Business Project: Marketing Strategies and Sales Performance Analysis

This business management project assesses the impact of marketing strategies on sales performance within the commercial banking and insurance sectors, primarily focusing on the Kenyan market. The project is structured into three tasks. Task 1 employs a quantitative approach to examine how marketing strategies affect sales performance in commercial banks, including a review of marketing mix elements and the use of both primary and secondary data. Task 2 adopts a qualitative approach to determine the influence of marketing strategies on consumer purchasing behavior in the insurance industry, utilizing interpretivism and content analysis of interview data. Task 3 provides a literature review synthesizing the findings from the previous tasks, referencing key studies to highlight the importance of marketing strategies in achieving business objectives, enhancing brand recognition, and driving sales growth. The project emphasizes the significance of marketing research, adaptation, and the tracking of key performance indicators for sustained success. The project highlights the importance of marketing research, adaptation, and the tracking of key performance indicators for sustained success.

Business Management Project
Assessment

TABLE OF CONTENTS
TASK 1............................................................................................................................................1
TASK 2............................................................................................................................................3
TASK 3............................................................................................................................................6
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

TASK 1
Muthengi, 2015
Quantitative Approach
Aim:- To investigate effects of marketing strategies on sales performance of commercial banks
in Kenya
Objective:-
 To determine the marketing strategies effects on sales performance of commercial banks
in Kenya.
 To identify different advantage of marketing strategies on sales performance.
Hypothesis:-
 Marketing strategies helps in improving the sale performance of commercial banks in
Kenya.
 Marketing strategies does not help in improving the sale performance of commercial
banks in Kenya.
Background:- Marketing is the way to reach public and organisations use the marketing mix for
the same. For increasing the sales performance of the business marketing strategies plays an
important role. As financial sectors are growing need of an effective marketing management is
required. To achieve the sales goal financial institutes are using different sales tools and ensures
that all operates in coordination(Muthengi, 2015). Marketing mix is still used by financial
institutes to make effective decision and execute them for best results. Marketing strategies are
also been grounded on Pull and push theory. The researcher was motivated about the fact that
commercial bank Kenya was not secured and this was the reason to study this area. The big
fraction of people approx 80% are still un-banked in Kenya though number of Commercial banks
are increasing. Competition is increasing over few years that the reason Kenya banking sector
have tried with new strategies to improve the performance and as a result Kenya expands its
financial services to millions of poor households. In this way they adopted agency banking as
diversification strategies.
Methodology
1

Research Philosophy:- It helps in identifying the way data was gathered and analysed. Basically
it is of two types Interpretivism and positivism. Data collected by the researcher is on Qualitative
as well as quantitative basis so positivism method was used in doing research and collected
qualitative as well as quantitative data to determine the marketing strategies that effects on sales
performance of commercial banks in Kenya.
Research Approach:- It helps in determining the way research have been conducted. There are
basically two approaches one is inductive and another is Deductive. Here Deductive approach
have been used as formulation of hypothesis was there to determine the marketing strategies
effects on sales performance of commercial banks in Kenya(Muthengi, 2015).
Strategy:- It basically describes the way purpose and objective of the firm will be achieved.
Here researcher have used various strategies that can help in determining the marketing
strategies effects on sales performance of commercial banks in Kenya.
Design:- It is a plan to collect information that is relevant to the given research questions. There
are three types of research design:- Descriptive, Exploratory and casual research. Here researcher
used Descriptive design that is based on study of population with help of different techniques
like observation or survey that is collecting information from group of people by interviewing
them or with help of questionnaires(Muthengi, 2015).
Data collection:- It is the way to analyse the data with help of different techniques and then
measuring it to have a particular result. There are two methods to collect data :- Primary and
Secondary. Data was collected by both Primary and secondary basis to have both qualitative and
quantitative aspects of marketing. Primary data was collected through structured questionnaire
and secondary data was collected with sources like Incomes and profit figures of the banks,
Operating expenses etc.
Data analysis techniques:- It is necessary to make a relevant conclusion on basis of collected
data. Researcher analysed the data using descriptive statistics to determine the marketing
strategies effects on sales performance of commercial banks in Kenya(Muthengi, 2015). The
analysis involved different stages like editing of questionnaire, data was checked so that no
errors were there. As both the data that is qualitative and quantitative was used so for qualitative
data questionnaire was analysed with help of thematic framework.
Findings and Recommendation
Findings:-
2

