THE IMPACT OF MARKETING STRATEGY ON THE PRODUCTIVITY OF AN ORGANIZATION: A CASE STUDY OF FIRST BANK NIGERIA PLC
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ABSTRACT
Competition is stiff within business environment has not been effective compared to the last decade. This study sought to establish the effects of marketing strategies on Productivity of small and medium enterprises in Nigeria. The study was guided by the marketing mix theory and theory of push and pull. This research adopted a descriptive research survey to determine the effects of marketing strategies on productivity of First Bank of Nigeria. This study‟s target population were staff of first bank PLC at the Enugu Metropolis. The study intended to use a sample size of 52 staff of FBN PLC This research collected primary data using questionnaires. The questionnaires comprised of both open and closed ended in line with the objectives of the study. Data collected was analyzed using descriptive statistics. Data analysis was done using Statistical Package for Social Sciences (SPSS version 21.0). marketing strategies had a positive significant effect on the Productivity of FBN PLC Nigeria. However, pricing the product too low or too high can have unintended consequences sales. Pricing strategies give FBN PLC the flexibility in setting prices and win new business or maintain prices and increase the profit margin. Promotional strategies had a positive significant effect on effect on the Productivity of FBN PLC Nigeria. The study further concludes that employment of promotional strategies helped to keep customers informed of what the firm offered, promotional strategies informed clients or customers on both the price where to get the product and the price. Place strategies had a positive significant effect on the Productivity of small and medium enterprises in Nigeria. Location-based marketing is one of the best ways to convert foot traffic and online traffic into new customers. Location-based marketing helps to remove barriers to sales. The study recommends that FBN PLC in Nigeria should continually embrace product development strategy as this strategy provided a framework for creating new products or improving the performance, cost or quality of existing products. The FBN PLC should continually adopt pricing strategies (market penetration pricing, premium pricing, price skimming and economy pricing) as these tactics were found to have a positive impact on Productivity. Although a successful pricing strategy can increase revenue and profitability, careful planning is also essential to minimize the risk of costly mistakes related each specific strategy. FBN PLC must continually embrace promotion strategies.
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