IMPACT OF MARKETING PLANNING AND STRATEGY ON SALES IN AN ORGANIZATION
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IMPACT OF MARKETING PLANNING AND STRATEGY ON SALES IN AN ORGANIZATION
Chapter one
INTRODUCTION
1.1 Background of the Study
The practice of marketing is an important human creation. It is a series of activities that promote the exchange of commercial commodities and services with the ultimate goal of meeting human needs (Ihionkhan, 2008).
Sellers and purchasers attempted to understand each other’s needs, wants, capabilities, and psychology in order to facilitate the exchange of goods and services. This gathering location embodied several features of modern marketing approaches, including marketing planning and strategy.
The importance of marketing planning and strategy in sales cannot be overstated in a hostile and increasingly competitive environment. Any corporate organisation, such as Nigerian Bottling Company Plc, Benin City, can produce lucrative sales with effective and efficient marketing planning and strategy.
According to Dale et al. (1995), marketing planning is simply a logical sequence and series of marketing objectives and the formulation of plans to achieve them, whereas marketing strategy is the process of coordinating not only the traditional elements of the marketing mix but also the other organisational functions.
Marketing planning and strategy is a specialised management activity that includes creating marketing goals and objectives, implementing and evaluating marketing plans, developing, packaging, pricing, distribution, promotion, marketing research, and sales forecasting.
The primary goal of marketing planning is to identify and create competitive advantage (MC Donald, 1984).
Business organisations typically go through some sort of management process when producing marketing planning and strategy. However, the focus of this study will be on the marketing planning and strategy of Nigerian Bottling Company Plc in Benin City.
A marketing strategy is a process by which a company tries to contact its target audience. Marketing strategy begins with market research, which evaluates demands, attitudes, and rivals’ products, and then moves on to advertising, promotion, distribution,
Where relevant, customer service, packaging, sales, and distribution. Marketing strategy must be focused on providing more value to customers and the company at a reduced cost.
However, one of the most difficult issues for decision makers to address is evaluating the return on investment from marketing expenditures such as advertising, promotion, and distribution.
Marketing performance is vital to success in today’s fast-paced competitive marketplaces, and assessing it is essential for effective management.
1.2 Historical Profile of Nigerian Bottling Company (NBC)
The Nigerian Bottling Company Ltd is one of the country’s largest non-alcoholic beverage companies and The Coca-Cola Company’s sole franchise bottler in Nigeria.
The corporation employs roughly 160 million people by creating and selling a distinctive portfolio of great brands, bringing passion to market implementation, and exhibiting leadership in corporate social responsibility.
NBC Ltd. began operations in Nigeria in 1951. They are based in Lagos and operate 13 bottling operations across the country. In addition, they route products through 59 warehouses and distribution centres.
The company employs around 4,800 people and indirectly supports up to a million more jobs throughout our value chain.
The company strives to be our customers’ preferred supplier and runs initiatives to assist over 450,000 customers who sell our products to consumers.
The company is part of the Coca-Cola Hellenic Group, which is one of the world’s largest bottlers of Coca-Cola Company products, as well as the largest in Europe. Coca-Cola Hellenic operates in 28 countries, servicing more than 570 million people. The corporation is headquartered in Athens and trades on the Athens, New York, and London stock exchanges.
The company manufactures, sells, and distributes a variety of beverages, the majority of which are Coca-Cola Company trademarks. The company’s product portfolio includes the following:
Leading brands include Coca-Cola, Coca-Cola Light, Fanta, and Sprite, as well as local brands including Schweppes, Five Alive, Limca, and Eva.
The organisation is constantly looking for new ways to increase our product variety so that Nigerian consumers have more options. Every effort is made to ensure that the company’s products are of the greatest quality.
1.3 Statement of the Problem
Marketing planning and strategy are employed by practically all corporate organisations. In most circumstances, there is an issue with analysing and evaluating the effectiveness of marketing planning and strategy in an organisation. Some of the main issues to address include:
1. Determine whether the organisation is taking the necessary strategic actions to achieve its goals and objectives.
2. Another key issue is the inability to predict the outcomes of any given plan. Planning is only valuable when managers face economic and commercial problems.
3. The company’s weak marketing planning and strategy in reaching its marketing objectives.
4. Verify that marketing planning and strategy are functioning.
5. Determine whether marketing planning and strategy are critical components of long-term organisational survival.
6. Determine whether high competition renders marketing planning in an organisation ineffective.
7. Determine whether the marketing plan includes selecting and analysing a target market.
1.4 Objective of the Study
To identify solutions to problems that arise during the execution or implementation of plans.
