Abstract

This study is aimed at Evaluation of Marketing Strategies of Zenith Insurance Company Buea in European Single market. Challenges and Opportunities:  This research used explanatory research with the quantitative approach. The objectives of the study are to determine how different marketing techniques available in marketing help Zenithe insurance Company and to examine the difficulties and future plans Zenithe insurance Company have in relation to marketing strategy.

The study adopted a descriptive survey design. The study targeted 40 respondents which were made up of managers, owners, supervisors and operating employees of international marketers in Buea municipality. The study collected primary data using a questionnaire. The sampling technique use was simple random sampling. The collected data was analyzed using mean, standard deviation, frequencies and percentages. Regression analysis was used to test for the relationship between the independent variable (marketing strategies) and the dependent variable (performance).

The study concludes that there are different marketing strategy techniques available in marketing strategy to help Zenithe insurance Company. Therefore, management of Zenithe Insurance Company should be maintained and improved the indicators of marketing mix through ensures all the products that exist is using natural ingredients and less chemical, especially from dangerous chemical.

Campaign the products through social media as the standard and lifestyle of healthy life. Using degradable materials for all the packaging. Improve the technology process to keep maintaining natural contain and the high quality of product. Add the product’s feature significantly.

CHAPTER ONE

INTRODUCTION

This section presents the background of study, problem statement, research questions, research objectives, hypothesis, significance of the study, scope and limitations of the study and organization of study.

Background of the Study

Marketing is a function and a set of processes that enables the firm to create, communicate, and deliver value to its customers. By enabling organizations to deliver more valuable offerings, it constitutes a firm resource. Furthermore, when developed fully, it becomes a competence. Firms that develop a marketing competence are able to sustain the coordinated deployment of assets in a way that helps them achieve their goals.

Marketing success then occurs when a firm’s competence in marketing constitutes a firm resource (i.e., it contributes to enabling the firm to produce efficiently and/or effectively market offering that has value for some market segment(s) (Arnett and Wittmann, 2014). Marketing interest of practitioners and academics’ interest in the influence of environmental issues on marketing activities are growing. The interface among the natural environment and consumer behavior, public policy initiatives, strategy of marketing, and macro marketing are examined by a set of marketing contexts (Polonsky, 2011).

The enlarged EU is now beginning to determine the terms of trade outside its own frontiers and its effects are inevitably being noticed by Turkish firms too. The new economic environment created by the European integration provides several opportunities as well as challenges for new member states and countries within the customs union (Spanos et al., 2001; Paliwoda and Marinova, 2007).

As the trading environment within the EU is becoming increasingly standardised (Paliwoda and Marinova, 2007), firms from new member states of Eastern Europe and non-member countries such as Turkey need to adapt their competitive strategies to this new environment. In the face of the new competitive environment, due to both customs union and removal of some entry barriers, firms from EU candidate countries are expected to use both equity and non-equity based entry modes to enter the EU market to achieve their strategic priorities.

The case is an exemplary one for illustrating the role brands may play as symbols of national self-determination in markets characterised by significant consumer ethnocentrism, with therefore very different images in the domestic and foreign markets. While Croatia and Serbia may be considered, as discussed below, as a heightened example, managers throughout the enlarged European Union face difficulties in managing brands across markets characterised by marked historical, political and socio-economic diversity (Marinov et al., 2002; Paliwoda and Marinova, 2007). Second, the study highlights the role qualitative research can play in the critical assessment of existing branding theory.

Marketers often cluster consumers into well-defined geographic areas; it is not uncommon to see research based on data gathered from North American, European, Middle-Eastern, South-East Asian, and Latin American Markets (Slater 1968, Raju 1995, Alden, Steemkamp and Batra 1999Paliwoda and Marinova 2007). It is also common to see consumption practices and values described in terms of regional differences (e.g., consumer habits of European versus Latin American consumers), but the potential to foster greater understanding about cultural scopes and boundaries through regional analysis has been limited by researchers’ unquestioned adoption of geo-political borders.

However, the situation isn’t different in third world countries like Cameroon as this study aims to evaluate the marketing strategies of Zenithe Insurance Company PLC Buea. This study we will focus on the analysis of marketing strategy of Zenithe Insurance Company Buea in European Single Market: Challenges and Opportunities.

Problem Statement

Over the past twenty years, the marketing awareness has been firmly emerging and the overall population is beginning to consider their consumer behavior outcomes (Ottman, 2010). Although the emergence of marketing has been apparent over the years, there seems to be parts of the world where marketing has gained a very slow pace of adoption. Supported by lekhanya (2014), Synodinos (2014), Christelis (2013) and Dubihlela and Ngxukumeshe (2016), Poko(1997) stated that limited research regarding marketing in South Africa has been previously conducted in that market.

There is a gap between how consumers behave and what they believe. In the case of marketing, even if the consumers are aware of marketing and products, they still don’t buy them (Sharma & Trivedi, 2016). Furthermore, it can be assumed that such intent varies according to target market. Most marketers are targeting customer loyalty in the market segment because they are believed to constitute the main market of green consumption in the future (Erve, 2013).

In consideration of developing countries as South Africa, Cameroon it is challenging for companies to actualize consumers’ area of concern (environmental sustainability) due to limited literature on the matter (Poko, 1997).

Nevertheless, studies on the enlarged single European market are notably lacking and previous research on marketing strategies has mostly resulted in mixed conclusions supporting either the idea of pan-European or multidomestic strategies (Lemmens et al., 2007). This research gap, i.e. the lack of studies on the enlarged EU, is particularly pronounced as ” EU marketing studies have addressed issues in specific country contexts, industries, cultures and geographic areas rather than being able to tackle pan-European marketing issues ” (Paliwoda and Marinova, 2007).

Therefore, we designed our model to handle and reduce the diversity of the enlarged European block that decision makers have to face when dealing with the general public or consumer products as Cameroon  is a developing country, it would seem necessary to ensure sustainable and responsible development that accounts for the environmental impacts of industry and the economy (Maheshwari, 2014).

To get a clear picture of how marketing strategies are perceived in Cameroon, this study focus on the evaluation of marketing strategy of Zenithe Insurance Company Buea in European Single Market: Challenges And Opportunities.

Object of the work.  Evaluation of marketing strategy of Zenithe Insurance Company Buea in European Single Market

The practical aim of the study: The primary purpose of this study is to assess the evaluation of marketing strategy of Zenithe Insurance Company Buea in European Single Market.

The Significance of This Research: This topic is extremely important as it as it can arise new opportunities for companies in such a highly competitive global environment. This study also contributes to the understanding of the marketing and advertising situation among finish companies, in the field of marketing and especially marketing practices.

Also the study provides valuable information directly for marketers.  To add, the study is to add to existing literature that other researchers have done and to make sure that it is used worldwide, in Cameroon and also to the Zenithe Company at large.

Objectives of the work

To assess the evaluation of the marketing strategy of Zenithe Insurance Company Buea in the European Single Market.

Specific objectives

1. To determine how different marketing techniques available in marketing help Zenithe Insurance Company Buea in European Single Market.
2. To examine the difficulties and future plans Zenithe Insurance Company Buea has in relation to marketing strategy in European Single Market.

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