ABSTRACT
This study evaluates the role of strategic marketing as an
instrument to enhance organizational performance. The research aims to
investigate how strategic marketing influences the performance of firms,
identifying key strategies and determining factors that impact their
effectiveness. The specific objectives include examining the socio-economic
characteristics of selected firms, identifying the strategic marketing options
they adopt, assessing their performance levels, and exploring the constraints
they face.
The primary objective of this study is to assess the impact
of strategic marketing on organizational performance. The specific objectives
are to determine the socio-economic characteristics of the selected firms;
Identify the strategic marketing options adopted by the firms; Assess the level
of performance of the selected firms; Determine the factors influencing the
strategic marketing options adopted.
The target population for this research consists of
management and staff from various selected firms, chosen for their ability to
provide informed insights on the subject. A sample of 50 top and functional
management-level personnel was drawn using random sampling techniques.
The study employs both descriptive and inferential
statistical techniques. Descriptive statistics such as means, percentages, and
frequency distributions are used to analyze objectives one, two, three, and
six. Multiple regression analysis is applied to objectives four and five to
determine the factors influencing strategic marketing options and firm
performance.
The analysis revealed that firms established for over a
decade have successfully navigated initial business challenges. It also showed that
strategic marketing effectively informs, persuades, and influences customer
purchasing behavior. Firms face significant challenges, including increased
input prices and inconsistent government policies. Key factors influencing
profit include the firm's age, the amount of borrowed capital, the number of
outlets, and sales volume.
Strategic marketing is crucial for any firm aiming to remain
competitive and profitable despite environmental challenges. It allows
organizations to focus their resources on optimal opportunities, thereby
increasing sales and achieving a sustainable competitive advantage. Firms must
continually revise their strategies to account for both internal and external
environmental changes. The study concludes that strategic marketing has
significantly contributed to increased sales volume and net profit for the
firms examined. In a highly competitive environment, it is essential for organizations
to develop a business strategy that aligns their resources with the changing
business landscape. This involves conducting thorough environmental scans,
constructing strategic plans, setting challenging goals, and determining the
optimal marketing mix to achieve these goals. Monitoring progress and preparing
contingency plans are also critical components of effective strategic
marketing.
Based on the findings, the study recommends that firms should
adopt both internal and external efforts to overcome operational challenges.
Internally, they should focus on raising funds for necessary materials and bulk
purchasing of raw materials. Externally, establishing working relationships
with government agencies can provide additional support. Also, firms should
implement efficient marketing strategies that enhance overall performance.
TABLE OF CONTENTS
CHAPTER ONE
INTRODUCTION
1.1
Background Of The Study
1.2
Statement Of Problem
1.3
Objective Of Study
1.4. Research
Question
1.5
Research Hypothesis
1.6
Significance Of The Study
1.7
Limitation Of The Study
1.8
Scope Of The Study
1.9
Definition Of Terms
CHAPTER
TWO
REVIEW
OF RELATED LITERATURE
2.1
Concept Of Strategic
Marketing
2.2
Definition Of Strategic
Marketing
2.3
Reasons For Strategic
Marketing
2.4
Strategic And Planning
Systems
2.5
Marketing Mix Strategy
2.5.1 Marketing
Logistic/Physical Distribution Promotional Strategy:
2.5.2 Strategy Formulation
2.6
Evaluation And Selecting Strategies
2.7
Principles Of Strategy Evaluation
2.8
The Criteria For Strategy Selection Strategy
Implementation And Control
2.9
Control Process
CHAPTER
THREE
RESEARCH
METHODOLOGY
3.1
Research Design
3.2
Area Of Study
3.3
Population Of The Study
3.4
Determination Of Sample
Size
3.5
Sampling Procedure
3.6
Sources Of Data
3.6.1 Primary
Data
3.6.2 Secondary
Data
3.7
Method Of Data Collection
3.8
Method Of Data Analysis
CHAPTER FOUR
DATA
PRESENTATION, ANALYSIS AND INTERPRETATION
4.1 Socio – Economic Characteristics of the
Selected Firm
4.2
Marketing Strategies
Adopted By The Selected Firms
4.3
Factors Influencing
Marketing Strategies Adopted
4.4
Factors Influencing Profit
4.5
Constraints
4.5.1 Test
of Hypothesis One
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION
5.1 Introduction
5.2 Summary
Of Findings
5.3 Conclusion
5.4 Recommendation
Bibliography
Appendix: Questionnaire
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The important of strategic
marketing to any firm cannot be over emphasized. The primary aim of every organization is to
succeed in order to make profit and without strategic marketing, this primary
aim cannot be.
Strategic marketing is a
way of running an organization that recognized the complexity of its
environment. Once an organization is able to recognise these complexities of
its environment and handles them properly, the organization is bound to succeed
at the long run.
