Strategic Marketing Management of Oil and Gas Industry: a Review of Literature

Better Essays
Topics: Marketing
E3 Journal of Business Management and Economics Vol. 1(1). pp. 001-009, October, 2010 Available online © 2010 E3 Journals


Strategic Marketing Management of Oil and Gas Industry: A Review of Literature
Akinyele, Samuel Taiwo
School of Business Studies, Covenant University,Ota-Nigeria.
Accepted 27 September 2010

The purpose of this paper is to review the literature on strategic marketing management. This study adopted an expost facto research methodology to examine the strategic marketing management literature in an attempt to attain their desired level of performance. The overall findings suggest that strategic marketing is a driver of organizational positioning in a dynamic environment, and that it helps to enhance the development of new products/services for existing markets. These findings, along with other interesting findings of the study, are discussed. From the empirical and anecdotal managerial evidence as well as from the literature, implications are drawn for the efficient and effective strategic marketing practices in the Nigerian oil and gas industry. Based on the findings of the study, the concepts and principles of total quality management within a holistic framework it is recommended that (i) efforts should be made by organizational marketers towards understanding the relevant economic factors that affect both clients’ behaviour and the strategic options that may be adopted to cope with such behaviours; (ii) in a constantly changing business environment, firms can adopt different strategic marketing practices since the yardstick is the enhancement of business performance. KEYWORDS: Strategic Marketing, Strategies, Dynamic environment, Deployment, Resources, Management Introduction The sensitivity of the petroleum resource is clearly reflected in the fact that it has remained or continued to be the goose that lays golden eggs for the Nigerian economy as well as the supreme

