ABSTRACT

This study investigated on marketing strategy and business performance of selected

manufacturing firms in Ogun State. The main objective was to determine the influence of
marketing strategy and business performance. The study was a survey research and sampling
method adopted was simple random sampling techniques, descriptive research design was
adopted for this study; primary source of data was adopted with the use of questionnaire method
in collecting information from the respondent. A population of 600 was used out of which 240
sample sizes was selected. Data collected by the use of questionnaires method and chi-square
findings reviewed that there is significant relationship between marketing strategy and business
performance. The study recommended that management should ensure the developing new
product innovation strategy they can sell or after for higher profit margins. Product innovation
such as (Process innovation and technological innovation) in order to influence improved sales
turnover in a firm.

Key words: Marketing Strategy, Business Performance, Customer retention

 TABLE OF CONTENTS

Title page
Certification
Dedication
Acknowledgement
Abstract

CHAPTER ONE – INTRODUCTION

1.1 Background to the Study
1.2 Statement of the Problem
1.3 Research Objectives
1.4 Research Questions
1.5 Research Hypothesis
1.6 Significance of the Study
1.7 Scope & Definition of the Study
1.8 Definition of Terms
1.9 Historical Background of

CHAPTER TWO - LITERATURE REVIEW

2.1 Preamble
2.2 Conceptual Frame Work
2.2 Theoretical Frame Work

CHAPTER THREE – METHODOLOGY

3.1 Preamble
3.2 Research Design
3.3 Population of the Study
3.4 Sampling Method of the Study
3.5 Sample Size
3.6 Source of Data Collection
3.7 Research Instruments Specification
3.8 Reliability and Validity Test of the Research Instrument
3.9 Method of Data Analysis

CHAPTER FOUR

4.1 Data presentation / Analysis

4.2 Data Interpretation

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION

5.1 Summary
5.2 Conclusion
5.3 Recommendation

Bibliography
Questionnaire
V Y

Marketing Strategic Organization Reputation

Marketing Strategic Marketing Performance

Marketing Strategic Implementation Organization Performance as a private business

Marketing Strategic Word of mouth

Creative Marketing Strategic Performance in??? Pakistan

Marketing Strategic Profitability of small grocery shops

Marketing Strategic creativity Organization Performance Via marketing

Strategy implementation effectiveness

Marketing Strategic Business Performance

Marketing Strategic Organization Performance

Name: Akingbain Tosin Samuel
Azeez Islamiyat Odunayo
Matric No: 18/78/0097
18/78/0098

Conceptual Model of Marketing Strategy and Business Performance

Marketing Strategy Marketing Strategy

2. Pricing Strategy Sales Revenue

Promotional Strategy Profitability

3

Product Innovation Customer Retention

1
 CHAPTER ONE

1.0 BACKGROUNG OF THE STUDY

1.1 INTRODUCTION

Business performance is a set of analytic process that enables the management of a business to
achieve its pre selected goals. This relate to good management effectiveness and achievement of
the companies which leads to success in a competitive system (Benson, 2015).

Business performance is defined as the operational ability to satisfy the desired of the company’s
major shareholders (Smith & Reece, 2020).

Business Performance is an effective management of financial and non financial objectives and,
measures in order to venture growth of an organization and achieving effective result (Govender
2007).

Business performance encompasses area of business outcomes. Such as financial, product market
performance and shareholder return in other to achieve their aims and objectives (Adekanbi,
2011).

Marketing strategy is the long term planning of business unit will use to attain its goals and
which comprises of elaborates descision (strategies) on longest market expenditure allocation
(Kotter, 2018)

Marketing Strategy is the basic approach planning of business objectives that the company wants
to achieve for example to increase the reputation and sales (Kelvin, 2012).

Marketing Strategy is a business game plan for reaching prospective consumers of their products
or services (Kelvin, 2020).

Marketing strategy is a planned and systematic approach to develop a recall value in the mind of
the potential customers for the product and increase in sales (Obinna, 2008).
1.2 STATEMENT OF PROBLEM

Manufacturing firms faces challenges and those challenges affect their business performance
using rite Food as a case study. One of these challenges is power supply. Most firms rely on
emergency power generators to run seamless operations, and this adds to the cost of these firms
because the power supply is not proactive and this lead to unnecessary cost for manufacturing
firms and it affects their performance. (Frank, 2018).

1.3 OBJECTIVES OF THE STUDY

The general objective is to determine the influence of marketing strategy and business
performance of selected manufacturing firm in Ogun State. Other specific objectives are:-

1. Determine the influence of product innovativeness on sales revenue of selected manufactory

firm in Ogun State.
2. Know the influence of pricing strategy on profitability of selected manufacturing firm in
Ogun State.
3. Know the influence of promotional tools on customer retention of selected manufacturing
firm in Ogun State.

1.4 THE RESEARCH QUESTION

1. How does product innovativeness have significant influence on sales revenue of selected
manufacturing firms in Ogun State?
2. How can pricing strategy have influence on profitability of selected manufacturing firm in
Ogun State?
3. How does a promotional tool have influence on customer retention of selected
manufacturing firms in Ogun State?

1.5 RESEARCH HYPOTHESES

Ho1 Product Innovativeness has no significance influence on sales revenue of selected

manufacturing firms in Ogun State.

Ho2 Pricing strategy has no significance effect on profitability of selected manufacturing firm
on Ogun State.
 Ho3 Promotional tools have no significance influence on customer retention of selected
manufacturing firms in Ogun State.

1.6 SIGINIFICANCE OF THE STUDY\

The research work is to provide insight into the influence of marketing strategy on Business
performance. It will benefit and educate the management, academia and researcher on the
influence of marketing strategy on business performance.

i. Management: It benefits the management through increase in sales and revenue, growth
surge, soaring customer base of an organization.
ii. Academia: It will educate the academia on how vital marketing strategy is important to the
performance of a business
iii. Researchers: It will educate and benefit the researcher about fact and information on how
marketing strategy influence business performance.

1.7 SCOPE OF THE STUDY

This study shall cover the influence of marketing strategy on business performance with a
particular reference to Dangote Company Plc, Rite Foods Nigeria Limited as a case study.

This research shall be carried out n the following region

I) Remo (II) Ijebu, (III) Yewa, (IV) Egba

1.8 DEFINITION OF TERMS

i. Marketing Strategy: Is a plan of action design to promote and sell a product or service.
ii. Product Innovativeness: Is firm capacity to make significant changes in technical product
specifications and function characteristics and organic product design features, component
and materials.
iii. Pricing Strategy: Is taking into account segment, ability to pay, market condition,
competitor’s action, trade margin and input cost, among others. It is targeted at the defined
customers and against competitors.
iv. Promotional Tools: Are tactics or activities you plan and execute to persuade consumer to
your product or service.
 v. Business Performance: Is a set of performance management and analytic processes that
enable the management of an organization performance to achieve one or more selected
goals.
vi. Sales Revenue: Is the money a company earns from selling its goods and service to
customers.
vii. Profitability: is a measurement of efficiency and ultimately its success or failure.
viii. Customer Retention: This is the ability of a company or product to retain its customer over
some specific period.

