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Purchasing Research As A Tool For Profitability In The Service Industry
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1.6 THE SCOPE OF THE STUDY
The
study takes a look into the purchasing research activities of insurance
firms in service industry. Because of time and other factors involved,
the researcher was limited to the study of particular insurance firm
known as AIICO insurance company operating at Enugu metropolis. It
examines the conduct/operations of purchasing research activities in the
industry.
1.7 DEFINITION OF TERMS
Purchasing: this is the
process of planing and executing the conception, pricing, promotion, and
distribution of ideas, goods and services to create exchanges that
satisfy individual and organizational goals. Peter D. Bennett (1988).
Service
Purchasing: The purchasing process involving organization that buy in
other to provide services or these purchasing activities or processes
which involve the provision of services to customers through exchange
process. Hart N.A and Stapleton, J (1986)
Services: they are
activities or benefits that one party can offer to another that is
intangible and does not result in the ownership of anything. Kotter P.
(2003).
Insurance: This is one of the social sciences designed
essentially for taking risk and risk taking involves uncertainty of
loss. Benaeth C. (1980)
Insurance: This is the party who agrees in
turn for a premium to pay money to another party known as the insured or
the assured on the happening of a stated event. Benneth C. (1980).
Insured:
is the other patty to the insurance contract who is entitled to be
indemnified or compensated in monetary turns on the happening of event
or contingency insured against. Brandmaire M. (1986).
Policy: is the
written or typewritten document which evidence the terms of insurance
contract between the parties. Itukwu, J.O (1988).
Premium: This is
the financial consideration a paid by the insured to the insurer in
return for the promise of the insurer. Itukwu J.O. (1988)
Insurance
Market: Refers to all the facilities available for the placing of
insurer and the different kinds of professional risk beers (insures)
available. (Ayankoyi R. (1988).
Purchasing Research: The systematic
and objective design, collection, presentation, analysis and
interpretation of data (information) to enable managers deal with
specific problems facing any organization. Adirika, E.O. (1996:332).
Market research: is the process of making investigation into the characteristics of a given market Baker. J. Michael (1991).
Purchasing
services: is the term sometimes used to cover all purchasing activities
in a company other than the sales function of purchasing research,
advertising etc. Hart, N.A. and Stapleton J. (1986).
Purchasing
function:- This is all embracing term overing every contributory factor
in the process or consideration to be the responsibility of purchasing
management. Hart N.A. and Stapleton (1986).
Purchasing information: the data and news relevant to purchasing operations. Ifezue A.N. (1990).
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