THE ROLE OF STRATEGIC MARKETING ON SALES: A STUDY OF NIGERIA BOTTLING COMPANY, LAGOS
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Table of Content
Abstract
Chapter One: Introduction
1.1 Background of the Study
1.2 Statement of the Problem
1.3 Objective of the Study
1.4 Research Questions
1.5 Research Hypothesis
1.6 Significance of the Study
1.7 Scope of the Study
1.8 Limitation of the Study
1.9 Definition of Terms
1.10 Organization of the Study
Chapter Two: Review of Literature
2.1 Conceptual Framework
2.2 Theoretical Framework
2.3 Empirical Review
Chapter Three: Research Methodology
3.1 Research Design
3.2 Population of the Study
3.3 Sample Size Determination
3.4 Sample Size Selection Technique and Procedure
3.5 Research Instrument and Administration
3.6 Method of Data Collection
3.7 Method of Data Analysis
3.8 Validity of the Study
3.9 Reliability of the Study
3.10 Ethical Consideration
Chapter Four: Data Presentation and Analysis
4.1 Data Presentation
4.2 Analysis of Data
4.3 Answering Research Questions
4.4 Test of Hypotheses
4.5 Discussion of Findings
Chapter Five: Summary, Conclusion and Recommendation
5.1 Summary
5.2 Conclusion
5.3 Recommendation
5.4 Suggestion for Further Studies
References
APPENDIX
QUESTIONNAIRE
ABSTRACT
This study was carried out to examine the strategic marketing on organizational performance using Nigeria Bottling Company Ijora, in Lagos State as a case study. The study was specifically carried out to ascertain whether there is a significant relationship between strategic marketing and organizational performance, identify the different marketing strategies employed by organizations to enhance performance, and ascertain impact of strategic marketing on the performance of Nigeria Bottling Company, Lagos State. The survey design was adopted and the simple random sampling techniques were employed in this study. The population size comprise of staff of Nigeria Bottling Company Ijora, in Lagos State. In determining the sample size, the researcher conveniently selected 57 respondents and 50 were validated. Self-constructed and validated questionnaire was used for data collection. The collected and validated questionnaires were analyzed using frequency tables, and mean scores. While the hypotheses were tested using Pearson correlation statistical tool, SPSS v23. The result of the findings reveals that the different marketing strategies employed by organizations to enhance performance includes: product strategy, promotion strategy, pricing strategies, brand positioning, and market penetration strategy.The study also revealed that the impact of strategic marketing on the performance of Nigeria Bottling Company, Lagos State includes: it strengthens organizational competitiveness, it enhances the customer base of the organization, it increases market share, it improves sales volume of the organization, and it increases the profitability of the organization. Therefore, it is recommended that managers should realize that the appropriateness of a particular marketing strategy, whether adapted, standardized, or somewhere in between, hinges on its fit with external environmental factors that the firm operates in. Hence managers should concentrate their limited attention and resources on finding the right marketing mix that will improve the firm’s performance. To mention but a few.
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Marketing is a philosophy that leads to the process by which organizations, groups and individuals obtain what they need and want by identifying value, providing it, communicating it and delivering it to others. The core concepts of marketing are customers’ needs, wants and values; products, exchange, communications and relationships. The organization applies its resources within a changing environment to satisfy customer needs while meeting stakeholder expectations. Martins (2005).
Marketing is a management process and there is evidence that the marketing oriented firm is more capable of sustaining performance than one which is less focused (Slater and Narver 2004). The marketing oriented business is customer focused (Carson, Cromie, McGowan and Hill 2005) and a generator and disseminator of market intelligence which is widely used throughout the firm (Jaworski and Kohli 1993). Such firms are able to sense and respond to market forces with greater precision than more inward looking rivals (Day 2004). Strategic selling is seen to be an extension of the marketing concept, encompassing strategic planning, consultative selling practices, and partnering principles. Manning and Reece (2002). While high performing sales teams have been found to be more marketing oriented than less successful rivals, performance is dependent upon the quality of sales strategies (Cravens, Grant, Ingram, LaForge, and Young 2002) and leadership (Dubinsky, Yammarino, Jolson and Spangler 2005)
Competitive strategic marketing differ according to which elements of the environment they emphasize, the nature and complexity of the response, and the objectives they embody.
