The Influence of Marketing Strategy and Market Competition on Business Performance

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IOSR Journal of Business and Management (IOSR-JBM)
e-ISSN: 2278-487X, p-ISSN: 2319-7668. Volume 11, Issue 4 (Jul. - Aug. 2013), PP 59-66
www.iosrjournals.org

The Influence of Marketing Strategy and Market Competition on Business

Performance
A Study of Selected Small and Medium Enterprises (Smes) In Oluyole
Local Government, Ibadan, Nigeria.

GbolagadeAdewale, Adesola M.A, Oyewale I.O

Department Of Marketing The Polytechnic, Ibadan Tel: 08033458715
Department Of Business Administration Osun State Polytechnic, Iree
Department Of Business Administration Osun State Polytechnic, Iree

Abstract: This research paper investigates the nfluence of marketing strategy and market competitionon business
performance with special reference to the selected SMEs in Oluyole local government area Ibadan, Nigeria. The
survey research design method was used in this study which involves using a self-design questionnaire in
collecting data from one hundred and three (103) respondents. The instrument used in this study is a close-ended
questionnaire that was designed by the researchers. Correlation coefficient and multiple regression analysis were
used to analyze the data with the aid of statistical package for social sciences (SPSS) version 20. The results show
that the independent variables (i.e Product, Promotion, Place, Price, Packaging and After sales service) were
significant joint predictors of business performance in term of profitability, market share, return on investment,
and expansion.(F(6, 97) = 14.040; R2 = 0.465; P< .05). The independent variables jointly explained 46.5% of
variance in business performance. Subsequently, recommendation were made to SMEs operators to produce
quality products; charge competitive prices, position appropriately, use attractive package for the product,
engage in after sales service and provide other distinctive functional benefits to consumers.
Key words: Marketing strategy, Product, Price, Place, Promotion, Packaging,After sales Service and SMEs.

Submitted date 04June 2013 Accepted Date: 10 June 2013

I. Introduction
The current globalization market has made companies to see the internationalization of their activities
as a way to remain competitive. Marketing strategy has become important tool globally for any organization to
remain in competitive market environment and was stronger. Aremu and Lawal (2012) sees strategy as a pattern
ofresource allocation decisions made throughout an organization.This encapsulates both desired goals and beliefs
about what areacceptable and most critically unacceptable means for achievingthem. Aremu and Lawal, (2012)
say that strategy implies that the analysis of the market and itsenvironment, customer buying behaviour,
competitive activitiesand the need and capabilities of marketing intermediaries. Marketing strategy therefore, can
be defined as a method by which a firm attempts to reach its target markets. Marketing strategy starts with market
research, in which needs and attitudes and competitors' products are assessed and continuesthrough into
advertising, promotion, distribution and where applicable, customer servicing, packaging, sales and distribution.
Marketing strategy must focus on delivering greater value to customers and the firm at a lower cost (Chiliyaet al,
2009). Owomoyelaet al, (2013) also see marketing strategy as way of providing a quality product that satisfies
customer needs, offering affordable price and engaging in wider distribution and back it up with effective
promotion strategy. Marketing strategy is a vital prerequisite of Industry's ability to strengthen its market share
and minimize the impact of the competition.
Small and medium enterprises (SMEs) are the engine of economy growth and development globally,
Nigeria inclusive. By their very nature, SMEs constitute the most viable and veritable vehicle for self-sustaining
industrial development (Oyebamiji, kareem and Ayeni. 2013).SMEs in developing countries, like Nigeria are
struggling to survive under intense competitive environments both domestic and international. Oyebamiji, kareem
and Ayeni (2013) discover that Small and Medium Enterprises (SMEs) in Nigeria have not performed creditably
well and hence have not played the expected vital and vibrant role in the economic growth and development of
Nigeria. They note that the situation has been of great concern to the government, citizenry, operators, and
practitioners. These challenges could be as a result of perceived ineffective marketing strategy which is having
negative effect on the organization‟s performance, product quality, customer satisfaction and profitability. Small
and medium enterprises (SMEs) operators need to provide a quality product with good packaging that satisfies
customer needs, offering affordable price and engaging in wider distribution and back it
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 Impact Of Marketing Strategy On Business PerformanceA Study Of Selected Small And Medium

up with effective promotion strategy in order to survive the pressure from global market competitive environment

RESEARCH OBJECTIVES

This study aims to determine the influence of marketing strategy and market competition on business
performance with special reference to the selected small and medium enterprises (SMEs) in Oluyole local
government, Ibadan, Nigeria. Specifically this study seek to answers the following questions.

