Abstract
This research work was carried out with the view to investigate the impact of marketing planning and strategy on sales in an organization with special focus on Nigerian Bottling Company Plc Benin City, as a case study. The research work was divided into five chapters, chapter one deals with the background of the study, statement of research problem, objective of the study, scope of the study, purpose of the study, significance of the study.
The research deals with the literature review with the view provide future users with the knowledge and framework for understanding marketing concepts which helps the organization in achieving the stated objectives without hitches or difficulties. The research also deals with research methodology and the main research instrument used for collecting data was the questionnaire and the sample was drawn from the staff of Nigeria bottling company Plc. Again, the research deals with data presentation, analysis and interpretation and finally it deals with summary of findings, recommendation and conclusion
INTRODUCTION
The practice of marketing is a crucial human invention. It is set of activity which facilitates exchange transaction involving economic goods and services for the ultimate purpose of satisfying human needs (Ihionkhan, 2008). Sellers and buyers sought to understand each other’s needs, wants, capacity and psychology with the goals of getting the exchange of goods and services to take place. Such meeting place embodied many aspects of today’s marketing methods such as marketing planning and strategy.
The role of marketing planning and strategy on sale cannot be overemphasized in a hostile and increasing competitive environment. The ability of any business organization like Nigerian Bottling Company Plc, Benin City to achieve profitable sale is impacted by effective and efficient marketing planning and strategy. According to Dale et al (1995), marketing planning is simply a logical sequence and series of marketing objectives and the formulation of plans for achieving them while marketing strategy is the process which involves not only the coordination of the traditional element of the marketing mix but also the other organizational functions.
Marketing planning and strategy is a specialized management function involves the setting of marketing goals and objectives, implantation and evaluation of marketing plans, developing, package, pricing, distribution, promotion, marketing research and sales forecasting. The overall purpose of marketing planning and its principal focus is the identification and creation of competitive advantage (MC Donald, 1984). Business organizations generally go through some kind of management process in developing marketing planning and strategy. However, this research will investigate the marketing planning and strategy in Nigerian Bottling Company Plc Benin City. A marketing strategy is a method by which a firm attempts to reach its target markets. Marketing strategy starts with market research, in which needs and attitudes and competitors’ products are assessed and continues through into advertising, promotion, distribution and where applicable, customer servicing, packaging, sales and distribution. Marketing strategy must focus on delivering greater value to customers and the firm at a lower cost. However, quantifying the return on investment from marketing expenditure on activities such as advertising, promotion and distribution is one of the most complex issues facing decision makers. Marketing performance is central to success in today’s fast moving competitive markets, and measuring marketing’s performance is critical to managing it effectively.
THE CONCEPT OF MARKETING
Most writers on the subject of marketing planning and strategy started with a broad encompassing statement of what they consider it to be.
In order to develop this understanding, an exhaustive search of the literature development to the literature also exhibits wide variations in the understanding of marketing planning and strategy by the researcher with utilization of many concepts and phases resulting in different explanation as its nature.
Further impetus to develop an understanding of the concept within the literature has been taken as development work of markets. To ensure that the subject under review is dealt with extensively, a careful and thorough review of related journals, books and other materials as source were consulted.
In the global world of business today, marketing activities have become very competitive and enterprises are doing just about anything in order to remain relevant and still meet the ever dynamic needs of their customers. Studies have shown that, for these enterprises to survive, they must take their marketing very seriously. People are now better educated and the global world of business today is a very dynamic one in order to satisfy the changing needs of customers, you must first know their needs and that is where marketing strategy begins. For an organization to survive in today’s competitive market, it has to treat the marketing part of its firm with top priority. The main purpose of any organizations existence is to satisfy needs of its chosen target customers at a profit and keep the business growing. For that to happen, there must be an effective marketing strategy in place, which is why a specific department has been set-aside in almost all firms just to handle the marketing aspect of the firm. A marketing strategy is the result of decisions being made about how a particular product or service will be packaged to its target customers. The word packaged above is used to include how the product is designed, priced, promoted, and distributed to target customers at a profit to the organization. Marketing strategies are used to increase sales, launch new products and generally provide profit for a company Ibidunni (2010).
Interestingly, the objective for the organization is to tie its marketing promotional efforts into a comprehensive marketing strategy that is carefully designed to attract the desired attention in the marketplace. Some marketing strategies are created for the purpose of capturing a certain segment of the market, but majority of small business strategies are more generic in nature. A marketing strategy combines product development, promotion, distribution, pricing, relationship management and other elements; identifies the firm’s marketing goals, and explains how they will be achieved, ideally within a stated timeframe Ibidunni (2004).
Marketing strategy determines the choice of target market segments, positioning, marketing mix, and allocation of resources. It is most effective when it is an integral component of overall firm strategy, defining how the organization will successfully engage customers, prospects, and competitors in the market arena. Entrepreneurship has been recognized as the main bedrock of any economy. For an economy to develop or improve, that economy’s entrepreneurship must of necessity develop as well. It is now widely agreed that the entrepreneur is the prime driver of economic progress They are involved in the production of all the goods and services, they also help increase the economy’s revenue, they help reduce the rate of unemployment in the economy and even train and develop the economy manpower in order to increase productivity. These enterprises operate in different parts of every economy Achumba, (2000).
