- Open Access
- Authors : Prinka, Sarita Bansal, Pankaj Surya
- Paper ID : IJERTCONV7IS12019
- Volume & Issue : NCRIETS – 2019 (Volume 7 – Issue 12)
- Published (First Online): 23-12-2019
- ISSN (Online) : 2278-0181
- Publisher Name : IJERT
- License: This work is licensed under a Creative Commons Attribution 4.0 International License
Effects of Marketing Strategies on Organizational Performance
Department of Management, JB Institute of Technology Dehradun (UK) India
Department of Management, JB Institute of Technology Dehradun (UK) India
Department of Management, JB Institute of Technology Dehradun (UK) India
Abstract: The purpose of this study is to investigate The effects of Marketing Strategies on Organizational Performance; A Study of Nigeria Bottling Company Kaduna, including Production strategy, pricing strategy, promotion strategy and place strategy, that eventually influences Marketing strategies on performance. Marketing strategy has been a focus of organizations and a tool for attaining overall firm performance. Our study contributes to the existing study of marketing strategy by supporting a relationship between marketing strategy factors and overall firm performance. Deduction from existing literature enabled a construction of a conceptual model that explains overall firm performance. Promotion, pricing, distribution, and product standardization and adaptation have an impact on sales, customer and financial performance of firms. The study suggests that the impact is mediated by marketing strategy implementation success.
Keywords: Marketing, Strategy, organizational and performance
A successful marketing strategy must tell an organization where they would want to be on a long-term basis that is why it is often said that marketing strategy is a continuous process. Marketing strategy is seen as the marketing logic by which the business will hope to achieve its marketing objectives. In the business organization, there is safely no activity where the marketer must not therefore make the right decision about the four componentsof the marketing mix – price, product, place/distribution and promotion through the employment of marketing strategy. These key components must be coordinated and moved into a unified effective strategy if the product must perform well in the market. It consists of specific strategies for target markets, marketing mix and marketing budget.
The recent globalization market has made companies to view the internationalization of their activities and events as a way to remain competitive in the market. Marketing strategy has become a relevant tool in the world for any organization to remain in the competitive market environment and become stronger.
Marketing strategy can be defined as a plan by a company to differentiate the company to differentiate itself positively from its competitors, using its relative strength to better
satisfy customer needs in a given environment (Jain, 2004). Marketing strategies entails the set of actions designed to achieve competitive advantage and achieve better than average results by intelligent and fact-based selection among alternative leading to such advantage (Shane, 2000). There are diverse definitions of marketing strategy and such definitions reflect numerous perspectives (Li and Calantone, 2000). However, the agreement is that marketing strategy provides the avenue for making useof the resources of an organization in order to ascertain its set goals and objectives. Marketing strategy is defined as a given market area, the proper distribution of resources to support enterprises to win competitive advantage. Goi (2005) defined marketing strategy as a set of marketing tools that firms utilize to pursue their marketing objectives in the target market; the view which was earlier expressed by (Gronroos, 1999 and Osuagwu, 2006). Therefore, the function of marketing strategy is to establish the nature, strength, direction, and interaction between the marketing mix- elements and the environmental factors in a specific situation. According to (Owomoyela, et al, 2013), the purpose of the development of an organization's marketing strategy development is to create, build, defend and maintain its competitive advantage. Managerial judgment is very important in keeping up with environmental ambiguity and uncertainty in strategic marketing.
More so, depending on the nature of business, strategies may have other dimensions as well. At the heart of any business strategy is marketing strategy. Businesses exist to deliver products to the markets to an extent that they serve this purpose efficiently through profit maximization. All these are marketing efforts. The objectives of an organization have to be considered, particularly on customers' satisfaction and increasing their sales volume at profits making.
Most companies today in Nigeria and the world at large operate in an increasing complex and unstable environment. Coca-Cola Bottling Company Plc. is one of the multinational companies that are involved in the production of non-alcoholic drinks. Nigerian Bottling Company Ltd (NBC) is incorporated in November 1951, as a subsidiary of the A.G. Leventis Group with the franchise to bottle and sell products of The Coca Cola Company in
Nigeria. Two years later in 1953, the production of Coca- Cola begins at a bottling facility in Ebute- Metta, Lagos State. In the same year the company opens its first bottling plant in Apapa. NBC becomes a member of the newly formed Coca-Cola Hellenic Bottling Company S.A. (an anchor bottling group with operations in 28 countries worldwide). Competition among other Bottling Companies has called for intense application of marketing strategy tools that will appeal to customer for sustainable patronage by each of these bottling companies. Challenges are facing companies to seek the best management and marketing strategies, to grow the company's performance and increase shareholders value.
