Volume 8, Issue 8, August – 2023 International Journal of Innovative Science and Research Technology

ISSN No:-2456-2165

Artificial Intelligence Adoption and Marketing

Performance of Quoted Manufacturing
Firms in Nigeria
Ifekanandu, Chukwudi Christian1 Ezirim, Aloy Chinedu2
University of Nigeria Business School Enugu, Department of Marketing, University of Port Harcourt,
Enugu State, Nigeria Rivers State, Nigeria

Kingsley Uyiosa Asemota3*

Departmen of Business Admistration , Edo State Polytechnic, Benin City,Nigeria.

Corresponding Author:- Kingsley Uyiosa Asemota3*

Abstract:- This study examined artificial intelligence Keywords:- Artificial Intelligence, Marketing, Performance,
adoption and marketing performance of quoted Manufacturing Firms, Nigeria
manufacturing firms in Nigeria. The study adopted the
positivism research philosophy and correlational I. INTRODUCTION
research design. The population of the study consisted of
426 managers drawn from the 71 quoted manufacturing One major criteria used to make investment decision is
firms in Nigeria. The managers include branch the marketing performance of firms. The marketing
managers, operational managers, production managers, performance of a firm indicates how well the firm is doing
marketing managers and sales managers of the firms. A in its marketing activities. A firm’s marketing performance
sample size of 206 managers was used for the study. The is judged by the percentage to which the firm increases its
sample size was determined mathematically using the sales (sales growth), sales turnover rate (the speed at which
Taro Yamene’s formula. A structured questionnaire was a firm converts its inventory into cash) and market share
used to obtain data from the respondents. The data (the proportion of the market served by a firm grows from
collected were analyzed statistically while the hypotheses year to year) (Shih, 2018). Investors often used the
were tested using Spearman Rank Order Correlation marketing performance of quoted firms in addition to their
Coefficient (rho). The SPSS version 23.0 was used to financial performance to decide which company to invest
perform the bivariate analysis. The findings revealed their funds on. They evaluate the sales turnover of different
that the application of artificial intelligence technologies quoted firms from year to year and used the information to
in marketing operations has a significant relationship determine their financial strength of companies in near
with sales growth of quoted manufacturing firms in future. Chen (2019) stated that quoted manufacturing
Nigeria. The study also revealed that the application of companies that experience steady sales growth from year to
artificial intelligence technologies in marketing year are likely to attract more investors to their companies
operations has a strong and significant relationship with since investors place much emphasis on the marketing
market share growth of quoted manufacturing firms in performance of firms when making their investment
Nigeria. The study equally confirmed that artificial decision.
intelligence capabilities have a strong and significant
relationship with sales growth of quoted manufacturing Considering the fact that investors attached more
firms in Nigeria. The study also reported that artificial importance to the marketing performance of firms when
intelligence capabilities has a strong and significant making investment decision, it becomes necessary for
relationship with market share growth of quoted quoted manufacturing firms in Nigeria to find a way to
manufacturing firms in Nigeria. Based on these findings, improve their marketing performance. Improving marketing
it was concluded that artificial intelligence adoption performance is the only way for quoted manufacturing firms
significantly relate to marketing performance of quoted to grow their revenue and survive in the midst of
manufacturing firms in Nigeria. Based on these findings competition (Shahid & Li, 2019). However, improving
and conclusion, it was recommended that quoted marketing performance is not an easy task for quoted
manufacturing firms in Nigeria especially those that are manufacturing firms as a good marketing performance
experiencing poor marketing performance should adopt requires a lot of efforts. As Maohua (2009) rightly stated,
artificial intelligence technologies in their marketing improving marketing performance requires a lot of efforts as
operations as it would improve their marketing resources such as information, machines and other
performance. technologies have a role to play in order to improve firms’
marketing performance. This implies that quoted

