Effect Of Marketing Strategy On The Performance Of ATMAN Limited
Few studies have considered the relative role of the integrated marketing mix (advertising, price promotion, product, and place) on the long-term performance of mature brands, instead emphasizing advertising and price promotion. This research project was aimed at the following: to identify marketing strategies that can be implemented in order to increase the sales and profitability of the product. To determine whether the pricing methods of Atman Ltd has helped to increase sales volume of her product. To determine whether distribution method of Atman Ltd has helped to increase its sales. To determine whether distribution method of Atman Ltd has helped to ensure that availability of her product in the market. Both primary and secondary data were collected to solve the research problem. The population of the study comprised of the personnel of Atman Ltd. The research instrument used for data collection were questionnaire, oral interview, tables, frequencies, and percentages in presenting and analyzing the data collected. The chi-square statistic was used to test the various hypothesis since this was a test of goodness of fit. The overall marketing strategies adopted Unilever Nigeria Plc. Has helped to increase sales and profitability of the product.
1.1 Background of the study
The current globalization market has made companies to see the internationalization of their activities as a way to remain competitive. Marketing strategy has become important tool globally for any organization to remain in competitive market environment and was stronger. Aremu and Lawal (2012) sees strategy as a pattern of resource allocation decisions made throughout an organization. This encapsulates both desired goals and beliefs about what are acceptable and most critically unacceptable means for achieving them. Aremu and Lawal, (2012) say that strategy implies that the analysis of the market and its environment, customer buying behaviour, competitive activities and the need and capabilities of marketing intermediaries. Marketing strategy therefore, can be defined as a method by which a firm attempts to reach its target markets. Marketing strategy starts with market research, in which needs and attitudes and competitors’ products are assessed and continues through into advertising, promotion, distribution and where applicable, customer servicing, packaging, sales and distribution. Marketing strategy must focus on delivering greater value to customers and the firm at a lower cost (Chiliyaet al, 2009). Owomoyelaet al, (2013) also see marketing strategy as way of providing a quality product that satisfies customer needs, offering affordable price and engaging in wider distribution and back it up with effective promotion strategy. Marketing strategy is a vital prerequisite of Industry’s ability to strengthen its market share and minimize the impact of the competition. Small and medium enterprises (SMEs) are the engine of economy growth and development globally, Nigeria inclusive. By their very nature, SMEs constitute the most viable and veritable vehicle for self-sustaining industrial development (Oyebamiji, kareem and Ayeni. 2013).SMEs in developing countries, like Nigeria are struggling to survive under intense competitive environments both domestic and international.
Oyebamiji, kareem and Ayeni (2013) discover that Small and Medium Enterprises (SMEs) in Nigeria have not performed creditably well and hence have not played the expected vital and vibrant role in the economic growth and development of Nigeria. They note that the situation has been of great concern to the government, citizenry, operators, and practitioners. These challenges could be as a result of perceived ineffective marketing strategy which is having negative effect on the organization‟s performance, product quality, customer satisfaction and profitability. Small and medium enterprises (SMEs) operators need to provide a quality product with good packaging that satisfies customer needs, offering affordable price and engaging in wider distribution and back it up with effective promotion strategy in order to survive the pressure from global market competitive environment In Nigeria where the importance of marketing is yet to be fully appreciated, people talk of marketing their product as if they are referring to our problem. A successful marketing operation must rest a carefully though and plan. The strategy aspect of the plan should be based on what was known of the enemy’s strength and positioning the physical characteristic of the battle ground, the financially of hostile sentiment of those who occupied the territory, and of course, the strength and character of the resource available to the commander. In this business organization, these is safety on activity where element of marketing and marketing strategies can not be traced.
Marketers must therefore make the right decision about the four component of the marketing mix, price, product, place and promotion. These key components must be co-ordinated and more into a unified effective strategy if their product must reform well in the market. The analogy of business strategies is direct and useful in business and in marketing, the terrain is the market place in particular and economic, potential, social and technological environment in general. There source are personnel with wide – ranging skill and expertise as well as factories laboratories, transportation system, and financial resource and the corporation reputation. Moreover, the performance of the product depend largely on the post purchase satisfaction, whether they satisfied or dissatisfied with the purchase potential consumer expect to derive satisfaction from the product when compared with the ones they have previously used. Depending on the nature of business, strategy may have other dimension as well. At heart of any business strategy is a marketing strategy, business exist to deliver product to the markets to the extent that they serve this purpose well and efficiently they grow and profit. Expectation therefore play a major role in the reaction of the consumer towards a product, consumes base their expectation o in the information or message received from sellers, friends another source of information. All these are the marketing effort, the objective of organization has to be considered, particularly profit maximization. The conclusion strategies must reflect all aspect of market and above all, it must anticipate the action and reaction of competitors
1.2 Statement of the Problem
Firms annually spend hundreds of billions of dollars to implement their marketing strategy, and much headway has been made in explaining how these expenditures enhance brand performance over the short run (Bucklin and Gupta 1999).1 More recently, attention has been focused on the longer-term effect of marketing strategy on brand performance, particularly with respect to price and promotion (e.g., Boulding, Lee, and Staelin 1994; Jedidi, Mela, and Gupta 1999; Nijs et al. 2001; Pauwels, Hanssens, and Siddarth 2002; Srinivasan et al. 2004; Steenkamp et al. 2005). Yet there has been little emphasis on the effects of product (e.g., line length) and place (e.g., distribution breadth) on brand performance. Accordingly, a critical question remains unanswered (Aaker 1991; Ailawadi, Lehman, and Neslin 2003; Yoo, Donthu, and Lee 2000): Which elements of the marketing mix are most critical in making brands successful? It is in view of the above that the researcher decide to investigate the effect of marketing strategies on the performance of Atman Ltd
1.3 Objectives of the Study
The objectives of the study include:
- To identify marketing strategies that can be implemented in order to increase the sales and profitability of the product.
