EFFECTIVE MARKETING STRATEGIES FOR IMPROVED PERFORMANCE OF MANUFACTURING COMPANIES
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EFFECTIVE MARKETING STRATEGIES FOR IMPROVED PERFORMANCE OF MANUFACTURING COMPANIES
Chapter one
1.0 Introduction
1.1 Background of the Study
People in Nigeria, where the necessity of marketing has yet to be fully acknowledged, refer to promoting their products as if it were a specific problem.
A effective marketing strategy must explain an organisation where it wants to be in the long run, which is why it is commonly referred to as a continuous process. It must be based on a carefully yet thoroughly planned action. Baker (1995, 17).
The strategy aspect of the plan should be based on what is known about the competitor’s strength and weakness, the physical characteristics of the battle ground, the friendly or hostile sentiment of those who occupied the territory, and, of course, the nature of the resources available to the organisation. Stanton (1982, 35).
There is no action in the business organisation that does not require the marketer to make the correct decision about the four components of the marketing mix – pricing, product, place/distribution, and promotion – using marketing strategy.
These main components must be coordinated and pushed into a single effective plan if the product is to perform successfully in the market. Kotler (1997: 315).
The analogy to business tactics is straightforward and beneficial in business and marketing; the terrain is the market place in particular, as well as the overall economic, political, social, and technological environment.
The resources include workers with diverse talents and knowledge, as well as factory laboratories, transportation systems, financial resources, and the business reputation. Henry (1984:72)
Furthermore, depending on the nature of the firm, strategies may include additional dimensions. Marketing strategy is fundamental to any business plan. Businesses exist to offer items to markets in such a way that they maximise profits while doing so.
1.2 Statement of Problem:
Effective marketing methods have made a significant contribution to achieving post-purchase happiness among customers who use a specific product in the market. Well-established and implemented marketing strategies have played an important role in the success of Nigerian businesses.
Every firm that wants to increase its marketing must develop solid marketing strategies to ensure efficient and productive operations. These strategies, when applied correctly, should boost the firm’s sales and profitability, as well as enable the organisation to fulfil its stated goals/objectives. Nwaizugbo (2004): 102.
Lever Brothers Plc’s product line, which includes cream and lotion products, Omo detergent, baby care products, oral care products, hair relaxer, close-up tooth paste, and many others, has contributed significantly to the firm’s success in recent years,
owing to efficient and effective marketing strategies developed by them, as well as the maintenance of market share due to good product penetration in the market. However, for some time now, Lever Brothers Plc has been facing poor sales of its products in the market as a result of the following:
– Poor external business environment.
– The products’ inability to compete with others in the market.
– Customer’s reaction to repeat purchases
As a result of the aforementioned challenges, the researcher seeks to identify answers and make recommendations.
1.3 Study Objectives:
Most texts, studies, and write-ups have hitherto focused entirely on the marketing concept and the four P’s of marketing, with little or no emphasis paid to marketing techniques. As a result of this disrespect, this research focuses on the following:
1. Determine the key factors of Lever Brothers’ poor market sales.
2. Identify marketing methods to be employed to boost product sales and profitability.
3. Determine whether the characteristics of the various products sold by LBN have contributed to a rise in sales.
4. Determine whether Lever Brothers Plc’s pricing initiatives have helped to enhance product sales in the marketplace.
5. To determine whether the chain of distribution strategy used by LBN has helped enhance the sales of its products.
6. Determine whether LBN’s promotional methods contributed to an increase in product sales in the market.
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