IMPACT OF MARKETING STRATEGY ON PRODUCTIVITY OF ORGANIZATIONS
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IMPACT OF MARKETING STRATEGY ON PRODUCTIVITY OF ORGANIZATIONS
Chapter One: Introduction
An overview of the study.
Every organisation must have clear marketing objectives and a primary path to accomplishing organisational goals. Profitability is a function of productivity; a company’s performance is determined by how marketing techniques are used to fulfil marketing goals, which result in productivity.
Companies use several tactics to achieve a set of organisational aims and objectives. These strategies may be corporate, business, operational, or functional. Marketing strategies are one of the functional strategies that contemporary firms can use to improve their performance. Marketing has been defined, conceptualised.
Marketing can be defined in a variety of ways, depending on the author’s background, interests, and education, such as the process of planning and carrying out the conception, pricing, promotion, and distribution of ideas, goods, and services in order to create exchanges that satisfy the perceived needs, wants, and objectives of individuals and organisations (Arens, 2011).
Marketing strategy is critical to the success of any organisation, whether service or product-oriented.
Marketing strategy is a process in which demands, qualities, and rivals’ products are evaluated, and the firm focuses its limited resources on the most promising prospects to boost sales and gain a sustainable competitive advantage (Nymous.2006).
Marketing strategy focuses on providing higher value to customers and the firm at a reduced cost, while quantifying the return on investment from marketing expenditures such as advertising.
Promotion and distribution are among the most challenging issues confronting decision makers. Marketing performance is vital to success in today’s fast-paced competitive marketplaces, and assessing it is essential for effective management. (Chiliya,2009)
To assess the performance of a marketing plan, a company must divide its marketing function into constituent elements and devise a mechanism for analysing the interaction between those components.
By doing so, decision-makers will finally be able to relate marketing expenses to shareholder value and understand how to link marketing initiatives back to the value created for the company.
Decision-makers will be able to comprehend the internal motivations that drive the marketing value of a company. Firms can boost their returns by manipulating the following marketing variables: pricing fluctuation and price promotion, research, advertising, product differentiation, quality, packaging, and site.
Marketing strategies in commercial banks are critical components of marketing plans developed to meet market needs and achieve marketing goals. Marketing strategy entails a thorough examination of the internal environmental aspects, including marketing mix, performance analysis, and strategic restrictions.
External environmental elements include consumer analysis as well as an assessment of the technological, economic, cultural, or political/legal environment that is likely to influence success.
Marketing strategy for commercial Banks in Nigeria are primarily intended to direct the flow of banking services profitably to target clients. The requirement for an effective marketing plan derives from fierce rivalry, not only from banks, but also from other financial institutions.
As a result, banks strategize their marketing to create customer value while also identifying customer wants and meeting those needs in order to add value to their services and acquire a competitive edge.
However, measuring market strategy in terms of productivity presents complications. Indeed, some researchers suggest that there is a ruse in this area (Okoh 2009). Against this, the researcher considers the topic matter to be a problem worth investigating.
Statement of the Problem
The study covers the issues of quantifying marketing strategy in connection to productivity, which have not been addressed in earlier research or marketing literature in Nigeria.
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