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1、African Research ReviewAn International Multi-Disciplinary Journal, EthiopiaVol. 3 (5), October, 2009 ISSN 1994-9057 (Print)ISSN 2070-0083 (Online)A Comparative Analysis of Strategic Marketing Planning Adoption in Nigerian Banking and Insurance IndustryOlujide, Jackson O. - Department of Business Ad
2、ministration, Faculty of Business and Social Sciences, University of Ilorin, P.M.B. 1515, Ilorin,Kwara State, Nigeria.E-mail: olujack52yahoo.co.ukGSM +234 7034067127Aremu, Mukaila A. - Department of Business Administration, Faculty of Business and Social Sciences, University of Ilorin, P.M.B. 1515,
3、Ilorin, Kwara State,Nigeria.E-mail: , aremuilalaunilorin.edu.ngGSM NO: +2348036718531AbstractStrategic marketing planning has become key success and survival factor in service organisations because its adoption contributes immensely to the achievement of key success and survival variables such as cu
4、stomer satisfaction, increased market share, improve productivity, financial performance and profitability, etc. The current economic reforms in Nigeria have opened up service organisations to private sector participants in order to reduce considerably service costs and thereby making them more comp
5、etitive and development oriented. Data for this study were obtained from 589 respondents in selected banking and insurance firms through questionnaire administration. The differences between the two groups with respect to their approaches to strategic marketing planning were examined using ANOVA. Th
6、e result of the investigation shows that strategic marketing planning is responsible for about 43.6% in the variation of the performanceCopyright IAARR 2009:182Indexed African Journals Online: www.ajol.infoAfrican Research Review Vol. 3 (5), October, 2009. Pp. 182-198of the selected banks and 32.3%
7、in the variation of the organizational performance of the selected insurance companies. This is an indication that there is significant relationship between strategic marketing planning and performance but that of banks is stronger than insurance companies. The paper recommends that banks and insura
8、nce organizations must commit adequate resources into strategic marketing planning activities in order to increase the current level of performance.Key words:strategic marketing planning, service industry, organizational performance, marketing mix, top management commitment.IntroductionThe complex c
9、ondition of modern business and the increase in almost all aspect of service operations has compelled the marketer of service to place emphasis on the efficient and effective method of presenting their services to their numerous customers. The need for strategic marketing planning in service industr
10、y cannot be over emphasized. Henceforth, effective strategic marketing provide solution and alternatives to the problems encountered by most service organizations in marketing of their service. In order to ensure effective and efficient strategic marketing of their services, the management must acce
11、pt marketing as the core of the whole service operations.Increasingly, national and international business marketers realize that competitiveness is the key to staying in business in todays rapidly changing marketplace. To be competitive, long-range planning and customer satisfaction must be integra
12、ted into the companys strategic management objectives. In order to deal with this challenge, an organization must develop an effective marketing policy. A marketing policy should not simply consist of a set of data about a companys current and projected market share and sales volume in order to dete
13、rmine its future performance. Rather, it should take into consideration the needs and demands of customers, US society, and the global community have integrated them in a way that defines business reality. There is a strong need for a policy that should link the companys vision, mission, operating p
14、rinciples and quality values into one closely-knit totality with its main focus to satisfy the needs of current and future customers and society. Henceforth, service provider must to check regularly that they are offering technically sophisticated, up-to-date, user-friendly and value-adding activiti
15、es in line with or superior to others in the market place (Sally, 2004).Copyright IAARR 2009:183Indexed African Journals Online: www.ajol.infoA Comparative Analysis of Strategic marketing Planning . in Nigerian Banking and InsuranceThe causes of economic crisis in Nigeria can be traced to the two ma
16、in sources: fundamental economic problems and defective macroeconomic policy pursuits. Economic reforms particularly what came to be tagged structural adjustment programme have almost seen mounted in response to national financial distress whose foundation could be traced to the latter macroeconomic
17、 distortions (World Bank 1986). This perhaps could explain why economic reforms are seen as pursuits of market liberations, which focus on extensive privatization of state owned enterprises, with the government limited provision of the right enabling environment for a private sector led growth. Henc
18、eforth, at the heart of any economic reforms there is need to address strategic marketing planning for these organisations in order to equip them to spearhead the process of a private sector led growth in Nigerian economy.The severe crisis in the Nigerian service industry for over a decade now has r
19、esulted into organisational failures, poor performance, inability of service firms to realize enough saving and inability to supply adequate credits facilities to the real sector of the Nigerian economy. Suddenly, arising from this crisis the Nigerian monetary authorities have declared a state of em
20、ergency particularly in the banking sector. On July 4th 2004, the CBN Governor Prof. Charles Soludo announced to the Nigerian bankers that the government is set to uphold a new benchmark to the tune of #25 billion as the required capital base for emerging commercial bank in Nigeria before December 3
21、1st 2005.In pursuance of the economic reforms agenda for which the NEEDS document has been written to guide the Nigerian development effort, regarding one of the goals of the strategic agenda which is service delivery, companies engaged in life insurance business are required to increase their capit
22、al base from the former N150m to N2 billion. Companies engaged in general insurance are required to share up their capital base from N200 million to N3 billion and those classified as composite insurance companies are to increase theirs from N300 million to N5 billion while re-insurance companies ar
23、e to scale up their capital base from N350 million to N10 billion.Most service organizations now find that they have more competitors than ever before, especially from companies based in other countries. In addition, competitors are launching new products and services more often. Pricing is complica
24、ted by more frequent and larger currency shifts. Tastes and needs ofCopyright IAARR 2009:184Indexed African Journals Online: www.ajol.infoAfrican Research Review Vol. 3 (5). October, 2009. Pp. 182-198customers seem to change all the time. Also, there are series of government policies that are affect
25、ing either negatively or positively the operations of service industries in Nigeria. These trends are expected to continue. In response, some organizations have established elaborate processes for tracking and forecasting the environment and developing plans to respond quickly to unexpected shifts.
