DESIGNING MARKETING STRATEGY
Developing marketing strategy involves a realistic assessment of the weight of an organization's strengths and weaknesses against the opportunities and risks that exist in the market place. There are three activities a company needs to complete in order to develop a marketing strategy;
a.Determine the desired market position.
b.Select a growth strategy.
c.Choose differentiated, undifferentiated, or concentrated marketing.
It is generally believed that organizations in the service sector have been slow to adopt a strategic approach to their marketing activities. There is increasing evidence to suggest that the strategic element of marketing has become more prominent in the service organization (Ennew, Watkins and Wright 1996).
In all organizations, strategies are developed at several levels Corporate strategy deals with the overall development of an organization's business activity while marketing strategy focuses specifically on the organization's activities in relation to the markets served.
According to Ennew, Watkins and Wright 1990, there are two forms of strategies: deliberate and emergent strategy. The concept of deliberate strategy is based on the notion that strategy is a process; it is assumed that strategy exists as a result of consciously planned activities. Emergent strategy on the other hand is based on the notion that strategy is a pattern, in other words, it is the activities and behaviours which develop informally but fall into some consistent pattern.
It should be noted that strategy is not just about being efficient, but it relates to doing a task well while the effectiveness component simply relates to doing the right task having the right product in the right markets at the most appropriate time In designing successful marketing strategy, personnel resources are needed. This is to ensure that suitable and capable person man sensitive, technical and managerial position.
In concluding this section, we want to underscore the fact that the effectiveness of organizations will depend on their ability to respond positively to their environment where they operate. It is also worth emphasizing that the concept of strategy has a dynamic component; it implies effectiveness and efficiency, but it also implies responsiveness in developing awareness to environmental change and identifying appropriate and effective reaction to that change.
This study focuses on four banks as case study. The sample size comprises of one hundred and twenty (120) personnel of the case study. A total of one hundred and twenty questionnaires were administered out of which one hundred and eighteen were returned. This represents 98.3% returned rate of the administered questionnaires.
The researcher utilized both primary and secondary data. The primary source includes the administration of questionnaires and interview with the staff of the selected banks. The questionnaires were administered to the personnel of banks that carry out marketing functions.