Impact of Marketing Strategies on Consumers Patronage – Complete project material


ABSTRACT

This study aimed to determine how marketing tactics affected consumer spending in Nigeria. The marketing mix theory and the push-pull theory served as the study’s guiding principles. To ascertain the effects of marketing tactics on consumer patronage in Nigeria, this study used a descriptive research survey. The study’s intended audience was corporate managers working in Abuja’s Central Business District. The study used a stratified sampling technique where the business owners were divided into different business categories including food and restaurant enterprises and other non-food item businesses in order to create an acceptable study sample. The study planned to use 50 small- and medium-sized business managers from the Abuja Central Business District (CBD), who were officially registered by the government and represented 10% of the population.

Utilizing questionnaires, primary data were gathered for this study. Both open-ended and closed-ended questions were included in the questionnaires in accordance with the study’s goals. Descriptive statistics were used to analyze the data that was gathered. Statistical Package for Social Sciences was used for data analysis (SPSS version 21.0). According to the study’s findings, a large number of businesses in Abuja employed product development methods, which had a positive significant impact on consumers’ purchasing decisions in Nigeria. Product development strategy aids SMEs in achieving company objectives including expanding into new markets, selling more to current consumers, or stealing market share from rivals. Pricing tactics significantly influenced consumer spending in Nigeria in a favorable way.

Pricing a product too low or too high, however, may have unforeseen effects on sales. Pricing strategies provide SMEs the freedom to adjust pricing to attract new clients or to hold prices steady and boost profit margins. The patronage of customers in Nigeria was positively and significantly impacted by promotional methods. The study further indicates that the use of promotional methods helped to keep clients or consumers informed about what the business offered, as well as how much the product costs and where to get it. Place initiatives significantly impacted consumer spending in Nigeria in a favorable way. One of the finest strategies to turn internet and foot visitors into new customers is location-based marketing.

 

CHAPTER ONE

 

INTRODUCTION

1.1 Background of study

Marketing strategies are a key component of marketing operations that increase sales. The cause is not implausible; most businesses or organizations employ marketing tactics to gauge how well their items are selling in order to grow their profit margin. Product strategy, price strategy, promotion strategy, and other marketing tactics are used to increase sales. Therefore, a company’s marketing strategy can be described as a consistent, relevant, and workable approach via which it aspires to meet its long-term goals for customers and profits in a given competitive environment.

Management uses marketing strategy as a key factor in determining how to best help things sell and hence raise profitability. Some businesses fail as a result of their refusal to implement some of the key marketing tactics that encourage consumers to buy their goods. A marketer uses a variety of promotional methods, such as advertising, personal selling, sales promotion, public relations, and publicity, as part of their strategy to influence potential buyers.

Marketers need to make sure that the aforementioned tactics are used in order to meet the company’s objectives and ultimately boost revenue. Meanwhile, a thorough understanding of the numerous marketing techniques must be used for a certain target operation in order to persuade the client to purchase the product, increasing the company’s sales volume.

 

1.2 Statement of problem

The researcher was persuaded to select this subject in order to clarify the significance of marketing techniques in boosting product sales.

Organizations, in particular the marketing department employees, implement marketing strategies to meet sales goals. This gives them access to a greater range of marketing tactics they may use to increase product sales, hence increasing corporate revenues. The success of marketing techniques used will assist in achieving not just the organization’s goals but also the business’s obstacles.

 

1.3 Purpose of the Study

The purpose of the study was to investigate the relationship between marketing strategies and sales expansion in Tembo Steels Nigeria Limited.

 

1.4 Objectives of the Study

To achieve the study purpose; the research addressed the following specific objectives:

  1. i) To establish the relationship between product development strategy and sales expansion at Tembo Steels Nigeria Limited.
  2. ii) To evaluate the relationship between price strategy and sales expansion at Tembo Steels Nigeria Limited.

iii) To determine the relationship between place strategy and sales expansion at Tembo Steels Nigeria Limited.

  1. iv) To examine the relationship between promotion strategy and sales expansion in Tembo Industries.

 

Research Questions

The study was guided by the following research questions:

  1. i) What is the relationship between product strategy and sales expansion at Tembo Steels Nigeria limited?
  2. ii) What is the relationship between price strategy and sales expansion at Tembo Steels Nigeria limited?

iii) What is the relationship exists between place strategy and sales expansion at Tembo Steels Nigeria Limited?

  1. iv) What is the relationship between promotion strategy and sales expansion in Tembo steels Nigeria limited?

Significance of The Study

This study aims to identify and clarify the advantages of using a marketing plan to boost sales, assisting industrial goods in the commercial success of their items. Both educators and students will find this to be of great value for future reference, and it may also be used as a teaching tool as appropriate. It will undoubtedly serve as a guide for them as they develop advantageous tactics to improve the marketing of industrial items and so boost sales.

Organizations will be able to keep existing customers loyal and entice them to buy more by studying the subject. Additionally, it will give the active personnel additional knowledge of different marketing techniques to increase sales.

Limitation of The Study

However, the researcher faced several difficulties in conducting this study on Marketing Strategies and their Effects in Sales Expansion in Organizations.

Confidentiality: The majority of top marketing companies withhold crucial information that could help with this research because they think it is confidential.

Lack of Data Bank: The majority of companies visited lacked a data bank, making it challenging to evaluate historical data in order to do appropriate qualitative analysis and other statistical analysis.

Problem of Inadequate Funds: Due to a lack of funding, the researcher is unable to cover a large area. In certain circumstances, information needs to be purchased; if funding is not available, the information is forgone.  Ill-equipped Libraries: Recent and current information could not be evaluated because of the virtual book museum that passes for libraries and research facilities. The majority of the library’s resources are out of date. This issue significantly impacted this research project because it would be improved and made more current with the inclusion of current material from books or the internet.

Definition of Terms

MARKET: This is an exchange relationship among buyers and sellers, be it traditional market place for local fresh product and handcraft.

MARKETING: It is the process of determining consumer demand for product or services, motivating its sales and distributing it to ultimate consumer at a profit

MARKETING STRATEGIES: This is referred to as all marketing effort in terms of tactics and devices that are used to identify the target market with a view to accomplishing the marketing tasks in the best possible ways.

PROMOTION: It is defined as the design and management of a marketing sub-system for the purpose of informing and persuading present and potential customers.

PRODUCT: A product is a tangible or intangible thing that can be offered to a market for attention, use or consumption that might satisfy a want or need example physical objects or services.

DISTRIBUTION: This is the route or path through which goods moves from the point of production to the point of consumption.

PRICING: It is the exchange of value for a product. It is the value that one puts on the utility that one will receive from goods and services.

MARKET LEADER: This is the firm that holds the upper hand in the market. It has influential roles on the individual existing in the market.

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