1.9 HISTORICAL BACKGROUND OF DANGOTE COMPANY

Dangote Company was established in May 1981 as a trading business with initial focus on
cement, the group diversified over time into a congumerate trading cement, sugar, flour, salt, and
fish. By the early 1990s the group had grown into one of the largest trading conglomerates
operating in the country.

In 1999, following the transition to civilian rule and after inspirational visit to Brazil to study
emerging manufacturing operation in a country where imports constitute the last majority of
consumer goods, a gear group existed for a manufacturing operation that meet the basic needs of
a vast and fast growing population.

The group embark on an ambitious construction of flour mills, a sugar refinery and a pasta
factory 2000 the group acquired the Benue cement plant, the largest cement in sub-Saharan
Africa.

The group is now one of the largest manufacturing conglomerates in sub-Saharan Africa and
pursuing further backward integration alongside an expansion programme in existing new
sectors.

1.9.2 HISTORICAL BACKGROUND OF RITE FOOD COMPANY OGUN STATE

The Rite Foods Company us a food and beverage company in Nigeria, giving its consumers
quality refreshing brands since 2007. The company has a truly world class, proudly Nigerian
Factory in Ososa, Ogun State.
The company’s portfolio presently features 4 brands – the Sausages brand and the energy drinks
brand.

Through our solid distribution system all over Nigeria, many consumers from all parts of the
country enjoy our beverages and sausage daily.
 REFERENCES

Adekanbi, O.M (2011). Marketing and business performance. Journal of the academy of
marketing science, 4 (1), 102 – 119.

Benson, I.H. (2015). Business performance measurement. Cambridge University Press, 40, 42.

Francis, P.T. 92018) .manufacturing firm in developing country, hope will they do, and why?
Journal of Economic literature, 38(1), 11 – 44

Govender, J.M (2017). Measurement of business performance in Strategy, research a comparison

of approaches, Academy of management review, 1(4), 201 – 814

Kayode, T.M (2015). On the sales revenue maximization hypothesis the journal of Industrial
economics, 129 140

Keller, B.T (2015). Innovation characteristics of small manufacturing firms. Journal of small
business and enterprise development.

Kelvin, J.T. (2020). Digital Marketing: on effective marketing strategy 12(7), 210 – 223

Kotler, P. (2018). Marketing Strategy: an assessment of the state of the field and outlook. Journal
of the academy of marketing science, 27(2), 120 – 143

Obinna, O.T.(2017). Implementing marketing strategy. Journal of marketing strategy 2(1-3), 135
– 160

Smith, J.T & Reece, O.T, (Strategies of marketing and performance measurement). European
Journal of marketing, 23(8), 45 – 58
 CHAPTER TWO

LITERATURE REVIEW

2.0 PREAMBLE

In this chapter, the researcher attempt to highlight the views and contribution of various
authors and academician on service marketing and consumer buying behavior

2.1 CONCEPTUAL FRAME WORK

There are numerous definitions of marketing strategy in the literature and such definitions
reflect different perspective (Liet al, 2000). However, the consensus is that marketing strategy
provides the avenue for utilizing the resources of an organization in order to achieve its set of
goals and objectives marketing strategy is define as in a given market area, the proper allocation
of resources to support enterprises to win competitive advantage. Goi. (2005) define marketing
strategy as the set of the marketing tools that firms use to pursue their marketing objective in the
target market; the view which was earlier expressed by (HRONROOS, 1999 & Osugwo, 2006).

Therefore, the function of marketing strategy is to determine the nature, strength,

direction and interaction between the marketing mix elements and the environmental factors in a
particular situation. According to (Owomoyela, et al 2013), the aim of the development is to
established, build, defend and maintain is competitive advantage. Managerial judgment is
important in coping with environmental ambiguity and uncertatinty in strategic marketing.

Lin (1993) as cited in Long – Yi, and VA – Huei, (marketing 2012) proposes that
marketing strategy can be divided into four ways to research that:

(i) Dual Oriented Marketing Strategy: Using rational and emotional product name,
easy to remember and pricing to take into account cost of service and quality
orientation, psychological factors and competitors prices.
(ii) Rational Marketing strategy: The use of functional demands of rational position,
consider after sales service, warranties, delivery and installation attached by the
product factors
 (iii) Emotional Marketing Strategy: The emotional appeal to locate, emphasis on
physical product shape, color design, the use of emotional product names, and so
on memory, attention to product packaging and labeling
(iv) Maintenance Marketing Strategy: Consumers are more concerned about price and
quality, it is not suitable to use a lot of marketing techniques, manufactures can
improve product packaging and labeling, give a simple name to remember,
consider the quality position and competitor. Pricing during pricing. Lin (1993)
divides marketing strategies into four parts, that is Dual – oriented, Rational,
emotional and low involvement, different product types with different marketing
strategies, so the manufacturer’s marketing strategy can be divided into five parts
which is the choice of targeted market, product strategy, pricing strategy, channel
strategy and marketing strategy. He use a total of 29 questions to measure new
product marketing strategy and seven points likert scale used to measure, when
the industry lack of competitions, the business performance would be better even
when companies are not entirely market driven, the performance will have more
excellent performance (Kohleit, al 1993)

Previous studies have established relationships between the marketing strategies and
performance (Owomoyela et al 2013 Shoham 2002, Theodosiou & Konidou, 2003) Leonidou,
Icaststikeas and Sammie (2002) propose a study in which a meta – analysis was also conducted
to evaluate the relationships between the marketing strategies and performance.

2.1 Types of Marketing Strategy

i. Paid Advertising

This includes multiple approaches for marketing. It includes traditional approaches like
TVCs and print media advertising. Also, one of the most well known marketing approach is
internet marketing. It includes various methods like PPC (Pay Peer Click) and paid advertising

ii. Causing Marketing

Causing marketing link the services and product of a company to a social cause or issue.
It is also known as cause related marketing.
iii. Relationship Marketing
 This type of marketing is basically focused on customer building. Enhancing existing
relationship with customers and improving customer loyalty.

iv. Undercover Marketing

This type of marketing strategy focuses on marketing the product while customers remain
unaware of the marketing strategy. It is also known as stealth marketing.

v. Word of mouth
It totally relies on what impression you have on people. It is traditionally the most
important type of marketing strategy. Being heard is important in business world. When
you give quality services to customers, it is likely that they’d promote you.

vi. Internet Marketing

It is also known as cloud marketing. It usually happens over the internet. All the
marketing items are shared on the internet and promoted on various platforms via
multiple approaches.

vii. Diversity marketing

It caters diverse audience by customizing and integrating different marketing strategies. It
covers different aspects like cultural, beliefs, attitudes, views and other specific needs.

2.1.2 Importance of Marketing Strategy

I. Marketing strategy provides an organization an edge over its competitors.

II. Strategy helps in developing goods and services with best profits making potential
III. Marketing strategy helps in discovering the areas affected by organizational growth and
thereby helps in creating an organizational plan to cater to the customers’ needs.
IV. It helps in fixing the right price for organization’s goods and service based on information
collected by market research.
V. Strategy ensures effective departmental co-ordination
VI. It helps an organization to make optimum utilization of its resources so as to provide a sales
message to its target market.