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Volume 8, Issue 8, August – 2023 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
manufacturing firms need to adopt artificial intelligence to What data will be required to train the algorithm? What
improve their marketing performance. expertise is required to complement the artificial
intelligence? And how the algorithm’s output will be used to
Artificial intelligence is a set of theories and make decisions (Alekseeva et al, 2020). The answers to
techniques used to create machines that are capable of these questions will determine the successful adoption of
stimulating intelligence (Benko and Lanyi in Wamba- artificial intelligence.
Taguimdje et al, 2020). Mikalef and Gupta in Enholm et al
(2021) defined artificial intelligence as the process of giving Organizations will have to rely more on artificial
computer human-like capabilities, meaning that computers intelligence in order to improve their marketing
are able to perform tasks that normally require human performance. Artificial intelligence adoption facilitates
intelligence. These tasks include reasoning, learning, better targeting of customers, thereby attracting more
understanding and problem solving. Eriksson et al in customers and improving the marketing performance of
Enholm et al (2021) stated that artificial intelligence firms (Lichtenthaler, 2019). Alekseeva et al (2020) opined
emulates human performance by acting as an intelligent that adoption of artificial intelligence can increase
agent, which performs actions based on a specific forecasting which will in turn facilitate better decision
understanding of input from the environment. The aim of making and cost reduction such as the reduction in the cost
artificial intelligence is to try to reproduce human cognition of handling customer orders and inventory management
by emulating how humans learn and process information costs. Kuzey et al (2014) posited that artificial intelligence
(Enholm et al, 2021). Artificial intelligence can replace adoption can help a firm to increase its operational
human intelligence with cheap and faster algorithms in some efficiency, improve its supply chain and maintenance
roles and increase process efficiency. Although artificial operations, optimize costs, product improvement and
intelligence is still far from equaling human intelligence, it provide a positive and pleasant customer experience which
is extremely effective in performing specific tasks in an will in turn boost sales and improve the marketing
organization (Blanchet, 2016). performance of firms. It is against this backdrop that this
study examines the relationship between artificial
Artificial intelligence is not a new concept; it is just intelligence adoption and marketing performance of quoted
that many organizations are just beginning to adopt it. Lee et manufacturing firms in Nigeria.
al (2018) noted that America and China embarked on a
frantic race for artificial intelligence since the early 2010  Statement of Problem
with a particular focus on its most promising component The manufacturing sector in Nigeria remains crucial to
Learning Systems (Machine learning or Deep Learning). the growth of the economy. This sector was estimated to
The benefits derived from artificial intelligence adoption contribute 32% value to the Nigerian economy with food
make this information based technology a market of the and beverage products generating the greatest values of
future. Today, artificial intelligence has become the most output (ThisDay Newspaper, 2020). Some of the key players
spectacular IT application which has undergone series of in this sector are: Unilever Nigeria Plc., Dangote Foods,
development in the last decades (Blanchet, 2016). The UAC Foods, Cadbury, Honeywell Flour Mills, Nigerian
adoption of artificial intelligence has transformed the world Breweries, Guinness Nigeria Plc., Nigerian Bottling
into a modern one characterized by supremacy of data in Company, Nestle Friesland, amongst others. These
every business activity. Data are no long confined to data companies are quoted on the floor of the Nigerian Stock
centers as sensors of any kind or object is capable of Exchange and they engage in food and drink production.
producing and measuring data (Wamba-Taguimdje et al, But recently the marketing performance of these firms have
2020). dropped significantly due to the harsh economic condition in
Nigeria as well as the deadly covid-19 pandemic which
Artificial intelligence and its components (machine crippled the Nigerian economy. The economic climate in
learning, deep learning, Chabot, neural network, virtual Nigeria has remained bleak and unimpressive for quite
assistant and others) are fundamentally reshaping the sometimes, there is poor electricity supply and the cost of
business processes (Kuzey et al, in Wamba-Taguimdje et al, manufacturing is very high.
2020). They have transformed the way in which companies
operate and reduce the costs of predictions (Agrawal et al, Given the high cost of manufacturing in Nigeria and
2018). AlSheibani et al (2018) noted that firms adopting the declining marketing performance of quoted
artificial intelligence have a strong propensity to grow as manufacturing firms, it becomes imperative for these firms
this data based technology would expand their economies of to integrate modern technologies into their business
scale arising from a larger data available at the firm. The operations by adopting artificial intelligence. It is the
ability of artificial intelligence to improve forecasting can researcher’s argument that artificial intelligence adoption
help firms to target customers better, optimize costs and would help to improve the marketing performance of quoted
improve their productivity (Kim et al, 2011). However, manufacturing firms in Nigeria. However, substantial
before adopting artificial intelligence, firms need to identify empirical evidence that support this claim is lacking within
the key areas where an improved prediction by artificial the Nigerian context. This uncovered area has created huge
intelligence will generate positive outcomes (Alekseeva et vacuum in literature which the present study intends to fill
al, 2020). They need to provide answers to the following and contribute to existing knowledge on artificial
questions: what problem will artificial intelligence solves? intelligence adoption in business organizations.

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Volume 8, Issue 8, August – 2023 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
 Conceptual Framework
The conceptual framework of artificial intelligence adoption and marketing performance of quoted manufacturing firms is
shown in figure 1 below:

Fig.1: Conceptual framework of artificial intelligence adoption and marketing performance of quoted manufacturing firms
Source: Enholm et al (2021); Wamba-Taguimdje et al (2020); Githui (2019); Chen (2019).

 Aim and Objectives of the Study  Research Hypotheses

The aim of this study was to examine the relationship The following hypotheses were formulated to guide
between artificial intelligence adoption and marketing this study:
performance of quoted manufacturing firms in Nigeria. The
objectives of the study are:  Ho1: There is no significant relationship between
application of artificial intelligence technologies in
 To ascertain the relationship between application of marketing operations and sales growth of quoted
artificial intelligence technologies in marketing manufacturing firms in Nigeria.
operations and sales growth of quoted manufacturing  Ho2: There is no significant relationship between
firms in Nigeria. application of artificial intelligence technologies in
 To explore the relationship between application of marketing operations and market share growth of quoted
artificial intelligence technologies in marketing manufacturing firms in Nigeria.
operations and market share growth of quoted  Ho3: There is no significant relationship between
manufacturing firms in Nigeria. artificial intelligence capabilities and sales growth of
 To determine the relationship between artificial quoted manufacturing firms in Nigeria.
intelligence capabilities and sales growth of quoted  Ho4: There is no significant relationship between
manufacturing firms in Nigeria. artificial intelligence capabilities and market share
 To find out the relationship between artificial growth of quoted manufacturing firms in Nigeria.
intelligence capabilities and market share growth of
quoted manufacturing firms in Nigeria. II. REVIEW OF RELATED LITERATURE

 Research Questions  Concept of Artificial Intelligence Adoption

In order to address the objectives of the study, the To understand the concept of artificial intelligence, it is
following research questions were developed: important to first of all define what artificial is, and then
what intelligence entails. According to Mikalef and Gupta
 To what extent does the application of artificial (2021), artificial is something that is developed by humans
intelligence technologies in marketing operations rather than it occurring naturally while intelligence
contributes to sales growth of quoted manufacturing according to Lichtenthaler (2019) refers to mental activities,
firms in Nigeria? reasoning, learning and understanding. When the two
 To what extent does the application of artificial concepts are combined together as artificial intelligence, it
intelligence technologies in marketing operations relate means the development of machines by human that is
to market growth of quoted manufacturing firms in capable of stimulating intelligence. Mikalef and Gupta in
Nigeria? Enholm et al (2021) defined artificial intelligence as the
 To what extent do artificial intelligence capabilities process of ‟giving the computer human-like capabilities,
relate to sales growth of quoted manufacturing firms in meaning that computers are able to perform tasks that
Nigeria? normally require human intelligence. These tasks include
 To what extent do artificial intelligence capabilities reasoning, learning, understanding and problem solving.
relate to market share growth of quoted manufacturing
firms in Nigeria?

