GLOBAL MARKET PENETRATION STRATEGIES AND MARKETING PERFORMANCE OF FOOD AND BEVERAGE FIRMS IN RIVERS STATE

Abstract

This study investigated the relationship between global market penetration strategies and marketing performance of food and beverage firms in Rivers State. Specifically, the objectives of the study were to determine how pricing strategy and promotion strategy relates with sales volume growth and market share growth. The research design adopted was the correlational research design and the chosen population for this study comprised of thirty (30) registered food and beverage firms in Rivers State. Purposive sampling technique was adopted to select our respondents for the study and the researcher purposively selected one hundred and fifty (150) respondents for the study, in which five (5) copies of a questionnaire was administered to each firm. However, only one hundred and twenty four (124) respondents provided information for the analysis of the data. Spearman Correlation Coefficient (rho) was used to test four hypotheses. From results of the analysis it was revealed that pricing and promotion strategies which are the dimensions of global market penetration strategies positively and significantly relate with sales volume growth and market share growth (measures of marketing performance) of food and beverage firms in Rivers State. Based on these findings, it was concluded that both pricing and promotion strategies in enhancing marketing performance, with pricing strategy being more influential on sales volume and promotion strategy playing a significant role in market share expansion. Therefore, the study recommended amongst others that food and beverage firms in Rivers State should adopt dynamic pricing models that respond to market demand and competition. This will allow them to remain competitive and optimize sales volume growth in both local and international markets.