2.1.3 Advantage of Marketing Strategy

i. Promotes Organization Business to a Target Audience:

Organization can’t sell their product or services without appealing to the people most likely
to buy those products and services. That group is known as the organization target audience,
and a marketing strategy is the most effective way to reach that all – important group. If the
organization has targeted this group correctly, it will know their habits, behaviors, wants and
needs, and also know where they will hang out on social media.

ii. Helps Organization Understands its Customers:

Organization have to do marketing research before its develops a marketing strategy and that
research can provide the organization with reams of data that it can use over and over to help
refine its product development and to keep up trends and shift in its target audience behavior

iii. It helps Organization brands its business:

Marketing strategy isn’t just about boosting leads and converting them into buyers; it’s also
about expressing the culture, values and purpose of a business. The process of
communication that vision to audience is the essence of branding.

2.1.4 Disadvantages of Marketing Strategy

i. Time and Effort may not yield a return:

Big brands can afford to spend effort and time working on a marketing campaign that fails
because they have the resources to regroup and move on. As a small business owner,
however the return on investment on a marketing campaign maybe low and that means the
business have spent months crafting a strategy that nothing to help its bottom lines.

ii. Costs of Marketing :

 Big data has great value but accessing the data is expensive and organization has to keep
analyzing the data to stay abreast of buyer trend. Launching s marketing campaign on
website can also be expensive.

2.2 Concept of the |Product Innovation

Product innovation is the development of new products, making changes in the current
product design or using new techniques and means in the current production methods, in other
word, it focuses on existing markets for existing products differentiating through features and
functions that current offers do not have. (Abraham, 2017).

According to Atalay, et al (2013) stated that product innovation is the introduction and
development of new types of goods or services that are different from before and complement
the shortcoming of the previous findings with more emphasis on quality. Companies in making
product innovations must pay attention to market orientation because knowledge of market
orientation is the key to successful product innovation that will be produced (Wiwoho, 2012).

According to (Pardi et al, 2014, Tung. 2012; Killa, 2014; Vtaminingsih, 2016) states that
innovation has a significant positive effect on marketing performance. Windahi (2015) itself
divides product innovation into 4 types including Modular Innovation, Architectural Innovation,
Incremental Innovation, and radical Innovation, this terminology applies to the customers and
suppliers while radical innovations show a fundamental change in new services and provide real
service benefits (Chang & Krumwiede, 2012). Product innovation alone cannot produce
competitive advantage and sufficient or sustainable company growth (Shelton, 2009 – 38).

2.2.1 Characteristics of Product Innovation

1. Relative Advantages
Potential audience needs to see how your innovation improves from previous generation
products according o their current situation.

2. Compatibility:
Compatibility refers to the harmony of relationship that an innovation has with potential
individuals as they absorb mentally it into their lives. To potential users it is important to
 know that the innovation you are providing will be agreeable with their lifestyle change; or a
user has to acquire additional products to use your innovation then t is more apt to fail.

3. Complexity Vs Simplicity
Obviously complexity slows down your progress; the complex innovation is more difficult
for potential users to incorporate it into their lives. Adopters do not invest much time in
learning to use an innovation. The more instinctive would be the more surely it will be
adopted.

4. Inability
How easily your potential adopters can explore your innovation idea describes traibility.
Before committing to your innovation, users want to give a brief look on what your
innovation can do and want to give it a test run. This is what fundamental concept of trial
sizes from concrete goods and beta releases for digital goods. Every adopters wants to see for
themselves what and how life might be they adopt to product.

5. Observability
Observability is the benefits or results of using an innovation visible to potentials adopters.
Observability stretches beyond having earlier user use an innovation in view of later users.
Potential adopters must clearly figure out the benefits of adopting an innovation and using it.

2.2.2 Importance of Product Innovation

1. Creative development: Qualities of innovative nature are essential for new business today.
You can achieve growth by learning how to be creative. You need to learn this business skill
to help make things of value from your creativeness.
2. Continuous Improvement: Innovation gives organizational sustainability when you are
making continual improvements and repackaging and re-branding. Any good manager will
recognize the need to innovate and grows the business skills to increase their creativity.
3. Reinforce your Brand Development: Branding is popular in organizational leadership. This
process reveals information to help leader to learn other ways to be more innovative.
 4. Making the most of what you already: It is not all about creating a new product or service
which you can sell, but you also need to focus on your existing business procedures to
improve your efficiency, find some new customers, increase your profits and out down on
the amount of your waste.
5. Responding to Competition and Trends: Innovation can help you to see what exists now in
opportunities or which ones will likely pop up in the near future.
6. Having a Unique Selling Point: Generally, consumers will see innovation as something
which adds value to products or a company. When this is used the right way it can give you
an advantage commercially, especially in a market that is saturated or shifting rapidly. It can
get you more customers will be more willing to pay the extra money for something that is
well – designed and new, rather than picking the less existing and cheaper rival.
7. The use of social media including the use of social media in your innovation campaign is
great for managing motivating and getting focused in your business especially, when you use
it n your business you are drowning ideas from a wide range of people on the social
networks, giving you a successful outlet to find new ideas for your business.

2.2.3 Advantages of Product Innovation

i. Business can initially charge higher prices for new products before competitors products
came on the market
ii. Being innovative good for a forms reputation
iii. If they have been first in the past people naturally interested in future products
iv. Innovation in process add value to existing products services
v. Business with lots of innovative products can take advantage of economics of scope

Disadvantages of Product Innovation

i. Very costly and time consuming

ii. Businesses can run out of money if they invest too much and don’t get products to market
quickly enough

2.3 Concept of Pricing Strategy

 Pricing strategy is the policy a firm adopt to determine what it will charge for its product
and services. Kotter and Armstrong (2011) affirmed hat in international marketing, pricing
decisions are complex matter. A company must pursue and adopt different price strategies in
various markets. Regardless the strategy followed, price has to reflect the right value to its
customers and potential customers.

According to Monroe (2003), price decisions are one of the most important decisions of
management because it affects profitability and the companies return along with their market
competitiveness. Thus, the task of developing and defining prices is complex and challenging,
because the managers involved in the process must understand how their customers perceive the
prices, how to develop the perceived value, what are the intrinsic and relevant costs to comply
with the necessity, as well as consider the pricing objectives of the company and their
competitive position in the market (De Toni & Mazzon, 2013 a,b; Hinterhuber & Liozu, 2014;
Monroe, 2003).

