mports approximately $500 million in cocoa beans annually (Paxton, 1990). Stated in current dollars, this value has been declining in recent years. Thus, in real terms, the cocoa market in the United States has been shrinking at a much higher rate than is indicated by the nominal data. There are no indications of significant market growth. The probability exists, therefore, that the proposed venture will face the necessity to compete in a shrinking market. CURRENT SUPPLIERS OF COCOA BEANS
The second research question formulated for this project asked the following: What countries are currently the major suppliers of cocoa beans to the United States? Currently, the United States imports most of its cocoa beans from Latin American countries. A relatively insignificant (to both the United States and to Nigeria) volume of cocoa beans are now imported to the United States from Nigeria.
PROBABILITY THAT NIGERIA CAN COMPETE
The third research question formulated for this project asked the following: Is it probable that Nigeria can compete with the current suppliers of cocoa beans to the American market? To compete effectively in the American market for cocoa beans, Nigeria must prepare an effective marketing plan. Such a plan is required to permit Nigeria to, first, gain access to a market which is effectively closed to it, and, second, compete in a shrinking market.
"Marketing involves a series of exchanges between two or more parties" (DeLozier and Woodside, 1986, 1). Five condi tions must be met, before an exchange may be effected (Bagozzi, 1975). These conditions are as follows:
1. There must be a minimum of two parties who desire to enter into an exchange. There may well be more than two parties involved in an exchange. In some instances, an exchange may involve multiple sellers, multiple buyers, or both; however, for purposes of exchange, only two ...