IMPACT OF MARKETING MIX IN THE ACCOMPLISHMENT OF ORGANIZATIONAL OBJECTIVES
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IMPACT OF MARKETING MIX IN THE ACCOMPLISHMENT OF ORGANIZATIONAL OBJECTIVES
ABSTRACT
The purpose of this research was to investigate the impact of marketing mix on organisational objectives.
The primary objectives were:
1. Determine the influence of marketing mix in the organisation.
2. Identify the various ways used by organisations to apply the marketing mix.
3. Identify how Innoson Plc’s management can ensure that effective strategies are implemented.
Based on the study’s objectives. The study’s population consisted of Innoson product users from the Enugu metropolitan. Bourley’s formula was used to calculate the sample size.
Questionnaires and personal interviews were used to collect data from respondents. Simple tables and percentages were utilised to analyse the data collected, and the following findings were made:
1. The marketing mix contributes positively to Innoson plc’s performance.
2.Innoson plc Emene selects the optimal marketing mix for the target market.
The researcher offered the following recommendations:
1. Innoson Plc’s management should guarantee that effective strategies are in place for promoting their products to the public.
2. People, procedure, and physical proof, which are part of the modern economy’s marketing mix, should be employed to achieve the objectives.Chapter one
1.0 Introduction
1.1 Background of the Study
This study investigates the marketing mix (product, price, promotion, and place) in the achievement of organisational goals. There are different definitions of marketing written by marketing enthusiasts and practitioners all over the world.
As a result, students, professors, and marketing practitioners place a high value on every marketing-related tool or monograph that they may obtain.
Marketing administration takes a managerial approach to marketing issues. Hence, marketing is an instinctive discipline. As a result, practitioners and scholars rely on principles, research, ideas, concepts, and approaches, as well as a problem-solving strategy,
to help them address global concerns. In general, a well-organized marketing economy generates multiple chances for profitable investment and promotes a high level of commercial activity. However, if marketing operations are disregarded, returns on investment will suffer and the business endeavour would fail completely.
Looking at marketing from the perspective of a marketing manager, one may imagine that he is concerned with the direction of specific functions and activities that must result in specified outcomes.
Having conceived this notion or idea, we can say that: Marketing is the performance of business activities that direct the flow of goods and services from producer to consumers in order to satisfy customers and achieve the firm’s objectives.
Marketing is a managerial activity based on the economic functions of production, distribution, and consumption. Based on the debate thus far, we should attempt to create a link between marketing and marketing mix.
The marketing mix is an important idea in modern marketing. It is the word used to describe the four variables that form the foundation of a company’s marketing system: product, price, distribution system, and promotional activities. The application of these elements has a significant impact on marketing performance.
A firm’s marketing mix is defined as the specific blend of controllable marketing factors that the firm uses to attain its target market objectives:– P. Kotler. It can also be defined as a collection of controllable internal marketing variables, including the four ps (product, place, price, and promotion), that the firm employs to operate successfully in the marketing environment.
1.2 Statement of the Problem
Recent developments suggest that marketing organisations have achieved success for goods and services by effectively combining elements of the marketing mix, as well as setting market and marketing objectives in a socioeconomic environment.
Though producers and end users (customers) have posed significant impediments to the convergence of these important marketing mix or aspects;
The problem with the study’s subject is that the elements (product, price, promotion, and site) of the marketing mix have all been influenced by the rise of the current socioeconomic environmental marketing technique.
As a result, it has become extremely difficult to promote the efficiency of the marketing mix as part of the overall marketing strategy for each specific product Innoson Plc Nigeria Plc.
1.3 GOALS OF THE STUDY
The study’s objectives are as follows.
1. To determine the distribution of marketing mix inside the organisation.
2. Identify the various ways used by organisations to apply the marketing mix.
3. Determine how organisations should be consumer-oriented rather than product-oriented.
4. Identify how Innoson Brothers Nigeria Plc’s management should ensure that smart strategies are used in their business.
5. To determine how effective control analysis must be implemented by Innoson plc.
1.4 RESEARCH QUESTIONS.
1. What approaches do marketing managers take to guarantee that marketing is properly integrated into their operations?
2. Should organisations focus on consumers rather than products?
3. Should successful marketing text be developed before a product is commercialised?
4. Is it a decent promotional strategy to enhance an organization’s turnover rate?
5. Do you believe that a product’s reasonable pricing will improve an organization’s market share?
1.5 Scope of the Study
The study would have included all marketing-oriented enterprises in the Enugu city, but due to time and other constraints, it focuses on.
1.6 Significance of the Study
It is hoped that this study, once completed and overseen, will play a significant role. The study will essentially fill a large gap that practitioners, experts, and scholars in marketing communication and promotion have been lacking in terms of guiding information for their promotion mix decisions, promotional budgeting, and promotion research studies.
Furthermore, the objectives of this study will examine the relative efficacy of sales as well as communication in general. This study will be primarily valuable to government agents,
but it will also serve as a source of relevant information to government agents on communication techniques to be employed in raising public awareness of government programmes and activities.
Politicians and charitable organisations will use this study to help them decide which methods to utilise to promote themselves and their agendas, manifestos, and achievements.
Aside from such categories, marketing executives in various Nigerian companies struggle to select the correct promotional tools and build promotional budgets and strategies for their businesses.
Most of these managers rely primarily on guesswork or just follow their competitors blindly without considering their promotion objectives, product life cycle, industry position, or target market. This study will provide insights to managers who are experiencing similar issues and act as a valuable reference point.
Finally, research consultants and individuals have been deprived of excellent performance as communication researchers due to insufficient and scant data and inadequate liberations available in this area of study.
It is hoped that when this study is completed successfully, it will be an addition to the essential material needs in this vital area of marketing and entrepreneurship. Based on all of this, researchers will make great use of it as a source for secondary data.
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