The Impact of Effective Credit Management on the Profitability of First Bank

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CHAPTER ONE

1.0    INTRODUCTION

1.1    BACKGROUND OF THE ESSAY

Credit generally denotes loans and advance made either directly by a credit (lender) or a debtor (borrower) on the principles of different payment. The banks as a lender, provides credit facilities by making funds available to customers in agreed terms and condition of payment. The gain of credit to the bank is purposed to be huge profit instead of this over year, modern banks (particularly First Banks) have been recording huge amount of bad debt provision which increase with each consecutive.

 

The term credit is the granting of money (loan) and advances to borrowers with the general expectation that they would honour their obligation to repay the fund or without interest when due.

 

Credit is the means by which we are able to obtain immediate benefits of goods and services upon the promise of payment at a future date. One of the main reasons for obtaining credit is that money which is our recognized unit of exchange is kept in relative short supply and although we may have enough credit for those items which require but cannot immediately afford and as these problems is not confined to individuals. A banks objective is to make money and one of the methods used to achieve this by loans.

 

However, loans are only granted to those whom they have every confidence in them as often as not, demand some form of security. The motive for lending money is therefore to acquire profit for themselves and not out of favour to the customers. Although, we are not able to adapt such stringent attitudes, our motives for granting credit must be the same.

 

It is however, dishearten to note that not withstanding the level and magnitude of impact that the banks have on economy in terms of importance which is unarguably immense. Whenever money is always certain a risk of not getting it bank from such customers. It is this (non payment of loan) that has made it necessary for this research to go into area of credit management. The impact of effective credit management as a process is very essential for banks because poor credit revaluation leads to poorly unstructured loans facilities that reduce the profitability and liquidity of the banks.

 

First Bank of Nigeria Plc is a leading banking institution in Nigeria with over a hundred years of banking experience, founded in 31^st March 1984 by a shipping magnate from Liverpool, Sir Alfred Jones. It commenced as a small business bank in the Office of Elder Dampster and Co. in Lagos. Today, First Bank of Nigeria Plc has diversified into a wide range of network of banking activities and services including commercial, become appetent factor in the development of the country.

 

It was incorporated as limited liability company in London, with its Head Office in Liverpool under the corporate name “Bank of British West Africa”, with a paid up of Twelve Thousand Pounds Sterling (E12,000). It commenced business after it had absorbed its predecessors assets in the African banking of the pre-eminent position which the bank was established in the banking industry in Wet Africa.

 

In 1896, a bank was opened in Accra, Gold Coast (now Ghana) which another was established in Freetown Sierra Leone in 1898. This marked a milestone in banks intentionally banking operations thereby justifying its West African coverage operationally. The second branch in Nigeria was situated in the old Calabar in 1990 and two yeas later, it services had extend to Northern Nigeria with a branch network of 291 in 1996 spread throughout the federation, including London. The bank has the highest number of branches in the banking industry.

 

The banking has experience a phenomenal growth over years with a share capital of 55.6 million in 1980, which rose to N684 million in 1995, the banks total assets currently stand at N69.82 million, supported with a deposit based on N41.641 million.

 

When the bank began operation in 1894, it has a staff of six composing of 3 Europeans and 3 African today, the bank is virtually fully Nigerianalized. This is of course has been the result of planning responsiveness of the yearning of the Nigeria people and government as well as the banks determination to identify with the aspiration of the country in its march towards national development.

 

As a result of corporate policy to clivas its portfolio of noncore activities and in order to meet the bank of England’s regulatory requirement of the banks foreign partners, the standard chartered banks of Africa Plc, have reduced their shareholding to 9.9% following the offer of 120.941.195 share to the Nigerian public, thus bringing the equity holdings by Nigeria to 90.1%.

 

The bank has maintained its leadership in financial long-term lean to the colonial government. Today, the bank boast of a diversified loan portfolio to various sectors of the economy. The banks rural banking record is unmarked by army banks while its agricultural credit facilities through the community farmers tremendous access to the much needed bank credit.

 

In meeting the challenges of the second century the First Bank of Nigeria Plc is committed to put a smile on the face of every customer.

