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Abstract
The study examined the role of marketing strategies on the performance of manufacturing companies in Rivers State. The survey design was employed since the study was to ascertain the relationship between marketing strategies and performance of manufacturing companies in Rivers State. The population of this study constitutes management and staffs of brooks table water in Port Harcourt which was unknown. The sample size of this study is judgmental sample of 45 respondents which comprise of both the senior and junior Nigerian Bottling Company. In this study both the primary and secondary data were used. A self-designed questionnaire on the role of marketing strategies in the performance of manufacturing companies was used and administered for the collection of data from the respondents. The data collected were processed electronically using Statistical Packages for Social Sciences (SPSS). The statistical test used in the analysis of the data collected was Pearson Product Moment Correlation. Findings reveal that product strategies associate with Performance of manufacturing companies in Rivers State and pricing strategies associate with Performance of manufacturing companies in Rivers State. In line with the objectives of the study, four research questions and four research hypothesis were formulated. Based on the finding of the study, we recommended that manufacturing Companies should adopt sustainable product strategies that will enhance the performance of their product and service, manufacturing Companies should maintain a stable price that that will compel customers to by their product and services, manufacturing Companies should ensure their product and services are distributed adequately to avoid product scarcity and manufacturing Companies should ensure they adopt effective promotional strategies. This will help their product and services do well in the market.
Table of Contents
Title Page 55
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Table of Contents 57
CHAPTER ONE 1
INTRODUCTION 1
1.1 Background Of The Study 1
1.2 Statement of Problem 3
1.3 Objectives of the Study 3
1.4 Research Questions 4
1.5 Research Hypotheses 4
1.6 Significance of the Study 5
1.7 Scope of the Study 6
1.8 Limitation of Study 6
1.9 Definition of Terms 7
CHAPTER TWO 9
REVIEW OF RELATED LITERATURE 9
2.2 Conceptual Framework 9
2.2.1 Concept of Marketing Strategies 10
2.2.2 Dimension of Marketing Strategies 11
2.2.3 Concept of Sales Performance 17
2.2.4 Measures of Sales Performance 18
2.2.5 Profitability 18
2.2.6 Market share 19
2.2.7 Sales Volume 21
2.2.8 Marketing Strategies and Performance 22
2.3 Theoretical Framework 23
2.3.1 Porter’s Five Forces of Competitive Position Analysis 23
2.4 Review of Related Empirical studies 24
2.5 Summary of Literature Review 26
CHAPTER THREE 27
RESEARCH METHODOLOGY 27
3.1 Introduction 27
3.2 Research Design 27
3.3 Population of the Study 28
3.4Sampling Techniques Used 28
3.5 Sample Size 28
3.6 Source of Data 28
3.6.1 Primary Source (s) of Data 29
3.6.2 Secondary Source of Data 29
3.7 Research Instrument for Data Collection 29
3.8 Validity and Reliability of Instrument 29
3.9 Techniques for Data Analysis 30
CHAPTER FOUR 32
DATA PRESENTATION AND ANALYSIS 32
4.1 Questionnaire and analysis of response 32
4.2 Presentation of Question/Items in the Questionnaire and Analysis of Responses 32
4.3 Hypotheses testing 39
4.4 Discussion of finding 42
CHAPTER FIVE 44
SUMMARY, CONCLUSION AND RECOMMENDATION 44
5.1 Introduction 44
5.2 Summary 44
5.3 Conclusion 44
5.4 Recommendation 45
References 46
Appendix I 52
Appendix II 53
CHAPTER 1
INTRODUCTION
1.1 Background of the Study
In Nigeria where the importance of marketing is yet to be fully appreciated, people talk of marketing their product, people talk of marketing as if they are referring to a problem. Marketing activities play important role in the growth and survival of any business organization. In recent times, marketing activities in the world today have been posing serious problems to manufacturing companies because of the competitive nature and increase in the number of organizations and other manufacturing companies. Marketing as we know it today was given little or no attention. A successful marketing operation must rest on careful thought and plan. The strategic aspect of the plan should be based on what was known of the competitors strength and positioning the physical characteristic of the battle ground, the financial or hostile sentiment of those who occupy the territory, and of course, the strength and character of the resources available to complete. Ebitu (2014) conceived strategy as an action plan or a set of plans intended to achieve specific goal or objectives over a period. He further stressed that marketing strategy is an action plan on how organization intends to achieve its marketing objectives.
Louise and David (1989) in Orji (2010) pointed out that marketing strategy is the overall company programme for selecting a target market and satisfying the target consumers through a blending of the marketing mix elements. The component of the marketing mix such as product, price, distribution and promotion represent subset of the marketing strategy. These key elements must be coordinated and put into a unified effective strategy where product must perform well in the market. The marketing strategy is direct and useful in business and in marketing.
Firms performance comprises the actual output or results of an organization as measured against its intended outputs (or goals and objectives).
According to Richard, (2009), performance encompasses three specific areas of firm outcomes: (a) financial performance (profit, return on assets, return on investments, etc.); (b) product market performance (sales, market share, etc); (c) shareholder return (total shareholder return, economic value added, etc.). Performance could be evaluated by organizational performance. Drucker, (1999) pointed out the measurement of performance through non-financial ways that Operating Performance was segmented by time; the short-term objective should consider the value of shareholders, while the long-term objective aimed to balance the sustainable operation and survival. Robbins, (2001) indicated that financial performance and marketing performance were generally used for operating performance of a business. Financial performance contained rate of return, return on sales, pretax income, volume of sales, and sales growth rate, while market shares were the representative of marketing performance. Erdogan, (2001) considered that the denouncement and problems in operation could be discovered through the measurement of operating performance aiming at the operational performance and the employees’ work performance. In other words, operating performance of a business stands for the business performance of the organization interacting with external environments.
