MARKETING STRATEGIES AND THEIR EFFECTS IN SALES EXPANSION IN ORGANISATION
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MARKETING STRATEGIES AND THEIR EFFECTS IN SALES EXPANSION IN ORGANISATION
Chapter one
1.0 Introduction
In marketing operations, marketing tactics play a vital role in increasing sales. The reason is not farfetched: most companies or organisations that employ marketing tactics to measure the sales of their products expand in order to enhance their profits.
Marketing tactics for sales expansion include product strategy, pricing strategy, promotion strategy, and so on. As a result, marketing strategy can be defined as a consistent, relevant, and practicable philosophy that a firm uses to achieve its long-term customer and profit goals in a given competitive environment.
Marketing strategy is a key variable utilised by management to boost product sales and consequently increase profitability. Some businesses fail because they refuse to implement some of the most effective marketing methods for enticing clients to buy their products.
A marketer’s promotional tactics for persuading prospective customers include advertising, personal selling, sales promotion, public relations, and publicity.
Marketers must guarantee that the following tactics are used to achieve the company’s aim and, ultimately, increase revenue. Meanwhile, in order to entice customers to purchase the goods,
a thorough understanding of numerous marketing tactics must be implemented for a certain target operation, resulting in an increase in the company’s overall sales volume.
1.1 Background Of the study.
The researcher was persuaded in picking this issue to emphasise the importance of marketing techniques in increasing product sales.
Marketing strategies are implemented in organisations, particularly by marketing department employees, to achieve the company’s sales objectives, allowing them to have a broader understanding of marketing strategies to use in product sales,
thereby increasing company sales. The success of marketing tactics used will not only help to meet the problems of the business, but also to meet the organization’s goals.
1.2 Objective of the Study
The purpose of this research is to examine the importance of marketing methods used by consumer goods firms and how their products are positioned in the market.
It will help companies understand what actions to take to avoid being forced out of the market.
It will serve as a guide for them in developing beneficial policies to improve the marketing of their items.
It will serve as a motivator and incentive for new employees, as well as a way to drive existing ones.
It will recommend additional marketing methods for the sale of their products.
It will allow businesses to compete effectively with their competitors.
1.3 Significance of the Study
This study aims to identify and explain the benefits of using marketing strategies to improve sales, hence assisting industrial goods in the success of their products.
This will be extremely useful to both educators and students for future reference, as well as a teaching tool when appropriate. It will undoubtedly serve as a guide for them in developing beneficial tactics for the marketing of industrial goods, resulting in increased sales.
The research will help organisations keep the loyalty of existing customers and encourage them to use more. Furthermore, it will provide the active staff with additional knowledge of numerous marketing tactics for increasing sales.
1.4 Limitations of the Study
The researcher faced certain challenges while doing this research on Marketing Strategies and their Effects on Sales Expansion in Organisations.
Confidentiality: Most prominent marketing organisations withhold critical information that could aid this research because they believe it is confidential.
Lack of Data Bank: The majority of organisations visited do not have a data bank, making it impossible to review previous data in order to do adequate qualitative and statistical analysis.
Problem of Inadequate Funding: Due to a shortage of funds, the researcher is unable to cover a large area, and in some situations, information must be paid for; if money is not available, the information is foregone.
Ill-equipped Libraries: Due to the book museum known as libraries and research centres, current and recent information could not be evaluated. Most of the library’s materials are out of date.
our issue had a significant impact on our study project because using current material from books or the internet would improve and update this work.
1.5 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.
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