Effect of Marketing Concept on the Performance of Manufacturing Company.
CHAPTER ONE
OBJECTIVES OF STUDY
The broad objective of the study is to know the impact of marketing concept and satisfaction of consumer, specifically the objective include:
- To examine the relationship between marketing concept and performance of manufacturing company.
- To examine the extent to which customer income affect marketing objectives.
- To establish the influence of the product quality on the policy of the competitors.
CHAPTER TWO
LITERATURE REVIEW
CONCEPTUAL FRAMEWORK
Stanton (2004) defined marketing as total system of interacting business activities designed to plan, price, promote and allocate want-satisfying product and services to present and also potential customers at a profit. These activities define the wide scope of the marketing concept and their integration within a marketing plan is known as the marketing mix. Marketing therefore means, being synchronized to the needs of customers rather than emphasizing what is convenient to produce. The realities of contemporary world show that a functional economy is an economy on which marketing is powerfully centered, as a philosophy that directs organizational activity, no matter its nature, as well as practical action, reflected in significant and spectacular results (Lifters, Brătucu, et al, 2006).
One of the shifts of the contemporary economic world comprises of the fact that in today’s organizational setting, it is much difficult to sell goods than products. In today’s economy, rivalry between manufacturers and suppliers, demand and supply, has a very close relation. They grow with unsuspected rhythms, by new rules on the market, identified by the means of complex marketing research of potential buyers, manufacturers or competitors, of market fluctuations, and so on. (Costea, and Săseanu, 2009).
Marketing has also been viewed traditionally as a business activity. Organizations exist for the satisfaction of human needs, especially those that are material in nature. Therefore, one can also define marketing from the business perspective. For example, marketing has been defined as the “delivery of a higher standard of living.” Other definitions refers to the term marketing as an exchange process. This process deals with at least two parties which are the buyer and seller. Each party gives up something of value to them and receives something of value to them. According to Philip Kotler, he defined marketing as “a societal process by which individuals and groups obtain what they need and want through creating product, offering for sale, and exchanging products and services of value with others.”
In this view of strategic marketing is the requirement to establish a strategy to adapt with competitors, locate market opportunities, produce and commercialize new services and products, distribute resources among various marketing activities and also design an organizational structure to make for the performance which is desired to be ultimately achieved.
MARKETING CONCEPT
According to Ibidunni (2004) marketing concept can be describes as a business philosophy that challenges the concepts of products, production, selling and society. It is defined as the management orientation that holds that the key to achieving organizational goals consist of the organization determining the needs and wants to target markets and adapting it self to delivering, the desired satisfaction more efficiently and effectively more than its competitors. In this concept; Consumers must first be categorised into different market segment depending on their various needs and wants, then the consumers in each market segment will support the offer of any organization that comes in close to satisfying their various desires, the organizational goal is to therefore choose their target markets and come up with effective offers and marketing programs so as to attracting and also holding customers. Under marketing concept, the emphasis focuses on not just selling a product but also on selling satisfaction. The main objective of marketing is maximization of profits via the satisfaction of customers. The consumer is at the center and all other marketing activities operate around this central point- Customer.
CHAPTER THREE
RESEARCH METHODOLOGY
The paper used survey research method with structure questionnaires which were distributed among the sampled respondents in all one hundred and sixty questionnaires were sent out, five of them were not returned while seven of the returned questionnaires were rejected by the researcher because they were not properly filled. This mean that the researcher used a total of one hundred and fourty eight questionnaires that were properly filled. Based on the nature of the hypothesis generated earlier, the paper relevant and suitable test statistics to test the hypothesis.
RESEARCH DESIGN
Research design is the determination and statement of the general research approach or strategy adopted for this particular project. In this study, descriptive and survey design will be used for primary and secondary information that will be gathered.
Research Questions
Is there any significant relationship between marketing concept and organizational performance?
Can consumer income affect marketing objectives?
Can Product quality influence the policy of the competitors?
Research Hypotheses
The following hypotheses which are stated in the null form are formulated for the purpose of the study:
Ho: There is no relationship between marketing concept and performance of manufacturing company.
Hi: There is relationship between marketing concept and performance of manufacturing company.
Ho: Consumer income does not affect marketing objectives.
Hi: Consumer income does affect marketing objectives.
Ho: Product quality does not influence the policy of the competitors.
Hi: Product qualities do influence the policy of the competitors.
CHAPTER FOUR
PRESENTATION AND INTERPRETATION OF ANALYSIS
INTRODUCTION
This analysis is strictly based on the data obtained from 70 questionnaires that were properly distributed and administered to the respondents. Meanwhile, this chapter is divided into two sections. The first section focuses on the bio-data of the respondents, while the second section contains information on Marketing Concept; Its Effect on customer satisfaction, using the staff of Flour Mill Plc. Agabra, Ogun State. There are various reports between age, gender, educational qualification, marital status, position held and nationality and other variables where applicable.
CHAPTER FIVE
CONCLUSION, SUMMARY AND RECOMMENDATION
CONCLUSION
Marketing is increasingly becoming highly dynamic, as a discipline and as an activity. All organizations today either profit or non-profit must involve marketing in their operations. Marketing concept emphasizes a coordinated effort at satisfying the needs and wants of customers at a profit to the organization. It believes that consumers needs can be used as bases for grouping then into different market segments. The concept believes that consumers would be attracted more to the products/services of organizations that are closest to satisfying their specific needs in any market segment.
The task of all organizations is to first conduct research before choosing its target markets. The organization thereafter matches its marketing programs in such a way that it can effectively attract customers, satisfy them, retain them and therefore strive to build good relationships with these customers. In today’s complex world of business, organizations must plan and make right and effective decisions in a constantly changing environment. Organizations must constantly scan their environment and understand the dynamic variables in the environment. Organizations must know that success in their businesses depends on their knowledge of the marketing environment which is vital and strategic for effective business decisions.
RECOMMENDATIONS
Marketing concept and its philosophies are important issues in an organization that has the capacity of meet human needs and satisfying them. it should be taken very seriously. Marketing concept, which emphasizes a coordinated effort to satisfy customers’ needs and achieve the organization’s goals, is the philosophy guiding today’s marketing managers. By applying all the marketing concept philosophies and thereby meeting organizational goals as well as satisfying the needs of consumers more than competitors.
Organizations should strive to satisfy their consumers by creating a convenient complain opportunity for customers since most dissatisfied customers hardly complain so as to know when and how to provide better products and services. Organizations should have a close relationship with their customers to enable them work on their complaints and needs in order to maintain their customers. It will also be a way of attracting new prospects by showing their commitment in listen to their complaints needs.
By making each customer feel very important, treating them like kings and queens would make the customer remain loyal to the organization. The organization should make use of incentives such as giving cards, sending celebration wishes to their customers. All employees should be committed in seeing that the customers are satisfied.
No strategy is as good as that of listening to customers. This can be done by keeping personnel staff permanently plugged into front-line customer feedback, and training these staffs well on how to deal with different types of customers. The organization can program an electronic mailing system, which would send special messages like birthday wishes, anniversary.
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