Excellent companies are known not only by well-conceived marketing outlining where, when and how the companies will compete but also by their ability to execute the marketing strategy decision option selected (Chris, 2006). Appropriate and effective executed marketing strategies are required to productively guide the deployment of available resources where the company marketing strategy abilities in pursuit of desired goals and objectives (Michael, 2002; Chris, 2006; Frances & Stephen, 2006; Michael, 1997). The customers are now better educated and the global whole of business today is a very complex one. In order to satisfy the changing need of customers, companies must first know their needs and that is where marketing strategy begins. For a company to survive in today's competitive market, it has to strategize in satisfying customer's needs more effectively and efficiently through marketing strategies. It is in line with this that the study is carried out on the effect of marketing strategies (product, promotion, price and place) on organizational performance (profit, sales volume, and market share and customer loyalty) of Coca-Cola Bottling Company Plc.
STATEMENT OF THE PROBLEM
In current business activities, the success or failure of any business organization hinge on how best such organization can fulfill its customers and this act places huge task and responsibility by way of marketing on any organization intending to excel at satisfying their customers and clients. The duty involves identifying the precise needs of their customers/clients and deciding on how best to handle their products and services so as to satisfy the wants of both prospective buyers and sellers (as represented by clients/customers).
The main concern of every business organization is to maximize profit and to achieve this objective; it befits the marketing manager of any rational business organization to plan and implement policies which will maximize the income per unit of capital employed in the business. It is said that understanding of consumer needs and wants is important to successful marketing just as competition is significant at influencing how successful an organization's business enterprise can be. It is imperative to note that it is not simply a matter of producing a good product or service alone that meet the customers' wants and needs that give customer satisfaction, but how well the product or service is introduced to them. In one way or the other, some firms and companies are able to do this but some are more
successful in the market place than others. The question that then arises is why is this so? With reports of the varying degree of successes and failures recorded by manufacturing firms in different parts of Nigeria, it is imperative to attempt to carry out a detail study of the various marketing strategies being adopted by these firms in carrying out their operations with a view to establishing the place of marketing in their organizational performances
OBJECTIVES OF THE STUDY
The main objective of the study is to examine the effects of marketing strategies on the organizational performance of Nigeria Bottling Company in Kaduna State. Other specific objectives of the study are:
To examine the degree at which product strategy improves the level of profit of Nigeria Bottling Company in Kaduna State.
To determine the extent at which promotional strategy influences the sales volume of Nigeria Bottling Company in Kaduna State.
Based on the proposed research problem, research question and theresearch objectives above, the following null hypotheses are postulated to guide the study
H1: There is no significant relationship between product strategy and the level of profit of Nigeria Bottling Company.
H2: There is no significant relationship between promotional strategy and the sales volume of Nigeria Bottling Company
Conceptual Framework on Marketing Strategy The word strategy was originally used in a military context before being adopted by many other fields. A strategy is a long-term course of action designed to achieve a particular goal. It is differentiated from tactics in
that a tactic refers to an immediate action using resources at hand. When applied in a business context, a strategy refers to a set of managerial decisions and actions that aims to differentiate the company from competitors and sustain its competitive advantage. A company's strategy must be appropriate for its mission, resources and environmental circumstances.
Accordingly, a marketing strategy can be defined as a plan by a company to differentiate the company to differentiate itself positively from its competitors, using its relative strength to better satisfy customer needs in a given environment (Jain, 2004). Marketing strategies entails theset of actions designed to achieve competitive advantage and achieve better than average results by intelligent and fact-based selection among alternative leading to such advantage (Shane, 2000).
