Production is a scientific process of transformation of raw materials or semi -finished goods into consumables, and the conveyance of the finished goods to the final consumers for the maximization of satisfaction (utility).
Preponderantly, production entails extraction/primary process, secondary process and tertiary process. However, it is good of recalling that the subsistence activities performed by a household is a direct production just to sustain the members of the family only. And also an indirect production is a large scale production regarded as producing for the essence of making profit.
Logically, the problems of production in Nigeria include:
2. Inadequate material
3. Lack of efficient leadership
4. Lack of man power
5. Low level of technology
6. Little or no access to finance
Relatively, we can cope with the problems of production and still remain viable through many mechanisms.
1. Application of principles of strategic management
2. Matching resources and environmental factors with problems and real market situation i.e. the economy.
3. SWOT analysis; analyzing the strength and weaknesses of the organization, matching it with the opportunities and the threat of the economy.
4. Embarking on marketing research to effectively manage production. Marketing research is a continuous process of gathering, analyzing and interpreting information about the market or economy at large in order to effectively use the available resources of the organization to make more profit through:
i. Definition of product of viability
ii. Definition of the real market
iii. Latest technology adaptation/adoption
iv. Succinctly, principle error â€“free
Conclusively, first, the issue of power could result to sourcing alternative power supply e.g. Inverter, generator, solar energy or wind mill system. Second, inadequacy of raw material could be overcome through new product development of surplus material in the economy. Third, the problem of leadership could be written-off by lobbying and other influential principles. The poor salary/wage system could lead to lack of/no access to efficient labour as a result of low pay-off. And definitively, the lack of no access to finance could be solved by borrowing from financial institutions, seeking grants from government, organizations or private individual.