Conclusively, brooks table water being one of the manufacturing oufit in Port Harcourt, Rivers State must reflect and consider marketing strategies as a means of success in the market and above all must anticipate the action and reaction of their companies.
1.2 Statement of Problem
Brooks table water have been operating under difficult conditions in an effort to survive the harsh Nigerian business environment that’s why effective marketing strategies have contributed immensely towards the achievement of post purchase satisfaction, on the side of customer who make use of a given product in the market Esiele, 2008). Every company which intends to improve on its marketing has to create good marketing strategy for its efficient and effective operations. These strategies if effectively used should increase sales and profitability of such company and will also enable the company to achieve it stated goals/objectives, Nwaizugbo (2004). The various products produce by Brooks table water such as C-way water, bottled table water and sachet water have been contributing towards the success of the firm, due to efficient and effective marketing strategies designed by them. In recent times Brooks table water has been experiencing poor sales of its product in the market place as a result of unavourable external business environment, inability of products to ace other competing one in the market, and customer reaction against increase in price. As a result of these aforementioned problems the researcher intends to find solution to the problems and offer appropriate solutions.
1.3 Objectives of the Study
The main objective of the study is to examine the role of marketing strategies in the performance of manufacturing companies in Rivers State. The specific objectives are as follows:
i. To examine the relationship between the product strategy in the performance of manufacturing companies in Rivers State.
ii. To examine the relationship between the pricing strategy in the performance of manufacturing companies in Rivers State.
iii. To examine the relationship between distribution strategy in the performance of manufacturing companies in Rivers State.
iv. To examine the relationship between promotion strategy in the performance of manufacturing companies in Rivers State.
1.4 Research Questions
In line with the objectives of the study, the following questions will be answered.
i. Do product strategy relate with the performance of manufacturing companies in Rivers State?
ii. To what extent does pricing strategy influence the performance of manufacturing companies in Rivers State?
iii. What is the relationship between the distribution strategy and performance of manufacturing companies in Rivers State?
iv. Do promotion strategy influence the performance of manufacturing companies in Rivers State?
1.5 Research Hypotheses
The following research hypotheses were formulated to guide the researcher:
H01: There is no significant relationship between product strategy and performance of manufacturing companies in Rivers State.
H02: There is no significant relationship between pricing strategy and performance of manufacturing companies in Rivers State.
H03: There is no significant relationship between distribution strategy and performance of manufacturing companies in Rivers State.
H04: There is no significant relationship between promotion strategy and performance of manufacturing companies in Rivers State.
1.6 Significance of the Study
The significance of the study cannot be over emphasized. It can be seen from the problem statement that major difficulties are identified with marketing strategies. It is hoped that the study will help brooks table water, managers, marketing managers on the field of study to adopt better marketing strategies that will improve the overall performance for the organizations and help them realize set goals and objectives.
The recommendations made in this study if applied would provide initial steps in major decision on the determination of the present marketing strategies that can be used to improve the performance of manufacturing companies in Rivers State.
The study will also help the reader to know that the success of an organization especially retail organizations depends on a good marketing strategy so that it will present good image and increase their sales revenue. It will also widen the researcher’s knowledge about the various strategies available and how they can be applied to the marketing firms and manufacturing industries.
Above all, the study will also help the people to know the value of marketing strategies and how it can be used to attract new market customers from existing market.
1.7 Scope of the Study
The study is delimited under the following heading: content scope, geographical scope and unit of analysis.
Content Scope: The content scope of this study involves an investigation to ascertain the relationship between marketing strategies and performance. The dependent variable is performance, measured by profitability, market share and sales volume. While independent variable is marketing strategies measure by product strategies, price strategies, distribution strategies and promotion strategies.
Geographical Scope: This study is delimited in Port Harcourt Rivers State with references to Nigerian Bottling Company in Port Harcourt, Rivers State Nigeria.
Unit of Analysis: The unit of analysis in this research involves both senior and Junior staffs of Brooks table water at the time of carrying out the study. Hence, it is a macro level study.
1.8 Limitation of Study
The study was limited by the following:
The level of frankness in response to questions by the respondents is quite doubtful.
Finance: Accessing fund for the research work was difficult and this limited the quality of research activity.
Time: The time allocated to the research work was not sufficient to give room for further intensive work on the field of study.
Organization Policy: Policies of the organization limited the level of information received. The personnel of the firms were not willing to give information, stating that it was against the organization’s policy.
1.9 Definition of Terms
MARKET: Market is people or organization that has money, they ready and willing to spend their money for the product of choice during a marketing plan.
MARKETING MIX: The marketing mix refers to the set of actions or fact that the company uses to promise its bound or product in the market.
MARKETING: Marketing is the process of planning and executing the consumption pricing, promoting and distribution of ideas goods and services to create exchange that satisfy individual and organizational objective.
STRATEGY: Is an ability of person skilled or planning things, or a plan designed for a particular purpose.
PERFORMANCE: performance comprises the actual output or results of an organization as measured against its intended outputs.
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