Kotler and Armstrong (2006) define a product as anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need. They
further define a consumer product as the product bought by the final consumer for personal consumption. Consumers buy products frequently, with careful planning, and by comparing brands based on price, quality and style. Borden, (1984) sees a product as about quality, design, features, brand name and sizes. Mohammad et al, (2012) also say that product is the physical appearance of the product, packaging, and labeling Information, which can also influence whether consumers notice a product in-store, examine it, and purchase it. Past researchers have clearly suggested that product influences have a significant impact on business performance (Kazemand Heijden, 2006; Kemppainen et al, 2008; Ogunmokun and Esther, 2004; Owomoyelaet al, 2013).
In marketing, the product is important component of the marketing mix. It determines whether the organization survives or dies. To develop the 'right' product is not an easy task because of the dynamic nature of consumer needs and attitudes. The goods and/or services people buy at any given time are determined by their immediate needs and other external stimuli.
According to Busch and Houston (1985) product is anything capable of satisfying a consumer want or need. It can take a variety of forms, including a physical object, a service, a place, an organization, an idea or a personality. Kotler (1991) defined a product as anything that can be offered to a market for attention, acquisition or consumption; it includes physical objects, services, personality, places, organizations and ideas.
Under the traditional approach, a product is seen as the entire bundle of utility that is offered by a marketer to the market place. This bundle contains a potential for satisfaction that comes in part from a tangible, objective feature of the product. Satisfaction is also derived from the intangible, subjective features of a product. This accounts for why some people may prefer to buy higher priced goods than their cheaper counterparts. Functionally, the products may serve the same purpose but this is not enough for an ego-conscious consumer. Products can also be viewed from the angle of the benefits they offer, in fact, markets are divided into segments on the basis of benefits 3Es, and mathematically, it could be represented as follows: Performance = Efficiency + Efficacy + Economies. It can be noticed the fact that an entity is successful when it is efficient, effective and economical. Therefore, to be successful means combining all three variables, the combination of which reflects the performance level of an entity. Efficiency consists in either using a quantity given by resources, aimed at the highest level of the achieved results, or reducing the quantity of the used resources with the aim of achieving a predetermined result. Economies consist in providing the means, the necessary resources to performing an activity at the minimum cost. Efficacy is determined by achieving or exceeding the predetermined results to the actual results made throughout the development of the activity. This represents the ability of the enterprise to meet and even exceed the expectations of users of the accounting information (shareholders/associates, clients, suppliers, employees, government) at the same time with reaching the
which reflect the needs and wants of each segment. A marketer must always try to identify the primary and secondary benefits his product is likely to offer to the consumers and convert them into unique selling proposition (USP).
Promotion is the function of information, persuading and influencing the consumers' Purchase decision. It may be defined as any communication activities whose purpose is to move forward products, idea or service in the marketing channel in order to reach the final consumer. Promotion affects the knowledge, attitudes and behavior of the recipient. Promotion usually provides target audiences with all the accurate information they need to help them take decision to visit a particular destination/site. The information should be accurate and timely and should not be misrepresented so as to satisfy the customers and create a positive image for a destination.
Zeithamlet al. (1995) describe promotion as part of specific effort to encourage customers to tell others about theirservices.
Borden, (1984) defines promotion as salespromotion, advertising, personal selling, public relations and direct marketing. Kotler, (2007) discovers thatPromotions have become a critical factor in the product marketing mix which consists of the specific blend ofadvertising, personal selling, sales promotion, public relations and direct marketing tools that the companyuses to pursue its advertising and marketing objective. Previous researches (Amine and Cavusgil, 2001;Francis and Collins-Dodd, 2004) have established significant relationship between promotion and businessperformance.
Concept of Organizational Performance Performance defined using the 3E: efficiency, efficacy and economies, as forms of manifestation MihaiRistea (2002) thinks that the following three concepts can be associated with performance: efficiency, economies and efficacy. This approach to performance was named by the professor as being the equation of the predetermined organizational objectives. An entity reaches efficacy when it manages to improve the way of using all sources which are available and necessary to the development of the activity, performing as well as possible the needs and the requirements of the external partners of the organization.
According to www.businessdictionary.com, a profit is a financial gain especially the difference between the amounts earned and amount spent in buying, operating, or producing something. Profit can also be seen as surplus remaining after total cost are deducted from total revenue and the basis on which tax is.
