MARKETING STRATEGY AND CONSUMER PURCHASE BEHAVIOR
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MARKETING STRATEGY AND CONSUMER PURCHASE BEHAVIOR
Chapter one
1.8INTRODUCTION
All businesses execute two essential functions: producing and promoting goods and services, as well as organising events, places, and personalities to meet the demands and needs of their customers.
Marketing has grown in importance and complexity. It is possibly the most dynamic, intricate, and difficult aspect of business. Marketing evolves as a civilization and its economy do.
Indeed, an increasing number of business owners and organisations recognise that marketing is a critical factor in determining corporate success.
Marketing considerations, in conjunction with the considerations of all organic business functions, play critical roles in designing and establishing the framework for the communication of corporate objectives and strategies. Once this is done, marketing remains the vehicle through which corporate objectives are achieved.
Marketing encompasses all of the operations that allow a company to adapt to its environment. It is one of the organic functions that is necessary for the life of any organisation. Recent years have seen an increase in interest in marketing theory and practice.
Academics, students, and organisational managers have been searching for methods or techniques that will allow them to comprehend, explain, and regulate marketing phenomena. As a result, marketing has seen numerous theories, perspectives, ideologies, and definitions.
There are as many definitions of marketing as there are textbooks on the subject. Some of these definitions include the following:
Marketing, as described by Kotler (1997), is “a social and managerial process by which individuals and groups obtain what they need and want through creating offering and exchanging products of values with others” .
Starton, W.J. (917) defined marketing “as a system of business activities designed to plan, place promote and distribute other of value, wants-satisfying goods and services to the benefits of the market” .
According to Appleman (1973), marketing is “a set of human activities directed at facilitating and consummating exchange”.
Morden (1987) defined marketing as “an activity directed at satisfying customer needs and wants through exchange transactions in the market.”
Once an organisation has implemented the marketing concept in its operations, it must determine the most effective method of promoting its product. To accomplish so, it must identify the most successful marketing mix for the product.
Scheme and Smith (1980) defined marketing mix as an organization’s bundle of utility. It is the unique set of controlled factors that a marketer provides to customers.
McCarthy classified the marketing mix ingredients into four categories: product, price, promotion, and venue. Once the right marketing mix has been determined, the market must consider the environment in which the organisation operates, as it cannot function in isolation. Because of the changing nature of the environment, it must also consider new marketing techniques for its products.
Marketing strategy.
How will an organisation survive the challenges that lie ahead? He has a tool in his marketing strategy that is designed to communicate the brand’s benefits and interpretation that is unique and relevant to customer needs, thereby establishing and maintaining a preference in customer minds for the specific brand.
To achieve this goal is critical in helping firms relate their entire marketing aims.
Marketing strategy is a collection of marketing factors that capitalise on the most profitable and long-term differentiating advantages.
Simultaneously, a contingent strategy is developed in the case that the forms advantage is lost due to a change in success criteria and/or competitive actions.
It is concerned with recognising the intensity and direction of external environmental influences, as well as adapting and implementing marketing tactics in response.
When establishing marketing strategy, usually in partnership with agencies, consideration must be given to:
(a) Market characteristics include size, value, geography, consumer habits, distribution patterns, and rival brands.
(b) Competition: brand and market have comparative advantages (if any) over the company’s brand, as well as consumer benefit.
(c) Brand information: Comparing intended price segmentation performance to completion.
(d) Marketing objectives.
(e) Brand positioning statement: this is a brief explanation of what makes the brand more desirable than its main competitors.
A characterization of the prospective market for any product or service must be based on a clear understanding of the fundamental consumer needs that the product will meet or is intended to meet.
Customers can be classified in a variety of ways, but only those criteria that are related to purchase behaviour and are actionable will be useful to the marketing strategy.
The behaviour learning method can provide marketers with valuable insights. The key to successful marketing is repeat purchasing behaviour. Ultimately, the product reinforces desired behaviour.
1.9 Problem Analysis
The business climate in emerging countries, particularly Nigeria, has been described as unexpected, dynamic, explosive, and turbulent. All of this reflects rapid change, as well as shifting consumer needs and wants.
The volatile marketing environment is distinguished by fluctuating costs, limited purchasing power, liquidity crisis, raw material shortage, low profile, and increased competition.
Problem areas that should be investigated include the company’s aims and policies.
The issue of rivalry from competitor enterprises. Thus, competition has become a more important element to consider. Not only are there obvious substitute items or enterprises in the same industry, but there are also products from other companies vying for consumers with limited purchasing power.
This study focuses on a marketing strategy that use a tool that incorporates a combination of marketing variables to exploit the most profitable and differential advantages.
It is concerned with recognising the degree and direction of external environmental influences, as well as adjusting and adopting marketing strategies accordingly.
Other issues include the target market’s purchasing behaviour, the stage of the product life cycle, and the nature of the economy.
1.10 PURPOSE OF STUDY.
The goal of this research is to determine the current stage of the product life cycle and the nature of the economy. Also, analyse the problem with product life-cycle strategies and recommend the optimal solution for each step.
1.11 RESEARCH QUESTIONS.
(1) Does market segmentation strategy effect consumer purchasing decisions?
(2) How has promotional strategy influenced consumer purchase behaviour?
(3) How does pricing strategy affect consumer purchase behaviour?
(4) How has distribution strategy influenced consumer purchase decisions?
(5) How does pricing strategy affect consumer purchase decisions?
1.12 Research Hypothesis
H0: Marketing strategy is relevant to customer purchase behaviour.
H1: Marketing strategy has little bearing on customer purchase behaviour.
H0: Product defects lead to poor market performance.
H1: Defects in the product itself do not affect the product’s market success if the name is established.
1.13 LIMITATION OF SCOPE
The study will be constrained by the general impact of marketing strategy on product performance in the marketplace.
1.14 Guinness Nigeria PLC (GNPLC).
GNPLC is one of Nigeria’s leading brewing enterprises, established in 1962 as a brewer. Today, it has four factories and four brands (Guinness Stout, Harp Larger Beer, Malta Guinness, and Satzenbran).
With the indigenization edict, the corporation is now run by Nigerians with extensive work experience and formal management education. This is crucial since the key to effective management is proper formal education and training, as well as actual experience on the job.
The multinational corporation of interest and relevance to this study is GNPLC, which operates in a variety of areas including manufacturing and processing, sales and services, and agriculture.
Its key brands, Guinness stout and Harp larger beer, have continued to do successfully in the market. As a result of GNPLC’s marketing techniques, its primary items have successfully competed in that industry.
Guinness Nigeria Plc has also looked inwards by procuring eight basic materials locally, such as maize. As costs rise, the company’s marketing and financial management, in particular, continue to require additional expertise and attention.
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