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Volume 8, Issue 8, August – 2023 International Journal of Innovative Science and Research Technology
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According to Benko and Lanyi in Wamba-Taguimdje while 85% view artificial intelligence as a strategy for
et al (2020), artificial intelligence is a set of theories and gaining competitive advantage over their rivals. However,
techniques used to create machines that are capable of some organizations are struggling to effectively adopt
stimulating intelligence. Selfridge and Simon in Wamba- artificial intelligence because of lack of proper
Taguimdje et al (2020) defined artificial intelligence as the understanding of its technologies and application (Fountaine
use of computer to model intelligent behaviour with et al, 2019). Makarius et al (2020) confirmed that many
minimal human intervention. McCorduck et al in Wamba- companies invest their money and time in artificial
Taguimdje et al (2020) described artificial intelligence as intelligence adoption but fail to realize its full benefits due
the use of technological devices to reproduce the cognitive to poor application of the technologies.
abilities of humans to achieve objectives autonomously,
taking into account any constraints that may be encountered.  Dimensions of Artificial Intelligence Adoption
Artificial intelligence adoption can take the form of
Artificial intelligence and its components (machine artificial intelligence technologies application and artificial
learning, deep learning, Chabot, neural network, virtual intelligence capabilities. These two dimensions of artificial
assistant and others) are fundamentally reshaping the intelligence adoption are discussed below:
business processes (Kuzey et al, in Wamba-Taguimdje et al,
2020). Since the emergence of machine learning (automatic  Artificial Intelligence Technologies
learning: machines learn from the datasets offered to them), Artificial intelligence technologies are the techniques
whose latest development is Deep Learning (which relies on and tools used in the implementation of artificial
neural networks), ‟ artificial intelligence has made intelligence in an organization (Lichtenthaler, 2019). These
significant progress (Buchanan, in Wamba-Taguimdje et al, technologies can be applied in all organizations that engage
2020). Machine learning algorithms are used to train the in business and marketing activities. Examples of artificial
deep layers of networks rather than modeling vast amounts intelligence technologies include machine learning or deep
of information, neural networks learn by digesting millions learning, natural language processing, computer vision,
of test data (Zemouri et al, in Wamba-Taguimdje et al, expert systems, planning and scheduling, and speech
2020). When combined with big data, machine learning and synthesis systems (Afiouni, 2019; Lichtenthalar, 2019;
neural network processing perform operations and actions Chen, 2019; Schmidt, 2020; Enholm et al, 2021). Machine
that exceed human actions in terms of speed and relevance learning is a subset of artificial intelligence that is capable of
(Wamba-Taguimdje et al, 2020). learning from data and making predictions and/or decision
without human dictated rules (Schmidt, in Enholm et al,
Artificial intelligence adoption can help a firm to 2021). The principle of machine learning incorporates
increase its operational efficiency, improve its supply chain training algorithms to enable machines to learn how to make
and maintenance operations, optimize costs, product accurate predictions (Wang et al, in Enholm et al, 2021).
improvement and provide a positive and pleasant customer Wang et al (2019) stated that machine learning can take the
experience (Kuzey et al, 2014). It can also ensure quick and form of supervised, semi-supervised and unsupervised and
automatic adaptation to the changing market conditions, reinforcement. The aim of machine learning is to train a
strengthen their relationship with their customers and chine to be able to learn from data and make inferences
suppliers, create a new business model and improve predictions, and identify associations which can guide
planning capacity and forecasting (Kuzey et al, 2014). decisions (Afiouni in Enholm et al, 2021). Machine learning
Artificial intelligence adoption can equally help firms to technology accomplish this task by parsing data, learning
detect fraud, automate threat information and intelligence from data and making decision based on what it has learnt
systems, automate quality control, manage logistics (Wang et al, 2019).
operations, optimize sales processes and assist in decision
making (Johnson et al, 2018). To ensure the successful Neural language processing is the process through
application of artificial intelligence in an organization, which machines can understand and analyze language as
certain elements such as data, technologies, information used by humans (Jarrahi, in Enholm et al, 2021). Computer
technology and artificial intelligence talent, domain vision is an algorithmic inspection and analysis of images
knowledge, scalable infrastructure and external partnership (Jarrahi, in Enholm et al, 2021). Expert systems are directed
(Jadhav, 2012). at imitating human decision-making by capturing and
representing the expertise of experts for other organizational
Recently, organizations are increasingly adopting members to use, serving as a knowledge base (Afiouni in
artificial intelligence due to its deluge of date and strong Enholm et al, 2021). Planning and scheduling is the
computational capacity (Zebec & Stemberger, 2020). These development of action strategies and sequences for
organizations believe that artificial intelligence adoption subsequent execution (Lichtenthalar, in Enholm et al, 2021).
would help to maximize their business value. AlSheibani et Speech synthesis systems include text-to-speech and speech-
al (2020) stated that firms that effectively adopt artificial to-text solutions (Ghadage & Shelke in Enholm et al, 2021).
intelligence stand to gain in terms of increasing their According to them, text-to-speech is the production of
business value in the areas of revenue growth, cost reduction speech by machines by automatic conversion of text to a
and operational efficiency. A study conducted by phonemic specification of pronunciation of the sentences to
Ransbortham et al (2017) revealed that 80% of companies utter while speech-to-test systems take a human speech
considered artificial intelligence as a strategic opportunity

