IMPACT OF MARKETING STRATEGIES ON CONSUMER SATISFACTION AND CUSTOMER LIFETIME LOYALTY – Marketing Project Topics
INTRODUCTION
Background of the Study
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. Aremu and Lawal (2012) sees strategy as a pattern of resource allocation decisions made throughout an organization. This encapsulates both desired goals and beliefs about what are acceptable and most critically unacceptable means for achieving them. Aremu and Lawal, (2012) posited that strategy implies the analysis of the market and its environment, customer buying behaviour, competitive activities and 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 must focus on delivering greater value to customers and the firm at a lower cost Chiliya et al, (2009). Owomoyela et al, (2013) also sees marketing strategy as ways 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.
Consumer’s satisfaction is so important that many organizations allocate large portion of their resources to pursue this objective. One of the ways to achieve consumer’s satisfaction is through effective marketing strategies which are developed around the identification of consumers’ expectations using such dimensions as product, price, place, promotion along with organization’s distinctive competence Shaw,(2012). Virtually everything the marketers do is done with the ultimate aim of getting or attracting the potential consumers who shall be loyal to them for a lifetime.
Customer satisfaction is one of the important tools to run a business and to achieve the mission statement. Indeed, customer satisfaction has great significance for the future of any business and it is seen as a basis for securing market position and achieving other objectives. Therefore, achieving high levels of service is one method to keep customers both satisfied and loyal for lifetime (Perng, 2007).Efficacy of customer service is related with progressive operation. In the competitive business environment, customer satisfaction is considered as the essence of success. Organizations operating in service industries should consider service quality a key strategic issue for the business success (Spathis et al, 2004). Those service providers who establish a high level of service quality retain a high level of customer satisfaction; they also obtained a sustainable competitive advantage.
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