Profitability is the primary goal of all business ventures. Without profitability the business will not survive in the long run (Simons, 1999). So measuring current and past profitability and projecting future profitability is very important. Profitability is ability of a company to use its
resources to generate revenues in excess of its expenses. In other words, this is a companys capability of generating profits from its operations. The other three are efficiency, solvency, and market prospects. Investors, creditors, and managers use these key concepts to analyze how well a company is doing and the future potential it could have if operations were managed properly.
The two key aspects of profitability are revenues and expenses (Ambler, Kokkinaki and Puntoni, 2004). Revenues are the business income. This is the amount of money earned from customers by selling products or providing services. Generating income isnt free, however. Businesses must use their resources in order to produce these products and provide these services. Resources, like cash, are used to pay for expenses like employee payroll, rent, utilities, and other necessities in the production process. Profitability looks at the relationship between the revenues and expenses to see how well a company is performing and the future potential growth a company might have. There are many reports to use when measuring the profitability of a company, but external users typically use the numbers reported on the income statement. The financial statements list the profitability of the company in two main areas. The first signs of profit show in the profit margin or gross margin usually calculated and reported on the face of the income statement. These ratios measure how well the company is using its resources to generate profits. The second sign of profit isnt really a sign; its more like the real thing. The income statement always reports the net income at the bottom of the report. This is often the true sign of profitability because it shows external users the total amount of revenues that exceeded the expenses during the period.
This is the quantity or number of product sold or services provided by a company in a particular period of time. Sales volume can be seen as the volume of goods sold in number or quantity of units during the normal operation.
Market share is the percentage of an industry or markets total sales that is earned by a particular company over a specified time period.Market share is calculated by taking the companys sales over a period and dividing it by total sales of the industry over the same period. It can also be described as a percentage of total sales volume in a market captured by a brand, product or company. Market share is said to be a key indicator of market competitiveness that is, how well a firm is doing against its competitors. "This metric, supplemented by changes in sales revenue, helps managers evaluate both primary and selective demand in their market. That is, it enables them to judge not only total market growth or decline but also trends in customers selections among competitors. Generally, sales growth resulting from primary demand (total market growth) is less costly and more profitable than that achieved by capturing share from competitors. Conversely, losses in market share can signal serious long-term problems that require strategic adjustments. Firms with market shares below a certain level
may not be viable. Similarly, within a firms product line, market share trends for individual products are considered early indicators of future opportunities or problems (Farris, Neil, Phillip, David 2010). Research has also shown that market share is a desired asset among competing firms. Experts,
however, discourage making market share an objective and criterion upon which to base economic policies (Armstrong and Kesten 2007). The aforementioned usage of market share as a basis for gauging the performance of competing firms has fostered a system in which firms make decisions with regard to their operation with careful consideration of the impact of each decision on the market share of their competitors. It is generally necessary to commission market research (generally desk/secondary research) to determine. Sometimes, though, one can use primary research to estimate the total market size and a company's market share.
Effects of Marketing Strategy on Performance
It is of prime advantage for the firm to possess the ability of consistent and planned activities to meet and exceed customer preferences and value that can be regarded as customer performance. This customer performance is achieved by the firm regardless of the approach of marketing pursued meaning either undertaking standardization or adaptation. In order for a company to securely adapt to varying international markets, the marketing strategy should take into consideration the internal and external business environment that affects a company positively to revel in greater performance.
The influence of marketing strategy- product focus on various dimensions including actual and augmented product factors on performance in international markets, has quite received attention by numerous researchers. The study conducted by Aremu and Lawal (2012) which employed composite export performance measures, focused on product design marketing mix element found conducive to performance of companies pursuing global marketing in that it can serve product adaptation as a means of differentiation for rivals products and influence overseas customer attitudes (customer performance) toward a firms product.
In overall, the study by Aremu and Lawal (2012) found product design and style to have a significant positive effect on firm performance. While other studies researched on the relationship between product quality and firm performance in international markets in which the relationship is found to be positively associated. The provision of high-quality product to customers has been postulated to augment the value associated with customer performance. Prior studies reveal two observations regarding quality of product in line with the marketing strategy that are important.