1. What factors influence marketing strategy in Oluyole Local government,Ibadan, Nigeria in terms of:

1.1 Brand Equity

1.2 Positioning

2. What factors influence market competition in Oluyole Local government,Ibadan, Nigeria in terms of:

2.1 Innovation

2.2 Market Share

3. What factors influence business performance in Oluyole Local government,Ibadan, Nigeria in terms of:

3.1 Product

3.2 Promotion

3.3 Place

3.4 Price

3.5 Packaging

4. Is there a relationship between marketing strategy and market competition on business performance in Oluyole
Loval government,Ibadan, Nigeria?

II. Literature Review

There are numerous definitions of marketing strategy in the literature and such definitions reflect
different perspectives ( 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 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 objectives in the target market; the view which was earlier expressed by (Gronroos, 1999, and Osuagwu,
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 of an organization‟s marketing strategy development is to
establish, build, defend and maintain its competitive advantage. Managerial judgment is important in coping with
environmental ambiguity and uncertainty in strategic marketing.
Lin (1993) as cited in Long-Yi and Ya – Huei,(2012) proposes that marketing strategy can be divided
into four ways to research that: (1) Dual-oriented marketing strategy: using rational and emotional product name,
easy to remember, and pricing to take into account the cost of service and quality orientation, psychological factors
and competitors‟ prices. (2) Rational marketing strategy: the use of functional demands of a rational position,
consider after-sales service, warranties, delivery and installation attached by the product factors. (3) 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. (4) Maintenance
marketing strategy: consumers are more concerned about price and quality, it is not suitable to use a lot of
marketing techniques, manufacturers can improve product packaging and labeling, give a simple name for
remember, consider the quality position and competitor pricing during pricing. Lin (1993) divides marketing
strategy into four parts, that is dual-oriented, rational, emotional and low involvement, different product types
with different marketing strategy, so the manufacturer‟s marketing strategy can be divided into five parts which
is the choice of target market, product strategy, pricing strategy, channel strategy and marketing strategy. He use

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a total of 29 questions to measure new product marketing strategy and seven points Likert scale is used to measure.
When the industry lack of competition, the business performance would be better even when companies are not
entirely market-driven, the performance will have a more excellent performance (Kohliet al., 1993).
Previous studies have established relationships between the marketing strategies and performance
( Owomoyelaet al, 2013; Shoham, 2002; Theodosiou&Leonidou, 2003). Leonidou, Katsikeas and Samiee (2002)
propose a study in which a meta-analysis was also conducted to evaluate the relationships between the marketing
strategies and performance.

2.1 PRODUCT STRATEGY

Kotler and Armstrong (2006) define a product as anything that can be offered to a market for attention,
acquisition, use, or consumption that might satisfy a want or need. They further define a consumer product as the
product bought by the final consumer for personal consumption. Consumers buy products frequently, with careful
planning, and by comparing brands based on price, quality and style.Borden, (1984) sees a product as about
quality, design, features, brand name and sizes. Mohammad et al, (2012) also say that product is the physical
appearance of the product, packaging, and labelingInformation, which can also influence whether consumers
notice a product in-store, examine it, andpurchase it. past researchers have clearly suggested that product
influences have a significant impact on business performance (KazemandHeijden, 2006; Kemppainen,
Vepsäläinen, andTinnilä, 2008; Ogunmokun and Esther, 2004; Owomoyelaet al, 2013),

2.2 PRICING STRATEGY

kotler (2007) defines price as a cost of producing, delivering and promoting the product charged by the
organization. Zeithaml (1988) is of the view that monetary cost is one of the factors that influence consumer‟s
perception of a product‟s value. Price can be stated as the actual or rated value of a valuable product which is up
for exchange; some define it as amount of money paid for product (Kotleret al, 2005). In the studies of
Colpan,( 2006); Dooleet al., (2006) and Owomoyelaet al, (2013) they establish significant relationship between
price and business performance. The price you set for your product or service plays a large role in its
marketability.Pricing for products or services that are more commonly available in the market is more elastic,
meaning that unit sales will go up or down more responsively in response to price changes (Jones, 2007).

