(A CASE STUDY OF MTN NIGERIA)
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ABSTRACT
The study is determined to examine the effect of marketing strategies on product life Cycle. The research design used the case study approach of data collection to empirically examine the relationship between marketing strategies and product life cycle. The population of the study is made of all of staff of MTN Nigeria Port Harcourt, which was unknown. The sample size for this study is 100.Data used in this study were obtained from two sources namely, primary and secondary sources. A self-design questionnaire was used to collect data from the respondents. The simple percentage was used to analyze the response. The Chi-Square statistical tool was used to test the hypothesis. Findings reveals that there is a significant effect of marketing strategies on product life circle. Based on the finding of the study summary, conclusion and recommendations were made that MTN Nigeria should increase their product line to gain greater customer patronage, MTN Nigeria should maintain their pricing strategies to help them retain their customers, MTN Nigeria should improve on their distribution strategies as it will increase their sales volume and Communication firms (MTN Nigeria) should make use of effective promotion strategies that will enhance customer patronage and increase their profit margin.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Marketing activities play vital role in the survival and growth of any organization. In recent times, marketing activities in the service industry have been posing serious problems to the services operators because of the competitive nature and increase in the number of services and manufacturing industries. Marketing as we know it today was given little or no attention. A successful marketing operation must rest on careful thought and plan. The strategic aspect of the plan should be based on what was known of the competitor strength and positioning the physical characteristic of the battle ground, the financial or hostile sentiment of those who occupy the territory, and of course, the strength and character of the resources available to compete. Ebitu (2014) conceived strategy as an action plan or a set of plans intended to achieve specific goal or objectives over a period. He further stressed that marketing strategy is an action plan on how organization intends to achieve its marketing objectives.
According to Orji (2010), a strategy is a pattern of action and resources allocations designed to achieve the objectives in an organization. He also found strategy as a game plan for “getting there” and that every business must follow a strategy for achieving its marketing goals. Louise and David (1989) in Orji (2010) pointed out that marketing strategy is the overall company programme for selecting a target market and satisfying the target consumers through a blending of the marketing mix elements. The component of the marketing mix such as product, price, distribution and promotion represent subset of the marketing strategy. These key elements must be coordinated and put into a unified effective strategy where product must perform well in the market. The marketing strategy is direct and useful in business and in marketing.
Products are like living organisms. They are born, they live and they die. A new product is introduced into the market, it grows and when it loses its appeal it is terminated. Thus production life cycle may be short or long depending on the extent of competition, speed of technology co-advance, changing consumer tastes or a combination of these factors. (Ezirim et al 2004).
Product life-cycle management is the succession of strategies used by business management as a product goes through its life-cycle. The conditions in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages.
1.2 STATEMENT OF PROBLEM
Post purchase satisfaction has always been a major achievement indicator as a level of satisfaction of customers who make used of the services in the market. Marketing strategies have contributed toward the achievement of these set objectives. Established and implemented marketing strategies have played a major role in the success of many businesses organizations in Nigeria.
Every firm which intends to improve on its marketing must create good marketing strategies for its operation. These strategies should be effective and increase the sales/profitability of such companies and will also help the company to achieve its goals.
Marketing strategies has contributed towards the success of the firm in recent years due to good marketing strategies mapped out for services.
Paramount problem as regards to the decline in the level of sales in MTN Nigeria is due to the marketing strategies been adopted. This situation led the researcher to undertake a research work to know how to improve the standard of marketing strategies to improve the success of modern day organizations, and to know the roles that could be played by the marketing managers in enhancing sales and organizational growth in Nigeria. The problem to be examined here is: the effect of marketing strategies on product life circle in MTN Nigeria.
1.3 OBJECTIVES OF THE STUDY
The main objective of the study is to examine the effect of marketing strategies on product life cycle. The specific objectives are as follows:
- To examine the examine the relationship between the product and product life cycle.
- To examine the relationship between the price and product life cycle.
iii. To examine the relationship between distribution channels and product life cycle.
- To examine the relationship between promotion and product life cycle.
1.4 RESEARCH QUESTIONS
- Does the product relate with product life cycle?
- To what extent does price influence product life cycle.
iii. What is the relationship between the distribution channels and product life cycle?
- Does promotion influence product life cycle?
1.5 HYPOTHESES
The following research hypotheses were formulated to guide the researcher:
HO: There is no significant effect of marketing strategies on product life cycle.
HI: There is a significant effect of marketing strategies on product life cycle.
1.6 SIGNIFICANCE OF THE STUDY
The significance of the study cannot be over emphasized. It can be seen from the problem statement that major difficulties are identified with marketing. It is hoped that the study will help companies, managers, marketing managers on the field of study to adopt better marketing strategies that will improve the overall marketing performance of a firm and help the firm realize its business objectives.
The recommendations made in this study if applied would provide initial steps in major decision on the determination of the present marketing strategies that can be used to improve product life cycle.
The study also will help the reader to know that the success of a business depends on a good marketing strategy so that it will present good image for the company and increase their sales revenue. It will also widen the researcher’s knowledge about the various strategies available and how they can be applied to the firms.
Above all, the study will also help the people to know the value of marketing strategies and how it can be used to attract new market customers from existing market.
1.7 SCOPE OF THE STUDY
The study is delimited under the following heading: content scope, geographical scope and unit of analysis.
- Content Scope: The content scope of this study involves an investigation to ascertain the relationship between marketing strategies and product life circle. The dependent variable is product life circle, measured by Profitability, Market share and sales volume. While independent variable is marketing strategies measure by product, price, distribution and promotion.
- Geographical Scope: This study is delimited in Port Harcourt Metropolis with references to MTN Nigeria.
- Unit of Analysis: The unit of analysis in this research involves both senior and Junior staffs of MTN Nigeria at the time of carrying out the study. The scope of this study is to ascertain the relationship between marketing strategies and product life circle in MTN Nigeria.
1.8 LIMITATION OF STUDY
The study was limited by the following:
The level of frankness in response to questions by the respondents is quite doubtful.
Finance: Accessing fund for the research work as difficult and this to a great extent limited the quality of research activity.
Time: The time allocated to the research work was not sufficient to give room for further intensive work on the field of study.
Organization Policy: Policies of the organization limited the level of information received. The personnel of the firms were not willing to give information, stating that it was against the organization’s policy.
1.9 DEFINITION OF TERMS
MARKET: Market is people or organization that has money, they ready and willing to spend their money for the product of choice during a marketing plan.
MARKETING MIX: The marketing mix refers to the set of actions or fact that the company uses to promise its bound or product in the market.
MARKETING: Marketing is the process of planning and executing the consumption pricing, promoting and distribution of ideas goods and services to create exchange that satisfy individual and organizational objective.
PRODUCT LIFE CIRCLE: Product life-cycle is the succession of strategies used by business management as a product goes through its life-cycle.
PRODUCT: An article or substance that is manufactured or refined for sale.
PRODUCTS: A product is an article or substance that is manufactured or refined for sales.
STRATEGY: Is an ability of person skilled or planning things, or a plan designed for a particular purpose.
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