THE IMPACT OF MARKETING STRATEGIES ON PRODUCTIVITY
Sold By: Joe Project Store | Item Type: Project Material | Report this? | Attributes: 50 pages | 1-5 chapters | Amount: ₦5,000 | 1 order. | Marked useful: 7,317 times
Delivery: Within 24 hoursCHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
To achieve a set of organizational goals and objectives, companies conceptualize, design, and implement various strategies. These strategies can be corporate, business, or functional. Marketing strategies constitute one of the functional strategies amenable to application by contemporary companies in order to enhance performance. Marketing has been defined and conceptualized in various ways, depending on the author’s background, interest, and education. For example, marketing can be seen as a matrix of business activities organized to plan, produce, price, promote, distribute, and market goods, service, and ideas for the satisfaction of relevant customers and clients. marketing strategy is important for the success of any organization, whether service- or product-oriented. Marketing strategy is a method by which a firm attempting to reach its target market uses to attract customers. Marketing strategy starts with market research, in which needs, attitudes and competitor’s products are assessed and the firm concentrate its limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage (Nymous, 2006).Marketing strategy must focus on delivering greater value to customers and the firm at a lower cost however quantifying the return on investment from marketing expenditure on activities such as advertising, promotion and distribution is one of the most complex issue facing decision makers. Marketing performance is central to success in today’s fast moving competitive markets, and measuring marketing performance is critical to managing it effective (Chiliya, 2009). In order to measure marketing strategy effectiveness, a business has to break down its marketing function into constituent parts, along with a mechanism through which to analyse the interaction between those parts. By doing this, decision-makers will finally be in a position to relate marketing expenses to shareholder value and to understand how to tie marketing initiatives back into the value created for the company. Decision-makers will be able to understand the internal motives that propel the marketing value of the business. The manipulation of the following marketing variables namely price variation and price promotion, research, advertising, product differentiation, quality, packaging and place will yield in-creased returns for firms. Marketing strategies in commercial banks serve as the fundamental component of marketing plans designed to fill market needs and reach marketing objective. Marketing strategy involves careful scanning of the internal and external environments. Internal environmental factors include marketing mix, plus performance analysis and strategic constraints. While external environmental factors include customer analysis, competitive analysis target market analysis as well as evaluation of the element of technological, economic, cultural or political/legal environment likely to impact success. Marketing strategy in commercial banks in Nigeria is basically designed to direct the flow of banking services profitably to target customers. The need for an effective marketing strategy stems from intense competition, not just from bank but other financial organization. Therefore banks strategize there marketing to create customer value as well as to establish customers need and to provide such needs in order to add more value to their service and gain competitive advantage. However, there are challenges in measuring marketing strategies in relation to productivity. Indeed several researchers indicate that there is a gab in this regard (okoh, 2009). It is against this, that the researcher considered the subject matter as a problem worthy of investigation.
1.2 STATEMENT OF THE PROBLEM
Marketing strategies are dynamic and interactive. They are partially planned as such; most organizations do not adhere strictly to their organization planned strategy sequel to influence of micro and micro environmental factors. As such most organizational component of marketing strategy is not inline with the company’s overarching mission hence marketing strategy is vague and complex to comprehend. As such implementing strategic marketing plan in most organization becomes a big constraint. This is evident in the fact that there are challenges in measuring marketing strategies in relation to productivity which several marketing literatures as well as journals have fail to address. Indeed several researchers indicates that there is a gab in this regard (okoh, 2009). It is against this that the researcher sees the subject matter worthy of investigation. Therefore the study addresses the challenges of measuring marketing strategy in relation to productivity which has not been address by previous researches and marketing text in Nigeria.
This material content is developed to serve as a GUIDE for students to conduct academic research
Delivery: Within 24 hours
Advertise Here
Not what you were looking for? Perform a search
What's your project topic?
Comment on Facebook:
Related Project Materials
- 1.
INFLUENCE OF INNOVATION ON CUSTOMERS’ SATISFACTION IN THE ELECTRICITY DISTRIBUTION INDUSTRY OF NIG...
CHAPTER ONE INTRODUCTION 1.1 Background Of The Study Transactional processes are increasingly being facilitated by technology in the rapidly evolvi...More »
Item Type: Project Material | 54 pages | 122 engagements |
- 2.
A CRITICAL ASSESSMENT ON FACTORS INFLUENCING CONSUMER PATRONAGE OF ONLINE-BASED BUSINESSES IN CAMERO...
A CRITICAL ASSESSMENT ON FACTORS INFLUENCING CONSUMER PATRONAGE OF ONLINE BASED BUSINESSES IN CAMEROON CHAPTER ONE INTRODUCTION 1.1 Background of t...More »
Item Type: Project Material | 54 pages | 88 engagements |
- 3.
THE EFFECT OF ONLINE ADVERTISING IN SHOPPERS BEHAVIOR IN ENUGU METROPOLIS
CHAPTER ONE INTRODUCTION 1.1 Background Of The Study The exponential expansion of information technology has augmented the significance attributed ...More »
Item Type: Project Material | 54 pages | 592 engagements |
- 4.
PRODUCT BRANDING AS A TOOL FOR INCREASING CONSUMER LOYALTY IN TELECOMMUNICATION INDUSTRY IN CAMEROON
CHAPTER ONE INTRODUCTION 1.1 Background of the Study The telecommunications industry plays a crucial and significant role in the economic stability...More »
Item Type: Project Material | 54 pages | 644 engagements |
- 5.
IMPACT OF MARKETING ACTIVITIES ON BANKING SECTOR: A CASE STUDY OF ACCESS BANK CAMEROON
CHAPTER ONE INTRODUCTION 1.1 Background of the Study Prior to the mid 1950s, marketing was primarily associated with manufacturing activities, and ...More »
Item Type: Project Material | 54 pages | 514 engagements |
- 6.
IMPACT OF DIGITAL MARKETING ON THE GROWTH OF SMALL AND MEDIUM SIZE ENTERPRISE IN CAMEROON- A CASE ST...
IMPACT OF DIGITAL MARKETING ON THE GROWTH OF SMALL AND MEDIUM SIZE ENTERPRISE IN CAMEROON A CASE STUDY OF JUMIA CHAPTER ONE INTRODUCTION Backgrou...More »
Item Type: Project Material | 54 pages | 567 engagements |