2.3 PROMOTION STRATEGY

Zeithamlet al. (1995) describe promotion as part of specific effort to encourage customers to tell others
about their services. According to Duncan (2005), promotion is the key to the marketexchange process that
communicates with present and potential stakeholders, and the generalpublic. Every firm or store must cast itself
into the role of communicator and promoter. Hakansson (2005) also reports that promotion appears as an issue
of how to create an optimal mix of marketing communication tools in order to get a product's message and brand
from the producer to theconsumer. Borden, (1984) defines promotion as sales promotion, advertising, personal
selling, public relations and direct marketing. Kotler, (2007) discovers that Promotions have become a critical
factor in the product marketing mix which consists of the specific blend of advertising, personal selling, sales
promotion, public relations and direct marketing tools that the company uses to pursue its advertising and
marketing objective. Previous researches (Amine and Cavusgil, 2001; Francis and Collins-Dodd, 2004) have
established significant relationship between promotion and business performance.

2.4 PLACE STRATEGY

Jones, (2007) defines place as any way that the customer can obtain a product or receive a service.
Bowersox and Closs (1996) give distribution as another name for place. According to them, it is the third element
of the marketing mix, and it encompasses all decisions and tools which relate to making products and services
available to customers. Kotler and Armstrong (2006),also define place or distribution as a set of interdependent
organizations involved in the process of making a product available for use or consumption by consumers. Place
strategy calls for effective distribution of products among the marketing channels such as the wholesalers or
retailers (Berman, 1996). Owomoyela et al, (2013); Amine and Cavusgil, {2001}; and McNaughton,( 2002) agree
that place has significant effect on business performance.

2.5 PACKAGING STRATEGY

Packaging is a crucial component of the "marketing mix" for a product. It is the "least expensive form of
advertising" and is of particular importance at the point of sale, as the package is the manufacturer's last chance
to convince the customer to purchase the product (Sajuyigbeet al, 2013). Packaging is a very important marketing
strategy to glamorize product in order to attract the consumer‟s attention. Sometimes packaging is so important
that it cost more than the product itself in order to lure the consumers to buy it (Sajuyigbeet al,2013).Olayinka
and Aminu (2006) see packaging as all activities of designing and producing the container or wrapper for a
product. Kottler (2007) defines packaging as all materials products used for the containment, protection, hard
delivery and presentation of goods. Packaging is the protecting products for distribution, storage, sale and use,
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 Impact Of Marketing Strategy On Business PerformanceA Study Of Selected Small And Medium
packaging also refers to the process of design evaluation and production of packages. Packaging can be described
as a coordinated system of preparing goods for transport, warehousing information and sell. It is fully integrated
into government business, institutional, industry, and personal use (Diana, 2005).Sajuyigbeet al, (2013) point out
that packaging is one of the inevitable communication tools that influence buying behavior and enhance business
performance.

2.6 AFTER SALES SERVICE STRATEGY

After sales service involves a continuous interaction between the service provider and thecustomer
throughout the post-purchase product life cycle. At the time the product issold to the customer, this interaction is
formalized by a mutually agreed warranty orservice contract. Urbaniak, (2001) defines after sales service as
those activities that enhance or facilitate the role and use of the product. (Asugman, et al., 1997) also define after
sales service as those activities in which a firm engages after purchase of its product that minimize potential
problems related to product use, and maximize the value of the consumption experience. Past researchers (Ruben,
2012; Saccani, et al., 2007;; Raddats, 2011; Goffin and New, 2001) agree that after sales service is a marketing
strategy that enhance and establish strong and long relationship with customers, which in long run lead to customer
satisfaction, retention and profitability.