Strategic marketing concept is a philosophy, focus, orientation which emphasizes the proper identification of marketing opportunities as the basis for marketing planning and corporate growth. Quelch (2003).
Organizational performance is one of the most significant issues in management study since it is the most essential criteria in assessing organizations, their activities, and their environments. Its significance is mirrored in its widespread application. Companies are seeing internationalization of their activities and events as a strategy to stay competitive in the market as a result of the current globalization market. Marketing strategy has become an important tool for any firm in the globe to stay competitive and grow stronger in today’s industry. Hornby (2001), referenced in Aremu & Lawal (2012), defines marketing as “the practice of promoting, advertising, selling, and delivering an organization’s products to consumers in the most effective way feasible.” Furthermore, according to Kotler (2003), the American Marketing Association defines marketing as the process of planning and executing the conception, pricing, promotion, selling, and distribution of ideas, goods, and services in order to create exchanges that meet individual and organizational goals. This definition covers the five Ps of marketing (Product, Price, Promotion, Place, and People), which are essential for every marketing strategy. Marketing management, according to Kotler (2003), is the art and science of identifying target markets and acquiring, retaining, and expanding customers / consumers by generating, delivering, and communicating greater customer value. Furthermore, according to Aquino (2017) and University of Leicester (2002), strategic marketing management is the implementation of an organization’s marketing purpose through targeted procedures to get the most out of an existing marketing plan and to identify target customers / consumers.
Marketing strategy, on the other hand, may be defined as a company’s approach to set itself apart from its rivals by leveraging its relative strength to better meet client demands in a particular context (Jain, 2004). Marketing strategies are a series of actions aimed at gaining a competitive edge and achieving better-than-average results by making informed and fact-based decisions among competing options (Shane, 2000). Strategic marketing management would also aid the organization’s identification of further marketing possibilities, allowing ideas to become reality. McGuire (2020) defines a marketing plan as a report that explains an organization’s marketing strategy for the future year, quarter, or month. A typical business marketing plan would also include: an overview of the marketing and advertising goals, a description of the current marketing position, a timeline for when tasks within the strategy will be completed, key performance indicators (KPIs) to be tracked, and a description of the target market and customer needs, according to McGuire (2020) and Kotler (2003).
Excellent organizations are renowned for their capacity to implement the marketing strategy selection option made as well as for their well-conceived marketing specifying where, when, and how they will compete (Chris, 2006). Appropriate and well-executed marketing strategies are needed to effectively lead the deployment of available resources in areas where the company’s marketing strategy capabilities are needed to achieve desired goals and objectives. As a result, a good marketing strategy must explain a business where they want to be in the long run, which is why marketing strategy is frequently referred to as a continuous process. The marketing reasoning by which a company hopes to attain its marketing objectives is referred to as marketing strategy.
Marketing is strategically concerned with the direction and scope of the long term activities performed by the organization to obtain a competitive advantage. The organization applies its resources within a changing environment to satisfy customer needs while meeting stakeholder expectations.
Implied in this view of strategic marketing is the requirement to develop a strategy to cope with competitors, identify market opportunities, develop and commercialize new products and services, allocate resources among marketing activities and design an appropriate organizational structure to ensure the performance desired is achieved. Schulz (2004)
1.2 Statement of Problem
The basic goal of any organization is to maximize profits. However, this might prove difficult to achieve even with the application of marketing and promotional strategies. One problem that brought about a research in this direction is the ineffective application of marketing techniques. Reasons for this particular problem include:
Lack of adequate research on the development of strategic marketing has affected sales turnover which in turn has affected profitability.
