The Prospects and Challenges of Market Segmentation Practice in the Equipment Leasing Industry of Nigeria 2000-2013

Abstract

Efficiency in the blending of the marketing mix elements all things being equal is higher among firms whose operations are based on market segmentation principles. Given this, the study appraised the level of adoption of the principle of market segmentation in the equipment leasing industry of Nigeria as it assessed this industry in relation to the nation’s macro economic development. Data base of the research are questionnaire and oral interviews. Findings are that the volume and value of transactions in the equipment lease industry is small thus lessors are involved in scramble merchandizing rather than in specialized operational fields of equipment leasing, lessors have poor knowledge of the needs and operational environments of the lessees hence adoption rate to changes in the market is poor, among others. This work recommends the recapitalization of the market as a means of strengthening the financial base of lessors for specialized operation as well as introduction of policies that have the capacity of encouraging cross boarder lease transactions in Nigeria.