\in this way, Nagle and Hogan (2007) argue that companies which do not manage their
prices lose control over them, impairing their profitability and cost effectiveness manly due to
the customers will on paying a determine price, which not only does it depends on the perceived
value, but also depends on the prices set by the leading competitors. Consequently, mistaken or
inexistent pricing policies could lead buyer to increase the volume of information while allowing
them to augment their bargaining power thus forcing price reductions and discounts. The
difference between conventional price setting prices by reacting to the market conditions or
managing them proactively being their sole purpose to extort the most profitable pricing by
generating more value for customers without the obligation of increasing the business sales
(Nagle & Holden, 2003)

2.3.1 Types of Pricing Strategy

i. Demand Pricing:
Demand pricing is also called demand based pricing, or customer – based pricing. This
pricing method uses consumer demand of a product or service as the main element of setting
a price for a product or service. Also known as dynamic pricing. It is affected by consumer
demand. Which is based on the perceived value of a product or service?
 ii. Competitive Pricing:
Also called the strategic pricing.. Competitive pricing is a method that uses the prices set by
others business (i.e.. the competition). More or less using competitor’s price to price your
own product.

iii. Cost – Plus Pricing:

This pricing strategy is a cost – based one for a setting prices of products and serviced when
setting the cost – plus price, you take the cost of production and add the cost of production
and add them to the overheard costs of a product and service.

iv. Economy Pricing:

A very familiar pricing strategy with retailers and wholesalers. Economy pricing is a basic,
low cost marketing method. It keeps the prices of goods low, targeting sales at a particular
segment of the market that is very price sensitive.

v. Psychological Pricing:
This is a common pricing to techniques used by businesses. A minor differences in prices is a
huge difference for customers. For example, an item whose price is listed at $399.98 , maybe
seen as much cheaper than a product or service priced at $400.

2.3.2 Importance of Pricing Strategy

i. Pricing is the most adjustable aspect of marketing mix prices can be changed rapidly, as
compared to other elements like product, place or compared to other elements like product,
place or promotion changes in product design or distribution system would take a long time
to be implemented.
Bringing about changes in advertisements or promotional activities is also a time consuming
task.
 ii. Right Level Pricing: The wrong price decision can bring about the downfall of a company. It
is extremely significant to fix prices at the right level after sufficient market research and
evaluation of factors like competitor’s strategies, market conditions, cost of production etc.

iii. Price creates First Impression: Often price is the first factor a customer notices about a
product while the customer may base his final buying decision on the overall benefits offered
by the product, he is likely to compare the price with the perceived value of the product to
evaluate it. After learning about the price, the customers try to learn more about the product
qualities.

iv. Vital Element of scale Promotion: Being the most flexible component of marketing mix,
price is the most important part of the sales promotion. In order to encourage more sales, the
marketing manager may reduce the price. In case of goods whose demand is price sensitive,
even a small reduction in price will lead to higher sales volume. However prices should not
be fluctuated too frequently to stimulate sales.

2.4 Concept of Promotional Devices

There have been many definition for promotion, according to John and William (1986).
The promotional marketing activities considered to be more efficient than advertising publicity
and personal selling. In addition to that other researches considered promotion as a direct
inducement, proposing special added value for goods to target salesperson, customers or reseller
(William and Ferrell, 1987) promotion is an effective way of competitive retaliation rather than
marketing activities. Mercer(2002) define promotion as it is a technique which mainly used by
marketer on a temporary basis to create an attractive goods or services to encourage the
customers to purchase goods or services in a specific time period by providing more benefits
Belch and Belch (1996) defined promotions as direct encouragements provide and additional
stimulant for the products to be sold or distributed in a short period of time. Both Kotler (2002)
and Totten & Black (1994) defined promotion as any activity which obtained by the producer
usually short term designed to encourage quicker or greater amount trade retailer or wholesaler s
well as influence individual to by the product. According to Perreault, Cannon & Mc Cathy
 (2006) and Shimp (2003) promotion defined as a communication information within two parties,
seller new land potential buyers, which is obtained to effect customers decisions.

Brassington and Petit (2000) provide a new definition for promotion as “a range of
marketing techniques designed within a strategic marketing framework to add extra value to a
product or service over and above the “normal” affecting in order to achieve specific sales and
marketing objectives. This extra value may be a short term tactical nature or it may be part of a
longer term franchise building program. Moreover, Zallocco, Perrevlt & Kincaid (2008) defined
promotion as it is an intentional effort from marketers to deliver the appropriate information in
suitable inducement way to get the desired acceptable responses from the customers.

According to cotton and Babb (1978) another trend of promotion used to increase
consumer purchases which known as in-store promotion, I is more effective during the period
when a deal is going on. Some researchers have different views that promotion is an expensive
tool and it may affect negatively on retailers profits (Walters and Mackenzie, 1988).
Additionally, Martinez and Montaner (2006) indicated that there are some factors can induce
customer to buy more or less, depends on his economic and hedonistic situation as well as his
characteristics.

Types of Promotional Devices

i. Samples:
Sampling is a smart way to present fewer amounts of product to the customer with no cost,
and it can be sent directly to the customer by mail or aach the sample to another type of
products, so they can be able to test or try the products rather than just hear about it, which it
can affect their behavior to purchase it in the near future (Kaldes, 1999; Pramatais, 2001;
Pride and Ferrell, 2008). According to Clow and Bank (2007) they defined the free sample
method as a technique to induce customers to try new launched products.
Lammers (1991) indicated that sampling method can affect on consumer buying behavior
and it has a positive relationship to a fast selling procedure. Other researchers agreed that free
sampling method has a positive effect on consumer buying behavior (Parmaaris, 2001; FILL
2002; Shimp, 2003). However, Jackaria and Gilbert (2002) did not agree with the positive
relationship between free samples and consumer buying behavior which it can be varied from
 product to another from specific time to another. Later on Ndubisi and Chiew (2006)
admitted that free samples technique has a significant relationship on consumer buying
behavior.

ii. Coupons:
Coupons considered as one of the most used tools by marketers to stimulate consumers by
giving them a voucher or certificate that save some money when they want to purchase any
type of products later on or in the future, such as 25% reduction from the main price or a
fixed discounted amount like $5 per price (FILL, 2002; Harman and Hill, 2003; Ndubisi and
Chew, 2006). Coupons have been existed to produce product trial (Robinson and Carmack
1997). According to Cook 2003) customers can easily be convinced with the coupons
technique since it is very useful tool for trial buying, and it considered as a good way to be
used to induce customers brand switching. According to Gilbert and Jacakria’s (2002) they
found that coupon promotions have to significant effect on volume o0f product purchased by
a consumer.
Some researchers indicated the consumers are influenced by the price reduction in the given
coupons, so coupons used to be as a smart tool (Peter and Olson, 996; Cardener and Trivedi,
1998; Dark, 2002). According to Ndubisi and Tung (2005) Coupons have many benefits and
trends towards the marketers in a way that they can boom the sales in a short period of time
and they can stimulate customers to switch to other brands or products.

