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Reformulate business strategies to meet prevailing challenges – CIMG

The President of Chartered Institute of Marketing, Ghana (CIMG), Dr. Daniel Kasser Tee, has called on businesses to reformulate and realign their business strategies in the wake of an unfriendly working environment.

According to him, they must re-examine their marketing mix elements and ensure an optimal blend for organisational success, while doing the needful with regards to pricing and distribution.

“It is for these reasons that we call on businesses to take a second look at your business and marketing plans for the year, reformulate and realign your strategies in the wake of prevailing environmental difficulties and challenges.

“Refrain from cutting marketing budgets in hard times as effective deployment of marketing communications is necessary for stimulating demand for your products. In the same way that you cannot do without products, pricing, or distribution, so must you not cut promotion or marketing communication,” he said this during the 33rd CIMG Annual National Marketing Performance Awards launch in Accra.

Dr. Kasser Tee advised all corporate organisations to pay attention to some of the very key pillars of marketing that guarantee effective performance by way of growing market shares, revenues and profits as they operate in such difficult times. He further urged them to prepare for this year’s awards.

Dr. Kasser Tee added that consumers’ purchasing power continues to diminish as inflation soars, thereby limiting their demand for goods and services.

He said they must, however, spend in critical areas, using the most critical, influential and most cost-effective media vehicles differentiating their corporate and product brands to enable them stand out in the midst of intense competition and low consumption.

The awards launch

The 33rd Chartered Institute of Marketing, Ghana (CIMG) Annual National Marketing Performance Awards launch is to pave way to honour corporate brands and individual personalities who performed outstandingly within the year under review.

The awards, according to CIMG, goes beyond the event; it has contributed to the redevelopment of many businesses’ corporate strategies and significantly changed their business operating models, enabling them to be marketing-oriented by meeting the key requirements.

This year’s awards ceremony will be celebrated under the theme: ‘Creative Marketing and Innovation in a Volatile Global Economy’.

Speaking about the awards, the Vice President of CIMG and Chairman for the Awards Planning & Selection Committee, Theodore Osae, said judges and assessors for the year’s event will invest time and effort to ensure these awards represent the country’s best and finest.

Touching on the criteria for the awards, Mr. Osae said the basic considerations that run through the evaluation process include marketing effectiveness, brand visibility, corporate social responsibility, and financial performance.

The criteria for selecting the winners and benchmarking their performance will include marketing innovation, technological innovation, segmentation, Targetting and Positioning (STP), social impact, contribution to national development, public image, success in the market place, among others.

Mr. Osae said it is expected of award-winners, especially those in the personality award categories like the Marketing Man and Woman, to conceive and introduce one project idea which they can carry out during their year of being the CIMG Marketing Man or Woman.

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