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Digital Marketing as an effective tool in achieving Business Expansion in Covid-19 era (Case Study: Scib Insurance Brokers

Abstract

This study was on Digital Marketing as an effective tool in achieving Business Expansion in Covid-19 era (Case Study: Scib Insurance Brokers.  The total population for the study is 200 staff of Scib Insurance Brokers, Lagos. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. A total of 133 respondents made up managers, marketer, senior staff and junior staff was used for the study. The data collected were presented in tables and analyzed using simple percentages and frequencies

 

 Chapter one

Introduction

1.1Background of the study

Digital marketing has enabled companies from various industries to obtain real-time customer insights and create and communicate value to customers more effectively. This has led to a significant increase in customer base and associated top-line growth. Digital marketing research defines the types of media channels and highlights the goals of digital marketing by using online media to influence audiences and customer segments. Khin et al have explored the stakeholders involved in digital marketing, including the four key stakeholders of the merchant, the network, the publisher, and the customer. Digital marketing emphasizes the customer through different media channels. However, it lacks and, therefore, requires an integrated system and a strategic direction for these stakeholders to work upon and move towards smarter and more sustainable digital marketing. The practice of digitization is in line with the smart city concept that is promoted by scholars and governments to address the current needs of the community by utilizing a wider range of digital technologies from the internet to digital twin and three-dimensional (3D) city modeling in geographic information systems (GIS). Companies, therefore, require smart and sustainable digital marketing strategies and models to guide them to ensure proper execution of such innovative and sustainable digital marketing techniques.

Coronavirus is a  new  disease caused by  covid-19  currently  affecting  the  joints  of  life throughout  the  world.  Covid-19 pandemic is one of  the  global  health crises  and  cannot be predicted  in  recent  times.  According  to  the Centers  for  Disease  Control  and  Prevention, covid-19  anoints  infectious  and  deadly  virus.  Covid  19  pandemic  has  affected  the  joints  of life. In the business world, a novel coronavirus in  terms  of  social  distance  conditions  forces companies around the world to ask millions of workers  to  work  from  home  (Choudhury  et al.,  2020).  At least  316  million  people  in 42 US states have been asked to stay at home, and later,  businesses  have  been  vulnerable to  the transition  to  virtual  workplaces  or  laying  off employees  (Kim,  2020).  Many  employees  are quickly  adjusting  to  digital  transformation, Zoom’s  online  video  conferencing  software reports  a  78%  profit  growth,  and  a  Google Meet  report  reports  a  60%  increase  in  user traffic,  where  people  spend  2  billion minutes meeting  online  every  day  (Kim,  2020). Employees may not even want to return to the physical  office  after  the  pandemic  has subsided. The manager estimates that some of the  effects  of  covid 19  on  the  workplace  may last  long,  where  flexible  working  hours  and digital  meetings  are  expected  to  replace traditional corporate culture increasingly.

The  company  is  experimenting  with decentralized  decision  making  and  new software to make the new digital work culture effective  and  as  productive  as  working  in  a physical  office.  Although  businesses  need  to make  this  transition  as  effectively  and  as quickly as possible, several other consequences that are very important for business continuity are  often  overlooked  namely  the  impact  of covid 19 on  consumer  and  market behaviour. Recently  management  practitioners  and academics researched in response to covid 19, mainly focusing  on  the  digital  transformation of  the  workplace  (Kim,  2020).  According  to the  “Mere  Urgency  Effect”  people  tend  to allocate  most  of  their  resources  and  time  to problems  (Zhu  et  al.,  2018).

Statement of the problem

According  to  a recent  survey  of  304  businesses,  42%  are worried  about  revenue;  however,  most managers  take  an  approach  to  wait  and  see rather  than  taking  action  to  improve  the situation  (Kim,  2020).  Managers  may  expect that  sales  will  only  recover  as  consumption increases after  the  pandemic passes. However, this pandemic has some impact on the culture of the place, the culture of consumers and may occur  changing  the  structure  of  the  market. Pandemics  also  influence  digital transformation  in  terms  of  consumer behaviour and  how  businesses  might  adapt to digital  marketing.  Therefore  the  purpose  of this  study is how  is  the  business  opportunity with  digital  marketing  during  the  pandemic and  how  is  the  perspective  of  the marketing  perspective.  Consumer insight during the pandemic shows that the market is turning to digital marketing. The rise of online transactions  provides  new  opportunities  for marketing success after covid-19.

Objective of the study

The objectives of the study are;

  1. To examine how effective is digital marketing during Covid19 pandemic in Scib Insurance Brokers
  2. To ascertain the relationship between digital marketing and business expansion during Covid19 era in Scib Insurance Brokers
  3. To investigate if digital marketing is an effective tool in achieving business expansion during covid19 era in Scib Insurance Brokers

 

Research hypotheses

For the successful completion of the study, the following research hypotheses were formulated by the researcher;

H0: there is no relationship between digital marketing and business expansion during Covid19 era Scib Insurance Brokers in

H1: there is relationship between digital marketing and business expansion during Covid19 era i Scib Insurance Brokers n

H02:  digital marketing is not an effective tool in achieving business expansion during covid19 era in Scib Insurance Brokers

H2: digital marketing is an effective tool in achieving business expansion during covid19 era in Scib Insurance Brokers

Significance of the study

 The study will be very significant to students and any organization. The study will give a clear insight on the Digital Marketing as an effective tool in achieving Business Expansion in Covid-19 era (Case Study: Scib Insurance Brokers). The study will give insight the function of digital marketing before and after covid19. The study will also serve as a reference to other researcher that will embark on the related topic

Scope and limitation of the study

The scope of the study covers Digital Marketing as an effective tool in achieving Business Expansion in Covid-19 era (Case Study: Scib Insurance Brokers). The researcher encounters some constrain which limited the scope of the study;

  1. a) AVAILABILITY OF RESEARCH MATERIAL: The research material available to the researcher is insufficient, thereby limiting the study
  2. b) TIME: The time frame allocated to the study does not enhance wider coverage as the researcher has to combine other academic activities and examinations with the study

Definition of the terms

Digital marketing: Digital marketing is the component of marketing that utilizes internet and online based digital technologies such as desktop computers, mobile phones and other digital media and platforms to promote products and services

Business expansion: Business expansion is a stage of a company’s life that is fraught with both opportunities and perils. On the one hand, business growth often carries with it a corresponding increase in financial fortunes for owners and employees alike

Covid19: Coronavirus disease (COVID-19) is an infectious disease caused by a newly discovered coronavirus.

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