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Volume 8, Issue 8, August – 2023 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
utterance as an input and requires a string of words as orchestrate and leverage its artificial intelligence specific
output. resources. Schmidt et al in Enholm et al (2021) described
artificial intelligence capabilities as digital capabilities that
Among the artificial intelligence technologies, machine integrate artificial specific assets such as artificial
learning applications appear to be dominating research intelligence algorithms, training data, etc. in order to enable
interest. However, the other artificial intelligence value creation.
technologies are combined with machine learning or deep
learning to provide solutions to problems. For example, in Artificial intelligence capabilities are made up of
chatbots’ case, neural language processing is combined with artificial intelligence management capability, artificial
machine learning in such a way that neural language intelligence personal expertise and artificial intelligence
processing allows chatbots to comprehend and respond infrastructure flexibility (Wamba-Taguimdje et al, 2020).
using the human language while machine learning algorithm According to Kim et al in Wamba-Taguimdje et al (2020),
enable chatbots to evolve and learn as they access more data artificial intelligence management capability is the ability of
(Castillo et al, 2020). an organization and its staff to administer or to model
intelligent behavior in a computer or technology to create
The application of artificial intelligence technologies added value for the organization’s sustainability. Artificial
can enable manufacturing firms to improve their sales intelligence management capability is crucial to strategic
forecasting. For instance, B2B sales forecasting provides planning, investment decision, coordinating and control of
substantial evidence that artificial intelligence technologies artificial intelligence technologies (Hamet & Treblay, 2017).
such as machine learning techniques can be used to augment
the selling capabilities of a firm, and improve its sales Artificial intelligence personal expertise is the
performance (Chang et al, 2005). In terms of customer professional skills and knowledge of artificial intelligence
relationship management, Chang et al in Chen (2019) noted related technologies, business functions and relational (or
that machine learning technique can be used to improve the interpersonal domains required by the organization’s staff
quality of customer relationship management by identifying for modeling and/or using intelligent behaviour in a
customer emotions and using them to improve services. computer or technology to accomplish the tasks assigned to
Machine learning technique can also be used to simplify it (Ha & Jeong, in Wamba-Taguimdje et al, 2020). The
new product development process. According to Cheng information technology staff of an organization must
(2019), the newly developed machine learning techniques possessed the required knowledge and skills to be able to
change the traditional paradigm in new product development handle the resources of artificial intelligence at their
and their applications suggest new avenues to explore more disposal (Wang et al, 2019). Afiouni (2019) stated that
artificial intelligence based tools in new product artificial intelligence technologies would be implemented
development. successfully if the IT personnel of the organization must the
required skills and knowledge. Abijith and Wamba (2012)
Promotion and advertising are another crucial areas noted that the expertise of artificial intelligence staff will be
that have been improved by machine learning techniques. enhanced if they understand how their top management
Kwok and Yu (2013) noted that spreading messages about blend the corporate strategies with their artificial
products on social media platforms such as Facebook, intelligence skills. Liu et al (2013) opined that a firm with
Twitter, Snapchat, Instagram, etc. has been facilitated competence artificial intelligence staff is more likely to
through the application of machine learning techniques. Cui adapt to the fast changing environment brought about by
et al (2006) stated that machine learning technique is used to technology advancement. The firm can easily develop a
identify prospective customers online and promote products reliable and cost effective intelligent and align its strategies
and services at a reduced costs. Although artificial with them.
intelligence technologies are promising, the application of
these technologies in business operations is still at the Artificial intelligence infrastructure flexibility refers to
infancy stage as some marketers are not confident in using the composition of all technological assets (software,
them (Schmidt et al, 2020). A 2016 survey conducted hardware and data), systems and their components, network
among 15 marketing managers in US firms revealed that and telecommunications installations and applications that
98% of them see benefits in using artificial intelligence are necessary for the implementation of an artificial
technologies (Demand Base, in Cheng, 2019).. However, intelligence system capable of performing tasks (Kim et al
only 28% feel confident of using artificial intelligence in Wamba-Taguimdje et al, 2020). Abijith and Wamba in
technologies while currently only 10% of the 15 marketing Wamba-Taguimdje et al (2020) stated that the flexibility of
managers are using it (Demand Base, in Cheng, 2019). deploying artificial intelligence infrastructure for
organizational operations allows the organization’s staff to
 Artificial Intelligence Capabilities rapidly support various system components and adapt to
Artificial intelligence capabilities refer to a ‟firm’s changing business conditions and business strategies such as
ability to create a bundle of organizational, personnel and economic pressures, strategic alliance, acquisitions, global
artificial intelligence resources for business value creation partnerships or mergers. Kim et al (2011) posited that a firm
and capture (Kim et al, in Wamba-Taguimdje et al, 2020). with an improved IT infrastructure can easily adapt to the
Mikalef and Gupta in Enholm et al (2021) defined artificial use of artificial intelligence‟ resources and deploy artificial
intelligence capability as the ability of a firm to select, intelligence technologies. Kim et al (2011) ‟disclosed that