From the findings it have been seen that majority of commercial banks uses marketing
strategies to improve there performance with respect to sales. There are strategies like personal
selling, internet marketing, relationship marketing, pricing strategy, advertising etc. that can help
in improving sales performance of commercial banks in Kenya. The study also finds marketing
strategies that were adopted by financial institution with help of which respondents indicates that
their institutions use various marketing strategies to improve the sales performance for example
pricing strategy(Muthengi, 2015). Researcher also cleared that 50% respondents opinion was that
marketing strategies in banking are effective in improving the sales performance. 30% opinion
was that it is highly effective. So approx 80% responds believed that marketing strategy are
effective. Study also established that banking industries use marketing strategies. 16%
respondents answered that banks used marketing strategies at a moderate extent while 81.4%
have a opinion that marketing strategies are used at a great extend in banks.
Recommendations:-
 Time to time marketing research have to be done to bring effective marketing
strategies.
 Marketing research brings out innovation to give better services to customers with
help of different production methods.
 Banks should compare different strategies of companies and then implement it in
there work culture.
TASK 2
MUSYOKA, 2015
Qualitative approach
Aim:- To determine the influence of marketing strategies in purchase behaviour in the insurance
industry.
Objective:-
 To determine the effect of marketing strategies on insurance taken by consumers in
Nairobi/Kenya.
 To identify the effect of marketing strategies on business objectives.
Research question:-
 Marketing strategies effected consumers on taking insurance in Nairobi/Kenya.
3

 Marketing strategies have not effected consumers on taking insurance in Nairobi/Kenya.
Background:- Marketing is responsible to identify, anticipate so that the customers get satisfy as
there requirements are fulfilled. It is a strategic function that creates value by building brands,
innovating to create good service for the customers and having better communication. Marketing
also helps in bringing positive returns for the business with respect to investment and satisfying
there share holders and stakeholders(MUSYOKA, 2015). Different marketing mix are used for
an effective marketing strategy and it also includes advertisement and selling products to the
customers. 4 P's in marketing mix are used position the product by targeting the market.
Basically marketing strategies are used to bring a good relationship of customers with that of the
organisation. There are numbers of Key performance indicators that can be tracked to have a
successful marketing campaign. By tracking right marketing Key performance indicators
company is able to make right strategies and also budgets. One of the key performance indicators
is amount of sales revenue that marketing campaign brings to the company as no company prefer
to spend money that is not helping in generating money.
Methodology
Research Philosophy:- It identifies the ways of gathering and analysing the data. There are two
types of Research philosophies Interpretivism and positivism. Data collected by the researcher is
on qualitative basis so Interpretivism method was used in doing research and collected
qualitative data to find out the effect of marketing strategies on insurance taken by consumers in
Nairobi/Kenya.
Research Approach:- It determines the way research have been conducted. There are basically
two approaches one is inductive and Deductive. Here Deductive approach have been used as
formulation of hypothesis was there to determine the marketing strategies effects on sales
performance of commercial banks in Kenya(MUSYOKA, 2015).
Strategy:- Research strategy helps in finding the ways to achieve the objective of the firm.
Researcher studied that strategic marketing is to set marketing objectives.
These are clear, measurable goals that give decision makers a basis for making choices and
assessing progress. Here researcher have used different strategy to achieve the purpose of
organisation and to determine the marketing strategies effects on sales performance of
commercial banks in Kenya.
4

Design:- Research design is basically a plan that tells the ways in which information was
gathered and evaluated. Here research design was a case study as unit of analysis is one
organisation. A case study allows an investigation to retain the meaningful characteristics of real
life events. Researcher used this design to find out the effect of marketing strategies on insurance
taken by consumers in Nairobi/Kenya.
Data collection:- With help of different techniques data can be analysed and then measured to
have a particular result. There are two methods to collect data :- Primary and Secondary. Data
was collected by both Primary and secondary basis to have both qualitative and quantitative
aspects of marketing primary data an interview guide was used(MUSYOKA, 2015). To gain a
better understanding and enabled a better result from the study both methods of collecting data
were used.
Data analysis techniques:- It is necessary to analyse the collected data to being some
conclusion and here the data is qualitative in nature that the reason content analysis was
being used by the researcher to analyse the data. The data was obtained from various
management team members of different departments. Qualitative data was collected from
interview schedule and analysed with help of content analysis.
Findings and Recommendation
Findings:-
Marketing strategies used in insurance company helped in analysing strength and
weaknesses of the organisation. It also analyses the external competition and technology changes
in insurance industries. Jubilee insurance was able to implement feasible marketing strategies.
Having a strong marketing strategy helps in achieving the business goals(MUSYOKA, 2015).
Marketing strategies helped out in meeting customers expectation at Jubilee insurance that
created brand attachment and customers become loyal.
Recommendations:-
 Sustained marketing strategy can influence consumer buying behaviour
 Marketing helps in bringing good returns on the investments and results in shareholders
and stakeholders satisfaction.
 Key performance indicators must be tracked to have a successful marketing campaign.
5