Strategic marketing is the
logic by which the business unit expects to achieve marketing objectives; it is
premised on identification and articulation of marketing goals and objectives
of a firm and prudent employment of available resources to achieve them in a
specific and known environment (Kotler 2002).
It bridges the gap between where an organization is today and where it
wants to be tomorrow.
1.2 STATEMENT OF
PROBLEM:
Any organization requires strategy in its course of
action. The strategies for a
divisionalized marketing companies requires greater effort and experience in its
implementation than a strategy for non divisionalized firms.
Firms have been noted for their strategic marketing, but the
effort have not been it’s measure of success from the time pass there has been
a great decline on sales.
Salam (2002) reiterated that the unrestricted invasion of
competing brands, that are cheaper and sometimes regard to be of high quality
are major problem facing many firms in selling their products.
Similarly, it have been observed critically that firms have
embarked on series of strategic marketing and the graphical picture shows that
the revenue accruable for this have not been matching with the original capital
invested for marketing programmes.
1.3Objective of study:
The broad objective of this study is to access the impact of
strategic marketing as an instrument to organizational performance.
The specific objectives are to:
1. Determine the
socio-economic characteristics of the selected firms.
2. Determine the strategic
marketing options adopted by the selected firms
3. Determine the level of
performance of the selected firms
4. Determine the factors influencing
the strategic marketing options adopted
5. Determine the factors
influencing the performance of the selected firms
6. Determine the constraints
to strategic marketing in the selected firms.
1.4.
Research Question
The researcher in the course of this study looked into the
following problem:
1. what are the
socio-economic characteristic of the selected firms
2. what are the strategic marketing options adopted by the
selected firms.
3. what are the level of
performance of the selected firms.
4. what are the factors
influencing the strategic marketing option adopted.
5. what are the factors
influencing the performance of the selected firms.
6. what are the constraints
to strategic marketing in the selected firms.
1.5
RESEARCH HYPOTHESIS:
Ho1: There is no significant relationship
between number of employees, Age of the firm, amount borrowed, marketing costs
and marketing strategies adopted.
Ho2: There is
significant relationship between number of employees, Age of the firm, amount
borrowed, marketing costs and marketing strategies adopted.
1.6 SIGNIFICANCE OF
THE STUDY
This
study will be of great significance to managers in the sense that:
1. It will enlighten managers
on how they can make strategic plans that will help them arrive at sound
decisions, which guides them into the future.
2. It will help managers to
know how they can conveniently combine external and internal environmental
factors, and come up with sound strategy that will help the firm to succeed.
3. The study is also significant
to the Nigerian economy, this is because strategic marketing causes increase in
sales, these sales generate profit for payment of tax to government, which helps
in increasing our Gross National Product (G.N.P).
4. It helps managers
recognize risky and self-opportunities and choose between them.
5. One of the significance of
this study is that strategic marketing gives direction to organization. And serve as focal point of all organization
marketing efforts and therefore act as a source of motivation to organizational
members.
6. ‘’How much profit should
be made’’ tends to ignore the ways and methods of making such profit is
determine by strategic marketing.
1.7 LIMITATION OF THE STUDY
The response from the
sampled sizes of those working at the top management level, functional
management level and staffs is not encouraging as some of them refused to grant
interviews, and where interviews are granted, some of the relevant information
required are not disclosed.
A research of this nature generally
is costly because of questionnaire administration, collection of data and the
production of research work.
As a student of limited
financial resources, this cost becomes quite cumbersome and difficult to settle,
and invariably draws the financial position of the research beyond elastic
point.
1.8 SCOPE OF
THE STUDY
The study will critically
examine the meaning of strategic marketing and how strategies are formulated,
evaluated, selected, implemented and controlled in firms.
1.9Definition
of Terms
Coupon – Certificate that gives buyer a saving when they purchase a
product
Point of purchase- This is promotional displays and
demonstration at the point of sales.
Consonance - It is a measures of
relationship or how compatible a firm is and it environment.
Marketing Strategy- This is the creation of a unique
and valuable position involving a different set of activities which a firm
adopt to be in a favourable competitive advantage.
Marketing Mix- Is the combination of controllable variables-
product, price, distribution and promotion, which spell out the marketing
strategy.
Marketing logistic – Is the planning, implementation and
controlling of the physical flow of materials, final goods and related
information from point of origin to point of consumption, to meet customer
requirement at profit.
DOGS – This represent a business with weak market share in
low-growth market.
STARS- A star is a market leader in a high-growth mark.
Click “DOWNLOAD NOW” below to get the complete Projects
FOR QUICK HELP CHAT WITH US NOW!
+(234) 0814 780 1594
Login To Comment