1. To offer a detailed examination of the role of successful marketing planning and strategy in an organisation, with the example of Nigerian Bottling Company Plc in Benin City.
2. The primary goal of the study is to investigate and determine the process of modern marketing planning and strategy in an organisation such as Nigerian Bottling Company Plc Benin City.
3. To assess the efficacy and efficiency of marketing planning and strategy as a technique for increasing sales in an organisation.
4. To clarify and explore common misconceptions and criticisms regarding marketing planning, as well as to educate marketing managers on the benefits of marketing planning and strategy.
5. Evaluate and appraise the importance of excellent marketing planning and strategy in terms of sales.
6. To provide solutions to marketing difficulties and thereby achieve organisational goals and objectives.
1.5 RESEARCH QUESTIONS.
1. Is there a strong link between marketing planning and origination sales?
2. What marketing strategy strategies are most commonly used by Nigerian organisations?
3. Does marketing planning and strategy increase sales?
4. Are marketing planning and strategy dependent on management efficiency?
Has the organisation being studied implemented the finest marketing planning and strategy among its competitors?
1.6 Scope of the Study
This study focuses on the impact of marketing planning and strategy on sales, with Nigerian Bottling Company Plc Benin City as a case study.
The study will look into how marketing planning, strategy, implementation, and control may be explored in order to achieve the organization’s goals.
This study will allow the researcher to determine how the organisation has effectively implemented marketing planning and strategy, as well as to offer methods for controlling deviations.
1.7 Significance of the Study
Because of the economic demands, the complexity of current corporate activities, the dynamic and ever-changing nature of the market environment, and the high rate of inflation, it has become necessary to implement marketing planning and strategy in order to control the trend in the complex and competitive economy.
Another significance of the study is that the competitive nature of business activities requires corporations and business organisations to adopt marketing planning and strategy strategies that will improve marketing shares (sales).
1.8 Limitations of the Study
Some circumstances presented challenges to the researcher while the study was being conducted. This includes:
Financial constraints: This is the primary element limiting the extent to which the research was undertaken. Travel expenses were incurred to get materials, type the questionnaire, and distribute the questionnaires.
Time was another obstacle that hampered the completion of this research.
Management restrictions frequently exclude access to information that is considered highly secret, such as details on the organization’s profile. Due to this constraint, the researcher was unable to obtain all of the necessary information.
Another constraint was the respondent’s attitude towards disclosing personal information. The researcher mostly used the information provided.
1.9 Definition of Terms
Many words will be used in this study to ensure adequate knowledge; they are defined as follows:
Management is the effective and efficient use of organisational resources to achieve a predetermined goal (IKharehon J.I. 2005:4).
According to Baridan (1990), management is the process of achieving goals through the use of people. This, he explained, has to do with the planning and direction of work towards a common goal.
Efficiency is concerned with the cost of producing more outputs with less than a corresponding increase in inputs in order to achieve organisational goals and ensure the organization’s continued existence.
Effectiveness refers to an organization’s capacity to achieve its aims. It is acceptable to conclude that an ineffective organisation is one that is incapable of achieving a purpose.
Sales are predetermined acts that are intended to enhance customer demand, stimulate market demand, or improve product availability for a limited time.
Market: The market consists of individual and organisational activities meant to sense and satisfy the consumer’s demand, as well as to enable and accelerate exchange in order to achieve the individual or organization’s goals through the satisfaction of the consumer’s desire (Agbonifo et al, 1998).
Strategy is a tool for putting policy into action and accomplishing specific goals.
Anao (1979) defined strategies as schemes, tactics, and manoeuvres that management aims to use to advance the organisation from its current position to its desired goals.
Planning is an intellectual process that involves consciously deciding on a path of action based on purpose, facts, and a reasoned estimate. To plan is to foresee the future based on connected facts and assumptions.
Marketing Mix: The marketing mix is the specific combination of controllable marketing elements that a marketer use to attain his goal in a given market segment. The marketing mix consists of four key elements: product, pricing, place or distribution, and promotion. These four elements are referred to as the 4ps (Ihiokhan P.A, 2008:12).
Marketing planning is defined as the methodical management process of identifying and assessing marketing problems, opportunities, and organisational capacity, selecting target markets, and developing marketing objectives (Festus, 2005:14).
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