 

1.2    OBJECTIVE OF THE ESSAY

The objectives of the extended essay include the followings:

1. To examine the various considerations and analysis in the impact of credit management for lending purpose in the principal industries especially the First Banks.
2. To assist practitioners in the banking industries to acquire the high degree of unperformed credits as presently carried in their debt portfolios and assist in sound and reasonable credit aimed at minimizing the incident of bad debt.

• To suggest the portion of lending (i.e. advances and loans) that should be allotted to individuals customers.

To find out from all available data the lending structure of

 

 

 

 

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THE IMPACT OF NEW PRODUCT DEVELOPMENT IN AN ORGANIZATION

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ABSTRACT

Product is a very important part of the marketing mix, and consumers want and satisfaction serve as the yardstick for creating it. Hence products must be designed with the market’s need in mind. This essay writing intends to look at the basis for planning changes in marketing strategy which allows a management to take a corrective course of action. As a matter of fact, products like human beings have life span and they can die. The danger in the death of an organization product is that it could result to the closure of the organization business operations. In the light of this, it is therefore a necessity for organizations to adopt the new product in order to remain in business and have a sustainable and a new market.

 

 

 

TABLE OF CONTENT

Title page                                                                      i

Declaration                                                                   ii

Approval page                                                               iii

Dedication                                                                     iv

Acknowledgement                                                         v

Abstract                                                                        vii

Table of Contents                                                          viii

CHAPTER ONE

1.1    Introduction                                                         1

1.2    Objectives of the Essay                                        5

1.3    Significance of the Essay                                      6

1.4    Scope of the Essay                                               6

1.5    Limitations of the Essay                                       6

CHAPTER TWO

Literature Review                                                       8

• The Cost of Production of a new product 33
• The Meaning of a new product 36
• The Need for a new product development 37
• The product development stages 37
• The product life cycle and new product 40

CHAPTER THREE

Summary, Conclusion and Recommendations

• Summary 43
• Conclusion 44
• Recommendations 45

Bibliography                                                         46

 

 

CHAPTER ONE

1.1   INTRODUCTION

A product is defined by Kotler as anything that can be offered to a market for attention, acquisition use or consumption. It includes physical objects, services, places, organization and ideas. While Holloway and Hancook view a product as any bundle of features from toothpicks to watch repairs. To Boone and Kurtza, product presents a bundle of physical, service and symbolic characteristics designed to produced consumer want and satisfaction.

All these definitions and other point to the fact that product is a very important part of the market mix, and consumer want and satisfaction serve as the yard stick for creating it. Hence products must be designed with the markets need in mind.

In marketing, product is viewed as having dimension or layer reference to figure.

 

The inner layer is the physical component of the product, which possesses values of varying amounts for different consumers. The outer layer is the product as actually pecimed by the consumer that is his age about the product or feeling about it. It is this perceptional layer that determined the purchase or rejection of the product, while the middle layer consists of all intervening factors that modify the way consumers receives the products. These may include the packaging artising, reputation and others that create product image.

 

Product planning encompasses all activities involved in devising a product to meet the requirement of the market. It is often argued that a product plan is the heart of competitive strategy. It is also believed in marketing that product success stean from product planning. A farmer ibo, sierra Leaone that consider that to plant, what quantity how should it be packaged and possible branded etc is involved in project planning.

Jolson suggests various techniques to solve new planning scenario writing, envelop curves, credence decomposition, relevance and dolphin method.

All new products, whether successful have life spans in the market.

A successful product may however have a short life span which is not in the market skillful manipulator of the promotional instrument is required to prolong the life span of such product. The promotion in turn should be sported with and adequate distribution system, effective pricing strategy and production schedule that will satisfy demand. To make a product succeed in the introductory stage, the promotion effort should be directed towards in farming and deducting potential consumers. The selective demand is stimulated in the growth stage while in the maturity sage promotional effort should be directed towards persuasion and in the decline stage all promotional effort should be curt back substantially except when attempting to revitalize the product.

 

 

 

 

 

1.2   OBJECTIVES OF THE STUDY

Product is said to be a very important fact of marketing mix, and consumers want and satisfaction, serve as the yardstick for creating it.

