Innovative Strategies for Marketing to the Poor in Nigeria

Abstract

The existing knowledge and experience in the Nigeria context have not revealed much relevance in the marketers approach by the firms to marketing to the poor. Previous researches have demonstrated poverty alleviation in Nigeria, so marketing to the poor has not been well articulated by marketers and academicians about Nigeria. This paper is desk research design whose content is based on analysis from journal publications, internet materials and books relating to marketing strategies for people living in poverty. The underpinning theory is Absolute Income Theory of Keynes, 1936 based on the philosophy of subjectivism type of research. The population comprised 28 authors of related articles. The sample size is the same as the population. The problem is that the Nigeria revenue depends heavily on oil prices without coherent alignment between fiscal and monetary policy to stabilize prices of goods and services and these make the consumers to face increased inflation on costs of consumption, production and accounting of products and services required for their lively-hood. The objective of the study is to explore drivers of innovative strategies for responsible consumption through the 4Ps of marketing in emerging economics like Nigeria to improve standards of living and adjust inequalities in the society. The findings are that most consumers of goods and services, have low disposable income as such try to avoid wastes and conserve energy. Also that most firms do not have ethical considerations to protect environments and transparency in accounting and reporting on their service delivery. The conclusion is that there will be increased inflation rate in 2025 which may hinder to a large extent, the achievement of the road maps to marketing to the poor. It is recommended that quantitative research approach be carried out on how institutional context affect the reality of marketing to the poor in Nigeria.