’s 2018 (The World Bank In Nigeria, 2019). The present research is specificallyfocused to first section of microeconomy which is consumer demand theory to developunderstanding over buying habits of shoppers of Nigeria. Consumer demand theory is centred onanalysing utility which is generated from satisfaction of consumer needs and wants. Also, thestudy will outline microeconomic challenges which are faced by organisation in country inderiving needs and habits of buyers.Aim“To examine relevance of consumer demand theory in deriving buying habits of consumersin developing economies: A case study of Nigeria”.ObjectivesTo assess buying habits of consumers in developing economies3
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To understand approach of consumer demand theory in deriving buying habits ofNigerian consumersTo outline microeconomic challenges faced by organisations when deriving buying habitsof Nigerian consumersTo recommend microeconomic ways of understanding buying habits of customers indeveloping economy like NigeriaQuestionDiscuss buying habits of consumers in developing economies?Explain the approach of consumer demand theory in deriving buying habits of Nigerianconsumers?What microeconomic challenges faced by organisations when deriving buying habits ofNigerian consumers? Recommend microeconomic ways of understanding buying habits of customers indeveloping economy like Nigeria?RationaleThe motive behind choosing consumer demand theory is to gain insight over consumersexpectation and preferences for alternate goods and services available. The study is for personand academic interest where aim of scholar is on deriving the areas of improvement in country tomanage progress in economy. The research is conducted for the purpose of developingunderstanding over microeconomic challenges and ways for deriving consumer demand andchoice.Scope of studyThe scope of study is wide as the research is focused on deriving buying habits consumersof developing economy that is Nigeria. In this researcher will have to explore different aspects todraw relevant outcome. The study will include discussion like consumer demand theory,consumer preference orderings, utility functions, indifference curve, consumer indifference map(Rader, 2014). The key words in the study will be, consumers, Nigeria, buying habits,preferences, theory. Consumer demand and many more.LITERATURE REVIEWIt helps in filing the gaps on the particular area of study by critically evaluating theviewpoints of various authors. 4
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