An Assessment Of Marketing Concepts On The Performance Of Manufacturing Companies In Nigeria (A Case Study Of Innoson Company, Lagos State)

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An Assessment Of Marketing Concepts On The Performance Of Manufacturing Companies In Nigeria (A Case Study Of Innoson Company, Lagos State)


Chapter One


Introduction

1.1 Background Of Study

Before planning and manufacturing a product or service for a potential customer, marketing concepts emphasize the importance of first learning about them.Sales and profit targets would be met if the customer’s wants and needs were incorporated into the product’s design and manufacture. Consumer happiness is critical to the company’s success, so it’s critical to understand the customer. Marketing research methodologies were developed specifically for this reason. Smaller businesses may be able to maintain a close relationship with them if they communicate with them. Larger companies, on the other hand, have put in place measures to keep in contact with their customers, whether through focus groups or third-party research studies. Whatever technique is used, the goal is to get to know the customers so that the company can better serve them and not lose sight of their requirements and desires. The marketing concept, as stated in the marketing literature, holds that success in any business is solely dependent on identifying the needs of the target market and satisfying those needs more efficiently and effectively than competitors (Kimerey & Rinehart, 1998).

The marketing notion can be viewed as a road map for ensuring that client demands and desires are met. The marketing notion is based on the idea that people who do not need or want the things that the company is selling will simply not buy them. The marketing idea, according to Ibidunni O.S. (2012), is the management approach that contains the key to accomplishing corporate goals. According to Peter and Donnelly (2004), the concept of marketing suggests that businesses should work as hard as they can to be successful by satisfying customers’ requirements. According to Kotler and Keller (2009), marketing is generally thought of as “simply selling stuff,” and many people are surprised to learn that selling is only the tip of the marketing iceberg. According to Peter Drucker, a pioneering management theorist, marketing should make selling unnecessary by thoroughly understanding consumer demands so that the product can be manufactured. According to the marketing concept and philosophy, a company should always seek to satisfy its consumers’ wants and requirements while also accomplishing the company’s objectives. It should be emphasized that the greatest way to achieve corporate goals is to meet the requirements and wishes of customers. The heart of the marketing concept is an organization’s reliance on identifying consumer demands and ensuring customer satisfaction. For company functions such as planning, strategic setting, research problem formulation, and marketing activities, the client will become the focus point. According to the classic marketing approach, an organization should improve long-term customer happiness through a coordinated set of actions that also help the company to meet its profit goals. The implications are clear: any firm wants long-term relationships with customers, profit is prioritized over short-term exchanges, and coordination will symbolize long-term relationships with both internal and external stakeholders, particularly customers. The concept of a product service system (PSS) is known as a path to help contribute to system-level improvement (Goedkoop, van Helen et al. 1999; Mont2000).

The goal of advertising a product or service is to pique the interest of the target market and elicit a demand for the product or service. For example, some advertisements attract attention, but the product or service is forgotten after a few seconds. Great advertising ensures that products remain in the minds of the target audience. When deciding on a marketing strategy, it’s also important to keep the advertising budget in mind. When businesses initially begin to embrace the marketing concept, they always create distinct marketing departments whose sole purpose is to meet the requirements and desires of customers. Some of these departments, interestingly, incorporate sales departments with additional responsibilities. While this sales department still exists in some firms today, many others have restructured themselves as marketing organizations with a customer-centric orientation. Because the entire organization’s goal is to satisfy customers’ requirements and wishes, other departments can not dismiss any customer’s issue by designating it as a marketing department’s issue. This necessitates the participation of every employee in the organization to ensure that consumer demands and desires are met. To be able to define market segmentation, the marketing idea relies on marketing research. The marketing department decides on the controllable factors of the marketing mix to meet those needs in the market segments.


1.2 Statement Of Problem

The market concept is an approach that emphasizes the importance of first understanding the needs and desires of target markets before changing to produce a product or service that is more satisfying, efficient, and effective than competitors. It has been observed that the wants of consumers are numerous and difficult to meet.The goal of this problem is to determine the impact of marketing concepts on human needs, as well as how marketing concepts can be used to address human needs and how consumers perceive marketing concepts as meeting their needs.


1.3 Objective Of Study

The following are primary objectives of this study :

  1. To investigate the relationship between the marketing concept and the performance of a manufacturing company.
  2. To determine how much consumer revenue has an impact on marketing objectives.
  3. To identify the influence of product quality on competitors’ policies.

1.4 Research Questions

  1. What is the relationship between the marketing concept and the performance of a manufacturing company?
  2. How much influence does consumer revenue have on marketing objectives?
  3. What effect does product quality have on competitors’ policies?

1.5 Significance Of Study

This research will be useful for manufacturing companies. It will assist the organization in implementing better marketing strategies that will increase overall product marketing performance while also allowing them to achieve their business objectives and take advantage of all available chances. The suggestions presented would serve as a starting point for the organization in critical decision-making areas. Furthermore, the study will inform readers that a firm’s performance is dependent on good marketing methods that generate a positive image for the organization while also increasing sales revenue. It will also broaden the marketer’s understanding of the numerous marketing tactics available and how they may be applied effectively to any company’s products to boost business performance.


1.6 Scope Of Study

This study focuses on investigating the relationship between the marketing concept and the performance of a manufacturing company. It also seeks to determine how much consumer revenue has an impact on marketing objectives. Lastly, to identify the influence of product quality on competitors’ policies. This study is delimited to Innoson company, Lagos state.


1.7 Limitation Of Study

Availability of materials, finance and time constraints to combine research work and academic work were major challenges the researcher encountered during this research.


1.8 Definition Of Terms

Marketing Concept:

A marketing concept is a strategy that companies and marketing agencies that work for companies, design and implement in order to satisfy customers needs, maximize profits, satisfy customer needs and beat the competitors or outperform them.

Performance:

A performance is an act of staging or presenting a play, concert, or other form of entertainment.


An Assessment Of Marketing Concepts On The Performance Of Manufacturing Companies In Nigeria (A Case Study Of Innoson Company, Lagos State)


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An Assessment Of Marketing Concepts On The Performance Of Manufacturing Companies In Nigeria (A Case Study Of Innoson Company, Lagos State)

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