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ISSN No:-2456-2165
an infrastructure that is perform self-configuration, self- (Santos & Brito, 2012). In this regards, strategic planners,
healing and self-optimization functions can easily prevent managers and marketing executives are more concerned
problems, promote process innovation, optimize resources with their marketing performance of their company. They
usage and proactively improve performance. now use a balanced scorecard method to measure their
marketing performance (sales growth, sales turnover and
 Concept of Marketing Performance market share) (Gawankar et al, 2015).
Marketing performance is a crucial concept in
marketing research and it is often used as a dependent  Measures of Marketing Performance
variable. According to Raza (2014), marketing performance The marketing performance of a firm can be measured
is frequently investigated in most marketing research while using various criteria. Previous studies (e.g. Niazi, 2011;
other strategic issues in marketing are correlated to it. The Santos & Brito, 2012; Samwel, 2018; Chen, 2019) used
term marketing performance refers to the marketing sales growth, market share, profitability, competitive
outcomes of a firm which can be measured through sales advantage, customer satisfaction and loyalty. However, in
growth, market share, competitive advantage, customer this study, marketing performance is measured using sales
satisfaction and loyalty (Jayapal & Omar, 2017). It can also growth and market share. These measures of marketing
be defined as the behaviour of a valuable asset in the performance are discussed below:
marketplace (Jayapal & Omar, 2017). Sarker et al (2001)
defined a firm’s marketing performance in terms of sales  Sales Growth
growth, market share, market development and product Sales growth is defined as a company’s annual and
development. Similarly, Ritala (2012) posited that a firm’s quarterly rate of increase in sales revenues (Kotler &
marketing performance is the rate at which a firm’s products Armstrong, 2004). The Business Dictionary defines sales
or services are patronized by customers in the market (sales) growth as the amount by which the average sales volume of
and the portion of the market which the firm has been able a company’s products or services has grown, typically from
to capture (market share). year to year. Sales growth helps to increase the profit margin
of a company. As Reibstein et al (2006) stated, an increase
A firm’s market performance is a measure of in sales means a corresponding increase in revenue for the
consumers’ preference for its product/service over similar company and this lead to increase in shareholders’ dividend.
products/services (Dwyer & Mellor, 1993). A firm can use By selling more products from year to year, company
its marketing performance to ascertain how consumers react increases its profit margin and expands its operations. Sales
to its products offerings. A higher market performance is an growth helps to increase the general health of a company; it
indicator that the consumers are satisfied with the indicates whether or not a company is meeting its target
products/service rendered and vice versa. Hence, every (McKinsey et al, 2016).
company wants to increase their market performance since it
is the only way to improve financial performance and Sales growth of a company can be measured using the
achieve their desired goals of the organization (Ogunnaike sales growth metrics (Kotler & Armstrong, 2004). Sales
et al, 2014). growth metrics measure the pace at which an organization’s
sales revenue is increasing or decreasing. This is a key
Measuring a firm’s marketing performance is crucial to metric for any organization to monitor since it is a part of
the growth and survival of an organization. When an growth projections and is instrumental in strategic decision
organization is doing well consistently in terms of making. Monitoring sales level periodically helps to gain a
increasing sales and market share from year to year, the clear indication of growth trends and normalize company
company will be able to make more profit and expand its value. This will help the company account for monthly or
operations. But when the marketing performance of the quarterly spikes in revenue. At the highest level, the sales
company is poor in all ramifications (sales and market growth metric is used to provide executives and sales
share), the company will find it difficult to grow and sustain directors with an assessment of the market performance of
in its industry (Samwel, 2018). For this reason, shareholders the company.
and business owners are interested in knowing how well
their product is doing in the market. If an organization Sales growth is key indicator of marketing
experienced massive increase in sales (sales growth) and performance. It indicates that the company is doing well in
market share, the company is said to have a good market the market (Roberge, 2014). Cross (2012) stated that sales
performance in the period under review (Niazi, 2011). growth is a crucial competitive factor because it
demonstrates to investors that the company is doing well as
Improving marketing performance is one of the major against its competitors. When an investor look at the
objectives of business firms irrespective of the sector they financial statement of a company, he try to concentrate more
belong (Ogunnaike et al, 2014). When a company’s market on the sales figure to know whether the company’s sales is
performance is improved, it will manifest in the profit growing consistently from year to year. The reason for this
margin of the organization. Santos and Brito (2012) stated is that the investor would to determine how well the
that a good marketing performance is an indication that the company is doing in the market particularly against its
company is enjoying a competitive advantage over its rivals. competitors. If an investor discovers that the sales of the
It also implies that the company is enjoying greater sales, company are growing consistently from year to year, he or
market share, customer loyalty and increased profit margin

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she may decide to buy its share and make profit through Armstrong & Greene (2007) stated that companies whose
dividend. market share is below a certain level will not be profitable
and may cease from operation anytime soon. Many investors
Many investors attach more importance to sales growth who intend to buy the share of a company use the
when evaluating the financial statements of companies for company’s market share index to make decision. They
investment decision. This is based on the fact that sales carefully look at the rate of increase and decrease of the
growth signifies a firm’s financial stability and business market share from one period to the other because it
growth (Schenk et al, 2015). Cross (2012) stated that signifies the relative competitiveness of the company’s
companies need to have a consistent sales growth rate products in the market. If the market share of the company
because it would enable them to manage the growth of the is growing steadily, it indicates that the company’s revenue
business. According to him, a company wouldn’t exist for is growing at the same rate as its market share. Amelia
long if its sales drop consistently from year to year. It will (2017) stated that a company whose market share is growing
require a lot of money to revive the business when sales from year to year grows its revenue faster than its rivals in
drop consistently; hence there is need for companies to the same industry. When the market share of a company
manage their sales growth rate efficiently. A company that increases from year to year, it enables the company to
is looking for investors needs to give them the confidence expand its operation and increase profit. Nigerian companies
that the company is growing and that its sales figure do not are determined to increase their market share by drawing the
fall outside its growth metrics. The company’s sales growth attention of the public to their products through advertising,
should also look profitable. It is of no use selling more reducing prices and granting discounts.
products and losing money on every item sold. A company
that make more sales on a daily basis and continue to lose  Theoretical Review
money on every item sold will not last for long. The This study is anchored on the innovation diffusion
company will only be around for the period that it has cash theory which was developed by Roger (1983). The
to cover the loss (Reibstein et al, 2006). innovation diffusion theory denotes individuals’ intention to
adopt a technology as a modality to perform a traditional
 Market Share Growth activity (Simon & Senaji, 2016). The motivating factor that
According to Kotler and Armstrong (2004), market drives individuals’ intention to adopt modern technology to
share is the percentage or proportion of the total available perform traditional activities is relative advantage which is
market or market segment that is being served by a expected to be gain. This theory is more concerned about the
company. It is determined by dividing a brand’s sales manner in which technological idea is put to use. It explains
volume by the total category sales volume. It is necessary to how individuals and business organizations intend to use
commission market research (generally desk/secondary modern technology to perform their operations. Olannyei et
research) to determine the firm’s market share. A company’s al (2017) stated that innovation diffusion theory tends to
market share can be ascertained by calculating the sales describe the manner in which individuals and corporate
made by the company at a given period and divide the figure organizations accept technology as a modality to perform
by the total sales of the industry over the same period. The their traditional operations. It is all about the intention of the
result which is expressed in percentage enables the company individuals or organization to embrace modern technology
to know how customers value its products in relation to to perform their activities efficiently.
competitors’ offerings. For instance, if a company like
Toyota sold N200 million worth of cars in Nigeria for the The innovation diffusion theory is very useful in
year 2017, and the total cars sold in Nigeria was N400 studying the motives behind the adoption of artificial
million at the same period, Toyota’s Nigeria market share intelligence technologies in manufacturing firms. The theory
for cars would be 50%. explains that the motive behind the adoption of technology
is to improve business operations and gain a competitive
Market share is one of the most important criteria used advantage over their larger rivals. According to Idowu et al
to measure market performance of a firm (Misumi & (2016), companies considered it beneficial to adopt artificial
Peterson, 2005). The main advantage of using market share intelligence technologies in their operation because of its
as a measure of market performance is that it is less potentials in improving their marketing performance. This
dependent upon macro-environmental variables such as the has led to the development of machine learning technologies
state of the economy or changes in tax policy. A firm’s which makes it possible to learn from data and perform that
marketing performance in relation to competitors can be humans can perform. With artificial intelligence
measured by the proportion of the market that the firm is technologies, quoted manufacturing firms in Nigeria can
able to capture (Misumi & Peterson, 2005). develop new products, promote and advertise the products
using modern technology and deliver quality products to
Increasing market share is the most important goal for their target customers (Simon & Senaji, 2016).
companies because it has a direct impact on revenue
(Amelia, 2017). In many instances, market share is often The innovation diffusion theory supports the fact that
considered as an important asset for competing firms quoted manufacturing firms in Nigeria can use artificial
because it helps to increase revenue and enhance business intelligence technologies to improve their marketing
growth. However, a company that experiences a decline in performance. The theory explains that modern technology
market share will have a serious problem on the long-run. enables quoted manufacturing firms in Nigeria to adopt

