The National President of the Chartered Institute of Marketing, Ghana (CIMG), Dr Daniel Kasser Tee, has called on businesses to realign their strategies to suit the prevailing hostile economic environment across the world.
He said the last three years had presented an unfriendly macro-environment over which individuals, households, businesses, and even governments had no control over.
Dr Tee said this when he launched the 33rd edition of the CIMG Annual National Marketing Performance Awards in Accra last Friday.
The awards, which is expected to be held in October this year, would be under the theme “The Creative Marketing and Innovation in a Volatile Global Economy”.
“As consumers, our purchasing power continues to diminish as inflation soars, thereby limiting our demand for goods and services,” Dr Tee said.
He, therefore, advised businesses to refrain from cutting marketing budgets in hard times as effective deployment of marketing communications was necessary for stimulating demand for their products.
“Re-examine your marketing mix elements and ensure an optimal blend for organisational success.You must not cut promotion or marketing communications,” he added.
Dr Tee entreated them to differentiate their corporate and product brands to enable them to stand out in the midst of intense competition and low consumption.
“I urge 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 you operate in such difficult times and also prepare for this year’s awards,” he added.
Mr Theodore Osae, Chairman of the Awards Planning and Selection Committee, said they were committed to keeping the awards processes simple, transparent and fair.
He indicated that they would continue to review and introduce new elements to ensure relevance and to bring excitement to the CIMG awards.
“The awards cover six major competitive areas, including Hall of Fame, Personality, Media and Marketing Communications organisations, Business organisations, Products, and Not-for-Profit organisations,” he added.
Mr Kwabena Agyekum, Registrar and CEO, CIMG, said this year’s awards stakes were going to be very high with a high level of scrutiny and robust system even at the shortlisting stage.
He hinted that there would be a marketing week as advised by the education minister and that would be a precursor to the awards.
“I urge you all to check our social media pages (Facebook, Twitter, Instagram and LinkedIn) for the link to file your nominations. Nominations will be open immediately after the launch for seven days. So, get ready to nominate!” he added.
Mr Agyekum emphasised that from the close of nominations to the judges’ assessments, we would be carrying out a number of activities including the shortlisting of nominees and orientation for shortlisted nominees.
Others were the opening of the portal for the filling of the questionnaire, final submission of questionnaires by nominees and then assessment.
BY ABIGAIL ARTHUR