IMPACT OF MARKETING STRATEGY ON THE PRODUCTIVITY OF AN ORGANIZATION
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IMPACT OF MARKETING STRATEGY ON THE PRODUCTIVITY OF AN ORGANIZATION
Companies develop, plan, and implement diverse strategies to meet certain organisational goals and objectives. These strategies may be corporate, business, or functional. Marketing strategies are one type of functional strategy that modern businesses can use to improve their performance.
Marketing definitions and concepts vary based on the author’s background, interests, and education. For example, marketing can be defined as a set of commercial operations that are organised to plan, create, price
promote, distribute, and sell goods, services, and ideas in order to satisfy relevant customers and clients. Marketing strategy is critical to the success of any organisation, whether service or product-oriented.
A marketing strategy is a method used by a company aiming to reach its target market to attract customers. Marketing strategy begins with market research to examine demands, attitudes, and competitors’ products.
The firm then focuses its limited resources on the most promising prospects to boost sales and gain a lasting competitive advantage (Nymous, 2006).
Marketing strategy must focus on providing more value to customers and the company at a reduced cost; yet, measuring the return on investment from marketing expenditure on activities
such as advertising, promotion, and distribution is one of the most difficult issues for decision makers. Measuring marketing performance is essential for effective management in today’s fast-paced competitive marketplaces (Chiliya, 2009).
To measure the effectiveness of a marketing plan, a company must divide its marketing function into constituent elements and devise a mechanism for analysing the interaction between those parts.
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 the company. Firms can increase 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 a critical component of marketing plans developed to meet market needs and achieve marketing goals. Marketing strategy entails a thorough examination of the internal and external contexts.
Internal environmental considerations include the marketing mix, performance analysis, and strategy restrictions. External environmental considerations include customer analysis, competitive analysis, target market analysis, and study of technological, economic, cultural, and political/legal elements that may effect success.
Marketing strategy in Nigerian commercial banks is primarily intended to steer the flow of profitable banking services 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 and meeting consumer wants in order to add value to their services and acquire a competitive edge.
However, assessing marketing efforts in terms of productivity presents complications.Several scholars suggest that there is a misunderstanding in this area (okoh, 2009). Against this, the researcher saw the subject matter as a topic worth investigating.
Statement of the Problem
Marketing tactics are dynamic and engaging. They are only partially planned; most organisations do not precisely stick to their organization-planned strategy due to the influence of micro and microenvironmental factors.
The majority of organisational components of marketing strategy do not align with the company’s main objective, making it difficult to understand. As a result, most organisations face significant challenges while implementing strategic marketing plans.
Marketing books and periodicals have not addressed the issues of measuring marketing tactics based on productivity. Several researchers have indicated that there is a misunderstanding in this area (okoh, 2009).
The researcher believes that the topic matter is worth investigating in light of this. As a result, the study examines the issues of quantifying marketing strategy in relation to productivity, which have not been addressed in previous research or marketing texts in Nigeria.
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