- To investigate on the cause of poor sales of the product in the market
- To determine whether the pricing method of Atman Ltd has helped to increase sales volume
- To determine whether the quality of the product has helped to increase its sales
- To determine whether distribution method of Atman Ltd has helped to ensure the availability of product in the market.
- To determine whether the promotional strategies adopted by Atman Ltd has helped to increase sales volume
1.4 Statement of Hypothesis
- H0: The pricing method of Atman Ltd has not helped to increase sales volume
H1: The pricing method of Atman Ltd has helped to increase sales volume
- H0: The distribution method of Atman Ltd has not helped to ensure the availability of her product in the market
H2: The distribution method of Atman Ltd has helped to ensure the availability of her product in the market
1.5 Significance of the Study
It can be seen from the problem stated that Atman Ltd major difficulties are identify with marketing. It is hoped that the study will help the company to adopt better marketing strategies that will improve the overall marketing performance of the company’s products and help the company realize its business objectives. The recommendations made in this study if accepted and applied would provide initial step in major decision on the determination of the present marketing strategies that can be used to improve the performance of the product and also for victual expansion of the business activities. The study also will help the reader know that the success of a business depends on good marketing strategies so that it will promote good image for the company and increase their sales revenue. It will also widen the researcher knowledge about the various strategies available and how they can be applied to the company products to improve the performance of the business. Above all, the study will also help the people to know value of marketing strategies and how it can be used to attract new market customers form existing market
1.6 Scope and Limitation of the Study
The scope of the study covers effect of marketing strategies on performance of Atman Ltd Osogbo. In the cause of the study, there were some factors that limited the scope of the study;
a) Availability of Research Material:
The research material available to the researcher is insufficient, thereby limiting the study
The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study.
c) Organizational privacy:
Limited Access to the management team makes it difficult to get all the necessary and required information concerning the activities
1.7 Operational Definition of Terms
A social and management process by which individual ad group obtains what they need and want through creating and exchanging product and value with other.
The set of actual and potential buyer of a product.
A strategy for company growth by increasing sales of current product to current market segment without changing the product in any way.
The art of fitting to one or more segment of the broad market in such a way as to set it apart from competition and optimize opportunity for greater sales and profit.
A runner – up firm in an industry that is fighting hard to increase it’s market share.
Development Designing our initial market strategy for a new product based on the product concept.
The firms in an industry with the largest market share, it usually lead other firms in price changes, new product introduction, distribution coverage and promote spending
1.8 Organization of the Study
This research work is organized in five chapters, for easy understanding, as follows
- Chapter one is concern with the introduction, which consist of the (overview, of the study), historical background, statement of problem, objectives of the study, research hypotheses, significance of the study, scope and limitation of the study, definition of terms and historical background of the study.
- Chapter two highlights the theoretical framework on which the study is based, thus the review of related literature.
- Chapter three deals on the research design and methodology adopted in the study.
- Chapter four concentrate on the data collection and analysis and presentation of finding.
- Chapter five gives summary, conclusion, and recommendations made of the study
Summary, Conclusion and Recommendation
It is important to ascertain that the objective of this study was to ascertain the effect of marketing strategy on the performance of Atman Ltd.
In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenge encountered in ascertaining a more effective marketing strategy.
Customers today are highly informed and more demanding than before. Responsiveness to customer needs and changing market conditions has become more important for the success of firms and calls for the introduction of new products and services together with innovation capacity for a firm (Robertson and Yu, 2003). From the forgone discussions and observed findings and analysis, we confidentially conclude that a significant effective marketing strategy improves product development and consumer innovative behavior in the population of consumers of non-durable consumer product.
There are many studies that have provided information on determinants of consumer purchase decision in the sector of non-durable consumer goods and among then few studies have identifies the marketing strategies based on the findings of that studies. From this research it was found that young-adult Bangladeshi consumers are much more impulsive and careless in nature although they don‟t prefer high quality high price product. They prefer lower price subject to the consideration of new fashion and trend. Marketer need to identify best possible strategies for this confused group of consumer. But most of those studies are based on the financial performance of large multinational companies of 1st world’ countries. Those have emphasized on the profit maximization by marketing strategy. Several studies have recommended that marketing strategy is a key determinant which affects the business performance largely. Neither of the studies has focused on the relationship between financial performance and marketing strategy in context of consumer goods industry in Bangladesh. Only better strategy can assure the maximization of profit in this sector. This study is conducted by support of the fundamental theories of finance and marketing. Different approaches of finance and marketing are adjusted for attaining the objectives of this study. According to normative philosophy of marketing, the success of one organization is truly depending on the achievement of competitive advantage.
Haven completed the study, the following recommendations were postulated by the researcher;
Technology based electronic companies in Nigeria should always look at ways of evolving new products that will attract and enhance consumer adoption behaviour.
Nigeria technology based electronic home appliance companies should always take into cognizance the individual consumer personalities and preferences in the designing and evolving of new products.
The companies should regularly improve product brand/image and intensify marketing communication strategies to positively and continuously create an enduring perception of their products on the minds of the consumer.
There should be periodic sales promotional activities and efficient use of the promotional mix-elements to inform, educate and remind prospects/customers of product features, advantages and benefits. This when strictly adhered to will increase customer learning which will resultantly enhance innovation patronage and adoption.
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