Marketing Strategies And Their Effects In Sales Expansion In Organisation
CHAPTER ONE
1.0 INTRODUCTION
In marketing operations, marketing strategies constitute an important ingredient in sales expansion. The reason is not farfetched, most companies or organizations that make use of marketing strategies in measuring the sales of the company’s products are expanded so as to increase their profit margin. The mechanism for marketing strategies in sales expansion includes product strategy, pricing strategy, promotion strategy etc. Therefore marketing strategy can be defined as a constant, appropriate and feasible principle through which a particular company hopes to achieve its long run customers and profit objectives in a particular competitive environment.
Marketing strategy is a major determinant used by management to aid the sales of its products and thus increasing profitability level. Some companies fail due to the fact that they refuse to adopt some of the major marketing strategies in motivating customers in order to purchase the company’s product. The, various promotional tools which a marketer adopts as a strategy to persuade prospective customers include advertising, personal selling, sales promotion, public relations and publicity.
Marketers must ensure that the above strategies are adopted towards achieving the company’s goal and eventually increasing their sales. Meanwhile, in order to capture the customer to buy the product, a good understanding of the various marketing strategies must be adopted for a particular target operation thus leading to increase sales volume of the company.
1.1 BACKGROUND INFORMATION
The researcher was influenced in choosing this topic for the purpose of clarifying the importance of marketing strategies towards expanding sales of the product.
Marketing strategies are performed in organisations especially the staffs of marketing department towards achieving the company’s objectives as regards sales and which enables them to have a wider knowledge of marketing strategies to adopt in the sales of product and thus expanding the company sales. The effectiveness of marketing strategies adopt will not only help to meet the challenges of the business but also to meet the set objectives of the organisation.
1.2 OBJECTIVE OF THE STUDY
The objective of this research work are as follows to analyze the relevance of marketing strategies for a consumer products’ companies to examine the importance of the strategies put in place by companies for their products and how its products are ranged in the market.
It will enable the companies to know the type of action to take in order not to be faced out of the market.
It will serve as a guide to them in formulating favourable policies that will enhance the marketing of their products.
It will serve as a motivator and encouragement to new staff into the line and how to push the existing ones.
It will propose means and ways of further using marketing strategies for the sale of their products.
It will enable companies to compete effectively with other competitors.
1.3 SIGNIFICANCE OF THE STUDY
This study intends to determine and unfold the benefits inherent in the use of marketing strategy to increase sales, thus helping industrial goods for the success of their products. This will be immensely valuable to both educationists and students alike for future reference and will also serve as a teaching tool where necessary. It will obviously be a guide to them in formulating favourable strategies that will enhance marketing of industrial goods and thus increasing sales.
The study of the topic will enable organizations maintain the loyalty of existing buyers and to encourage them to use more. Also, it will enable the active staff have more knowledge in various marketing strategies towards expanding sale.
1.4 LIMITATION OF THE STUDY
In the conduct of this research on Marketing Strategies and their Effects in Sales Expansion in Organizations, the researcher however, face some challenges,
Confidentiality: Most leading marketing organizations hold back vital information that could assist this research, because they believe such information are confidential.
Lack of Data Bank: Majority of organizations visited lack data bank which makes it difficult for past data to be assessed in order to carryout proper qualitative analysis and other statistical analysis.
Problem of Inadequate Fund: The researcher cannot cover wide in space due to lack of finance and in some cases some information have to be paid for and in a situation where payment is not available, the information is forgone. Ill-equipped Libraries: Due to the book museum called libraries and research centers, current and recent information could not be assessed. Most of the materials in the library are outdated. This problem really affected this research work because with current information either with books or internet will make this work more excellent and current.
1.5 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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