 

The objectives of this essay is to bring out strategies, methods and all

 

 

 

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THE IMPACT OF NEW PRODUCT DEVELOPMENT ON SALES VOLUME IN PEUGEOT AUTOMOBILE NIGERIA LIMITED, KADUNA

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ABSTRACT

The study examined the impact of new product development on sales volume in Peugeot Automobile Nigeria Limited, Kaduna. The objective of the study is to examine how new product development on sales volume are being carried out by Peugeot Automobile Nigeria Plc, Kaduna. The survey research method would be adopted in this research.

 

The finding further reveal that the techniques used in new product development on sales volume in Peugeot Automobile are basically the total assurance and consumer feedback. In conclusion, the new product development is very important to the existence of business organization because its survival depends on increase in sales volume.

 

As such it was recommended that new product development on PAN Nigeria Limited should strengthen its marketing activities by monitoring competitive activities on a regular basis in order to identify areas of their weakness.

 

 

 

 

TABLE OF CONTENTS

CHAPTER ONE: INTRODUCTION

• Background of the Study 1
• Statement of the Problem 4
• Objectives of the Study 7
• Significance of the Study 7
• Research Questions 8
• Scope of the Study 8
• Limitations of the study 9

CHAPTER TWO: LITERATURE REVIEW

• Introduction 11
• Definition of product 11
• Stages New Product Development 17
• Process of new product development 21
• Reasons and Objectives of New Product Development 26
• Product Life Cycle 27
• Issues of sales 27
• Summary of the Literature 29

CHAPTER THREE: RESEARCH METHODOLOGY                           

• Introduction 30
• Research Design 30
• Area of Study 31
• Populations of Study 31
• Sample Size and Sampling Technique 31
• Instrument of Data Collection 32
• Validation of Instrument 32
• Reliability of Instrument 32
• Method of Data Collection 32
• Method of Data Analysis 33

CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS

• Introduction 34
• Characteristics of Respondents 34
• Data Presentation and Analysis 35
• Summary of Findings                  39
• Discussion of Findings 39

 

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS

• Summary 40
• Conclusion 42
• Recommendations 43

Bibliography                                                                    45

 

 

CHAPTER ONE

• BACKGROUND OF THE STUDY

The subject (new product development) has influence on the issue of sales volume which the researcher would like to unless in assembly and sales of PAN product and services in Nigeria, although the researcher discovered no new products idea generation either from customers.

 

The company staff, advertising and research agencies, competitors, through conferences, exhibitions, and trade fairs, company’s marketing department and R and D department of the company or through any of the processes to prototype development and test marketing or commercialization in new product development that is ever done or actualized in the assembly nation (Nigeria) rather, but in France, therefore the sales here must be influenced by the cost of raw material source shipped for imported and along with the cost of production in the assembly. This is why sales or marketing strategy apply is more focus on industrial market and government (local state and federal). Majorities and less industrial market (buyer). All that involve are due to the technicalities and uniqueness of the product.

There may be no use attempting to add a new product to the existing range, if such a firm has no clear-cut objectives of what the new product is supposed to achieve. It is not however, within the slope of this research piece make a comprehensive list of the various objectives of new products development as this varied widely from one firm to another.

 

By and large, the purpose of new product development of an unexplored market potentials which a company has identified. The firm having armed itself life PAN with such objective may then proceed to other steps in new product development.

Companies that fail to develop new products are putting themselves at great risk. Risk of poor sales volume, space out of market into a small cubicle of not completely put out by competitors of the same product development strategies, initiatives and innovation conscious that is what that research is aiming to influence on sales volume. The existing products are vulnerable to changing customer needs and tastes, new technologies shortened product life circles and increased domestic and foreign competition once a company has carefully segmented the market, chosen its target customers, identified needs, and determined its market positioning.

 

It is better able to develop new products. New products development shapes the company’s future. Replacement products must be created to maintain or build sales of the organization.

 

Every enterprise is profit oriented, that can be actualized through prompt sales volume realize, and that depend on the quality, core products, physical tangible, augmented products and the application of promotional mix/tools of the newly developed product.

It is also clear that customers want new products, and competitors will do their best to supply them. For instance, each year over 16,000 new product (including line extension and new brands are introduced into groceries and drug stores.

 

In automobile company in general (especially PAN with it uniqueness and distinctive qualitative product) such cannot be less expected.

