Marketing Strategies and Sales Performance of a Manufacturing Company
Journal Title: International Journal of Current Science Research and Review - Year 2024, Vol 7, Issue 09
Abstract
This study was carried out to investigate how marketing strategies, consisting of product, price, place, and promotion strategies, affected the sales performance of a food and beverage manufacturing company. A review of extant literature indicated the need for studies, in this regard, in Nigeria’s food and beverages industry. The study adopted a survey research design. Two hundred and seventy four employees of a food and beverage manufacturing company in Lagos State were studied. Data were collected on a four-point scale ranging from strongly disagree, 1, to strongly agree, 4. Mean and standard deviation values of statements relating to marketing strategies were obtained from descriptive statistics while inferential statistics based on multiple regression analysis produced results that determined the effects of marketing strategies on sales performance. The results indicated statistical significance [F(4,269)df = 4783.108, p < .05)] for the effect of marketing strategies on sales performance. Product (β = .478, t = 5.588, p < .05), place (β = .454, t = 5.360, p < .05), and promotion (β = .075, t = 1.773, p > .05) strategies had positive effects on sales performance while price strategy indicated insignificant negative effect (β = -.023, t = -.626, p > .05) on sales performance. Marketing strategies explained 98.6 percent variation in sales performance. The conclusion of the study indicated a need for the managers of the company to increase the tempo of premium-pricing promotion strategy and advertisements in the social and electronic media as well as reevaluate the pricing strategy of the company as a means of improving its effectiveness by increasing the chances of achieving the objectives of cost recovery and meeting the needs of customers.
Authors and Affiliations
F. C. Ebuzoeme,
Keywords
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- EP ID EP745125
- DOI 10.47191/ijcsrr/V7-i9-36
- Views 39
- Downloads 0
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