Showing posts with label Marketing Communication. Show all posts

Friday, 10 March 2023

A STUDY OF MARKETING COMMUNICATION STRATEGY IN SMALL AND MEDIUM MARKETING FIRM

A STUDY OF MARKETING COMMUNICATION STRATEGY IN SMALL AND MEDIUM MARKETING FIRM

(A case study of YUTECO Food Nigeria Ltd, Gboko)

ABSTRACT

This project is an attempt by the researcher in finding out the marketing communication strategies in small and medium enterprise, and at the same time it’s important to business management. In addition, it also revered the related literature to study the need for marketing communication and its process and steps in planning marketing communication, with the selecting marketing communication tools is with the intergraded approach and the concept of marketing communication business managements. The proportion of classified the total concept in marketing communication are being measured by the researcher in different approaches.

CHAPTER ONE

INTRODUCTION

1.0 Introduction

There is need for greater and faster development of marketing communication in small and medium enterprises generally and YUTECO Foods Company Nigeria limited in particular. However, unfortunately, this seems to be given little or no attention by a good number of companies because of unqualified managers .They see no need of devoting resources adequate to the ascertainment of communication as well as the feeling of customers.

Exactly how potential buyers are informed the actual message communicated is one of the most subjective decisions. While message development can be the somewhat aided research, there for all guarantee message strategies available for all offerings markets for organization each individual situation must determine whether the message is to be hand sell, fearful humorous information or whatever.

It is the task of the marketing manager to manage the communication strategy mist effectively in doing some managers have at their disposal specific communication activities of ten called elements function tools task or the like .

These include advertising personal selling sales promotion and publicity. Collectively the activities are the marketing communication mice. However, in the write- up the researcher hopes to devote much time on how market communication strategies are effective in small and a medium enterprise taking YUTECO Foods Company Nigeria Limited, Gboko as a case study.

1.1 Historical background of the case study

At one time, there was as such thing as small enterprise. It is unit the blacksmith, stonemasons, carpenters and the tailors know that is worthwhile to start these business. They were in a position to discuss the size, design, shape and colour, price of the goods they made with the customers with little or no marketing communication strategies.

Small and medium enterprise existed in Africa before the advent of industrial revolution. At this time .many producers knew that devoting time and resources they had for marketing communication will lead to wastage. They focused on ever-increased production to meet the faster demand. However, industrial revolution has changed the situation and therefore, necessitating marketing communication in small and medium enterprises. Meanwhile, there is a high production organization to sustain in the global market, it is a task of small and medium enterprises managers to know that the scientific approach which had brought revolution in production, needed devising ways and means of creating and maintaining new markets to absorb the output.

1.2 Statement of the research problem

In the marketing communication there are many hurdles in the routes prohibiting the process. It is assumed that more than half percent of small and medium enterprises managers are not acquainted with the hurdles and therefore, make their communication strategies to fail leading to a general to failure of the organization it is probably no surprise that managers site the communication breakdown as one of their most important problems. The first set of communication barriers of many enterprises focuses on the sender, the second on the transmission (transmitters) of the message and third on the target audience (receiver) despite the fact that an organization (profit marketing personnel most, the organization may experience declining patronage and utilization of its resources it communication is not put in place. Setting objectives becomes separated from the realization of such objectives possibly because of inability handle marketing communication rightfully.

Objectives of the study
To ascertain for communication programmes depends on the overall offering market strategies of YUTECO Foods Nigeria Limited.
To evaluate the various process of marketing communication process.
To verify if the company’s marketing manager plan for good communication process to help their customers about product and the development of the company.
To identify those things considered by marketing managers as not likely to more communication forward.
Finally, identify the cost involved in communicating with those in the marketing programmes.

1.4 Significance of study

YUTECO Foods Company Nigeria Limited like any other enterprises or organizations has technical requirements that arise from its communication process. The accomplishment of this process requires certain tasks to be performed and managers or individuals of this section are assigned to perform these tasks. In addition, communication has become a day-to-day concern for small and medium enterprise because it indicates the overall performance of the firm or company products that are available for sale. In addition, it is the key that opens the door for marketers to do their business with the form successfully.

1.5 Scope of the study

YUTECO Food Nigeria Limited like other companies invests heavily in both economic and human resources. Thus, there is the need to procure its marketing managers, develop his or their skills, and ability to do the job assigned and determines the manner and amount of compensations when this is done, the manager would naturally perform the job effectively since he has been properly placed, trained and compensated. It is not enough that if one is able to work one must be willing to carry the job assigned to.