References: Achumba IC, Osuagwu L (1994). Marketing Fundamentals and Practice, Rock Hill: USA: Al-Marks Educational Research, Inc.1-400. Akinyele ST (2010). Impact of strategic marketing management on the performance of firms in the downstream sector of Nigerian oil and gas Industry, PhD Thesis postgraduate school, Covenant University, Akinyele ST (2010). Strategic marketing practices on the performance of firms in Nigerian oil and gas industry, Int. J. Res. Commer. Manage. 1(4): 6-33. Alpar P (1991). Knowledge-based modelling of marketing managers’ problem-solving behaviour, Int. J. Res. Mark. 8:5-16. Assael H (2000).Overview of petroleum industry, Nigeria oil and gas. International Energy Service, Ltd, Lagos, pp.11-13 Ansoff H (1988). Strategic Change and the Strategic Marketing Process, Blackwell, Oxford. Adegbulugbe AO (2002). Energy supply and demand balance in Nigeria. Issues and options: Energy Policy Agenda for Nigeria. International Energy Services Ltd, Lagos. African oil and gas (2004). Energy policy agenda .International energy services Ltd, Lagos. Amnesty International (2004). Nigeria: Are human rights in the pipeline? Al Index: AFR 44/020/2004, London: Amnesty International. Anderson A (2004) Industry Review: Strategic Planning consultancy Report. May Pp.20-25. Anya AO (2002). Science, oil and the future of Nigeria economy, The Guardian(Lagos), Wednesday, March 13,p 16. Aristobulo J (1997). From good bankers to bad bankers: Ineffective supervision and management deterioration as major elements in banking crisis, EDI Working Papers, World bank Washington. Bolaji K (2003). Oil and the politics of natural resources governance in th Nigeria, paper prepared at the 14 Biennial Congress of the African Association of Political Science (AAPS) held in Durban, South Africa June 26-28 Baker MJ (1995). Marketing Strategy and Management, London: Macmillan Press Ltd. Berry BW (1997). ‘Strategic Marketing Work Book for Nonprofit Organizations’,Chicago Bryson JM (2004). ‘Strategic Planning for Public and Nonprofit Organization’, Jossey- Bass Publishers Baker M (2006). Petroleum technology development fund: Intervention to discover and develop technocrats for the energy sector of tomorrow. Pet. J. 5(3): 112-115. Bauer PT (1998). Some aspects and problems of trade in Africa in Moyer, R. and Hollander, S. (eds.) Market and Marketing in developing economies. Homewood , Richard D. Irwin. Boyd H, Frank RK, Massy WF (1994). On the use of marketing research in emerging economies. J. Mark. Res. 1: 20-23. Brownlie D, Spender JC (1995). Managerial judgment in strategic marketing: Some preliminary thoughts, Managerial Decision, 33(6): 39-50. Barney I (1991). Strategic factors markets: Expectations, luck and business strategy. Manage. Sci. 32(10): 123-1241. Chukwu I (2002). Crude oil development, The Post Express, Lagos, Thursday, October 1, p. 24-25. Certo T, Lester R, Daltons C, Dalton D (2006). Top management teams, strategy and financial performance: A meta-analytical examination. J. Manage. Studies,43(4):812-839. Chen T (2004). Critical success factors for various strategies in the oil and gas industry, The Int. J. Service Mark. 16 (20). Creveling JP (2005). Making a case for business and marketing planning, Rough Notes, 137(3): 26-32. Creveling JP (1994). Making a case for business and marketing planning, Rough Notes, 137(3): 26-32. Cravens W, Hills GE, Woodruff RB (1990). Marketing Decision- Making: Concepts and Strategy, Illinois: Richard D. Irwin Inc. Creswell JW (1994). Research design: Qualitative and quantitative approaches. Thousand Oaks, CA:Sage. Daniel D (1998). Nigerian oil boom, Afri. Rev. 21(2): 9. Day GS (1994). The Capabilities of Market-driven Organizations. J.Mark. 58(10): 37-52. Dixton D, Donald F, Roger A (2005). Basic Marketing: Concepts, Decisions and Strategies, Englewood Cliffs, N.J. : Prentice- Hall Inc. Ekpu R (2004). Associated gas utilization, Nigeria’s oil and gas, 3(8): 17-18. Falegan JI (1991). Marketing : An introductory Text, Lagos: University of Lagos Press Garuba DS (2006). Survival at the margins: Economic crisis and coping mechanisms in rural Nigeria, Local Environment, 11(1): 17-36. Akinyele 009 Gary I, Karl TL (2003). Bottom of the barrel: Africa’s oil boom and the poor, Pointe Noire: Catholic Relief Services. Int. Dev. Res. Ltd. 11(4): 23-40. Ginsberg A (1997).New Age Strategic Planning: Bridging Theory and Practice, McGraw- Hill Publishing Company, 20(1): 105-112. Gup BE, Whitehead DD (2000). Strategic marketing in banks: Does it pay? Long Range Planning. J. Strateg. Mark. Manage. 17(1). Henry H (1999). The evolution of strategic marketing in major corporations, Proceedings, American Institute of Decision Sciences. Higgins JM, Vincze JW (1993). Strategic Management: Concepts and Cases. Chicago IL Dryden Press. Hunsaker PL (2001). Effects of formal strategic marketing on financial performance in small firms: A meta-analysis. Entrepreneurship Theory and Practice, Chicago Il, Dryden Press. Hinterhuber D (1992). Organizational context and the interpretation of strategic issues. J. Manage. Studies, 33(4): 716-719. Jain SC, Punj G (1987). Developing marketing strategy: A framework, Marketing Intelligence and Planning, 5(1): 75-89. Jain S (1993). Evolution of strategic marketing, J. Bus. Res. 11(4): 407425. Jain SC, Punj G (1997). Developing marketing Practices: A framework Approach, Marketing Intelligence and Planning, 7(3): 34-42. Johne A, Davies R (2002). Innovation in medium-sized oil companies: How marketing adds value, The Int. J. Bank Mark. 18(1). Johne FA (1999). Successful market innovation, Eur. J. Innov. Manage. 