Strategic Marketing Planning As A Means Of Achieving Increase In Market Share In The Competitive Market

Project and Seminar Material for Marketing

Strategic Marketing Planning As A Means Of Achieving Increase In Market Share In The Competitive Market


Abstract


Consumer satisfaction is the economic justification for the existence of any business. Hence for any business to exist, survive and grow, the same plan must be strategic. So, this research work was carried out on the strategic marketing planning as a means of achieving increased, market share in competitive market. (A case study of Nigerian MSMEs). In this research, we have treated these headings as follows. The problem statement which result as an increase in the competitive market of Nigerian breweries. So, the researcher is interested in finding out the reasons for achieving market share in competitive market. Review of former works showed a gap in knowledge between strategic marketing practice and performance of small and medium enterprises in Nigeria. The research focuses on testing the relationship between strategic marketing practice and MSMEs performance in Nigeria. The evidence collected from 234 samples of MSMEs operators and owners showed a strong relationship between strategic marketing and competitive performance of MSMEs, measurable in terms of sales, market share, profit and growth. This implies the need for MSMEs in Nigeria to improve on their strategic marketing content towards ensuring higher competitive performance.


Chapter One


Introduction

1.1 Background to the Study

Businesses at all levels are growing in leaps and bounds, expanding their competitive landscape within Nigeria economy and presenting more difficult environment for firms to operate successfully. Profit maximization goal becomes more of a difficult task for business to achieve within such a growing competitive environment. Profit maximization has been identified as a broad goal upon which general performance of any business can be assessed and measured (Alao and Odunmbaku, 2012). The authors buttressed that measure of performance level in a business is usually expressed in terms of profit maximization, which is contingent upon the attainment of other specific goals including customer satisfaction, high sales volume and market share increase. Strategic marketing offers a competitive value for every firm operating in a complex marketing environment towards ensuring that set objectives such as increase in customer satisfaction, market share, sales volume and profitability are achieved (Alao and Odunmbaku, 2012).

It has been identified that MSMEs in Nigeria are strongly challenged with their limited capability to addressing low level of performance in the growing competitive market environment over the years in spite of large financing of the sector by government (Safiriyu and Njogo, 2012). One major factor militating against every MSME operation is the propensity to achieving improved competitive performance. The problem of low rate of survival in the sector has equally been attributed to poor strategic marketing capability (Ayanda and Labara, 2011), that could position them to perform well amidst competition. MSMEs operating in the Nigeria’s competitive environment are currently faced with the prevailing competitive nuances characterized by global competitive pressure, having some resultant effects on their growth and performance (Business Day, July, 2014).

MSMEs as a critical sector of every economy, is naturally faced with limited resource capability, lesser market experience, and competitive strength, therefore their relative performance level has not reached the expected contributory economic measure in the developing countries (Siu and Bao,2008). In Nigeria, poor performance-based issues in terms of low sales level, production inefficiency, poor quality of products and services, low level of profitability and poor growth are hallmarks in MSMEs operations (Osuagwu, 2004). Given the performance indicators, the complex nature of the contemporary competitive landscape within which MSMEs operate need to be understudied vi-a-vis strategic marketing practice and their expected performance level. However, previous work has not succinctly established whether there is a significant relationship between strategic marketing and competitive performance of MSMEs in the competitive landscape of Nigeria (Ayanda and Labara, 2011).

Marketing is the hallmark around which business strategies revolves on A.I Okafor (1995:6) defined it as all profitable human activities undertaken by the firm towards the creation of satisfied customers

Kotler (1989), defined strategic as game plan to get there

Glueck, (1976) defined strategic plan as a unifies comprehensive and integrated plan to achieve organizational goal objectives.

Business strategies from the focal point and basis of strategic marketing decision unfortunately, most business have failed, products non – existing, goals and objective unattainable simply because they neglected strategic marketing.

Strategic marketing decision is of vital importance that its absence in any organization will not go down well with such an organization. It helps to manage business environment and the changed, which are inevitable it takes an organization from where it is today to where it wants to be tomorrow. Proper strategic marketing decision turns a company from being reactive to being practice in the face of events and situation.

Strategic marketing planning differs from company to company. It all depends on the market and business environment. Firms therefore, should adopt to the changing market conditions and at the same time face the need for creating an “anticipative “rather than a reactive managerial system. They should search for ways to handle an increasingly complex technology, unstable environment, competitors in the light of their goods and services and offering so, given the environment rapid change, a static environment can no longer be feasible.
Firms should think of moving from stagnant bureaucracy to adoptive firm under extreme dynamism.


1.2 Statement of Problem

They should consider the marketing strategies of their competitors, their strengths and weakness and then develop a sustainable competitive advantage (SCA) that will enable them outweigh their competitors where there is no sustainable competitive advantage; the organization will not go far.

Every business organization operates among other competitors in the market in order to increase or maintain its market share and organization would have to establish a good marketing strategy to survive intense competition and maintain sales projections and targets. The study intends to examine the extent of relationship between strategic marketing and competitive performance of MSMEs operating in Nigeria, and answer The study is expected to expand on the key relationships of some intervening variables not covered by previous authors, which constitutes a gap in knowledge.


