Marketing strategy and product performance: a study of selected firms in Nigeria
This study was conducted to investigate the nature of relationship between marketing strategy and product performance with a special focus on the food and beverage industry in Nigeria. The study used primary data gathered from 284 randomly selected staff of ten selected companies. These companies are quoted on the Nigerian stock exchange. To do this, a questionnaire was adopted as research instrument. The data gathered was subjected to factor analysis and regression analysis. The results show that indeed marketing strategy impacts product performance of the observed firms. More so, of all the factors considered (promotion strategy, Product strategy, Distribution strategy, General marketing strategy and Pricing Strategy) promotional factors were found to be most important, then product strategy while pricing mix account for the least variation. This paper therefore recommends that business organisations should accord necessary attention to the element of marketing strategy by designing market strategies driven by a sound marketing management, targeting and strategic positioning.
Key Words: Marketing Strategies, Product performance, Marketing mix, Marketing management, Consumer patronage, Advertising, Marketing, Market Share