In the words of Bhattachary (1999), an entrepreneur is a person with ideas, originality, ingenuity, vision and foresight about what to produce or how best to produce it. The economic growth of any economy depends to a large extent on the continuous growth and development of small and medium scale enterprises, which has been described as the engine of development in any economy. All enterprises involved in one form of business or the other are regarded as entrepreneurial firms that is either the small ones or medium firms or even multinational organizations. This sums up the fact that the development of the economy is largely dependent on the growth and development of such country’s entrepreneurial firms.
Marketing strategy determines the choice of target market segments, positioning, marketing mix, and allocation of resources. It is most effective when it is an integral component of overall firm strategy, defining how the organization will successfully engage customers, prospects, and competitors in the market arena. Entrepreneurship has been recognized as the main bedrock of any economy. For an economy to develop or improve, that economy’s entrepreneurship must of necessity develop as well. It is now widely agreed that the entrepreneur is the prime driver of economic progress They are involved in the production of all the goods and services, they also help increase the economy’s revenue, they help reduce the rate of unemployment in the economy and even train and develop the economy manpower in order to increase productivity. These enterprises operate in different parts of every economy Achumba, (2000).
In the words of Bhattachary (1999), an entrepreneur is a person with ideas, originality, ingenuity, vision and foresight about what to produce or how best to produce it. The economic growth of any economy depends to a large extent on the continuous growth and development of small and medium scale enterprises, which has been described as the engine of development in any economy. All enterprises involved in one form of business or the other are regarded as entrepreneurial firms that is either the small ones or medium firms or even multinational organizations. This sums up the fact that the development of the economy is largely dependent on the growth and development of such country’s entrepreneurial firms.
AN OVERVIEW OF MARKETING PLANNING ANDÂ Â Â Â Â Â Â Â Â STRATEGY
Marketing planning and strategy is specialized marketing function which involved those activities such as: production, development, packaging, distribution and control of products and services to identifiable markets Festus, (2005:9).
According to Dale et al (1995), marketing planning is simply a logical sequence and a series of activities leading to achieving them.
Dale described the process of marketing in terms of marketing audit, SWOT analysis, setting of an objective with hardly and though given the contextual issue surrounding the process.
McDonald (1984) pined that, the overall purpose of marketing planning and its principal focus is the identification and creation of a competitive advantage.
Business organizations generally go through some kind of management process in developing marketing plans in small and un-diversified organizations, this process is usually informed. In large and more diversified organizations, the process is often systematic. (Ihiokhan P.A, 2008:12).
However, consider the challenges faced by marketing management in a multinational business with hundreds of business unit located around the globe, producing a wide range of products, how can such management keep control of marketing decision in such a complex situation? This calls for a well-organized marketing planning.
Marketing strategy is a process that can allow an organization of concentrate its resources o the greatest opportunities to increase sales and achieve a sustainable competitive advantage.
Campo-flores (1980), defines marketing strategy as being a crucial and central issues to the use of the marketing functions.
Baker (1979), defines it as a broad means of achieving a given aims.
Kotler (1976), defines marketing strategy as a grand design to achieve objectives.
Dale et al (1995) opined that, marketing strategy involves not only the co-ordination of the traditional elements of the marketing mix but also the co-ordination of marketing as a whole with other organizational pursuit which are informed by a richer appreciation of long term environment and competitive advantage.
Wing and Robertson (1983) see marketing strategy as that which serves as boundary role function between firm and it’s customers, competitors and other stakeholders. The essence of marketing strategy is to provide decisional guide to marketing function. As organization seek proactive and innovating ways to acquire competitive edge and prevent erosion of available resources and advantages. This is an increasing need to diagnose and vantage such as understanding is crucial if an organization is interested in sustaining a competitive advantages.
MARKETING PLANNING
Marketing plan is a document that proposes strategies for employing the various elements of the marketing mix to achieve marketing objectives (Williams, John, and Sandra, 1998)
Marketing objective is a statement of what is to be achieved (accomplished through marketing activities) while marketing strategy is a plan that involves selecting one or more target markets, setting marketing objectives and developing and maintaining a marketing mix that will produce mutually satisfying exchanges with target markets (Lamb, hair and McDaniel, 2009:14-15).
According to Dale et al (1995), marketing planning is simply a logical sequence and series of activities leading to the setting of marketing objective and the formulation of plans for achieving them.
STATEMENT OF THE PROBLEM
Marketing planning and strategy is used virtually by various business organizations. In most cases, there is always a problem in analyzing and evaluating the usefulness of marketing planning and strategy in an organization. Some of the key issues to address are: To verify if the strategic steps are being adopted by the company to obtain their set goals and objectives. Another major problem is the inability to identify the result of any given plans. Since planning can only be valued when economic and their market condition pose challenges to managers.The poor method of marketing planning and strategy by the company in achieving their marketing activities.
This material content is developed to serve as a GUIDE for students to conduct academic research
PROPOSAL ON THE IMPACT OF MARKETING PLANNING AND STRATEGY ON SALES IN AN ORGANIZATION (A CASE STUDY NIGERIAN BOTTLING COMPANY PLC BENIN CITY)
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