ABSTRACT

The research is on strategic market orientation and marketing performance of selected insurance firms in Nigeria. The study was conducted to ascertain among other aims, the influence of customer focus on sales growth of insurance firms, the influence of customer focus on profitability, the relationship between customer focus and market shares the effect of competitor focus on market share. Data were collected through primary and secondary sources. One hundred and eighty-seven (187) — sample size — copies of questionnaire were administered to senior executives of the selected insurance firms and only 145 copies returned. Inspection to certain documents — 2014 annual reports and financial statements - of the selected firms conducted. Data generated were tabulated and reduced to percentages, while descriptive statistics were used to describe the characteristics of the respondents. The hypotheses were tested using simple regression analysis. Also to test the reliability of the instruments Cronbach's Alpha was used. The major findings were: sales growth increased by 8.316 million naira if customer focus is held constant at 1.176 units; 0.205 unit increase in customer focus brings about 5.380 million naira increase in profitability, 1.058 unit increase in competitor focus results to 4.717 unit increase in market share. Put this way: there is significant relationship between customer focus and sales growth; between customer focus and profitability; between competitor focus and sales growth, and between competitor focus and market share, among other findings. Based on these findings, It was suggested that though the relationship between market orientation and marketing performance is significant, management of insurance firms should, continue to consistently, motivate its sales team so that it will analyze the customer needs, seek to satisfy them, and try to adapt the products to these needs, react to competitors' actions and responses. Also, since if a business is doing well, it can still do better, management of insurance firms should continue to adopt measures (institute constant training programme) which must aim to achieve making the work force appreciate the importance of analyzing customer requirements; concerned about responding to these requirements; show an interest in the actions performed by their competitors, and offer after-sales services to their customers, among other recommendations.