STRATEGIES FOR ENHANCE INDUSTRIAL MARKETING EFFICIENCY, TECHNOLOGY BASED APPROACH (A CASE STUDY OF SACLUX PAINT LIMITED)

ABSTRACT

The study examined the strategies for enhanced industrial marketing efficiency; technology based approach, using SACLUX PAINT as empirical study. In the process of the research, the study adopted a sample size of 80 from a population of 100. A probability sampling method was adopted. Simple percentages was adopted in analyzing the primary data collected; while the hypothesis were tested using spearman product moment correlation. After the study, it was concluded that marketing strategies enhanced marketing efficiency in industrial marketing. Thus, the study recommended that advertising, with sales promotion, direct and data based marketing strategies should be adopted in the industrial marketing.

 

TABLE OF CONTENT

Cover Page i

Title Page ii

Dedication iii

Acknowledgment iv

table of Content v

Abstract vi

List of Tables   vii

CHAPTER ONE

1.1 Introduction 1

1.2 Background of the study 1

1.3 Statement of problem 4

1.4 Objectives of the study 6

1.5 Research question 6

1.6 Research hypothesis 7

1.7 Significance of the study 7

1.8 Limitation of the study 8

Chapter Two

2.1 literature review 10

2.2  Marketing Strategy 11 2.3 Industrial Marketing: Asynopsis 12

2.4 The structure of distribution system 16

2.5 Number Of Channel Levels 17

2.6 Different Level Of Channel         19

2.7 Factors Considered Effective In Distribution

      Strategy formation 20

2.8 Selective distribution strategy 21

2.9 Exlusive distribution strategy 21

2.10 Intensive marketing system 22

2.11 Intermediaries in the marketing system 22

2.12  Channel Conflicts And Controls Measures 23

2.12 Marketing Logistics: 25

2.13 Customer Service 26

2.14 Marketing Efficiency 28

Chapter Three

Research methodology 30

3.1 Research design 30

3.2 Area of the study 30

3.3 Population of study 30

3.4 Sampling technique and method 31

3.5 Determination Of Sample Size 31   

3.6 Measurement Of Instrument 32

3.7 Source Data 33

3.8 Validity And Reliability Of Instrument 33

3.9 Method Of Data Presentation And Analysis 34

3.10 Model Specification 34

Chapter four

Data analysis and presentation 35

4.1 Distribution Administration 35

4.2: Personal Data 35

4.3: Hypothesis Testing 46

Chapter five

Summary, conclusion and recommendation 56

5.1 Summary 56

5.2  Conclusion 56

5.3 Recommendation 57

References

LIST OF TABLES

4.1 Sex of Respondents (Q1) 35

Table 4.2: Age of Respondents 36

Table 4.3: Marital Status of Respondents 37

Table 4.4: Educational Level of Respondents 37

Table 4.5: Year of Experience of Respondent 38

Table 4.6: Responses Strategies 39

Table 4.7: The extent of Achieving Marketing Objectives   40

Table 4.8: Responses on the Adoption

of computerized production and  distribution system. 41

Table 4.9 The Response enhancement productivity

through the application of modern based technology. 42

Table 4.10: Price on the extent of enhancement

of productivity because of the application of

modern-based technology . 43

Table 4.11: responses on the adoption of modern

technology and meeting timely delivery 44

Table 4.12: responses on the Benefits of the

marketing strategies and the modern-based

technologies. 45

Table 4.13: Responses on Market Performance 46

Table 4.14: Responses on Modern Based Technology

and the Extent of Achievement of Industrial

Marketing Objectives. 47

Table 4.15: Regression Table 49

Table 4.16: Responses on the benefits of the  Adoption of

Modern based Technology in Industrial marketing. 51

Table 4.17: Regression Tables 53

 

 

CHAPTER ONE

1.0  INTRODUCTION

1.1     Background Of The Study

Marketing is the science of exchange. A science of exchange because it seeks to investigate into the profitable exchange relationship in the management of the satisfaction for the mutual needs and wants of the partied to an exchange process (Varadarajan, 2020).

Marketing involves all the human activities directed toward need identification  and the profitable satisfaction of these needs at a profit (Alzoubi, Alshurideh, Kurdi, Akour & Aziz, 2019).

Marketing is not done haphazardly, rather. There is the incorporation of strategic because management and planning principles to attain effective and efficient customer satisfaction. Thus, good marketing strategies are adopted to achieve target marketing objectives at least cost to the firm (Al-Surmi, Cao & Duan, 2020). This is the rational that led to the adoption of marketing strategies in the manufacturing industries to achieve efficient marketing given a particular level of technology in the modern times.

Manufacturing firms are strategic mechanisms and tactical measure to ensure that there is increase in productivity effective value and supply chain, equality product, distributed at the relatively low market price and with the required level of customer service (Edeh, Obodoechi & Ramos-Hidalgo, 2020). This integrated marketing ha engendered giving the supreme “value” to the customer at least cost and with modern technology. Not only in the customer market that is highly dynamic and competitive, but also in the industrial marketing and efficiency on the characteristics are derived demand, rational buying orientation high concentration in geographical locality etc (Martin, Javalgi & Ciravegna, 2020). However, strategies to enhance industrial marketing efficiency with modern technology has been facing a lot of investigate extensively.

Marketing efficiency is defined as the movement of goods from producers to consumers at the lowest cost consistent with the provision to the services that consumers desire and are able to pay for the efficiency of a market can be evaluated (one approach) through analyzing the existing channels according to price and service provided.