Inadequate research on the consumer and his consumption behavior has made many customers switch to major competitors which have affected the organizations market share.
Limitation of competitors’ promotional strategies has also affected sales performance of the organization.
1.3 Objectives of the study
The broad objective of the study is to examine the strategic marketing on organizational performance. Other specific objectives of the study are:
- To ascertain whether there is a significant relationship between strategic marketing and organizational performance.
- To identify the different marketing strategies employed by organizations to enhance performance.
- To ascertain impact of strategic marketing on the performance of Nigeria Bottling Company, Lagos State.
1.4 Research Question
- Is there a significant relationship between strategic marketing and organizational performance?
- What are the different marketing strategies employed by organizations to enhance performance?
- What is impact of strategic marketing on the performance of Nigeria Bottling Company, Lagos State?
1.5 Research Hypotheses
Ho: There is no significant relationship between strategic marketing and organizational performance.
Ha: There is a significant relationship between strategic marketing and organizational performance..
1.6 Significance of the Study
Findings from the study will be relevant to organization and brands as it will enlighten them on the need why they should as a matter of urgency embark on more aggressive product strategies so as to drive its products and services to the target market and to further improve the firm’s level of profit. Empirically, the study will contribute to the general body of knowledge and serve as a reference material to both scholars and student who wishes to conduct further studies in related field.
1.7 Scope of the Study
The scope of the study borders on the role of strategic marketing on sales: a study of nigeria bottling company, Lagos. It examines the different marketing strategies employed by organizations to enhance their performance. It will ascertain the degree at which product strategy improves the level of profit of Nigeria Bottling Company, Lagos State and determine the extent at which promotional strategy influences the sales volume of Nigeria Bottling Company Ijora, in Lagos State.
1.8 Limitation of the study
Like in every human endeavour, the researchers encountered slight constraints while carrying out the study. The significant constraint was the scanty literature on the subject owing to the nature of the discourse thus the researcher incurred more financial expenses and much time was required in sourcing for the relevant materials, literature, or information and in the process of data collection, which is why the researcher resorted to a limited choice of sample size. Additionally, the researcher will simultaneously engage in this study with other academic work. More so, the choice of the sample size was limited as few respondent of Nigeria Bottling Company Ijora were selected to answer the research instrument hence cannot be generalize to other corporate organizations. However, despite the constraint encountered during the research, all factors were downplayed in other to give the best and make the research successful.
1.8 OPERATIONAL DEFINITION OF TERMS
The following terms are defined as used in the report.
- Marketing: This is the human activity directed at satisfying needs and want through an exchange process.
- Consumer Sampling: Sampling is predominant used to promote new products. It is the most expensive way of promotion since it entails free give away sampling e.g. Soap and household products.
- Coupons: Coupons are pieces of paper from the manufacturer of his intermediary entitling as holders to discount on a particular product.
- Trade shows: Trade show are a form of sales force promotion where sales representatives or agents can display and merchandized their companies’ product for the attention and purchase by people who visit the show. The agent takes time to explain product use(s) and benefit to the people.
- Convention: A convention is a special promotion, which brings together in one place and at one time, any of the customer, dealer and other individual who are important to the company. It is an avenue for participants to learn what other manufacturer are doing, and more importantly to assess the coming trends in overall trade policy.
REFERENCES
Manning, G.L and Barry, L.R (2002). Selling Today: An Extension of the Marketing Concept ,Needham Heights, MA :Allyn and Bacon.
Martin, M.J. (2005). Marketing Strategy and Management, 2 ed. London, Macmillan Press Ltd.
Quelch, John A. (2002) Sales promotion management prenticehalI Reekie, W.D. (2005). Advertising; its place in Political and Management
Schulz, D (2003) Sales promotion essentials NTC biz book. Smith, P.R. (2003). Marketing Communication, An Integrated Approach, London.
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