IMPACT OF MARKETING STRATEGIES ON CONSUMERS PATRONAGE
Need help with a related project topic or New topic? Send Us Your Topic
DOWNLOAD THE COMPLETE PROJECT MATERIAL
IMPACT OF MARKETING STRATEGIES ON CONSUMERS PATRONAGE
ABSTRACT
The purpose of this study was to evaluate how marketing methods affected Nigerian consumer expenditure. The marketing mix theory and the push-pull theory were the study’s guiding concepts. This study conducted a descriptive research survey to determine the effects of marketing methods on consumer patronage in Nigeria.
The study’s target audience was corporate managers operating in Abuja’s Central Business District. To generate an acceptable study sample, the study used a stratified sampling technique in which business owners were separated into several business categories such as food and restaurant operations and other non-food item firms.
The study intended to use 50 small- and medium-sized business managers from Abuja’s Central Business District (CBD), who were formally registered with the government and represented 10% of the population.
This study’s primary data was collected using questionnaires. The surveys comprised both open-ended and closed-ended questions, in accordance with the study’s objectives. Descriptive statistics were employed to analyse the data collected. The data was analysed using the Statistical Package for Social Sciences (SPSS version 21.0).
According to the study’s findings, a substantial percentage of enterprises in Abuja used product development strategies, which had a favourable and significant impact on consumer purchasing decisions in Nigeria.
Product development strategy helps SMEs achieve company goals such as expanding into new markets, selling more to existing customers, and taking market share from competitors. Pricing strategies influenced consumer spending in Nigeria in a positive way.
Pricing a product too low or too high, however, can have unintended consequences for sales. Pricing strategies allow SMEs to modify prices to attract new customers or to keep prices stable and increase profit margins.
Promotional strategies had a good and considerable impact on customer behaviour in Nigeria. The study also found that using promotional strategies helped to keep clients or consumers aware about what the firm supplied,
how much the product cost, and where to purchase it. Place interventions had a substantial positive impact on Nigerian consumer purchasing. Location-based marketing is one of the most effective ways for converting website and foot traffic into new customers.
Chapter one
INTRODUCTION
1.1 Background of the Study
Marketing strategies are an important part of marketing operations that boost revenues. The reason is not impossible; most businesses or organisations utilise marketing methods to determine how well their products are selling in order to increase their profit margin.
Product strategy, price strategy, promotion strategy, and other marketing methods are utilised to boost sales. As a result, a company’s marketing strategy can be defined as a consistent, relevant, and workable approach to meeting long-term customer and profit objectives in a competitive environment.
Marketing strategy is a critical aspect in choosing how to best help items sell and hence increase profitability. Some firms fail because they refuse to use important marketing strategies that urge customers to buy their products.
A marketer’s approach for influencing potential buyers includes a number of promotional strategies such as advertising, personal selling, sales promotion, public relations, and publicity.
Marketers must ensure that the aforementioned strategies are followed in order to achieve the company’s goals and eventually increase revenue. Meanwhile, a full understanding of the many marketing tactics must be used to a specific target operation in order to persuade the client to buy the goods, hence raising the company’s sales volume.
1.2 Statement of Problem
The researcher was convinced to choose this topic in order to demonstrate the importance of marketing methods in increasing product sales.
Organisations, particularly marketing department staff, use marketing methods to achieve sales targets. This allows them a broader selection of marketing methods to use to enhance product sales,
hence increasing corporate revenues. The success of marketing strategies used will help achieve not just the organization’s goals, but also the business’s challenges.
1.3 Study Purpose
The study sought to evaluate the relationship between marketing techniques and sales growth at Tembo Steels Nigeria Limited.
1.4 Objectives of the Study
To fulfil the study’s purpose, the research addressed the following specific objectives:
i) Determine the relationship between Tembo Steels Nigeria Limited’s product development strategy and sales expansion.
ii) Assess the relationship between price strategy and sales growth at Tembo Steels Nigeria Limited.
iii) To investigate the link between place strategy and sales growth at Tembo Steels Nigeria Limited.
iv) Investigate the relationship between Tembo Industries’ promotional approach and sales expansion.
Research Questions
The study was guided by the following research questions.
i) How does Tembo Steels Nigeria Limited’s product strategy relate to its sales expansion?
ii) How does Tembo Steels Nigeria Limited’s price strategy affect its sales growth?
iii) What is the relationship between place strategy and sales growth at Tembo Steels Nigeria Limited?
iv) How does Tembo Steels Nigeria Limited’s promotion approach affect its sales growth?
Significance of the Study
This study seeks to uncover and define the benefits of utilising a marketing strategy to increase sales, hence supporting industrial goods in the commercial success of their products.
Both instructors and students will find this useful for future reference, and it can also be used as a teaching tool when appropriate. It will surely serve as a guide for them as they design effective strategies for improving the marketing of industrial products and so increasing sales.
By understanding the subject, businesses will be able to retain existing clients and convince them to buy more. Furthermore, active individuals will gain further understanding of various marketing tactics for increasing sales.
Limitation of the Study
However, the researcher encountered various challenges while performing this study on Marketing Strategies and their Effects on Sales Expansion in Organisations.
Confidentiality: The majority of top marketing firms suppress critical information that may aid this research because they believe it is confidential.
Lack of Data Bank: The majority of the organisations we visited lacked a data bank, making it difficult to examine past data in order to conduct proper qualitative and statistical analysis.
Problem of Insufficient financing: Due to a lack of financing, the researcher is unable to cover a vast area. In some cases, information must be purchased; if funds are unavailable, the information is foregone. Ill-equipped Libraries:
The virtual book museum, which passes for libraries and research facilities, prevented the evaluation of recent and current material. The majority of the library’s resources are outdated.
This issue had a substantial impact on this study endeavour because it could be enhanced and brought up to date by including current material from books or the internet.
Definition of Terms:
MARKET: This is an exchange relationship between buyers and sellers, such as a traditional market area for local fresh produce and handcrafts.
MARKETING: It is the process of evaluating consumer demand for products or services, driving sales, and distributing them to the final consumer at a profit.
MARKETING STRATEGIES: This refers to all marketing efforts in terms of tactics and devices used to identify the target market in order to complete marketing chores in the most effective way feasible.
PROMOTION is defined as the creation and administration of a marketing subsystem with the goal of informing and convincing current and new clients.
PRODUCT: A product is a tangible or intangible thing that can be provided to a market for attention, usage, or consumption and may satisfy a want or need, such as physical objects or services.
DISTRIBUTION: This is the route or path that products take from place of production to point of consumption.
PRICING refers to the exchange of value for a product. It is the value placed on the utility that one will derive from goods and services.
MARKET LEADER: This is the company that dominates the market. It has a significant impact on the individual in the market.
Need help with a related project topic or New topic? Send Us Your Topic