The prevailing price and services provided. The prevailing price should reflect cost plus a profit margin and the profit must be just sufficient to reward investment at the going rate of interest rate the quality of services should be neither to high nor too low in relation to cost and consumes desires. Factors that count for efficiency and also be evaluated by examining marketing enterprises for structure, conduct and performance (De Jong, De Ruyter, Keeling, Polyakova & Ringberg, 2019).

The marketing efficiency model is stated from shepherd’s formula. Marketing efficiency of 100% is perfect efficiency. While above 100% is excess profit shepherds formula is given by Oscar and Chuwkuma (2008).

E = V – 1

        1

Where E = market efficiency

V = value of marketed rice (value added or profit)

I = total marketing costs

From the technology based approach. The internet is a perfect place to observe user beaviour because the technology automatically records actions in a format that can be easily, quickly and mathematically manipulated for analysis. In industrial marketing efficiency these techniques are specially interesting and unusual because they did not exist prior to the internet, land because they allow marketers to make quick and responsive changes in web pages, promotions and pricing (Katsikeas, Leonidou & Zeriti, 2020).

Industrial buyer data collection means that information about consumer surfing is gathered right at the personal computer. In one approach, when a user visit a web site, a small data file is put on the user’s hard drive, this is known as cookie file. Cookie files are quite helpful and even necessary for commerce and other internet activities. Come cookies are used to track user surfing and thus, hap marketers present appropriate promotions and web pages to individual users.

1.2     SATEMENT OF PROBLEM

The majority of the study on industrial marketing efficiency focused mostly on technology, pricing, economics value and supply chain management etc. analysis of these individual factors or variables in an individual setup provides a forth path to determining the overall efficiency of the industrial marketer, we identify how these have posed constraints to the industrial efficiency and market performance and productivity.

The level of technology has always affected productivity and technological advancement which is closely related to capital intensity has been observed to be at its lowest level in Nigeria, and as such limit industrial productivity and technical efficiency (Nwankwo & Kanyangale, 2020).

Marketing efficiency has also been affected by poor cost approach. A goal and effective marketing cost is justifiable if the cost element can increase customer satisfaction by offering higher service and value to the customer, but the dilemma has been that in a bid to offer higher value, more costs may be incurred and marketing cost escalation include increase in operational cost. Hence operational efficiency becomes a problem (Olson, Olson, Czaplewski & Key, 2019).

Price war and counter distributive strategies by competitor  in the paint market where Saclux is operating has also affected that non price competitive gear of SACLUX PAINTS has been facing friction (Chiarini Belvedere & Grando, 2020) be these as they may, this research seeks to study the above identified problem and to suggest some solution.

1.3     OBJECTIVES OF THE STUDY

The main objective of the study is to examine the markets efficiency in the PAINTS INDUSTRY, using SACLUX PAINTS as a case study. However, the study seek to achieve the following specific objectives.

i.           To examine the effects of modern-base technology in achieving industrial efficiency.

ii.          To analyze factor affecting the achievement of efficient marketing strategy in the industrial marketing.

iii.        To examine the benefits of adopting modern-based technology in the industrial marketing.

1.4     RESEARCH QUESTION

I.           What extent did modern based technology effect industrial marketing in achieving efficiency?

II.         What are the factors that affects industrial marketing?

III.       What are the benefits of adopting modern based technology, in industrial marketing?

1.5     RESEARCH HYPOTHESIS

Some null hypothesis were formulated to guide the research study. They listed below.

H0₁: Modern based technology did not affect industrial marketing objectives.

H0₂: There are no benefits in adopting modern based technology in industrial marketing.

1.6     SIGNIFICANCE OF THE STUDY

The research will be of great benefit to the following people. First, the SACLUX PAINT Nig LTD., will benefit from this study, this because it will see this research as a source of knowledge to bring in innovation in the production and efficient of marketing operations. This will be achieved through the adoption of effective marketing strategies that would enhance profitable customer satisfaction. Secondly this study will be of immense benefit to customer/consumers of Saclux Paint as recommendations made in this study will go a long way to boost the satisfaction and value delivery ability of the Saclux Paint industry Ltd.

Above all, this study will not only be of great benefit to the researchers but also the readers, as adequate knowledge and understanding will be gained from the information that is contained in the study.

1.7     LIMITATION OF THE STUDY

Every study has aspects in which it falls short of the ideas which the researcher has established or recognizes, not to speak of ideas which he is altogether unaware of. It is a mark of intellectual honesty to admit that these shortcomings did exist and to give an account of the way they have been manifested.

However, the following constraints were encountered by the researcher in carrying out this study.

Unco-operative attitude of respondents: Most of the respondents more importantly the employees of the case organization were not easily convicted to co-operate to release value data that could help the researcher carry out this study. But the researcher was able to convince them to released the data by letting the, know that the data will be used only for academic purposes.

Another constraint encountered by the researcher was the fact that some respondents that were given the questionnaires to answer were illiterates, however, research assistants were engaged to help  the respondents to answer question in the questionnaires but it was discovered that the research assistants did not exactly explain the questions to the respondents as it were written in the questionnaires. So to this end, it affected results of the questionnaire, the researcher therefore has to read the questions to the respondents and also interpret to them in Igbo language as most of them were Igbo’s who does not understand English language. So as a result of the reading and interpretation, the respondents were able to answer the questions according to their choice which in turn gave the researcher correct answers to the questions.