This study is important on the following grounds with effective marketing techniques; changes in the marketing communication can be effected in favour of the marketers for small and medium enterprise and YUTECO in particular. This study does not limited to the marketers it is important also to researchers as it first shall be an effective implementation of its programmes. National diploma students and all undergraduates who may want to know much about marketing communication can help them with this work it will be useful to tutors, lecturers who the knowledge may serve as a weapon to defend their challenges. Researchers who want to carryout research in marketing communication may benefit the validity of marketing as defined by institute of marketing (1995) is the management function which organizes and direct all those business activities involved in assessing and converting customers purchasing power into effective demand for a specific product or service to the final consumers so as to achieve profit target or other objectives of the company.

1.6 Research hypothesis

The reason for the research hypothesis is to provide the researcher with a yardstick of measure inference about research question.

Hypothesis

H_O: There is no significant relationship between marketing manager and their customers.

H_I: There is significant relationship between marketing manager and their customers.

1.7 Limitations of the study

Since no task can be undertaken without encountering some difficulties, this study also faced many obstacles among them are:

Finance was a problem. The researcher did not have enough money to carryout research in marketing department of all the small and medium enterprises within and outside Benue state.
Time given for this research work as not enough as the researcher could not combine the research with his regular programme at the institution.
The researcher found it difficult to make a comprehensive research report due to inadequate facilities to carry the task

1.8 Definition of terms

Communication: The oxford advanced learners dictionary defined communication as the activities or process of expressing ideal and feelings or of giving people information. In another way rounds communication is defined as the process by which information is exchange and understood by two or more people, usually with the intention to motivate or influence decision or behavior.

Strategy: McCarthy said strategy is the determination of basic long-term goals and objectives of an organization and adoption of courses of action and allocation of resources necessary to carry out these goals. In essences, strategy is a plan that is intended to achieve a particular purpose.

Marketing mix: The term marketing mix is the careful and calculated blending of the elements of production planning, physical distribution (place) strategy, promotion and price to meet the requirements of a specific market –David Lornem (1996) in order words, it refers to the apportionment and combination, design, integration of element of marketing into a programmes that the element of marketing into a programmes that the basis of appraisal of the marketing. Forces will best achieve in given objectivities of an enterprise in a given time period, as it is put by Stanton W.J (1981).

Product: Philip Kotler, in his book principles of marketing defined product has been anything that can be offered to a market for attention, acquisition use or consumption that might satisfy a need.

Price: This is the amount of money that has to be paid for a commodity or services it is simply an offer, a suggestion, or an experience to text the pulse of the market.

Marketing communication: This is a process by which information about an organization and it’s offering are disseminated to selected markets.

Wednesday, 1 June 2022

MARKETING COMMUNICATION

Marketing communication as stated by Aonodona John Terugwa (2001). In the book title marketing communication strategy is the process by which information about an organization and its offering is disseminated to selected markets. Because of the function, communication plays in facilitating mutually beneficial exchange relationship between an organization and prospective buyers even if prospective buyer possesses a pressing need, no exchange would occur without communication. Communication is necessary to inform buyers of the following; the availability of an offering or product, the unique benefits of the product or service where to obtain and how to use the product.

Marketing organization aims its effort at satisfying its customers to a profit rate based on the communication process used on connecting with the customers, Aondona J.T in his book, describes two dominant orientations on the marketing organization; the marketing orientation and the product orientation.

For the course of this study, some evidence has been adapted in the marketing communication concept. The probable reason for non-adoption for the concept includes:

i. Some managers that the concept is irrelevant.

ii. Ignorance on the part of management on how to effectively implement the concept.

iii. Total ignorance of the existence of the organization

iv. Lack of commitment of marketing managers to the success of the business.

To achieve effectiveness and deficiency of small and medium scale enterprises, the company formulates its marketing communication strategy within the context of it’s co-operate goals, objectives and whichever a good marketing communication strategy should not concern only to the achievement of the firms overall objectives.

NEED FOR MARKETING COMMUNICATION

In order to influence action toward the welfare of the company, it requires information about prices, competitions, technology and finance as well as information about the business cycle and government activities. Communication is essential to any productive organization being the organization a profit or non-profit making, but communications enhance its success. Marketing communication strategy also called (promotion) is another ingredient of marketing mix. Manson permeable in their book “Market Game” said promotion blends in small and medium business enterprises include sales-promotion, personal selling and advertising.

In addition, firms try to get publicity in business magazines and trade publication, product having been produced, price and disseminated must be communicated (promoted) so as to make people aware, persuade, influence and convince prospects of the product features band characteristics or even their existence of presence in the market.

Marketing communication strategy promotional strategy includes all those activities other than price education by which a company attempt to carry out.