Automobile company Peugeot in developing a program to reach its intended market, must start with the product (new product) at hand for offering or service designed to satisfy the wants of the market segment. Therefore the executives must plan, develop and manage both individual (industrial users) product and industrial product assortment. This is not easy task as is shown by the large number of product failure in our economy.

 

• STATEMENT OF THE PROBLEM

Understanding this concept – new product, we discover products or services that are borne of innovation but non existence previously with its present feature so it attracts problems at the level. A new product can be conceived and developed over night, it takes time and efforts to ring the new product idea

 

 

 

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THE IMPACT OF RISK MANAGEMENT ON ORGANIZATION EFFICIENCY

(A CASE STUDY OF DUNLOP NIGERIA PLC)

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ABSTRACT

This research was purposely carried out to appraise the Impact of Risk Management on Organization Efficiency as its being operated in Dunlop Nigeria Plc. The aim was to find out the kinds of Risk threatening the operation of manufacturing industry as in the case of Dunlop Nigeria Plc, and how risk are identified, measured or evaluated and how they are being handled and transferred to the insurance companies.

 

The first chapter of the study dealt with the introduction of the research work where emphasis were placed on general introduction of the area of enquiry and statement of problem, objective of the study and hypothesis were all dealt within chapter one.

 

In chapter two, review of related literature is dealt with while chapter three was designed to research methodology, research designed, population and sample instrumental, data collected and statistical analysis was not left out.

 

The chapter four, data collection through the questionnaire were thoroughly analyze and finding were properly presented and for working earlier formulated hypothesis in chapter one were tested. Chapter five was conclusion with major research findings.

 

 

 

TABLE OF CONTENTS

Title Page                                                                               i

Declaration                                                                                    ii

Approval Page                                                                        iii

Dedication                                                                                      iv

Acknowledgement                                                                 v

Abstract                                                                                 vii

Table of Contents                                                                  viii

CHAPTER ONE

1.0    Introduction                                                                  1

1.1    Background of the Study                                              1

1.2    Statement of the Problem                                             3

1.3    Objectives of the Study                                                         3

1.4    Significance of the Study                                              4

1.5    Research Hypothesis Test                                             5

1.6    Scope of the Study                                                        6

1.7    Definition of Terms

CHAPTER TWO

LITERATURE REVIEW

2.0    Introduction                                                                  8

2.1    Concept of Risk

2.2    Uncertainty and Risk Contracted

2.3    Classification of Risk

2.4    Risk Identification and Analysis

2.5    A Place of Risk Manager in the Company Structure

2.6    Organization of Risk Management

2.7    Problem in Introduction Risk Management

2.8    Security – A Management Responsibility

CHAPTER THREE

Research Methodology

3.0    Introduction

3.1    Research Design

3.2    Population and Sample Size

3.3    Instruments of Data Collection                                    38

3.4    Data Collection                                                             41

3.5    Statistical Analysis                                                       41

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS

4.0    Introduction                                                                  43

4.1    Data Presentation and Analysis                                    46

4.2    Data Analysis                                                                50

4.3    Test of Hypothesis

4.4    Research Findings

CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1    Summary                                                                      53

5.2    Conclusion

5.3    Recommendations                                                        55

5.4    Limitation

References                                                                  56

 

 

CHAPTER ONE

1.0    INTRODUCTION

1.1    BACKGROUND OF THE STUDY

This is the age of experts. The amount of human knowledge has become accumulated at such a rate that greater specialization has become both a necessity and the pride of the experts. This pride has all too often led to the specialist erecting a fence around his own small property in the world of ideas; but fences that are too high to let neighbour see, it can also have the disadvantage of being too high for the householder to see what his neighbours are doing.

 

There comes a point, therefore, when it becomes an essential for someone to take a wider view and to point out that all these carefully separated properties are in fact` part of a single community. “Risk Management” is the result of our such wider view developed by some foreseeing insurance, who took the necessary step back from their particular specialization to realize that their work and that of many others, insecurity, fire prevention, health and safety and work, economics law, management and a wider range of discipline, all had something in common. Each was concerned to a greater or lesser extent with risk and identifying it, evaluating it, minimizing it, or dealing with its consequences.