iii. Price Discount

According to Fill (2002) price reduction is a valuation approach where goods or products are
offered in a good discounted buying price and it seems to be a reduced cost to the consumers,
mostly applied in hypermarkets and point of purchase displays. Price discount is “reduce the
price for a given quantity or increase the quantity available at the same price enhancing value
and create an economic incentive to purchase” (Raghub and Corfman, 1979). Other studies
found out that price discounts (cut off prices) playing an important role in stimulating new
customers behaviors to try the offered products (brand week, 1904; Black well, Miniard and
Engel, 2001; Fill 2002; Shimp 2003).
 Short term peak (seasonal) in sales usually attracted the occasional users of the same brand
more likely than getting new customers to purchase the discounted good, moreover, these
occasional users after getting benefit of this promoted good would most likely getting back to
their preferable brand or type rather than buying that promoted brand at full price discounted
season (Elirenberg et al, 1994). According to Percy (2001) consumers are ore attracted to
price discount promotions. Ndubisi and Chew (2006) claimed that product trail as a
relationship with price discount in a sense that the first can be increased by price reduction
for an product. Others stated that price reduction has a relationship with different promotion
tools in a way that they are effecting each other and pushing the customers to buy the
product, such as coupons and samples (huff and Alden, 1998; Krishna and Zhang, 1999;
Mela et al, 1997; Gilbert and Jackaria, 2002) it is also indicated that a huge discounted price
for an y product which happened to be in sales seasons would exercise by dealers because of
consumer’s price awareness (Kopalle and Mela, 1999; Banks and Moorthy, 1999; Smith and
Sinha, 2000).

iv. Buy one get one free

According to Sinha & Smith (2000) Buy one get one free defined as one of the common used
promotion tools of sales promotion, in a sense that if you buy one product, you get another
one for no cost, by using this technique the customers can be easily attracted to buy the
product because there is no additional cost and it should be more valued from the customers
perspective, therefore customers can’t ignore such great deal. The bonus packages and extra
products without cost inspire the customer buying behavior to purchase the product and
properly advertised moreover, such promotions increasing product trial and customers
switching (Gardener and Tivedi, 1998; Percy , Rossiter, and Elliot, 2001). According to Li
Sun & Wang (2007) Buy one get one free type promotion is a very helpful tool especially to
marketers and manufacturers who want to clear their stock more quickly.

v. Consumer Buying Behavior

The impact or sales promotion on consumer buying behavior has been widely stated in many
researches and studies, they have shown that there are a lot of factors can effect consumer
buying behavior, either to buy or not (Nagar, 2009; Smielser and Baltes, 2001). According to
 Miss. Dekimpe, \steenkamps and Hassens (2001) sales promotions have a huge impact on
consumers buying behavior such as purchase time, product brand, quantity and brand
switching. Moreover, consumer purchase decisions sometimes based on the price sensitivity,
individuals are more attracted to promoted products (Bridges, Briesch and Yim, 2006).
According to Schiffman and Kanuk (2004) there are four views for explaining consumer
decision and behavior such as economic view which it has the more impact followed by
passive view, emotional view and cognitive view, they also stated that consumer buying
behavior concerned on how customers decide what product they want and how that
evaluation is going to be and its impact on future purchase. According to Naimah and Tan
(1999) some factors affect consumer to buy a specific product such as high purchasing power
and other sales physical surroundings. Kotler (2003) argued that other social and economic
factors may affect consumers decisions for example culture and fundamental factors of
consumer behavior.

2.4.2 Importance of Promotional Devices

i. Guarantees Customer Loyalty: Customer loyalty is crucial to a business’s growth and

success. A business elsewhere and new ones are not coming in. if it’s mainly new customers
who are behind most of the demand for the products, then a business will fail. Promotional
products are powerful tools in encouraging customers to choose a particular business over
other ones. The customers will trust in the brand name and form an attachment to it. This will
result in customers selecting the brand name over others. There is a wide variety of
promotional products that are available to promote your business. However, it is strongly
recommended that you choose high quality promotional products that are handy and
practical.

ii. Encourages a Relationship with Customers: A network and meaningful relationships are
essential to a business growth and prosperity. When the loyalty and confidence of customers
are gained, then that will result in customer s recommending the brand to other potential
customers, which will help solidify the relationship and increase the number of customers. In
order to provide excellent customer service that will encourage customers to become regular
 customers, you must find out exactly what their wants and needs are. Polls and
questionnaires are highly effective in obtaining this type of information.

iii. Reduces the Cost: To market a brand at a low cost, then the use of promotional products is a
great way to go. The use of promotional products also provides an effortless way to advertise
a brand. Due to the fact that promotional products are passed on from one person to the next,
most of the time they can be looked upon as a long-term investment. Promotional products
that are used in everyday life are excellent ones to select, such as key chains and bags.

iv. Find New Leads: Business owners strive to give rise to as many leads as the can to
successfully fulfill the goals of developing new strategies and improving Roi. Promotional
products are powerful tool in obtaining new leads and are very successful in convincing
people to become customers. Also, consider how a customer.

v. Sparks Awareness of the Brand: Handing out a product with a brand name and a good logo
or slogan is an effective way for a business to advertise the brand name, logo, or slogan and
they are highly used products. To learn more about them consult the following link; Stadium
Cushions Wholesale.

2.5 CONCEPT OF BUSINESS PERFORMANCE

Bourne, Neely, Mills & Platts (2003) viewed business performance measurement system
refers to the use of a multi-dimensional set of performance measures for the planning and
management of a business. A performance measurement system is an information system that
supports managers in the performance management process mainly fulfilling two primary
functions: the first one consists in enabling and structuring communication between all the
organizational units (individuals, teams, processes, functions, etc,) involved in the process of
target setting. The second one is that of collecting, processing and delivering information on the
performance of people, activities, processes, products, business units, etc. (Forza & Salvador
2000). According to Lebas (1995) Business performance is the system that supports a business
performance philosophy.
 A business performance system includes performance measures that can be key success
factors, measure for detection of deviations, measures to track past achievements, measures to
describe the status potential, measures of output, measures of input, etc. A business performance
measurement system should also include a component that will continuously check the validity
of the cause and effect relationships among the measures. Maisel (2001) SEES Business
performance as an enterprises to plan, measure and control its performance and helps ensure that
sales and marketing initiatives, operation practices, information technology resources, business
decision, and people’s activities are aligned with business strategies to achieve desired business
results and create shareholder value.

2.5.1 Importance of Business Performance

i. Business performance encourages employee reward and recognition: Rewarding and

recognizing your employees can be hugely beneficial to your business. A survey by
American express revealed a third of companies believe reward and recognition systems
result in better staff retention, while half also attribute greater motivation to offering
incentives.

ii. Business Performance helps to boost employee engagement and productivity: Engaged
employees stay longer, actively involve themselves in the workplace and produce better
results. Improving levels of employee engagement is key to boosting productivity and
maximizing RO performance management, done well, is a vital tool for having employees.

iii. Business Performance helps to create Employee Development Strategies: Continuous

performance management means you are proactively developing employees by covering their
development needs with regular catch – ups, you can pursue continuous performance
improvement, as you frequently meet to discuss each employee’s performance, possible
development opportunities and development opportunities and development plans. By
combining this with flexible personal development objectives, business can cultivate talent in
a way simply not possible with once or twice yearly performance conversations.

iv. Business Performance Allows for the Exchange of Feedback: The importance of feedback in
performance management cannot be overstated. Employees want feedback and they want it
 regularly. They need (and deserve) to know how they can improve furthermore, they should
have the opportunity to give feedback on their company and management. This is the only
way company processes can evolve and become more streamlined.

v. Business Performance Creates Clarification Concerning Smart Goals: It is surprising and

rather worrying to hear that studies have shown around 50% of employees aren’t clear on
exactly what their role within the workplace is or what long – or – short – term goals they are
trying to achieve. The process also ensures management is in touch with the work being
delivered and able to identify when performance is dropping off as a result of lack of job
clarity.

