EFFICIENT COMBINATION OF DIFFERENT BUSINESS STRATEGIES IN WORLDWIDE BUSINESS
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Small business entrepreneurs operate in a very competitive environment in Cameroon which invariably affects their survival. Business strategy has been an operational focus and a method for achieving an all-inclusive business success. This study focuses to examine the different business strategies on sales performance of small and medium enterprises in Buea Municipality. Specifically, the study sought to examine the effect of promotional marketing strategy, price marketing strategy and place marketing strategy on the sales performance of SMEs in Buea. The study was guided by the marketing mix theory and theory of push and pull. The study adopted a descriptive research survey design. Results shows that promotional strategies had a positive significant effect on effect on the sales performance of small and medium enterprises in Buea Municipality. The study further concludes that employment of promotional strategies helped to keep customers informed of what the firm offered, promotional strategies informed clients or customers on both the price where to get the product and the price. The study findings revealed that pricing strategies had a positive significant effect on the sales performance of small and medium enterprises in Buea Municipality. Place strategies had a positive effect on the sales performance of small and medium enterprises in Buea Municipality. Location-based marketing is one of the best ways to convert foot traffic and online traffic into new customers. Location-based marketing helps to remove barriers to sales. The study recommends that SMEs in Buea SME owners should be more committed to their pricing strategy to sustain the profitability performance of enterprises in Buea Municipality.
In every business environment, offices, social networks, and neighborhoods, we all need a good business strategy. In the olden days there was no marketing because individual tend to be self-sufficient, growing and producing things that needed to satisfy his, basic needs there was almost no exchange of commodities and hence no desire for the market place.
Breaking into a new business climate and finding customers is hard work, but when equipped with innovative ideas and proven techniques, financial markets sales personnel can become extremely successful (Kisaka, 2012). Key small and medium enterprises marketing strategies will always include an in-depth review of the value of follow-up. All successful sales intermediaries understand that consumers need to be contacted again and again to make a vital connection.
Mustapha (2017) expressed that marketing strategy is an important tool for any SME to remain in a competitive market environment and be stronger. Without the appropriate marketing strategy, an enterprise cannot survive in today’s competitive environment nor witness the superior performance. The adaptable marketing mix strategies are advertising, promotion, distribution, customer servicing, packaging, sales and distribution strategies. The a-priori expectation is that marketing mix strategies influence increased profitability and sales of SMEs. Mustapha (2017) stressed that an ineffective marketing strategy hurts the organization‟s performance, product quality, customer satisfaction and profitability.
Business strategies are mostly emphasized by small and medium size enterprises all over the world. Most of these enterprises focus on marketing, Marketing is all about organizing the company to meet the need of customers not just today and tomorrow but also five or even ten years’ time. It is about supporting customers with well-designed good quality, reliable product at a price which their considered to be service before, during and after the placing of an order that customers have a right to expect. Marketing therefore is all about the company outward looking for customers oriented to do this you have to be able to put yourselves in the customers shoes (or even better inside their mind) in order to really understand what they want and what they feel about things only this way can the form organization be itself successfully to meet the needs of the customers.
The project work will be of significance to the researcher, entrepreneurs, owners of businesses, the customer, and the society or economy as a whole. The project work is of significance to the researcher because it is required in partial fulfillment of the requirement for the award of a diploma and will also widen the knowledge of the researcher on how marketing can be applicable in the worldwide business. Finally, the significance of this research is to help the public authority to know whether they have to work hand in globe with small and medium size enterprises because these SMEs are part and parcel of development, therefore have a great impact in the economy. This study will be of significance to businesses since most of them aim to maximize profitability and the owner’s interest. Thus, this study will help business owners and managers to identify the necessary business strategies to enhance their sales performance. Policymakers like the government and other stakeholders around the world have been developing strategies to improve the performance and sustainability of enterprises. Therefore, this study will highlight the effect of marketing strategies on enterprises’ performance. The public and society will benefit from this research as they will be aware of the different business strategies that are used by companies to increase sales performance. This final thesis therefore seeks to answer the following questions
Over the time, it has been identified that the following are the problems embattling businesses in the world. These problems include; Declined in the profitability level of most small and medium size enterprises, Ineffective sales promotion strategies adopted by the company, Absence of qualified marketing manager in the enterprise.
The main aim of the study is to examine the efficient combination of different business strategies on small and medium enterprises in Buea Municipality
The aims and objective of this study are as follows;
- To examine the influence of promotion business marketing strategy on the business performance of SMEs in Buea Municipality
- To assess the impact of price marketing strategy on the business performance of SMEs in Buea Municipality
- To determine the influence of place marketing strategy on business performance of SMEs in Buea Municipality