Aonodona J.T, marketing communication strategy (2001) that the objectives of communication strategy may be internally or externally formulated for the internal objectives are:

1. To establish and disseminate goals of an organization or company.

2. To develop plans for their achievement based on the product.

3. To lead, direct, motivate and create a climate in which people want to contribute.

4. To organize human and other resources in the most effective efficient way.

Nevertheless, communication also relates the company to its external environment. In the first place, as the distance between producers or companies and consumers grows, the problem of marketing communication becomes significant for the external environment. It is through information exchange that managers become aware of the needs of the customers, the availability of supplier and the concerns of the community.

For any marketing communication to achieve its target goals, it is not enough to communicate only with ultimate consumers or industrial users, once middlemen are introduced into the market pattern, it become assent that the middlemen to be informed about products.

2.2 MARKETING COMMUNIATION PROCESS

In an organization, this shows how the information of the organization or company is been produced and how it has no put on for sales. Many processes of communication have to be followed befoe the information is clearly made available for the customers, this can be shown on the diagram as it is drawn by Ms. Monica Rowland in her lecture note on communication, Federal Polytechnic Nasarawa, Nasarawa State. This can be shown on the diagram below

Sender

Encoding

Message Media

Decoding

Receiver

Response

Noise

Feed Back

MARKETING COMMUNICATION PROCESS AS DRAWN BY MRS. MONICA ROWLAND IN HER LECTURE NOTE

Encoding refers to the communication design of the message in term, which in plan should enable the intended meaning to be conveyed to the receiver.

Decoding relates to the interpretations of the message which the communicator has aimed at the specific target audience.

2.3 IMPLICATION OF THE COMMUNICATION PROCESS

Although this is a simplified representation of the communication process, it will illustrates a number of key point, first communications starts with the sender having a message or meaning to share or send to an intended audience.

In order to share this messages or meaning the communicator must encode these into signs and symbols, which incorporate the message or meaning. The sign and symbols can be for examples, visual such as work picture or oral such as speech and other sounds. In fact there are many ways in which the message or meaning can be encoded. The process need to be done in such a way that the target audience can readily interpret (decode) the intended meaning. Other words, the encoding process must take into account and be consistent with the target audience. A good example of the importance of this point in marketing communication is where a company is communicating through international and hence cultural boundaries, we all know that what may be readily understand in one culture may be interpreted in very different ways in another international marketers in particular that have encountered problem in the past because they have not encoded meaning in which way allows for accurate understanding by target audience. Even on the domestic markets, communication is most effective where symbols used are consistent with target audience. The encoded messages are delivered through a variety of possible media channel. We think of media channel as including television, commercial radio newspaper and magazines. In addition to these messages are delivered through company sales force and the other element of the marketing mix. Peter Ozidine in his book said that one of media planning, not only media are of the major cost in promotional budgets.

However the plethora of choice with respect to media, their scheduling and their coverage makes the choice of channels a key one.

As already noted above, communication is aimed at the receiver. In marketing communication, the receiver is the target audience. These financial institutions, shareholders of the local community, government etc. irrespective of the target audience, effective communication requires that the encoded message be decode.

2.4 STEPS IN PLANNING MARKETING COMMUNICATION

The major steps in developing effective communication programmes in an organization as listed by Peter Ozidine in the book business communication includes the following:

1. Identify the target audience

2. Determine the communication objectives

3. Designing the message

4. Selecting the communication channels

5. Allocate the total communication cost if any

6. Measuring the communication result

7. Manage and coordinate the total marketing processes

By identifying the target audience, the communication must start with a clear target audience in mind of the audience that may be potential buyers of the company’s product, current users, deciders or influencers.

The audience may be individuals, groups, particular publics or public.

The target audience will critically influence the communicator’s decisions on what is to be said, how it is to be said, when to say, where to be said and who is to say it.

Another point is that of determining the communication objectives. Here once the target market and its characteristics are identified, the marketing communicator must decide on the designed response.

Formulating the message will require solving your problems on what to say (message content), how to say it logically (message structure), how should it be said (message sources). Furthermore, the communicators must select efficient channels of communication to carry the message.

Communication channels are two brand type: personal and non-personal. More so, the marketing communicator must allocate the total promotion budge, which is one of the most difficult marketing decision facing companies, based on this, the companies do not know how much the companies spend on promotion budget and its four promotional tools of advertising, sales promotion, publicity and sales force.

Companies are always searching for ways to gain efficiency by substituting one promotional tool for another as the economy becomes more favourable. Other companies have increased sales promotion expenditure in relation to advertising to gain quicker sales.

After implementing the promotional plan, the communicator must measure its impact on the target audience. This involves asking the target audience whether they recognize or recall the message, how they feel about the message and their previous and current attitude towards the product and company.