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Strategic Marketing Practice Considerations in Family Business in Nigeria

ADEGBUYI , O. A. (2009) Strategic Marketing Practice Considerations in Family Business in Nigeria. New England Journal of Entrepreneurship, 12 (2). pp. 41-47.

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Abstract

The purpose of" this study is to fill a gap in the literature by examining a medium-sized firm. Most modem economies are characterized by a significant group o{middle-sizedf'inns, still ownel'managed, but with Million naira turnovers. Mal~J' of" these re111ain fa mill' Companies and constitute an important reservoir of business initiative. One such family business is the focus of" this research. The results <>/ the study suggest that neither t/1ee.\'isting typologies of" small firm approaches to marketing nor the .formal models of" marketi11g attributed to big wmpanies necessariiJ' characterize the marketing planning and management <J/ fwnizy business in Nigeria. Kerworcls: Depth evaluation, family companies, medium' izcd lirm, modern economies, multimillion naira turnovers. For sustained profitability, business has to identify and approach its potential customers in an informed, organized, md controlled w:ty. Business has to offer customers some benefit at a price they arc willing to pay and at the same time Organize its affairs to ensure that it makes adequate profit. Irrespective of the people involved and the methods adopted, success requires analysis, planning, and control (Kotler 1984). This paper is concerned with the strategic marketing activities. Family firms are rarely recognized as aggressive growth companies (Blake and Saleh 1995 ), yet growth is important to family frrm survival (Ward 1987). Poza (1989) indicated that unity firms must consider growth strategies to avoid the decline or loss of the family business, to promote continuity and family unity, and to save jobs and create wealth. Unique challenges arise in achieving growth while also maintaining control of the family business (Goffee 1996). To date, Rsearch-bascd insights into family firm growth strategies and Implementation approaches are quite limited (Sharma, Chrisman , and Chua 1997), and comparative studies are rare !Dyer and Handler 1994).The current study seeks to address this shortcoming by examining the strategic marketing practice considerations in family business. Specifically. the n:scarch seeks to explore the following questions: What are the strategies family firms use to pursue growth? Are these ,tmtegies different than those used by large and small firms? What specific marketing .tools do family firms use to implement the strategies?

Item Type: Article
Subjects: H Social Sciences > H Social Sciences (General)
Divisions: Faculty of Law, Arts and Social Sciences > School of Management
Depositing User: Mrs Patricia Nwokealisi
Date Deposited: 07 Dec 2014 13:49
Last Modified: 07 Dec 2014 13:50
URI: http://eprints.covenantuniversity.edu.ng/id/eprint/3034

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