2.7 CHARACTERISTICS OF SMES IN THE NIGERIAN ECONOMY

In a global context, a general definition of SMEs using size and scale of operation is not easy, but within
the fixed co-ordinates of national boundaries, it might be relatively easier. At the 13th Council meeting of the
National Council on Industry held in July, 2001 Small and Medium Enterprises (SMEs) were defined by the
Council as follows:

2.7.1 Small-Scale Industry

An industry with a labour size of 11-100 workers or a total cost of not more thanN50 million, including working
capital but excluding cost of land.

2.7.2 Medium Scale Industry:

An industry with a labour size of between 101-300 workers or a total cost of over N50 million but not
more than N200 million, including working capital but excluding cost of land.

2.7.3 Large Scale

An industry with a labour size of over 300 workers or a total cost of over N200 million, including working
capital but excluding cost of land.
Aluko, Oguntoye, and Afonja (1975) as cited in Oyebamiji, Kareem and Ayeni (2013) characterised
SMEs as follows: 1) The same manager or proprietor finds it difficult to raise short or long term capital from the
organized capital market, instead relies on personal savings or loans from friends, relatives or money lenders. 2)
The same manager/proprietor handles/supervises the production, financing, marketing and personnel functions
of the enterprise. 3) The manager/proprietors vision is confined to the local community in which he carries on his
line of business. There is little or no knowledge of the wider or distant markets. 4) The rate of business mortality
is high probably because of strong mutual distrust and dominance of the sole proprietor which militates against
the formation of partnerships or limited liability companies. 5) The enterprise is generally poorly equipped as the
small scale industrialist feels reluctant to accept outside help owing to prejudice or fear that information about the
enterprise might reach the tax authorities or a nearby competitor. 6) Little or no account of business costs or
revenue is kept and the banking system is hardly utilized. The result is that banking facilities for business financing
and expansion are extended to only very few of the industrialists. 7) The level of education of the proprietor is
usually very low with a consequent low level of business management technique, skill or market information.

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III. Conceptual Frameworkd Model And Hypotheses

Source: Designed by researchers

The general form of the model was as follows: BP = α + β1X1 + β2X2+ β3X3+ β4X4+ β5X5+ β6X6+e Where,
BP = Business Performance, X1 = Product, X2 = Promotion, X3 = Place X4 = Price X5 = Packaging, X6 = After
sales service. And α is constant and β1, β2, β3, β4, β5, and β6 are coefficient to estimate, and e is the error term.

3.1 RESEARCH QUESTION: Is there significant impact of marketing strategies on business performance?
Hypotheses:
Ho1: Product has no positive significant impact on business performance.
Ho2: Promotion has no positive significant impact on business performance.
Ho3: Place has no positive significant impact on business performance.
Ho4: Price has no positive significant impact on business performance.
Ho5: Packaging has no positive significant impact on business performance.
Ho6: After sales service has no positive significant impact on business
performance.

3.2 METHODOLOGY
3.2.1 Research design and Data collection
The target population of this study was SMEs operators and their customers in Oluyole local government
in Ibadan, Nigeria. The sample for this survey was comprised of one hundred and three (103) respondents who
are the SMEs operators and their customers who were randomly selected. A structured questionnaire was used in
gathering relevant data from the respondents.

3.2.2 Measuring instrument

The measurement used in this paper is the Likert Scale Method of summated ratings. It consists of
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 Impact Of Marketing Strategy On Business PerformanceA Study Of Selected Small And Medium
statements where respondents indicate their degree of agreement or disagreement on a five- point scale - Strongly
Disagree, Disagree, Neutral, Agree, and Strongly Agree.In respect to measuring the reliability of the scale, the
reliability coefficients (Cronbach‟s _) of the product, promotion, place, price, packaging and after sales service
were 0.76, 0.85, 0.82, 0.72, 0.80 and 0.77 respectively. Business performance scale was used to assess
respondents‟ level of their organizational profitability, market share, and return on investment and expansion
compare with their competitors. The scale was subjected to item analysis in order to ensure it is valid and reliable
and it yielded reliability alpha of .76.

