An integrated approach to marketing strategy formulation and implementation

• Main Author: Akroush, Mamoun Nadim Awwad
• Published: University of Huddersfield 2003
• Subjects: 541; HF Commerce
• Online Access: http://ethos.bl.uk/OrderDetails.do?uin=uk.bl.ethos.270411

The overall aim of the thesis was to address the issues involved in marketing strategy formulation, implementation and company performance by developing a framework for the marketing of insurance services in Jordan. In order to achieve this aim the research developed a comprehensive framework involving three parts; marketing strategy formulation components, marketing strategy implementation, and company performance. The research population included all the insurance companies that were operating in the Jordanian market. The research design was mainly quantitative with some qualitative data included to support and expand upon the research findings. The research methodology included designing a comprehensive self-completion questionnaire, as well as, conducting a number of in-depth interviews with managers in the insurance companies in Jordan. The most important finding to come out of the research was that marketing strategy formulation and implementation are not separate parts, but rather they should be incorporated in one process for a company to achieve success in the marketplace. The classic framework of marketing strategy, which is concerned with the traditional elements of the marketing mix framework, is inadequate for the marketing of insurance services. The marketing strategy components for the marketing of insurance services were eight, these are the seven Ps of the services marketing mix framework, and service quality. These elements were found to have a positive and significant effect on the insurance companies' performance measured by financial and non-financial (marketplace and customer) criteria. The effect of the marketing strategy components was found to have varied according to the insurance companies' performance criteria measured by financial and, non-financial (marketplace and customer based) criteria. The marketing strategy implementation variables were found to have affected the relationships between the marketing strategy components and the insurance companies' performance measured by financial and non-financial (marketplace and customer based) criteria. Generally speaking, the effect of marketing strategy implementation variables on the relationships between the marketing strategy components and the insurance companies performance measured by customer based measures was found to be greater than their effect on the relationships between the marketing strategy components and the insurance companies performance measured by financial and marketplace performance criteria. Company marketing assets and capabilities, and company marketing experience were found to be the master variables of marketing strategy implementation that moderated the relationships between the marketing strategy components and the insurance companies performance, measured by financial and non-financial (marketplace and customer based) criteria. This is evidenced when these two variables have systematically changed all the relationships between the marketing strategy components and the insurance companies' performance. Marketing strategy consensus, marketing strategy resource commitment, marketing strategy cross-functional integration, marketing strategy communication activities quality were found to have a higher effect on the relationships between the marketing strategy components and the insurance companies performance measured by customer based criteria, rather than the relationships between the marketing strategy components and the insurance companies performance measured by financial and marketplace performance criteria. The research found that the marketing strategy implementation variables hold strategic implications for the insurance companies' performance because they affect their performance especially those criteria that deal with the customers e. g., customer satisfaction. The rationale is that the marketing strategy implementation variables are concerned with activities that are dealing with the customer on a daily basis.