1.3 objective of the Study

The researcher is interested in finding out the reasons for achieving market share in competitive market. With the following objectives of the study which shows that the study aimed at:

  1. To determine strategic marketing affects firms performance in a competitive market
  2. To determine the strategic marketing plan of the firm
  3. To determine the extent of relationship between strategic plan and firm’s competitive performance

1.4 Research Question

This research seeks to answer the following questions

  1. Does strategic marketing affects firms performance in a competitive market ?
  2. What is the strategic marketing plan of the firm?
  3. What is the relationship between strategic plan and firm’s competitive performance?

1.5 significance of the Study

The study intends to examine the extent of relationship between strategic marketing and competitive performance of MSMEs operating in Nigeria. The clear goal is to contribute to the body of knowledge.
this subject matter is important with respect to:

  1. The researcher embarking on the study serves not only as challenge to the academic pursuit of the researcher but also as a source of widening the educational horizon of the researcher.
  2. The managers and policy makers will have an insight on how important strategic plan is for firm’s existence
  3. For future study and knowledge: The research work will serve as a stimulant to other thesis for other researchers

1.6 Scope / Limitation of the Study

This work will focus on SMEs in Nigeria with special interest in Nigeria breweries

As in every research work, time factor, financial factor and limited information because of issue of national security was some limiting factor of this research work.


1.7 Organization of Study

This work will be in five chapters,

  • Chapter one will deal with introduction, background to the study, statement of problem, objective of the study, hypotheses of the study;
  • Chapter two focused on the related literatures, empirical review, theoretical framework and conceptual framework of the study.
  • Chapter three will deal with methodology employed for the work including research design, population, sampling technique
  • Chapter four will be about the analysis of findings and rest of the work
  • Chapter five summarized the work and made some recommendation for further study on the subject matter.

Chapter Five


Summary and Conclusions

The results of the study provide that MSMEs operating in Nigeria will have to learn to respond adequately to environmental challenges and opportunities through strategic marketing process and achieve higher level of growth. The result is a large improvement on previous studies of related context (Slater and Olson, 2001; Ayanda and Labara, 2011; Njoya and Niemeser, 2011). In the given context, firms operating in SMEs sector especially in developing counties such as Nigeria have to become more strategic in the way and manner businesses are being managed towards achieving competitive performance. Furthermore, given the outcome, MSMEs operating in Nigeria require an overwhelming change in orientation in terms of application of strategic marketing framework in their business operations. The practical change should enable them face and overcome the challenges of their peculiar competitive environment and position them to better tap into market opportunities and enjoy greater competitive advantage and performance. Future research would have to be directed to area of possible relationships in strategy adoption, cost involvement and competitive performance of MSMEs in Nigeria. As earlier stated, future research may need to find the extent to which cost leadership may create high level competitive performance of MSMEs in the context of strategic marketing.


Complete Material For Strategic Marketing Planning As A Means Of Achieving Increase In Market Share In The Competitive Market


Project Material Download

3,000 Naira


The Complete Material will be Sent to You in Just 2 Steps

Quick & Simple…


Step One Purchase

Make a Mobile Transfer or POS Payment of ₦3,000 to any of the Account Below

Access Bank PlcAccount No.: 0811003731
Name: Samphina Academy
Account Type: Current
Zenith BankAccount No.: 1225513212
Name: Samphina Academy
Account Type: Current

Or CLICK HERE To Pay With Debit Card

FOR CLIENTS OUTSIDE NIGERIA
CLICK HERE To Pay With Debit Card ($15)
GHANA – Make Payment of 60 GHS to MTN MoMo, 0553978005, Douglas Osabutey 

Step Two Purchase

Send the Following Details on WhatsApp ( 08143831497) After Payment

  • Payment Details
  • Email Address 
  • Strategic Marketing Planning As A Means Of Achieving Increase In Market Share In The Competitive Market

The Complete Material Will Be Sent To Your Email Address After Receiving Your Details
T & C Apply


  Contact Our Help Desk


⚠️ Need a different topic? Perform a quick search



Get A Complete Business Plan For Any Business In Nigeria

Business Plan for Businesses in Nigeria

  Business Plans in Nigeria


Disclaimer


This research material “Strategic Marketing Planning As A Means Of Achieving Increase In Market Share In The Competitive Market” is for research purposes and should be used as a guide in developing your research project / seminar work. For no reason should you copy word for word (verbatim) as samphina.com.ng will not be liable for any who copied the material.

The aim of providing this material is to reduce the stress of moving from one school library to another all in the name of searching for research materials. This service is legal because, all institutions permit their students to read previous projects, books, articles or papers while developing their own works. According to Austin Kleon “All creative work builds on what came before”.

samphina.com.ng is only providing this material “Strategic Marketing Planning As A Means Of Achieving Increase In Market Share In The Competitive Market” as a reference for your research. The paper should be used as a guide or framework for your own paper. The contents of this paper should be able to help you in generating new ideas and thoughts for your own research. Use it as a guidance purpose only.

Samphina Academy

Samphina Academy is an Online Educational Resource Center that is aimed at providing students with quality information and materials to aid them in succeeding in their academic pursuit.