IV. Data Analysis And Interpritation

Table1: zero - Order Correlation Showing the Relationship between Business Performance and
Marketing Strategies.
Mean SD 1 2 3 4 5 6 7
1. Business 4.625 0.486 - .422* -.030** .449** .603** .408* .434**
perform
ance
2. Product 4.576 0.496 - .087** .483 .357* .363* .399*
3. Promoti 4.596 0.493 - .087 .053 -.127 .011
on
4. Place 4.615 0.488 - .502 .035* .376**
5. Price 4.673 0.471 - .292 .432*
6. Packagi 4.615 0.488 - .292**
ng
7. After 4.673 0.471 -
sales
service

Key: *P<.05, **P<.001

The result in table 1 shows that the relationship between business performance and product offered to the market,
channel of distribution, price charge, packaging of the product and after sales service were positive and significant
(r = 0.422; df = 6, 97; p<.05; r = 0.449, df = 6, 97, p <.01; r = 0.603, df = 6, 97, p <.01; r = 0.408, df
= 6, 97, p <.05 and r = 0.434, df = 6, 97, p <.01 ) respectively. This result implies that the high quality product
produced by business organizations, the effective channel of distribution employed by the business organizations,
the affordable price charged, the attractive packaging used for the product and the effective after sales
serviceengaging in,the higher the business performance, in term of profitability, market share, return on
investment, and expansion. However, the relationship between business performance and promotion was negative
but significant(r = -0.030; df = 6, 97; p<.01). This result is in line with Jayaraman and Wong, (2008) who suggest
that it may be due to the consumer perception that heavily promotedproducts could be problematic products of
poor quality, with passed expiry dates, and fromclearance stocks. Consumers may also perceive that heavier
promotions also mean that theproducts are sold at higher prices, which will turn-off consumers who are in the
low-cost segmentof the consumer market

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 Impact Of Marketing Strategy On Business PerformanceA Study Of Selected Small And Medium
SHOWS THE SUMMARY OF MEAN SCORE.

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 Impact Of Marketing Strategy On Business PerformanceA Study Of Selected Small And Medium

4.1DISCUSSION
This study reveals that product consideration has impact on business performance in term of profitability,
market share, return on investment, expansion etc . This is because customers do really look at product attributes
such as quality, features, design and style.

The relationship between promotion consideration and business performance is significant, but therelationship is
negative. This may be due to the consumer perception that heavily promotedproducts could be problematic products
– of poor quality, with passed expiry dates, and fromclearance stocks. Consumers may also perceive that heavier
promotions also mean that theproducts are sold at higher prices, which will turn-off consumers who are in the low-
cost segmentof the consumer market.
Place consideration is seen to be another factor having an impact on business performance. This simply
means the location, accessibility and channel of distribution employed by business organization is a major concern.
The study also indicates that price consideration has a significant positive impact on business
performance. This is because many Nigerians‟ consumers are motivated to buy products at lower prices. The
customer base in the lowprice segment of the Nigerian consumer market is big. These consumers in the low-cost
segmentalways look for products that offer value for money.
The study also reveals that packaging has positive impact on business performance. This is in line with
Chaneta,(2012) who says that packaging can increase sales by such promotionally-oriented moves as offering
smaller or larger sizes more multipacks, better pictures of the product itself, illustrations of the product in use and
more effective use of color.
Positive significant relationship between after sales service and business performance is established. This simply
means customers are motivated to buy product that has guaranty contract, installation and effective delivery.

V. Conclusion And Recommendations

The study investigates the impact of marketing strategy on business performance with special reference
to the selected small and medium enterprises operators in Oluyole local government area, Ibadan, Nigeria. The
study found that marketing strategies (product, place, price, packaging, and after sales service) were significantly
independent and joint predictors of business performance. The study however, discovered that promotion has no
positive significant effect on business performance. The study conforms to the positions of Shaharudinet al,
(2009); Muhammed, et al (2011); Sajuyigbeet al (2013); Francis & Collins-Dodd, (2004); Shamsuddoha and Ali,
(2006); Chiliyaet al, (2009) and Owomoyelaet al, (2013) except the result of promotion which has contrary
opinion to the previous researches. Therefore SMEs operators should produce quality products; charge
competitive prices, position appropriately, use attractive package for the product, engage in after sales service and
provide other distinctive functional benefits to consumers.

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