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artificial intelligence in their business operations and the major challenge facing the adoption of artificial
improve their marketing performance. With these artificial intelligence in marketing.
intelligence tools, quoted manufacturing firms can satisfy
their customers, retain them for a longer term, attract new Mikalef and Gupta (2013) empirically examined the
customers to their firm and improve their overall marketing impact of artificial intelligence capability on organizational
performance. creativity and firm performance. The researchers adopted a
descriptive survey design and develop a model to test the
 Empirical Review relationship between the variables of the study. The
Some related empirical studies have been conducted on researcher used the hierarchical model to represent the
artificial intelligence adoption and marketing performance indicators of artificial intelligence and measures of
of firms. For instance, Omar et al (2017) examined the organizational creativity and firm performance. The PLS-
diffusion of artificial intelligence in governance of public SEM analysis specifically the software SmartPLS 3.0 was
listed companies in Malaysia. Their study used content used to test the relationship between artificial intelligence
analysis to determine the extent of artificial intelligence capability and organizational creativity/firm performance.
awareness and the stages in corporate annual reports of 806 The findings showed that artificial intelligence capability
companies listed in the Main Market of Bursa. The significantly increase organizational creativity. The study
researchers focused on big data and machine learning and also revealed that artificial intelligence capability
used the annual financial reports to analyze and determine significantly improve firm performance.
the diffusion stage of artificial intelligence adoption in the
management of the companies for the period 2017. After a Chen (2019) conducted a study to determine the
thorough content analysis, it was reported that public listed augmenting effects of artificial intelligence on marketing
companies in Malaysia are yet to infuse the innovation and performance. His study used technological opportunisms,
that the adoption of artificial intelligence in their operations top management support, customer orientation and
and management of their business is still at the early or normative pressure as the dimensions of firm’s artificial
infancy stage. The study reported that only 1% or less than intelligence adoption while customer satisfaction, sales
20 public listed companies mentioned artificial intelligence, growth and market share were used to measure marketing
big data and machine learning in their annual reports. performance. The researcher adopted the survey research
design where data were collected from 250 managers
Basri (2020) carried out a study to determine the comprising of marketing managers, brand managers and
impact of artificial intelligence on the performance of small sales managers of manufacturing firms in China using a
and medium enterprises in Saudi Arabia. The researcher structured questionnaire. The data collected were using
adopted the descriptive survey research design where data percentage and frequency tables, mean and standard
were collected from business owners, managers and deviation, exploratory factor analysis, confirmatory
employees of start-up SMEs in Saudi Arabia. The data were composite analysis, structural equation modelling, SPSS
collected with the aid of a structured questionnaire while the 25.0 and AMOS vision 25. The findings revealed that
Partial Least Square (PLS) and Structural Equation artificial intelligence has significant effect on marketing
Modeling (SEM). The findings showed that the adoption of performance of manufacturing firms in China.
artificial intelligence alongside with social media marketing
in SMEs contribute to the increase in the customer base of Alekseeva et al (2020) examined the relationship
the firms. The study also revealed that artificial intelligence between artificial intelligence adoption and firm
accompany with social media marketing enhance effective performance. The researchers developed a model to analyze
business management and improve the profitability of the relationship between artificial intelligence and firm
SMEs. performance as measured by firm growth, investment
decision and productivity. After analyzing the data gathered
Shahid and Li (2019) explored the application of using the firm-level artificial adoption, the researchers found
artificial intelligence in marketing in Pakistan. Their study out firm size and policy have significant influence on the
adopted the qualitative research approach and used a semi- artificial intelligence adoption by management. The study
structured interview to obtain data from 10 marketing found a robust relationship between artificial intelligence
professionals in different firms in Pakistan. After analyzing adoption and total investment. The study also discovered a
the information gathered from the interview conducted robust relationship between artificial intelligence adoption
among the marketing professionals, it was revealed that and firm growth. However, no robust relationship was
artificial intelligence is adopted in marketing because of reported between artificial intelligence adoption and
competitive pressure, digital maturity, media attention and productivity.
customers. The study revealed that artificial intelligence
adoption brings about increased efficiency, time saving Wamba-Taguimdje et al (2020) carried out a study to
when performing the marketing functions, improved determine the influence of artificial intelligence on firm
conversion rates, better marketing decision making, better performance. The researchers adopted the descriptive survey
understanding of customer information, increased return on research design and used a structured questionnaire to
investment and enhanced services and customer satisfaction. collect data from managers of different firms in Cameroon.
The study however revealed that technical compatibility is The data collected were analyzed using percentages, means,
standard deviations and frequencies while the hypotheses