2.6 CONCEPT OF SALES REVENUE

The aim of the companies is to maximize profit at the lowest possible cost, in addition to
future expansion, high sales and keeping progress ahead of competition sales are products
provided by the sales department to e sold to be beneficiaries. The sales of more products and
service means that the company is successful and progresses and enhances the wealth of the
shareholders (Ajan Than, 2013). After the manufacture and delivery of the product, the company
wants selling the largest quantity of it, so that the company has a certain share of the number of
competitors, and the type of the product and he public response to it.

Accounting is linked to continuous business and production processes and not to a single
business operation. Accounting divides the units continuous activity into time segments called
accounting periods, while at the same time allocating its revenue expenses (Ball et al, 2016)

The revenue is represented by either in cash inflows, the growth of the assets of the
accounting unit or in the fulfillment of its obligations or each of them through production,
delivery of goods provision of services or any other economic activity that represent the principal
operations of the unit during a given period, expenses are then measured to determine the amount
of income during the accounting period (Al Qashi and (Al – Oqlah, 2015).

2.6.1 Importance of Sales Revenue

 Sales revenue is the first metric reported on an income statement and for good reason it
represents the starting point for the companies to determine their net income: The basis for
business – critical calculations and reports, include earnings per share and cash flow statements.

To get from sales revenue to net income, a company first subtracts its costs of goods sold
from its sales revenue to find its gross profit. Then, it subtracts any depreciation and SG & AP
selling general and administrative expenses from its gross profits to find its operating margin –
also referred to as its earnings before interest and taxes or EBIT.

Then, it subtracts its interest expense from its operating margin to find its pre-tax income.
Finally, it subtracts its taxes from its pre –tax income to the most essential metrics for gauging
the health and planning the future of a business, but you can’t find it without starting with sales
revenue.

2.7 CONCEPT OF PROFITABILITY

Profitability is the ability of a business to earn a profit. A profit is what is left of revenue
a business generates after it pays all expenses directly related to the generation of revenue, such
as producing a product, and other expenses related to conduct of the business activities (Ketler
2016). According to Hubert and James (2014) profitability is the primary goal of all business
ventures without profitability the business will not survive in the long run. So measuring current
and past profitability is very important. Like Wang (2012) says profitability is measured with
income and expenses. Income is money generated from the activities of the business for
example, if crops and livestock are produced and sold, income is generated. However, money
coming into the business from activities like borrowing money does not create income. This is
sim0ply a cash transaction between business and the lender to generate cash for operating the
business or buying asset.

Kelvin and Owen (2013) viewed measurement of profitability with an “income

statement”. This is essentially a listing of income and expenses during a period of time (usually a
year) for the entice business. An income statement is traditionally used to measure profitability
of the business for the for the past accounting period. However, a pro form a income statement
measures projected profitability of the business for the upcoming accounting period. A budget
may be used when you want to project profitability for a particular project or portion of a
business.

2.7.1 Profitability Rations

Profitability rations measures a company’s ability to earn profit relative to its

sales revenue, operating cost, balance sheet, assets, and share holds equally. These
financial metric can also show how well companies use their existing assets to generate
profit and value for owners and shareholders (Michelle, 2020)

2.7.2 Types of Profitability Rations

Margin Ration: Margin ration example how effectively a company transform sales revenue into
profits. Here is a simple breakdown of three profit margin, operating profit margin and net profit
margin, operating profit for its owner or shareholder. Two of the most common ration that
business calculates is return on assets (ROA) and a touch on equity (ROE).

2.7.3 Uses of Profitability Ration

Profitability Ration can attracts now Investors: Investors want to know that a company has the
potential to turn a healthy profit before they vest any cash in it.

Reviewing a company performance with competitors: By comparing way to analyze whether a

business is performing well in that area.

 It can be used to compare company’s performance with competitors: By comparing

profitability ration, company’s can see how their business measures up to others. Saving less
money than another company doesn’t automatically mean your business is less profitable.
 It helps uncover mean your business is less profitable ratios is added into the business, it
helps discover if business performs with efficiency in specification for example, if company
find that its gross profit margin is decreasing over time, it could indicate that it needs to get it
cost of goods sold under control.

2.8 CONCEPT OF CUSTOMER RENTENTION

 Customer retention is defined by different studies indifferent ways like Gerpott(2001),
Rams (2001) and Schinder (2001). They stated that customer retention is the continuity of the
business relations between the customer and company customer retention is more than given the
customer what they expect. It is about exceeding their expectation so that they become loyal
advocates for the organization brands retention and attraction of new customer are used as
drivers for increasing market share and revenue (Rust, et al 1995). In the retention of customers
because past sales services are the import drivers for customer retentions (Saeed, et al 2005).

Mary et al. (2007) observe that financial services institutions like the banking sector are
focusing on retaining their existing customers and in doing this they work on the services
provided, developing smarter use of technological can revisit processes to improve the customer
experiences and ensures that the organizational culture support retention. The sole purpose of a
business according to Drudeer (1973) is to “create a customer”. However, keeping the customer
has become regarded as equally, if not more important. Since Dawkins and Reichheld (1990)
reported that a 5 percent increase in customer retention generated customer not present value of
between 25percent and 95 percent across a wide range of business environment.

Gets and Thomas (2001) stated that customer retention occurs when customer purchases
a product or service again and again, this phenomenon is called customer retention over a
extended period of time. Huit (2000) defined customer retention as the process by which
customer’s interprets price and attribute value to a good or service. Than and Hussein (2013)
opine that customers who are willing to pay higher price for a product or service tend to be brand
conscious and prestige sensitive. Crossby et al (1990) define customer satisfaction as reliance on
or confidence in the person or process services are acts, deeds or performance. Butler (2004)
customer retention is the number of customers doing business with a firm and the end of a
financial year expressed as a percentage of customers that were active at the beginning of the
year.

