Bead Industry In Nigeria
1.0 Background
Bead manufacturing is a trade which is a preserve of some ethnic groups in Africa and other continents. In Ghana, this preserve is commonly found with people from various regions in the country especially from the Eastern, Volta, Ashanti and Greater Accra Regions. The raw material used in the manufacture of the beads may vary from one area to another including clay, guards, plastics or glass depending on the availability of the raw material within the area. It is generally a traditional occupation and it is hardly developed on a large scale since beads have been used mainly by traditionalists and the indigenous people of the various regions until in recent time that it has become fashionable and trendy for many locals and a
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Another opportunity to take advantage of is the Federal government of Nigeria’s foreign policy objective of Economic diplomacy with the deliberate liberalization of the economic system to attract foreign investment (Teneilabe, 2013) . It will therefore be easier to establish a production unit and market glass bead products in Nigeria vis-à-vis the ECOWAS trade liberalization policy and the fact that the liberalization policy allows for complete ownership of start-up companies in Nigeria. Teneilabe (2013) emphasizes further the 100% repatriation of business proceeds and capital income as stipulated by the Nigerian promotion and Foreign Exchange Act of 1995.
There is a great opportunity for Tet Glass Industry to expand to meet the demands of an international market and to improve upon its product quality and adopt more variety into its line of products. The resultant expansion will see Tet Glass Beads moving its production into many more countries with ready market like Togo, Cote d’Ivoire, Tanzania and South Africa.
3.3
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Traditional Leaders
50
US$1,000
Expensive beads/Necklaces, Bracelets, Anklets, Charms Online, flyers/ magazines tv adverts, contact persons/agents.
Ordinary Citizens
5000
US$100,000
Variant Online, flyers/ magazines tv adverts, contact persons/agents.
Table 3: Stakeholder Analysis on Prospective Competitors of Tet Glass Beads in Nigeria
Stakeholder Biggest Threat Strengths Weaknesses How competitor’s strengths and weaknesses will shape Tet Glass Bead Industry’s marketing strategy
Bimbead Concept
Having carved the name as the biggest jewellery producer in Nigeria (Bimbeads Concept, 2014) attracts prospective clients to use them as the market standard given them an unfair advantage over the rest including
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