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ISSN No:-2456-2165
were tested using descriptive statistical tools such as  Gap in Literature
Statistical Package for Social Sciences (SPSS), MS Excel This study has reviewed relevant literature on artificial
and regression analysis. The result showed that artificial intelligence adoption in corporate organizations. From the
intelligence has significant influence on marketing, financial literature review, it was observed that a good number of
and administrative performance. The study also reported studies have been conducted on artificial intelligence
that artificial intelligence improve organizational process. adoption in business organizations. However most of the
The study equally revealed that artificial intelligence studies conducted on artificial intelligence adoption and
enhance business value of their transformed projects. marketing performance were conducted in China, Pakistan,
Kenya, Cameroon, Saudi Arabia and Malaysia while
Chen (2019) examined the success factors impacting empirical studies that examined the relationship between
artificial intelligence adoption in the telecom industry in artificial intelligence adoption and marketing performance
China. The study employed the survey research design of quoted manufacturing firms in Nigeria are absent or
where data were collected from managers of telecom limited. Even the dimensions of artificial intelligence
companies using a structured questionnaire. The data adoption (artificial intelligence technology application and
collected were analyzed using Structural Equation Modeling artificial intelligence capabilities) are yet to be related to the
(SEM). After analyzing the data collected, the researcher measures of marketing performance (sales growth and
discovered that managerial support, compatibility, relative market share growth) of quoted manufacturing firms in
advantage, government involvement and vendor partnership Nigeria. This has created a gap in literature which this study
significantly influence the adoption of artificial intelligence intended to fill.
in telecom industry in China.
 Operational Framework
The operational framework of artificial intelligence
adoption and marketing performance of quoted
manufacturing firms is shown in figure 2 below:

Fig.2: Operational framework of artificial intelligence adoption and marketing performance of quoted manufacturing firms
Source: ‟Researcher’s operationalization, 2022.

III. METHODOLOGY drawn from the quoted manufacturing firms in South-South

Nigeria. A structured questionnaire was used to collect data
This study adopted the positivism research philosophy from the respondents (managers). The questionnaire was
and the correlational research design. The population of this structured on a four points Likert scale which range from
study consisted of all the quoted manufacturing firms in Strongly Agree, Agree, Disagree and Strongly Disagree.
Nigeria. According to the information made available in the The validity of the instrument (questionnaire) was
Nigerian Stock Exchange Factbook 2021 Edition, there are determined through face and content analysis while its
71 manufacturing firms quoted on the Nigerian Stock reliability was confirmed using the Cronbach's alpha
Exchange. The unit of analysis consisted of managers of the reliability test method. A total copy of 206 questionnaires
quoted manufacturing firms in Nigeria. The managers was administered to the respondents (managers) of quoted
include branch managers, operational managers, production manufacturing firms in South-South Nigeria and 136 copies
managers, IT managers, marketing managers and sales were collected. The data collected were analyzed using
managers of the firms. Four hundred and twenty-six (426) descriptive statistics while the hypotheses were tested using
managers of the above categories were identified in the 71 the Spearman Rank Order Correlation Coefficient (rho). The
quoted manufacturing firms. A sample size of 206 managers bivariate analysis was performed with the aid of SPSS
was used for the study. The sample size was determined version 23.0.
using the Taro Yamen’s formula. The 206 managers were

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IV. EMPIRICAL RESULTS

The result of the analysis carried out on the study variables were presented in this section. The data collected on artificial
intelligence adoption (artificial intelligence technologies and artificial intelligence capabilities) were correlated with those
obtained on marketing performance (sales growth and market share growth) using the SPSS version 23.0. The results of the
bivariate analysis were presented in the tables below:

Table 1 Result of Bivariate Analysis between Application of Artificial Intelligence Technologies and Sales Growth of Quoted
Manufacturing Firms
Artificial Intelligence Technologies Sales Growth
Spearman Artificial Intelligence Correlation Coefficient 1.000 .710**
(rho) Technologies Sig. (2 tailed) . .001
N 136 136
Sales Growth Correlation Coefficient .710** 1.000
Sig. (2 tailed) .001 .
N 136 136
**Correlation is significant at 0.01 levels (2 tailed)
*Correlation is significant at 0.05 levels (2 tailed)
Source: SPSS-generated Output

Table 1 shows the result of the bivariate analysis (rho = .710**) and this correlation is significant at 0.01 level
carried out between application of artificial intelligence as indicated by the symbol **. Consequently, the null
technologies in marketing operations and sales growth of hypothesis (Ho1) is rejected and the alternate hypothesis is
quoted manufacturing firms in Nigeria. The result indicates accepted. This means we then accept that there is strong
that application of artificial intelligence technologies in positive and significant relationship between application of
marketing operations has a strong and positive correlation artificial intelligence technologies in marketing operations
with sales growth of quoted manufacturing firms in Nigeria and sales growth of quoted manufacturing firms in Nigeria.

Table 2: Result of Bivariate Analysis between Application of Artificial Intelligence Technologies and Market Share Growth of
Quoted Manufacturing Firms
Artificial Intelligence Technologies Market Share Growth
Spearman Artificial Intelligence Correlation Coefficient 1.000 .622**
(rho) Technologies Sig. (2 tailed) . .001
N 136 136
Market Share Growth Correlation Coefficient .622** 1.000
Sig. (2 tailed) .001 .
N 136 136
*Correlation is significant at 0.05 levels (2 tailed)
Source: SPSS-generated Output

Table 2 contains the result of the bivariate analysis correlation is significant at 0.01 level as indicated by the
carried out between application of artificial intelligence symbol **. Based on this result, the null hypothesis (Ho2) is
technologies in marketing operations and market share rejected and the alternate hypothesis is accepted. This
growth of quoted manufacturing firms in Nigeria. The result implies that we then accept that there is strong positive and
indicates that application of artificial intelligence significant relationship between application of artificial
technologies in marketing operations is strongly and intelligence technologies in marketing operations and
positively correlated to market share growth of quoted market share growth of quoted manufacturing firms in
manufacturing firms in Nigeria (rho = .622**) and this Nigeria.