TASK 3
Literature review
As per the view of MUSYOKA, (2015) Marketing is an activity that various company
take in there business to improve the performance by promoting the products and services that
can help in increasing there sales. This includes different advertising and selling techniques and
delivering the products to customers with help of different sources. Marketing helps in reaching
the potential customers and convincing them to purchase the offerings as they have more
advantages then there competitors. With help of marketing it become easy to generate revenue
for the firm. It also brings new scope for the business and firm can fight with there rivalries to
lead in market. It also includes research and development with help of which company can
collect data to develop there products with help of different strategies so that more and more
customers can get attracted towards the offerings.
Muthengi, (2015) argued that Marketing strategies are basically plans that helps in
finding potential customers so that goals of the business can be achieved. It gives the over all
picture about the business offering and layout on target markets so that best market opportunity
can be grabbed. It gives a planned path that company have to follow to reach the goals of the
business. It also tells about the policies that company have to take in consideration while doing
marketing. It helps in identifying future behaviour of the customers so that different strategies
can be implemented to bring competitive advantage for the firm that strengthen its performance
with respect to there competitors. Marketing strategies also helps in bringing opportunity by
reducing the risks and identifying different resources for increasing the revenue of the firm.
There are different marketing strategies like Integrated planning, Email marketing, Social media
marketing, etc. These are digital marketing techniques that can help in bringing new opportunity
for the firm.
According to MUSYOKA, (2015) Marketing strategies helps in improving the sales
performance of the business as it helps in promoting your business to a targeted audience and
determines the demand for a respected product. It is most effective way to reach your clients by
identifying there needs and wants and working on bases of there behavioural changes. Marketing
strategy also improves the sales performance as it helps to understand customers with help of
6

market research and accordingly product is developed. With help of different marketing
strategies brand recognition can be brought in market that can help in creating value of product
in market. Products can be designed with help of these techniques can result is positive as this
can help in achieving different objective of the firm. These are the benefits that marketing
strategies provides to business.
Muthengi, (2015) stated that Marketing strategies do not help out in improving the sales
performance of the business as it is very costly and analysing the collected data from market
become expensive for the firm. Marketing campaign are also very expensive and not all the
companies can afford to it for improving the sales of there business. There is tough competition
in market and advertising on TV and radios is costly. Big firms can spend there time and money
but there are chances that marketing campaign or marketing research can fail that can leads to
huge losses for the business. There are chances that marketing decisions are having some faults
as data is not analysed appropriately. If information is collected and interpreted incorrectly that
may lead to unrealistic financial projections. So in these ways there are many drawbacks of these
marketing strategies used by the firms.
CONCLUSION
From the above study it is been concluded that marketing strategies can help the business
to improve there sales performance and can bring competitive advantage to the firm. It also helps
to identify customers future behaviour and with its help organisation can reduce risks. Marketing
strategies also promotes business to a targeted audience and create value of product in market. It
is also been analysed that it is very costly for many organizations to improve its sales with the
help of these marketing strategies.
REFERENCES
Books and Journals
MUSYOKA, D.R., 2015. THE INFLUENCE OF MARKETING STRATEGIES IN PURCHASE
BEHAVIOR IN THE INSURANCE INDUSTRY: A CASE STUDY OF JUBILEE
INSURANCE (Doctoral dissertation, SCHOOL OF BUSINESS, UNIVERSITY OF
NAIROBI).
7

Muthengi, W.K., 2015. The effects of marketing strategies on sales performance of commercial
banks in Kenya. Unpublished MBA Research Project, University of Nairobi, Kenya.
8