ASSESSMENT OF EMPLOYEES PERCEPTION ON MARKETING STRATEGY PRACTICES IN THE CASE OF NYALA INSURANCE SHARE COMPANY

Abstract

The major objective of any business establishment is to remain in business profitably through production and sales of products or services. Without optimal profit, a business firm cannot survive. One of the core activities in a business company to stay in business is having a well-developed marketing strategy. The ultimate success or failure of a company depends on its marketing strategy. So, the strategy should be developed, implemented and evaluated effectively to achieve the company’s objectives. The general objective of the study is to assess the marketing strategy practices of Nyala Insurance Company. In order to carry out the study, both primary and secondary data collection instruments were used to collect data. Closed ended and open ended questions along with interviews were used for the purpose of data collection. The selections of the respondents were carried out by using purposive sampling research method, Marketing and Planning, Research and Development departments, because no other departments were concerned about marketing strategies, though some elements of the marketing strategy has been conducted out of these departments. The researcher took all the respondents of the stated department’s staffs as a total population of the study. Data collected was analyzed using IBM statistics SPSS 21 software .Descriptive statistics was used and analyzed using methods of mean, frequency distribution and percentage. The study findings indicate that Nyala Insurance Share Company segments its market based on mainly geographic element, follows targeting strategy of differentiation, and there is good level of perception among consumers, pricing strategy of Nyala Insurance Share Company is discriminatory pricing that the company’s service outlet expansion is not enough or satisfactory relative to the potential market existence. Promotional practices are strong on direct marketing and weak on publicity. NISCO’s staff are capable of implementing the marketing strategy of the company, but not highly capable, there is standard for the lay out but service process strategy is very poor.