MARKET ORIENTATION DIMENSIONS ON MARKET SHARE OF QUOTED PHARMACEUTICAL COMPANIES IN NIGERIA

Abstract

Critical in the pharmaceutical business firms is the performance driven by the market share which has remained a constant demand and a determining factor in the global economy owing to public health contribution to the economic social life development in any nation. However, pharmaceutical companies were inundated with problem of achieving targeted market share due to poor customer orientation, competitors’ orientation, market intelligence, and inter-functional co-ordination characterized with pharmaceutical companies in Nigeria. This study evaluated the effect of market orientation dimensions on market share of quoted pharmaceutical companies in Nigeria. The study adopted survey research design. Population of the study was 388 staff of the selected pharmaceuticals firms in Nigeria. Total enumeration technique was adopted for the sample size. There were 388 study subjects-24 executive managers, 67 directors, 297 marketing and product managers. Primary method of data collection was employed via validated and reliable research instrument. Collected data were further analyzed with descriptive and inferential statistics adopting multiple linear regression. Findings revealed that market orientation dimensions have significant effect on market share (Adj.R2= 0.734, F-statistics = 202.060, p = 0.000. The study concluded that market orientation dimensions affect overall market share of selected pharmaceutical companies in Nigeria. The study recommended that pharmaceutical companies should key on to the enormous benefits of adopting market orientation practices as it is suggested that full employment of strategic market orientation in organizational management processes creates improved overall firm performance.