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1.1 Background of the Study
Marketing, more than any other business functions, deals with customers. This marketing is all about managing profitable customer relationships and twofold goal of marketing is to attract new customers by promising superior value and keep and grow current customers by delivering satisfaction. Sound marketing is critical to the success of every organization. No matter where they are based, large for profit firms such as Google, Toyota, Nokia use marketing. But so do not for profit organization such as colleges, hospitals, museum even churches.
The role of marketing is to ensure that economic good/services are produced/rendered to satisfy consumer wants, if all marketing does not attain its objective to satisfying this wants, it may be difficult for consumer to derive maximum satisfaction. Economic resources on the other hand world have been utilized while consumers’ want are yet to be fully meet. The society has a high stake in the skill with which marketing executives perform the marketing strategy. Consumer Behavior is highly unpredictable and it is the most basic focus of marketing strategy. The important role of particular product plays in the consumers’ life will determine now the consumers respond to the marketing strategy used to market the product in the same vain. Understanding the demographic characteristics of consumers in term of age, sex, geographical location, income and expenditure patterns, mobility and the psychological characteristic covering activities. Patterns and attitudes, interest and value is central to the success of the overall marketing strategy.
With the above as the background you are now ready to delve deeper into marketing strategy decision how to segment, targeting, differentiating and positioning the market then, the chapter that follow explore the tactical marketing mix tools in the four PS – by which to live. Business practitioners practice strategy management in divorce ways such as in the development of new products and services, sales, promotion by providing incentives to stimulate sales and increase dealers effectiveness using advertising strategy, contest exhibitions and premising. According to Kotler (1988) “marketing strategy. Comprises the broad principles by which marketing management expects to achieve it business and marketing objectives, in a target market. The essence of marketing strategy is new position that moves towards satisfying of both present and future needs of the consumers.
Consumers and business buyers face abundance of suppliers in seeking to satisfy their needs and therefore go for value for money when choosing their suppliers. It is pertinent for one to realize that the primary function of any business in the market is to satisfy human wants with the aim of maximizing shareholders wealth.
In today’s increasingly competitive environment, both national and international, quality services and consumer satisfaction are critical to profits, cost, savings and market share companies should too much high degree, be aware that customer dissatisfaction equals both defection and long-term losses. It is easier and much cheaper to keep existing satisfied customers in their willingness to repurchase which is much higher is a satisfied customer in than the dissatisfied and indifferent ones, hence, the essence of the study which is an attempt to assess the impact of marking strategy on consumer buying behavior.
1.2 Statement of Research Problems
Companies today recognize that they cannot appeal to all buyers in the market place,, or at least not to all buyers in the same way, therefore marketing managers need to study the consumers buying behavior and apply its strategy to get consumers value.
In addition, the incessant challenges faced by the marketers in making decision in respect of consumers’ decision-making process and inadequacy in application of marketing strategies in developing product for consumer desires and satisfaction both in presents and in future, as consumers’ decision process might help an organization in knowing the consumer’s dislikes and likes.
So also, as marketer need clear understanding of consumers and what process they go through before making their final purchases and ultimately, in bid to investigate the effect of marketing strategies on consumers’ buying behavior in an organization and adding to existing knowledge on this topic; upon these backdrops this research work is based.
1.3 Objective of the Study
Generally the objective of the study is to examine the impact of marketing strategy on consumer buying behavior.
However the specific objectives are:-
1. To examine the general contribution of marketing strategy towards the development of product for consumers satisfaction.
2. To identify the problem behind the marketing strategy as it affects the consumer buying behavior.
3. To assess how marketers base their decision according to consumers’ decision-making process.
4. To examine how consumer uses information available and makes decision as what to buy and consume.
1.4 Research Question/Hypothesis
Base on the above stated research objectives, the following research question as have been developed.
1. What is the general contribution of marketing strategy toward the development of product for consumers’ satisfaction?
2. What are the problems behind the marketing strategy as it affects the consumer buying behavior?
3. What ways do marketer bases their decision according to consumer’s decision making process?
How consumers do uses information available and makes decision as what to buy and consume?
Ho: There is no significant difference between general contribution of marketing strategy and the development of product for consumers’ satisfaction.
Hi: There is significant difference between general contribution of marketing strategy and the development of product for consumers’ satisfaction.
Ho: There is no significant difference in the problem behind marketing strategy and its effect on consumer buying behavior.
Hi: There is significant difference in the problem behind marketing strategy and its effect on consumer buying behavior.
1.5 Significance of the Study
The usefulness of marketing strategy to consumer buying behavior is of great concern to marketers. So this research would be of greater help to the markets, as it will examine the impact of marketing strategy on consumers. The marketing managers and potential investors in the business may be beneficiary of this study, and also I as a research student, stand to benefit immensely from the research work, since it will not only broaden my knowledge but also contributing greatly doing any discussion that may from time to time come up with otherscholars.
The ultimate objective of every consumer is to maximize his utility from the consumption of every unit of product at a price. The study will help the consumers in satisfying their needs and as well as the organization and also adopt suitable strategies for different kind of consumer in different circumstances and environment.
This study helps government and its agencies in formulating policies that will guide manufacturing industries to redirect their strategies. Any marketer that fails to plan properly for the future and consumer’s wants will find his or her self fading in to the sunset.
1.6 Scope of the Study
Marketing strategy is applicable to all consumers, however, all the consumers could not be covered, and for that the scope of the study will be limited to manufacturing industries in particular with the view of satisfying the consumers in their market place, as such only consumers of manufacture products will be inviewed. Therefore, a wider scope may produce little variation from the study.
1.7 Limitation of the Study
In carrying out research of this nature there is possibility of facing some limiting factors which are listed as follows:-
1. Difficulties faced in acquiring available literature on consumer buying behavior and marketing strategies.
2. Insufficient time to carry out more conclusive study.
3. Inadequate information of some of the consumers.
4. Difficulties inquired from correspondent response and also in going to the organization to acquire information.
1.8 Definition of Key Terms
Consumer Behavior:- Is defined as the behavior that consumer display in searching for purchasing, using evaluating and disposing of product and services that thing expect will satisfy their needs.
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