 

Risk management, therefore sought from the start to bring together again an essentially simple concept which had become complicated out of all recognition by its fragmentation into separate discipline, the practitioners of which each had a few interlocking parts of the jigsaw and believed they had the whole picture.

 

Intellectual exclusiveness had played its part in this fragmentation, but to a large extent it was implicit in the development of human society. For primitive man, there was a clear link between the correct appraisal and treatment of the risks that threatened him and his survival. Broadly speaking, this awareness of the balances between risk and security in all he did was apparent to the individual until comparatively recent times. Industrialization, the division of labour and the advance of science and technology have however made it increasingly difficult to identify the risk threatening his personal safety or his economics well being. Risk management as an integrated procedure still much more often talked about the practiced, but there are encouraging signs that co-operation is replacing competition between some at least of those responsible for the practical implementation of various aspects of risk treatment. Similarly, in the financial sphere, there is growing recognition that conventional insurance is not the only, nor always the most appropriate way of providing for loss.

 

The new understanding that risk does not respect administrative demarcation lines has necessarily created new techniques. There is little that is new about the contents of most of these techniques for in many cases, they have long been used by one or other of the various specialists in the fragmented work of risk treatment. The novelty lies in their application to the field of risk as a whole and in the combination of different measures drawn from disciplines which in the past have had little to do with each other.

 

Since every individual, householder, association, company government department and local authority is exposed to a wider range of risks. It is inevitable, by the nature of probability, that bodily injury, property damaged or financial loss will occur sooner or later.

 

The degree of severity will vary according to circumstances but that some form of loss will occur is beyond doubt CIMA, RISK MANAGEMENT, LONDON.

 

The risk management is provides the necessary mechanism. “Risk management is therefore, a specialist management technique, evolved mainly in the U.S.A. to enable organization to combat ever-increasing exposures resulting from development such as automation, computation, concentration of values and the use of increasingly sophisticated and complex products”.

Risk management is not synonymous with insurance nor does it embrace the management of all risks to which a business is exposed.

 

Risk management is therefore, relevant to a wide spectrum of industry from major groups to modest undertakings to companies which operate worldwide and those confined to the developed countries; to organization involved with significant risk-generating activities externals to their own premises and those confining their activities largely to their own premises; and to enterprises manufacturing highly toxic or products as well as those producing innocuous or simply selling services.

 

1.2    STATEMENT OF PROBLEM

The contribution with which the products emanated from Dunlop Nigeria Plc made toward the progress and the development of Nigerian economy cannot be overemphasized. This is the reason, it is highly imperative to delve into the process and procedure by which the company manage the risks that is peculiar to their company and to suggest, if any, other way of improvement in a cost effective manner.

 

However, the mistake that is often made in most of the organization

 

 

 

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THE IMPACT OF DISASTER RISK MANAGEMENT ON THE DEVELOPMENT OF SMALL SCALE BUSINESS IN NIGERIA

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Abstract

The study examines the impact of disaster Risk Management on the development of small scale business in Northern Nigeria. The research questions that guided this study were: How effective is disaster risk management on local institutions in Northern Nigerian? What is the implication of mitigating disaster risk on small scale business in Northern Nigeria?     How do Northern states access funds to manage risk associated with disaster? How does policy and operational support at state and federal level affect disaster risk management in Northern Nigeria? T

 

he survey method was used as the research design. The entire population of 35 person from NEMA and SEMA in five northern state with a population of 200 persons . A questionnaire design in five likert scale was used as the instrument of data collection. The mean (x) was used to analyze data.

 

The result of findings indicates that The effectiveness of disaster risk management in Northern Nigeria is seen from the efficiency of NEMA in Northern Nigeria, as well as the effectiveness of state government Disaster Risk prevention and monitoring in Northern Nigeria, Ecological Fund allocated to Northern states are not effectively managed. Funds are assessed to manage risk associated with disaster through Disaster risk mitigation trust Fund managed by state through formal institutional structure, Fund raising and Ecological fund accessed from federal government, Bilateral and multilateral assistance at international level as well as accessing the global environmental facility fund of world bank.