However, the export product marketing mix for companies is usually of a narrower range than that offered domestically, because of financial constraints and operational difficulties associated with global marketing activities (Aremu and Lawal, 2012). First, it significantly
reflects a customer-oriented posture because the firm engaging in global marketing systematicaly evaluates consumer and buyer behavior and host market characteristics that improve the firms total performance (Douglas and Wind, 1987). Second, product adaptation strategy can lead to greater financial performance such as profitability, as a quality productmarket match can result in greater customer satisfaction thus improving customer performance that is one of the outcome in our research model, which consequently allows for greater pricing freedom for the firm. Third, pressures associated with meeting a great degree of specific market requirements on international level often demand creative and innovative marketing strategy, which may bring about additional products for a firms domestic and international markets.
Thus far, product adaptation is a suitable strategy toward market responsiveness as it offers the development of new products that meet the needs of a changing marketplace.
Many researchers have emphasized the importance of promotional mix to business markets as a valuable tool for achieving performance. Sales, financial and customer performance is achieved through promotional mix by gaining experience in the opportunities and problems arising in specific export markets, boosting communication, personalizing relationships, and cultivating a team spirit with customers abroad, and providing timely response and immediate support to the export ventures needs. The study by Ambler and Puntoni, (2004) examined six promotion-related variables, i.e., advertising, sales
promotion, personal selling, trade fairs, personal visits, and promotion adaptation, for their effects on export performance. Most of the promotional related variables were found to be positively linked to firm performance. Notably, advertising was the most widely researched variable of promotional mix, based on the notion that with sound advertising procedures the firm can communicate information, constantly remind, and persuade foreign customers to buy the products and, therefore, generate more sales.
This research therefore covers the selected Nigerian Bottling Company in Kaduna. Secondary data were obtained through books, journals, and internet. Empirical works of other scholars were consulted. A simple size of 245 was obtained from the population of 635at 5% error tolerance and 95% degree of freedom using Yamanes statistical formula 245(100%) of the questionnaires distributed 213(87%) were returned and 32(13%) were not returned. The questionnaire was designed in Likert scale format. The researchers conducted a pre-test on the questionnaire to ensure the validity of the instrument. Pearson Moment Product Correlations coefficient was used to test the hypotheses.
TEST OF HYPOTHESES
Pearson Moment Product Correlations coefficientwas conducted with SPSS to know if the null hypothesis should be rejected or not.
H0: There is a significant relationship between product strategy and the level of profit of Nigeria Bottling Company.
H1: There is no significant relationship between product strategy and the level of profit of Nigeria Bottling Company.
Table I: Table of correlation between product strategy and the level of profit of Nigeria Bottling Company
the level of profit of Nigeria Bottling Company
the level of profit of Nigeria Bottling Company
**. Correlation is significant at the 0.01 level (2-tailed).
According to above calculations it is observed that amount of correlation coefficient between product strategy and the level of profit of Nigeria Bottling Company is equal to 29.3 per cent and considering that a significant level is greater than 5%. Then we can say that there is no positive relationship between product strategy and the level of profit of Nigeria Bottling Company .
Table II: Regression analysis test of product strategy and the level of profit of Nigeria Bottling Company Model Summary Coefficientsa
Dependent Variable: Level of profit
From the coefficients table above, the p-value was obtained to be 0.293 which is greater than 0.05 (5%). Therefore the null hypothesis there is no significant relationship between product strategy and the level of profit of Nigeria Bottling Company will be accepted and can conclude that there is a no significant relationship between product strategy and the level of profit in Nigerian Bottling Company, Kaduna.
In summary, based on the foregoing, majority do not support hypotheses one. There is no significant relationship
between product strategy and level of profit. Product strategy had a negative correlation with the level of profit in Nigerian Bottling Company, Kaduna and supports the concept that the company will make more profit without the utilization of the product strategy. Hypothesis one which states that there is no significant relationship between product strategy and level of profit in Nigerian Bottling Company, Kaduna is accepted.
Ho: There is a significant relationship between promotional strategy and the sales volume of Nigeria Bottling Company Plc.
H2: There is no significant relationship between promotional strategy and the sales volume of Nigeria Bottling Company Plc.
Table III: Table of Correlation between Promotional Strategy and the Sales Volume of Nigeria Bottling Company Plc.
The sales volume of Nigeria Bottling Company
the sales volume of Nigeria
Bottling Company Plc.