2.8.1 Strategies of Customer Retention

i. Focus on Creating a positive customer experience: The service and experience of a

customer has during a purchase will determine whether or not they will continue to
 support the business. An organization must provide excellent, efficient customer service.
Ensure the processes the customer goes through as seamless as possible.

ii. Implement Customer’s Loyalty programs: Customer loyalty programs are also called
retention programs because they are effectively used to increase purchase frequency.
Create loyalty programs to encourage consumers to make repeat purchases in exchange
for rewards.

iii. Stay in Touch: keeping in touch with organization existing customers keep you top
mind. Constantly reach out for customers through email or telephone call, email is an
effective tool for marketing and retention

iv. Appreciation of Report customers: Organizations have competitions and customers can
always decide to switch over to them. But being thankful to organization will make a
another an organization stands out. Appreciation goes a long way in retaining a business
existing customers. Display gratitude can be as simple as sending thank you notes, or
giving rewards such as gift, special discounts, free products and special offers.

v. Ask for feedback: Many business losses when they don’t listen to their customers. It’s
always a good move to as k consumer’s opinion. Letting them know how their thought
matter to the business

2.9 THEORETICAL FRAME WORK OF MARKETING STRATEGY

2.9.1 PORTER’S Five Focuses

i. Completion: This includes the number the number of competitors in the same shape you’re
trying to gain a foothold in, the resources they have, their customer’s ; loyalty and your own
competitive strategy ,
ii. New Entrants: This is particular important, when you are trying to introduce a new product
or maintain your leadership spot. You will need to consider barricade to entry, government
policies (such as franchising laws and industry monopolies).
iii. Substitution: While “Substitution” normally means replacing a product with something
similar, it actually refers to an entirely different product in this context for example, instead
of buying a traditional gas – guzzling or, you choose to consider the cost of switching (such
as installing a charging station at home) and whether there are any real differences between
two or more products (in this case, performance and emission levels).
iv. Suppliers: Your product won’t exist without suppliers with the pandemic disrupting logistic
and supply chains all over the world, the essential role of supplier has become even more
apparent. Don’t forget that you can shop around between suppliers and negotiate the best
prices.
v. Buyers: Your buyers are the single most influential of the five forces. They will determine
whether your product is too expensive or if it’s worth what it costs. You will need to study
your buyer’s preferences, their ability to pay and the things they consider before they make a
purchase.

2.9.2 THEORETICAL FRAME WORK OF BUSINESS PERFORMANCE

INTEGRATION OF PERFORMANCE MEASUREMENT SYSTEM AND

PERFORMANCE – THEORY

Integration of performance measurement systems is a frequently named success factor for

performance measurement for example, 35% of senior executive surveyed for the recent study by
IBM (2010) reported that performance data integration was on the top of their agenda, other
reports by consulting companies indicate he importance of PMS integration for strategy success
(Accenture, 2010) and Identify the lack of integration as a source of performance management
failure (Townsend, Smith, Richards, & Veeneices, 2009). Critical success factors of business
management. In fact, claims that the degree of PMS integration both vertical and horizontal, may
have a positive impact on performance are not new (Bitltc, 1994). For example in her literature
review langfield – Smith (1997) argues that theoretical an normative research in that area began
to appear in the mid-1980s, more than a decade later, empirical studies that explicit model PMS
integration as the independent variable and performance as the dependent variable are still rare.
Since the publications by Kaplan and Norton (1996)
b) Integration of PMS has been frequently referred to in academic literature. However, the
review by Franco-Santos and Bourne (2005) showed that this concept is not uniformly
understood. According to them, two perspectives on integration can be identified (see figure
below). The first perspective refers to the integration as the vertical alignment along the
reporting chain. The understanding includes the interaction of performance measurement with
the organizational strategy, cascading the strategic goals down to operational divisions and the
image to individual incentives (Bititc, 1994, Chenhall, 2005). The second perspective refers
inventor the horizontal integration include the interconnection of with other management
control systems such as planning and budgeting (Henri, 2008), strategy accounting systems
(Cades & guiding, 2008), costing (Anderson, 2006). Rched (Kallunk, Laitinen, & silvola,
forthcoming) and benchmarking (Hezog, Tonchia, & polagnr, 2009) both perspective have been
researched by scholars – within limited result.
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 CHAPTER THREE

3.1 INTRODUCTION

This chapter reveals the methods used in conducting this research population of the study,
sampling method, sampling size, source data collection, research instrument specification,
method of analysis.

3.2 RESEARCH DESIGN

The quantitative research design was adopted in this study using survey by selecting a
sample form the population the information collected was analyzed and used to make decisions
and generation about the characteristics of the population from which the sample is selected.

3.3 POPULATION OF THE STUDY

This is one total number of people element involved in the research work as for this study
is concerned the target population of (600) encompass the staff of Rite Food Nigeria Limited and
Dangote Ogun State.

Table 3.1 Population Distribution Table

Company Staff
Rite food 300
Dangote 300
Total 600

Source:- Researches Idea (2021)

Sampling method of the study

The probability sampling method was adopted in this study with the aid of sample random
sampling. This sampling method gives each member of the population an equal chance of being
selected without is

Sample Size
The samples size was determine using Taro Yamane sample size calculating formula as follows:
N = HN (E)2 where N = No population of the study

n = sample size

I = constant

E= 0.05 (allowable error)

600

1 + 600 (0.0025)

= 600

1 + 1.5

= 600
2.5 = 240

3.6 SOURCE OF DATA SELECTION

This research work used information of data obtained from primary and secondary sources,
primary data was obtained through the administration of questionnaire to the respondents while
secondary data was collected through text books, online article and journals

3.7 RESEARCH INSTRUMENT SPECIFICATION

The research instrument used in this research work was questionnaire, this questions was divided
into two parts Part A and Part B, Part A comprises demanding for the respondent bio data while
Part B comprises question related to the search objectives.

3.8 VALIDITY AND RELIABILITY OF RESEARCH INSTRUMENT

The content and face validity was adopted to measure the validity of the research instruments
content validity refer to the entire domain the test source subjects matter reports to evacuate
whatever the test items on a defined content and make rigorous statistical test that does the
assessment of face validity.

Face validity is the extent to which a test is subjected to determine the degree of the
dependability and stability viewed or covering the concept it purports to measure it refers to the
transparency of a test as it appears to test participants another words, a test can be said to have
face validity if its lookalike it is going to measure what it is support to measure while the test
retest reliability was adopted to determine the degree of dependability of the research instrument
by presenting the set of questions to the same set of respondents repeated under similar condition
but at different time of the same result is obtained that means the instrument is reliable test –
retest reliability afars to the degree to which test results are consistent overtime, in order to
measure test – retest reliability must first give the same test to the same test to the same
individual on two occasions and correlate the sore test reliability is measured with a test
reliability is measured with a test retest correlation.

n(Exy) – (Ex) (ey)

C = √n (Ex2) – (5x)2 (n(Ey2 – Ey)2

3.9 METHOD OF DATA ANALYSIS

Information obtained in the study was presented and analyzed using quantitative data with the
aid of statistical package for solution services.
 CHAPTER FOUR

4.0 DATA ANALYSIS, INTERPRETATION AND DISCUSSION OF FINDINGS

This chapter covers the analysis and the result of information gathered from research
field. It describes the process of analysis of the data using information gathered in the
administered questionnaire. Data collected becomes meaningful to the users and the researches
when they are well analyzed. The research questions study objectives and hypothesis formulated
in chapter one were tested and answers were provided in this chapter.