 

 

CHAPTER ONE

INTRODUCTION

1.1     Background to the study

There are evidence to suggest that in many countries there has been an increase in the rise of natural disasters occurring – natural hazard rise – due to environmental degradation (World Bank 2002). Natural disasters are complex and multifaceted events resulting from mismanaged and unmanaged risks that reflect current condition and historical factors (Alexander 2000). Disaster risk is collective in its origin and remain a ‘public,’ shared risk that makes finding individual, and often community solutions, difficult (comfort 1999).

 

A disaster is said to take place precisely because the losses originated by a given event overwhelm the capacity of a population (local, regional or national) to respond and recover from it. Disaster rise emerges from the interaction between a natural hazard – the external risk factor – and vulnerability – the internal risk factor (Cardona 2001).

 

International consciousness rising about integrated disaster risk management (of which disaster risk mitigation is a part) was given a boost by the recently concluded United Nations International Decade for Natural Disaster Reduction.

 

Similarly, The Nigerian Disaster Management Act (Act 57 of 2002) heralds a new era as far as the way in which disaster risk, hazards and vulnerability will be perceived in Nigerian in the future. As one of the finest pieces of legislation ever promulgated in Nigerian, the right into the backyard of each and every state and local municipality, as well as all the organs of the state and entities in the public sector.

 

It calls for the establishment of structures, frameworks, plans, procedures, and strategies that cut across all government sectors. It introduces a new way of managing the complex and perilous society in which we find ourselves. It further gives the responsibility of managing disaster risks to the highest political authority in each sphere of government.

 

The cornerstone of successful and effective disaster risk management is the integration and coordination of the entire role – players and their activities into a holistic system aimed at disaster risk reduction. Disaster risk reduction in Nigerian consists of a variety of crosscutting facts requiring the participation of a host of sectors and disciplines, not only from within the spheres of government (Federal State and Local), but involving the private sector, civil society, Non-Governmental Organization (NGOs), Community-Based Organizations (CBOs), Research Institutions, and Institution of higher Learning, to name but a few. In the context of disaster risk management, none of these role-players can act in isolation from the other.

 

Disaster Risk Management in Nigeria has been established as a public sector function within each sphere of government. But disaster risk management goes beyond pure line function responsibility. Disaster Management Act (Act 57 of 2002) as an integrated, multi-sectoral, multi-disciplinary approach aimed at reducing the risks associated with hazards and vulnerability. It therefore needs to become an integral part of the development planning.

 

Process in order to be successful. For this reason disaster risk management plans form an integral part of the Integrated Development Plan of each of this state. In the light of this the budgeting process within the state government sphere in Nigeria, aiming at sustainable development within state government, the direct like with disaster risk management is undeniable of strategic importance. Development planning should therefore be assessed according to its contribution towards either risk reduction or disaster risk augmentation.

 

Unfortunately, the current policy and legislation do not provide adequate guidance to state government in terms of funding arrangements for disaster reduction, response and recovery. Various funds and funding mechanisms are available; this leads to a consideration amount of confusion. The need to consolidate all disaster reduction and response-related funding into one funding pool is well known and has been already discussed within the disaster management fraternity.

Although this would be the ideal situation, it is not realistic to assume that an all-inclusive fund would be in any way possible given the public financial infrastructure of Nigeria. It is against this background that this research is triggered and search light is put to northern Nigeria sequent to the current security challenges and flood that have brought untold hardship to people in the North.

 

1.2     Statement of problem

The act establishing the National Emergency Management Agency (NEMA) of Nigeria makes specific provision for the funding of post-disaster recovery and rehabilitation as well as requiring that a disaster management plan should be prepared for a specific state and should form an integral part of the state’s overall integrated development plan, such a disaster management plan must indicate measures to reduce the vulnerability of disaster prone areas, communities and households, as well as the appropriate strategies for prevention and mitigation.

But inspite of this provision, disaster risk management in Nigeria has being characterized with inefficiency arising from mismanagement or unmanaged mitigation as well as post emergency situations. This is owing to unclear processes for accessing funds to manage disaster by states and local government, especially when such funds is to be provided by the federal government. Other problems include corruption and mismanagement of fund provided by donor agencies as well as the inability to mitigate disaster risk by other private institutions.

Notwithstanding states in Nigeria, especially Northern state experience difficulties in..

 

 

 

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