MARKETING STRATEGIES AS A TECHNIQUE FOR PROFIT MAXIMIZATION IN MANUFACTURING ENTERPRISE
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MARKETING STRATEGIES AS A TECHNIQUE FOR PROFIT MAXIMIZATION IN MANUFACTURING ENTERPRISE
ABSTRACT
This study looked at marketing methods as a way to maximise profits in a manufacturing company. Many organisations do not consider it appropriate to design marketing strategy for manufacturing enterprises, resulting in numerous product failures in the market.
In light of this, the purpose of conducting this research is to examine how marketing strategies are established and to identify the variables that work against such tactics. In carrying out this study, relevant literature and company journals were examined, and data was collected via questionnaires and personal interviews.
The questionnaires were distributed randomly to employees of Guinness Nigeria Plc in Benin City. Three (3) theories were formed. These hypotheses were examined using chi-square,
and the results suggested that limiting the adoption of marketing techniques contributes the most to the profit maximisation objective of roll factory enterprises.
Chapter one
INTRODUCTION
1.1 Background to the Study
Today, modern business has reached an undeniable level, and its connection with environmental strategies is critical if the organisation is to profitably exploit the market’s percentage and future potentials.
Without strategies, marketing information decisions, and initiatives for each new development will only result in consistent action and uncontrolled expenditure, leaving the organisation vulnerable and equitable to strategic competitors.
Many strategies require collaboration between business strategies, marketing strategies, and other functional activities that occur within the framework of corporate strategy.
This is why marketing plans are viewed as a detailed operational roadmap for achieving business strategy. This leads to improved performance of the primary function of senior management in cooperative administration.
The effectiveness of marketing techniques has no counterpart in cooperative methods for profitability. Strategies are the means by which a company’s purpose is defined and activities are integrated. Some organisations do not pay enough attention to strategies; instead, they simply go from day to day doing what comes naturally.
This is also bad; good management requires that an organisation strategize ahead of time so that it is not caught off guard when the time comes. In light of this, the study seeks to expand the benefit of strategies and suggest improved techniques for marketing strategy implementation.
1.2 Statement of the Problems
Marketing is an activity that appears to boost an organization’s profitability. The advertisement of competition caused by industrial progress and the production of a wide range of goods and services culminates in the requirement for marketing tactics.
Marketing is a profit-making activity that entails the coordination of many functions aimed at facilitating the flow of necessary commodities and services from the point of production to the consuming public or clients for whom they are designed. This is because production isn’t complete until the goods and services reach the final consumer.
1.3 Objectives of the Study
1. To determine whether the marketing techniques under management contribute to organisational profitability.
2. Determine how employee motivation influences the implementation of marketing strategies, including goals and objectives.
3. To identify the issues connected with adopting marketing strategies.
The research also aims to open up an expensive area of study, that of marketer practices, scholars, and other interested parties, in order for them to adopt appropriate profit minimization tactics, as well as conduct a survey of the company and other manufacturers.
1.4 Research Hypotheses
Hypothesis One.
Ho: Marketing strategy and control are ineffective techniques for profit maximisation.
Hello: Marketing strategy and control are an efficient technique for profit maximisation.
Hypothesis Two
Ho: Employee motivation is an ineffective component of marketing tactics for reaching organisational goals.
Hello: Employee motivation is an important component of marketing tactics for meeting organisational goals.
Hypothesis Three
Ho: Marketing strategies have not been effective operational guides for accomplishing the organization’s strategic objectives.
Hello: Marketing strategies have shown to be an excellent operational guide for accomplishing the organization’s business objectives.
1.5 SCOPE OF THE STUDY.
This study generalised the study of marketing tactics and their impact on profit minimization in manufacturing enterprises, utilising Guinness Nigeria Plc Benin City as a case study.
1.6 Significance of the Study
This research study is crucial for Nigerian companies. The study will assist managers in the situation under consideration in determining the usefulness or invaluable function that marketing tactics play in achieving corporate organisational goals and objectives.
The research study the significance (relevance) in terms of its feedback potential, which enable the reaction of consumers to the aims or services of the company to be studied discovered and used for the improvement of manufacturing and distribution of the study are:
It will be useful to other managers because the country’s economic situation requires companies to carry out effectively their marketing strategies and control in order to make effective use of scarce resources while also obtaining the maximum output possible per given input.
It will pique future scholars’ curiosity in these fields of inquiry. The study is equally important for government-owned public corporations as well as privatised or commercialised public entities that have not seen profits.
Marketing techniques, if completely implemented, will assist these public corporations in minimising losses. It increases public and consumer understanding in the field of study.
1.7 Limitations of the Study
The research met numerous difficulties while composing this book. Here are some of the constraints:
i.Time Constraints: This past semester was remarkable in that the researcher was able to balance other academic activities with research activity.
ii. Difficulties getting appropriate data and information from informants. Several calls were made to Guinness Nigeria Plc’s Benin City brewery; however, the majority of these calls were unsuccessful, and the researcher was required to contact back in order to speak with the important personnel and obtain their comments.
1.8 Operational Definition of Terms
1.Marketing Strategies: A written document outlining the goals, plans, and techniques that will be employed to achieve and maintain the competitive position and results that the organisation seeks.
2.Marketing is the production and delivery of a standard of life; it entails identifying consumer needs and launching a product or service that will meet these needs profitably.
3.Annual Strategies: These are plans for developing specific goals and strategies for a single year.
4.Strategies and Marketing Efforts: Develop marketing strategies by making product-specific decisions. Price, distribution, and promotion should be chosen to meet the needs of the target market and,
ideally, provide the highest opportunity of attaining the market’s goals and objectives. Marketing strategies are commonly referred to as the marketing mix.
5.Marketing Objectives: This is a statement of what will be attained through marketing activity.
6.Marketing Mix: The mix of marketing tactics used by the company to achieve its marketing goals in the target market.
7.Product: A product is anything that can be supplied to a market for attention capture, use, or consumption, including physical goods, personalities, locations, organisation, and ideals.
8.Marketing Channels: These can be defined as a group of independent organisations involved in the process of marketing items or services for usage or consumption.
9.Competitors: Business rivals typically offer comparable items or services.
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