2: 6-11. Johnson J, Lee R, Saini A, Grohmann B (2003). Strategic marketing management practice: Conceptual advances and an integrative model. J. Acad. Mark. Sci. 31(1): 74-89. Johns FA (1990). Successful market innovation, Eur. J. Innov. Manage. 2: 6-11. Kandampully J, Duddy R (1999). Relationship marketing: A concept beyond the primary relationship. Marketing Intelligence and Planning, 17(7):315-323. Kim WC, Mauborgne R (1998). Value innovation : The strategic logic of high growth, Harvard Business Review, Jan- Feb., 102-112. Kotler P, Connor RA (1997). Marketing of professional services, J. Mark. 5(4):12-18. Kudler R (1996). The effects of strategic marketing on common stock returns’ Acad. Manage. J. Vol. 23(1): 5-20. Li S, Kinman R, Duan Y, Edwards JS (2000). Computer-based support for marketing strategy development, Eur. J. Mark. 34(5/6). Little JDC (1990). Models and managers: The concept of a decision calculus, Management Science, April, 466-485. Mathiason N (2006). Oil delta burns with hate, The observer(UK), Sunday, January, 29(http://observer. Mamman H, Oluyemi SA (1995). Oil management issues and restoring the health of Nigerian downstream through improving the quality of management/employees, NDIC Quarterly, 4(4): 56-70. Mavondo FT (2000). Marketing as a form of adaptation: Empirical evidence from a developing economy, Marketing Intelligence and Planning, 18(5): 256-272. McCarthy EJ (1995). Basic Marketing, New York: D. Irwin. McDonald M (2004). Strategic marketing planning: A state of the art review, Marketing Intelligence and Planning, 10(4): 4-22. Mc Donald M (1992). Marketing plans: How to prepare them, how to use them. Oxford: Butter worth- Heinemann. McDonald M (1989). Strategic marketing and firm performance. J. Mark. 2(4): 23-40. McDonald M, Wilson HN (1990). State of the art development in export systems and strategic marketing planning, Brit. J. Manage. 1(3): 159170. McDonald M (1996). Strategic marketing planning, London: Kogan Page. McIntyre SH (1992). An experimental study of the impact of judgmentbased marketing models, Manage. Sci. 28(1):17-33. Median A (1999). Oil and gas marketing, Bedforshire: Graham Burn. Miles RE, Snow CC (1978). Critical issues in implementing marketing. J. Mark. Pract.: Appl. Mark. Sci. 2(3): 29-43. Mintzberg H (1996). Planning on the left side and managing on the right. Harvard Bus. Rev. (7/8): 49-58. Mintzberg H (1994a). Rethinking strategic planning part 1: Pitfalls and fallacies, Long Range Planning, 27(3):12-21. Mintzberg H (1994). The fall and rise of strategic planning, Harvard Bus. Rev. 30-45. Mintzberg H (1994b). The rise and fall of strategic planning, Hempstead: Prentice Hall International. th Nunnally J (1978). Psychometric Theory, 6 Edition, New York:McGraw –Hill. Obi CI (2003). The oil paradox: Reflection on the violent dynamics of petro-politics and misgovernance in Nigeria’s Niger Delta, Institute of African Studies, University of Leipzig, November 1-3. Olawoyin GA (1995). The role of marketing in revamping a depressed economy, Paper delivered at the Annual Seminar/ Luncheon of the Trade Group of the Lagos Chamber of Commerce and Industry, April 25. Oluyemi SA (1996). Deregulation and the performance of oil and gas industry in Nigeria: An overview, NDIC Quarterly, 59(1): 49-67. Okoroafo SC (1993). Firm performance in a liberalized environment: Empirical evidence from a developing country, J. Bus. Res. 28: 173187. 0suagwu L (1999). Marketing: Principles and Management, Lagos: Grey Resources Limited. Osuagwu L (2001). An evaluation of the marketing strategies of Nigerian insurance companies, Acad. Market. Studies J. 5(2): 17-30. Osuagwu L (2001). Adoption of marketing strategies in Nigerian institutions, Acad. Mark. Studies J. 5(1): 1-16. Osuagwu L (2004). Relationship marketing strategies in Nigerian companies, The Mark. Manage. J. 14(2): 114-128. Osoka O (1996). Oil and the Nigeria economy, Lagos: Panache Publications Limited. Okwor K (1992). Oil industry and the Nigeria economy, The Bullion, 9(3). Pajares F (2007). Elements of a proposal, available from the author at th, accessed on 10 May, 2008. Samli AC, Kaynak E (1994). Marketing practices in less developed countries, J. Bus. Res. 12: 5-18. Scnars SP (1991). Marketing strategy, New York: The Free Press. Silvestro R, Johnson R (1990). The determinants of service qualityenhancing and hygiene factors, Proceedings of the QUISS 11 Symposium, New York: St. John’s University. Sheng A (1999). Alternative measures of system effectiveness: Associations and implications, MIS Quarterly, 9(3): 817-832. Steiner GS (1997). Strategic marketing planning, New York, Free Press. The Guardian(2006). What is wrong with the Nigerian oil industry. Wednesday, January 25,p.1-2, Lagos. Udell JG (1998). How important is pricing in competitive strategy, J. Mark. 28(1): 44-48. Umunnaehila A (1996). Oil failures in Nigeria: History, causes and remedies, Lagos: Foundation Publishers. Umoh PN (1992). Strategies for survival and growth of insured banks, NDIC Quarterly, 2(2):19-24. Ulrich D, Barney JB,(1984). Perspectives in organizations: Resource dependence efficiency and population. The Acad. Manage. Rev. 9(3): 471. Westfall RI, Boyd HW (1990). Marketing in India, J. Mark. 25: 11-17. Wing MF (1997). Are you a strategic thinker? Manage. Rev. 20(7): 650658. Woodward R (2004). Technological expansion: The interaction between diversification strategy and organizational capacity. J. Manage. Studies, 33(3: 701-712.

You May Also Find These Documents Helpful