Table 3: Result of Bivariate Analysis between Artificial Intelligence Capabilities and Sales Growth of
Quoted Manufacturing Firms
Artificial Intelligence Capabilities Sales Growth
Spearman Artificial Intelligence Correlation Coefficient 1.000 .745**
(rho) Capabilities Sig. (2 tailed) . .001
N 136 136
Sales Growth Correlation Coefficient .745** 1.000
Sig. (2 tailed) .001 .
N 136 136
**Correlation is significant at 0.01 levels (2 tailed)
*Correlation is significant at 0.05 levels (2 tailed)
Source: SPSS-generated Output

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Table 3 presents the result of the bivariate analysis 0.01 level. As a result of this, we then reject the null
carried out between artificial intelligence capabilities and hypothesis (Ho3) and accept the alternate hypothesis. This
sales growth of quoted manufacturing firms in Nigeria. The means that we then accept that there is strong positive and
result shows a strong positive correlation between artificial significant relationship between artificial intelligence
intelligence capabilities and sales growth of quoted capabilities and sales growth of quoted manufacturing firms
manufacturing firms in Nigeria (rho = .745**) and the in Nigeria.
symbol ** indicates that this correlation is significant at

Table 4: Result of Bivariate Analysis between Application of Artificial Intelligence Capabilities and Market Share Growth of
Quoted Manufacturing Firms
Artificial Intelligence Capabilities Market Share Growth
Spearman Artificial Correlation Coefficient 1.000 .688**
(rho) Intelligence Sig. (2 tailed) . .001
Capabilities N 136 136
Market Share Correlation Coefficient .688** 1.000
Growth Sig. (2 tailed) .001 .
N 136 136
**Correlation is significant at 0.01 levels (2 tailed)
*Correlation is significant at 0.05 levels (2 tailed)
Source: SPSS-generated Output

Table 4 shows the result of the bivariate analysis growth of quoted manufacturing firms in Nigeria. This
carried out between artificial intelligence capabilities and finding emerged from the result of the bivariate analysis
market share growth of quoted manufacturing firms in carried out on the two variables. The result revealed that
Nigeria. The result indicates that artificial intelligence application of artificial intelligence technologies in
capabilities have a strong positive correlation with market marketing operations is strongly and positively correlated to
share growth of quoted manufacturing firms in Nigeria (rho market share growth of quoted manufacturing firms in
= .688**) and the symbol ** indicates that this correlation is Nigeria (rho = .622**) and this correlation is significant at
significant at 0.01 level. Based on this result, the null 0.01 level. Based on this result, the null hypothesis (Ho2)
hypothesis (Ho4) is rejected and the alternate hypothesis is was rejected and the alternate hypothesis was accepted. This
accepted. This means that we then accept that there is strong implies that we then accepted that there is strong positive
positive and significant relationship between artificial and significant relationship between application of artificial
intelligence capabilities and market share growth of quoted intelligence technologies in marketing operations and
manufacturing firms in Nigeria. market share growth of quoted manufacturing firms in
Nigeria. This finding is in line with Zebec and Stemberger
V. DISCUSSION OF FINDINGS (2020)’s proclamation that the application of artificial
intelligence technologies in marketing activities of a
This study discovered a strong positive and significant company would improve the marketing performance of the
relationship between application of artificial intelligence organization. Alekseeva et al (2020) also agreed with this
technologies in marketing operations and sales growth of finding when they revealed that the adoption of artificial
quoted manufacturing firms in Nigeria. This finding was intelligence technologies significantly improve the
derived from the result of the bivariate analysis carried out marketing process and increase the market share of a firm.
on the two variables. The result revealed that the application
of artificial intelligence technologies in marketing This study reported a strong positive and significant
operations has a strong and positive correlation with sales relationship between artificial intelligence capabilities and
growth of quoted manufacturing firms in Nigeria (rho = sales growth of quoted manufacturing firms in Nigeria. This
.710**) and this correlation is significant at 0.01 level. finding emanated from the result of the bivariate analysis
Consequently, the null hypothesis (Ho1) was rejected and carried out on the two variables. The result showed a strong
the alternate hypothesis was accepted. This means we then positive correlation between artificial intelligence
accepted that there is strong positive and significant capabilities and sales growth of quoted manufacturing firms
relationship between application of artificial intelligence in Nigeria (rho = .745**) and this correlation is significant
technologies in marketing operations and sales growth of at 0.01 level. As a result of this, we then rejected the null
quoted manufacturing firms in Nigeria. This finding is hypothesis (Ho3) and accepted the alternate hypothesis. This
supported by Basri (2020) and Chen (2019) as both studies means that we then accepted that there is strong positive and
confirmed that artificial intelligence technologies in significant relationship between artificial intelligence
advertising and promotional activities increase the level of capabilities and sales growth of quoted manufacturing firms
customer patronage and ensure sales growth of firms. in Nigeria. This finding is consistent with the research
conducted by Chen (2019) which reported that artificial
This study also found a strong positive and significant intelligence has the capabilities of improving sales and
relationship between application of artificial intelligence marketing performance of a firm. Shahid and Li (2019) also
technologies in marketing operations and market share agreed with this finding when they stated that the

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Volume 8, Issue 8, August – 2023 International Journal of Innovative Science and Research Technology
ISSN No:-2456-2165
capabilities of artificial intelligence have been proved within  That, quoted manufacturing firms in Nigeria that are
the marketing context in terms of improving marketing currently experiencing poor marketing performance
performance of firms. should leverage on artificial intelligence capabilities as it
would help to improve their marketing performance.
Finally, it was revealed that artificial intelligence  That, quoted manufacturing firms in Nigeria that are
capabilities have a strong positive and significant experiencing high level of customer defection should
relationship with market share growth of quoted apply artificial intelligence technologies in their
manufacturing firms in Nigeria. This finding emerged from customer relationship management as it would help to
the result of the bivariate analysis carried out on the two build a long-term relationship with their customers,
variables. The result revealed that indicates that artificial increase customer loyalty and retention and improve
intelligence capabilities have a strong positive correlation their overall marketing performance.
with market share growth of quoted manufacturing firms in  Finally, it is recommended that quoted manufacturing
Nigeria (rho = .688**) and this correlation is significant at firms in Nigeria that are planning to adopt artificial
0.01 level. Based on this result, the null hypothesis (Ho4) intelligence technologies in their marketing operations
was rejected and the alternate hypothesis was accepted. This should adequately train their IT personnel on the use of
means that we then accepted that there is strong positive and these modern devices as this would enable handle these
significant relationship between artificial intelligence technologies perfectly. ‟
capabilities and market share growth of quoted
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