26、Other service organizations are doing elaborate scenario development to create plans to weather the unexpected. With neither process approach, however, can an organization hope to leapfrog ahead of the competition by taking actions that regularly create new sustainable advantages translating into la
27、rger revenue and profit margin. This call for an effective strategic marketing planning that will guide the service organizations to cope with these challenges. Although, Nigerian service sector has gone through series of reforms, it has failed to achieve the objective of service development due to
28、lack of focus and commitment by the managers to inculcate strategic marketing planning in the management of the service firms in this country.There is a strong need for this investigation given the enormity of the problem facing the service industry in this country. The objectives of this investigat
29、ion are:i.To empirically measure the links between strategic marketing planning in the selected service organizations and organizational performance.ii.To examine the commitment of top management on the importance of Strategic Marketing Planning in the service industry.iii.To examine whether the ado
30、ption of strategic marketing planning by the selected service organisations in the service industry is relevant to their survivals and continuity or not?Theoretical FrameworkIn recent years the concept of strategic marketing planning has become an area of research with a promising future in marketin
31、g. At present, the processes of competence and sustainable competitive advantage represent the essence of the literature on strategic marketing planning. In fact, reflections regarding the nature of strategy in marketing and its relation to strategic marketing planning, has lead to the widening of t
32、he concept of this discipline to such an extent that the role of competitiveness is now considered explicitly in decision making in marketing (Day and Wensley, Copyright IAARR 2009:185Indexed African Journals Online: www.ajol.infoA (ompararlive Analysis of Strategic marketing Planning . in Nigerian
33、Banking and InsuranceMoore, 1978). Knowledge of patterns of rivalry, which at the same time presents the competitive advantage (Cunningham and Culligan, 1988; Easton, 1988) is necessary for research into any competitive process. They are all apparent as far as strategic marketing planning is concern
34、ed.In this sense, the analysis of strategic marketing planning has significant implications for marketing. The possibility of providing a different point of view for identifying an organizations competitive position by suggesting a systematic way of valuing strategic capacities (analysis of strength
35、s and weaknesses) in terms of relative competitive advantage stands out. Consequently, this concept represents an indispensable element in the analysis of competitiveness in marketing insofar as it allows the organizations competitors within the market to be identified. It may also estimate the inte
36、nsity of the competition and examine the development of the market structure in terms of the industry and products life cycle and obtain competitive advantages over the competition, etc.The service industry is undergoing a metamorphosis at rapid pace, identification and investigation of research iss
37、ues with respect to strategic marketing planning in the service industry assumes paramount important. Many leading Nigerian Business Magazine like Business Today, Business Times, etc. have of late started ranking the service industry on several criteria such as operational ratios, profitability rati
38、os, productivity ratios, financial parameters, net profits, total assets, advances and total deposit. (Tell 2006 and Business Today 1999). These rankings were essentially based on financial aspects rather than on the nature and level of service quality delivered. Therefore, an analysis of service in
39、dustry in Nigeria from strategic marketing planning perspective may sound interesting at this juncture. This investigation is vital for the service operators in order to enhance their business performance.There is considerably lack of literature with respect to strategic marketing planning especiall
40、y in the service industry of developing economies. This paper attempts to bridge this gap and critically examines the service industry in developing nation with Nigeria as the reference point. It has also been noted that considerable information exists about the bank industry in developed economies
41、like USA and Euorpe, but there is an insufficient of knowledge with respect to the banking in developing economies (KassemCopyright IAARR 2009:186Indexed African Journals Online: www.ajol.infoAfrican Research Review Vol. 3 (5), October, 2009. Pp. 182-1981998, Yavas et al 1997 and Angur et al 1999).
42、This present investigation is also an attempt to fill this void.The Concept of Strategic Marketing PlanningStrategic Marketing Planning means assessing and appraising marketing opportunities, adjusting ones products and services to meet the demands of the market. Roller (2005). Production of new pro
43、ducts, modification of existing products, altering prices and receding, containers broadening and in some instances trembling services are some of the means in which strategic marketing can be practiced. In sum, Strategic Marketing Planning is the anticipation and evaluation of market developments a
44、nd deciding in advance how best to approach the emerging situation.Strategic Marketing Planning establishes relationship between the firms and its environment, its primary aim is to enable the firms to develop and maintain a variable means of goods and services to be offered in the market place whic
45、h involves decision about raw materials, the production processes, product design, distribution channels and most vital financial consideration.Strategic Marketing Planning involves four steps in implementation; the steps are as follows;Conduct a situation analysisDetermine the marketing objectivesS
46、elect target market and measure market demandsDesign Strategic Marketing MixSituation Analysis: This is a major aspect of strategic marketing planning. The present and past situation analysis of a firm is very useful in developing Strategic Marketing Planning for the future. Situation analysis is th
47、e review of the companys existing marketing programs, where the program is at present and where it will be in future. This is the aspect of Strategic Marketing Planning that provides information on the current situation of the firm and the product or services provided. The situation analysis of a co
48、mpany includes;v Product situation analysis that gives the information on the Product sales, Product prices, Product quality and the Net -profit.Copyright IAARR 2009:187Indexed African Journals Online: www.ajol.infoA Comparative Analysis of Strategic Marketing Planning.v Market situation analysis that shows the size, growth, extent and characteristics of market.v Competitive situation analysis identifies and compares the major competitors in terms of size, goals, market size, product quality, marke