4.1 DATA PRESENTATION

RESPONSIBLE VARIABLE FREQUENCY PERCENT

Gender Male 125 52.1
Female 115 47.9
Total 240 100
Age 20 – 35 Years 120 50.0
36 – 45 Years 90 37.5
46 And Above 30 12.5
Marital Status Single 60 25.0
Married 170 70.8
Divorced 10 4.2
Total 24 100
Educational NCE/ND 30 12.5`
Qualification
MSC/PHD 20 8.3
Total 240 100
Religion Christian 130 542
Islam 105 43.8
Others 5 2.1
Total 240 100
Source: Field Survey, 2021

Interpretation Table

Table 4.2.1: Gender The table above shows that (125) representing
52.1% of the respondents were male, while
(11) representing 47.9% of the respondents
were female. This can be translated that there
are more poor than female constituting the

Table 4.2.2: Age
Table 4.2.3: Marital Status
Table 4.2.4: Educational Qualification
Table 4.2.5: Religion
4.2 DATA ANALYSIS AND PRESENTATION
S/N TABLE QUESTIONS
RQ1 How does product
innovativeness have significant
influence on sales revenue of
selected manufacturing
1 Effectiveness of production X
sample respondents.
Table above shows that (120) 50% of the
respondents are between the age of within 20 –
35 years, (90) 37.5% are within the age of 36
– 45 years, while (30) 12.5% are within the age
of 46 and above. This can be translated that
majority of the respondents fall between the
age 20 35 years
The table below indicates that (60) 25% were
single, (170) 70.8% were married, while (10)
4.2% were separated, from this, n we can say
that majority of the respondents are married.
Table above shows that (30) 12.5% of the
respondents were NCE/ND holders, while (20)
12.3% are MSC/PHD holders, this can be
translated that majority of the respondents were
degree holder.
Table above shows that (130) 52.1% of the
respondents were Christians, (105) 43.8% are
Muslims, while (5) 2.1% are of other religion.
This can be translated that majority of the
respondents are Christians.
PERCEN
SA A D SD TOTAL
TAGE
135 95 4 6 ---- 240
 strategies increase organizational
performance 56.3 39.6 1.7 2.5 100 ----
Creating product uniqueness in an 120 70 40 10 --- 240
2 organization in fluencies customer
repurchase behavior 50.0 29.2 16.7 4.2 ---
Expansion of product mix strategies 140 90 9 1 --- 240
3 stimulate organizational market
growth 58.3 37.53 8 0.4 100 ---
RQ 2 How can pricing strategies
have influence on profitability of
selected manufacturing firms in
Ogun State?
Effective implementation of 101 131 4 4 ---- 240
skimming pricing strategy increases
4
organization profitability
42.1 54.61 71.7 100 ---
Poor adoption of pricing strategy 140 90 5 5 ---- 240
affects company’s market
5
performance offering penetration
pricing strategy 58.3 37.52 12.1 100 ----
Is a way of building customer 12.2 80 28 10 --- 240
6
loyalty in a business 50.8 33.3 117 4.1 100 ---
RQ3 How does promotional tools
have influence on customer
retention of selected manufacturing
firms in Ogun State
Giving free sales promotional 76 120 34 10 --- 240
7 incentives tools increases consumer
percentage 31.7 50.0 14.2 4.21 100 ----
Adopting advertising strategies 75 135 25 5 --- 240
8 increases company’s potential
audience 13.3 56.3 10.4 2.1 100 ---
9 Integration of different promotional 80 155 3 2 ---- 240
mix stimulate consumer retention
 33.3 64.6 1.3 0/8 100 ---
Source: Field Survey.2021

INTERPRETATION OF DATA

Table 4.2.1: The analysis shoes that 56.3% strongly agree that effectiveness of product mix
strategies increases organization performance, 39.6% agree, 1.7% disagree and 2.5% strongly
disagree.

Table 4.2.2: The analysis shows that 50% strongly agree that creating product uniqueness in an
organization influences customer repurchase behavior, 29.2% agree, 16.7 disagrees and 4.2%
strongly disagree.

Table 4.2.3: The analysis shows that 58.3% strongly agree that expansion of product mix
strategies stimulate organizational market growth, 37.5% agree, 3.8% disagree and 0.4% strongly
disagree.

Table 4.2.4: The analysis reveals that 42.1% strongly agree that effective service assurance
influences customer satisfaction in an organization, 54.6% agree, 1.7% disagree, 1.7% strongly
disagree

Table 4.2.5: The analysis indicates that 58.3% strongly agree that effective implementation of
skimming pricing strategy increases organizational profitability, 37.5% agree, 2.1% disagree and
2.1 strongly disagree.

Table 4.2.6: The analysis shows that 50.8% strongly agree that offering penetration pricing
strategy is a way of building customer loyalty in business, 33.3% agree, 11.7% disagree and
4.1% strongly disagree.

Table 4.2.7: The analysis shows that 31.7% strongly agree that giving free sales promotional
incentives tools increases consumer patronage,, 50% agree, 14.2% disagree and 4.2% strongly
disagree.

Table 4.2.8: The analysis shows that 31.7% strongly agree that adopting advertising strategies
Increases Company’s potential audience, 50% agree, 14.2% disagree and 4.2% strongly disagree.
Table 4.2.9: The analysis reveals 39.3% strongly agree that integration of different promotional
mix stimulate customer retention, 56.3% agree, 10.4 disagree and 2.1 % strongly disagree.
 CHAPTER FIVE

SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1 SUMMARY OF FINDINGS

This research investigated marketing strategy and business performance of selected

manufacturing firms in Ogun State. The findings indicated that marketing strategy significantly
influence business performance in most manufacturing firms. It could be noted that marketing
strategies consist of market strategy and strategies consist of market strategy and marketing mix
strategy which directly affects business performance is as a result of firms must ensure they
develop effective marketing strategy that will guide the company overall marketing actions and
activities in order to meet up with customer’s expectations at all levels. Also, developing an
effective marketing strategy for your business is the key growth expansion and long-term
success.

5.2 CONCLUSION

, from the foregoing discussion, it is clear that service quality significantly influence
customer buying behavior of selected insurance firms in Abeokuta Ogun State. The study found
that marketing strategies (product, price, distribution and promotion) were significantly
independent and joint predictors of business performance. However, customers are found
satisfied with the existing service delivered. Therefore the managerial efforts and resources
allocations should be focused on improving marketing strategies. They should as a matter of
necessity make marketing strategy a major policy decision while trying to satisfy customer and
retain them. The challenge is that developing the right marketing strategy can involve a lot of
hits or miss, and for small business, the cost related to misunderstanding your market can be
catastrophic. The study however, discovered that product innovativeness significantly influence
on sales revenue of an organization.
5.3 RECOMMENDATIONS

Consequently upon the findings, the following recommendation was made:

1. Management should ensure developing new product innovation strategy they can
sell or offer for high profit margin. Product innovation such as (process innovation
and technological innovation) in order to influence improved sales turnover in a
firm.

2. Management should focus on using penetration pricing method for their new
product or use a reasoning pricing method suitable to recover their cost of
production and gaining high profitability in the firm at the long –run.

3. Management should consider developing effective implementation of promotional

mix will be suitable for their product and also make sure their product get wider
coverage and audience in attempt to satisfy customer needs and retaining the
existing ones.
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