From Taiye Joseph, Ilorin
Professor Mukaila Aremu, of the Department of Marketing at the University of Ilorin, has called on Nigerian businesses to recognise the power of marketing, describing it as “a small word with big consequences.”
Speaking during his 299th inaugural lecture, Professor Aremu stressed that today’s consumers are more informed, selective, and demanding, making it crucial for organisations to rethink their marketing approaches.
“Customers now expect to be treated as individuals, not just numbers,” Professor Aremu said. “Companies that fail to adapt their marketing strategies risk facing negative outcomes, including decline or extinction.”
Related News
He highlighted several key strategies that organisations should adopt to thrive in a competitive market. Increasing advertising budgets, he argued, ensures that businesses remain visible and can effectively communicate value to target audiences. He also urged companies to establish functional marketing units staffed with professional marketers, ensuring that the right skills are applied in the right roles.
On product offerings, Professor Aremu advised service providers to maintain high-quality standards, diversify their products, and offer fair pricing. “Customers choose products and services based on quality, variety, atmosphere, and affordability. Ignoring these factors can have serious consequences,” he noted.
He also emphasised the importance of integrating strategic marketing planning into everyday business operations, implementing market segmentation to focus on specific customer groups, and leveraging social media platforms to reach wider audiences efficiently.
“Pricing strategies must reflect market realities, including consumer income and competition,” Professor Aremu said. “A poorly planned pricing policy can harm both the business and its customers.”
Other recommendations included regular environmental scanning to understand market trends, improving service delivery by listening to customer feedback, and rebranding products to prevent decline. “Rebranding is not just cosmetic; it realigns products with market needs and can revive declining services,” he explained.
Professor Aremu concluded by stressing that organisations that strategically implement these marketing practices can achieve sustainable growth and positive outcomes, turning what may seem like a “small word” into a powerful tool for business success.