**. Correlation is significant at the 0.01 level (2-tailed).
According to above calculations is observed that amount of correlation coefficient between Promotional Strategy and the sales volume of Nigeria Bottling Company Plc. is equal to 68.5 per cent and considering that a significant level is bigger than 5%. Then we can say that there is no positive relationship between promotional strategy and the sales volume of Nigeria Bottling Company Plc.
Table IV: Regression Analysis Test of Promotional Strategy andthe Sales Volume of Nigeria Bottling Company Plc.
Model Summary Coefficientsa
Dependent Variable: Sales Volume
From the coefficients table above, the p-value was obtained to be 0.685 which is greater than 0.05 (5%). Therefore the null hypothesis there is no significant relationship between promotional strategy and sales volume of Nigeria Bottling Company will be accepted and can conclude that there is a no significant relationship between promotional strategy and sales volume in Nigerian Bottling Company, Kaduna. In summary, based on the foregoing, majority do not support hypotheses two. There is no significant relationship between promotional strategy and sales volume. Promotional strategy had a negative correlation with sales volume in Nigerian Bottling Company, Kaduna and supports the concept that the company will make more sales without the utilization of promotional strategy. Hypotheses two which states that there is no significant relationship between promotional strategy and sales volume in Nigerian Bottling Company, Kaduna is accepted.
DISCUSSION OF FINDINGS
Hypothesis one was tested using Pearsons product moment correlation to examine the degree at which product strategy improves the level of profit of Nigeria Bottling Company in Kaduna State. With a computed result (r = 0.682; F= 332.632; t= 14.223; p < 0.05).The null
hypothesis was accepted and alternate hypothesis was rejected resulting in the conclusion that there is no significant relationship between product strategy and level of profit in Nigerian Bottling Company, Kaduna Hypothesis two was tested with Pearsons product moment correlation in order to determine the extent at which promotional strategy influences the sales volume of Nigeria Bottling Company in Kaduna State., with a computed result (r = 0.716; p < 0.05), The null hypothesis was accepted and alternate hypothesis was rejected
resulting in the conclusion that there is no significant relationship between promotional strategy and sales volume in Nigerian Bottling Company, Kaduna.
This study concluded that marketing strategies (product, promotion, price and place strategies) does not have important role and impact on organizational performance in Nigeria Bottling Company, Kaduna. In essence, marketing strategies (product, promotion, and price and place strategies) are not useful tools for survival, sustenance and expansion of Nigeria Bottling Company, Kaduna.
The study revealed that there is no significant relationship between product strategy and the level of profit, there is no significant relationship between promotional strategy and the sales volume, there is no significant relationship between price strategy and the market share and lastly there is no significant relationship between place strategy and the level of customer loyalty in Nigeria Bottling Company, Kaduna.
The study revealed that the utilization of product strategies enhances the level of profit in Nigeria Bottling Company Kaduna, product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need, product is about quality, design, features, brand name and sizes and these influences the level of profit of Nigeria Bottling Company, the use of promotional strategies enhances sales volume in Nigeria Bottling Company and also that promotion usually provides target audiences with all the accurate information they need to help them take decision.
Further conclusions of the study are that promotional media such as the use of television, radio, newspapers and magazines facilitate an increase in sales volume in Nigeria Bottling Company, promotion is not the function of information, persuading and influencing the consumers' purchase decision, haphazard pricing techniques can not confuse and alienate customers and endanger the company's market share, price is important because it regulates the economic system and influences the prices paid for all factors of production, price is an important factor in building long-term relationships with customers, price is a signal of a product's or service's value to an individual and different customers assign different values to the same goods and services, place strategy influences customer loyalty of Nigeria Bottling Company products, place strategy encompasses all decisions and tools which relate to making products and services available to customers and also that place strategy calls for effective distribution of products among the marketing channels such as the wholesalers or retailers.
In view of the findings, the following recommendations are made:
Nigeria Bottling Company Kaduna should as a matter of urgency embark on more aggressive product strategies so as to drive its products and servicesto the target market and to further improve thefirms level of profit.
Nigeria Bottling Company Kaduna should invest
more in promotional activities to createawareness of its products and services and enable the products sell in the market so as to increase the salesvolume of the company.
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