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THE IMPACT OF MARKETING STRATEGY ON PRODUCTIVITY OF ORGANIZATIONS
(A STUDY OF FIRST BANK AND ECOBANK)
CHAPTER ONE
INTRODUCTION
- AN OVERVIEW OF THE STUDY
Every organization needs to have clear marketing objectives and the major route to achieving organizational goals. Profitability is the function of productivity, a company success depends on how marketing strategies are used to achieve marketing objectives, which will result in productivity.
To achieve a set of organizational goals and objectives, companies, conceptualize, design and implement various strategies. These strategies can be corporate, business, operational or functional. Marketing strategies constitute one of the functional strategies 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 is the process of planning and executing the conception, pricing, promotion and distribution of ideas, goods and services to create exchanges that satisfy the perceived needs, wants and objectives of individuals and organization (Arens, 2011).
Marketing strategy is important for the success of any organization, whether service or product-oriented.
Marketing strategy is a method by which needs, attributes and competitors products are assessed and the firm concentrates it’s limited resources on the greatest opportunities to increase sales and achieve a sustainable competitive advantage (Nymous.2006).
Marketing strategy focus on delivering greater value to customers and the firm at a lower cost however, quantifying the return on investment form marketing expenditure on activities such as advertising. Promotion and distribution is one of the most complex issue facing decision markers. Marketing performance is central to success into day’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 it’s marketing function into constituent parts, along with a mechanism through which to analyze the interaction between those parts. By doing this, decision-makers will finally be in a position to relate marketing expenses to shareholders value and to understand how to tie marketing initiative back into the value created for the company. Decision-makers will be able to understand the internal motives that propel the marketing value of business. The manipulation of the following marketing variables namely price variation and price promotion, research, advertising, product differentiation, quality, packaging and place will yield increased returns for firms
Marketing strategies in commercial banks serve as the fundamental components of marketing plans designed to fill market needs and reach marketing objectives. Marketing strategy involves careful scanning of the internal environmental factors including marketing mix, plus performance analysis and strategic constraints. While external environmental factors include customer 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 their marketing to create customer value as well as to establish customer need and to provide needs, in-order to add more value to their service and gain competitive advantage.
However, there are challenges in measuring market strategies in relations to productivity. Indeed several researchers indicate that there is a gab in this regard (Okoh, 2009). It is against this, that the researcher consider the subject matter as a problem worthy of investigation.
- STATEMENT OF THE PROBLEM
The study addresses the challenges of measuring marketing strategy in relation of productivity which has not been addressed by previous research and marketing text in Nigeria.
1.3 OBJECTIVE OF THE STUDY
The central objective of this study is to examine the impact of marketing strategies on productivity other specific objectives are:
To determine the impact of customer service strategy on productivity
To determine the role of advertising on productivity
To determine the effectiveness of quality improvement on productivity
To determine the influence of distribution on productivity
To determine the marketing strategy adopted by corporate organization in Nigeria.
1.4 RESEARCH QUESTIONS
What are the various marketing strategy used in banks?
What is the marketing mix used in getting organizational goal in banks?
What is the effect of marketing strategy on productivity?
What are the factors that threatens marketing strategies adopted by organizations?
1.5 RESEARCH HYPOTHESIS
There is no positive relationship between customer service and productivity in the banking sector.
Marketing strategy has no significant relationship with productivity in the banking sector.
There is no significant relationship between marketing mix and productivity in the banking sector.
Threats affecting banking sector has no significant relationship with marketing strategy.
1.6 SCOPE OF THE STUDY
The study is carried out within Asaba metropolis, Oshimili south local government area of delta state, Nigeria.
The study focuses on the banking system and selects Ecobank and first bank as the case study. The sampling objects used in the study are executives and customer of both banks.
It is presumed that this group of people could provide more information To the question contained in the questionnaire relating to the title of the study.