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Abstract
The study has examined the effectiveness of marketing strategies on product life cycle. The survey design was employed. The study was designed to focus on MTN (Rumuokrushi branch) Port Harcourt where primary data, via questionnaire were collected. The population of this study constitutes all management and staff of MTN (Rumuokrushi branch) Port Harcourt which was unknown. The judgmental sampling technique which is a non-probability sampling technique was used for selecting the sample. The sample size of this study is judgmental sample of 65 respondents which comprise of both the senior and junior Staff of MTN Port Harcourt. In this study both the primary and secondary data were used. A self-designed questionnaire on marketing strategies and product life cycle was used and administered for the collection of data from the respondents. The data collected were processed electronically using Statistical Packages for Social Sciences (SPSS). The statistical test used in the analysis of the data collected was Pearson Product Moment Correlation Coefficient. Finding amongst others reveals that Findings reveal that there is a significant relationship between product strategies and Product life cycle of MTN product/services and that there is a significant relationship between pricing strategies and Product life cycle of MTN product/services. Based on the findings of the study, we recommended that the MTN Nigeria should have adopt sustainable product strategies that will elongate the life cycle of their product and service, MTN Nigeria should maintain a stable price that that will compel customers to by their product and services and the MTN Nigeria should ensure that their product and services are distributed adequately to avoid product scarcity.
Table of Contents
Title Page i
Cover Page ii
Declaration iii
Certification iv
Dedication v
Acknowledgment vi
Abstract viii
Table of Contents ix
CHAPTER 1 1
INTRODUCTION 1
1.1 Background of the Study 1
1.2 Statement of Problem 2
1.3 Objectives of the Study 3
1.4 Research Questions 4
1.5 Research Hypotheses 4
1.6 Significance of the Study 5
1.7 Scope of the Study 5
1.8 Limitation of Study 6
1.9 Definition of Terms 7
CHAPTER 2 8
REVIEW OF RELATED LITERATURE 8
2.1 Conceptual Framework 8
2.1.1 Concept of Marketing Strategies 8
2.1.2 Dimensions of Marketing Strategies 10
2.1.3 Concept of Product Life Cycle 16
2.1.4 Measures of Product Life Cycle 18
2.1.5 Marketing Strategies and Product Life Cycle 22
2.2 Theoretical Framework 23
2.2.1 Porter’s five Forces of Competitive Position Analysis (Michael E. Porter, 1979) 23
3.2 Research Design 27
3.3 Population of the Study 27
3.4 Sampling Techniques Used 28
3.5 Sample Size 28
3.6 Source of Data 28
3.7 Research Instrument for Data Collection 28
3.9 Techniques for Data Analysis 30
CHAPTER 4 31
DATA PRESENTATION AND ANALYSIS 31
4.1 Questionnaire and analysis of response 31
CHAPTER 5 43
SUMMARY, CONCLUSION AND RECOMMENDATION 43
5.1 Summary 43
5.2 Conclusion 43
5.3 Recommendation 44
References 45
Appendix I 47
Appendix II 48
CHAPTER 1
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, product 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 condition in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages. From the foregoing therefore, the study seeks to evaluate the effectiveness marketing strategies and product life cycle of MTN Product/Services.
1.2 Statement of Problem
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 should also help the company to achieve its goals.
Marketing strategies have contributed towards the success of the firm in recent years due to good marketing strategies mapped out for services.
Paramount problem about the decline in the level of sales is due to the marketing strategies being adopted by a firm.
So many products have died before they were being launched into the market because of the poor introduction of marketing strategies. Therefore, a lot of companies are into debt to remain in operation.
Producers are no longer interested in marketing profitability or profitable sales through satisfying customer’s needs, but they are only interested on making high profit which consequently has led to inflation as one of the major problems facing product survival within the business world.
Therefore, this project will look at the effective way of applying the marketing strategy to gain good and healthy result on the life cycle of a product, and also it will highlight the impact the concept has made in telecommunication world especially on MTN product and services in Nigeria.
1.3 Objectives of the Study
The main objective of the study is to examine the effectiveness of marketing strategies on product life cycle of MTN Product/Services. The specific objectives are as follows:
- To examine the relationship between the product strategy and product life cycle of MTN Product/Services.
- To examine the relationship between the price strategy and product life cycle of MTN Product/Services.
iii. To examine the relationship between distribution strategy and product life cycle of MTN Product/Services.
- To examine the relationship between promotion strategy and product life cycle of MTN Product/Services.
1.4 Research Questions
Based on the objectives of the study, the following research questions were formulated.
- Does the product strategy relate with product life cycle of MTN Product/Services?
- To what extent does price strategy influence product life cycle of MTN Product/Services?
iii. What is the relationship between the distribution strategy and product life cycle of MTN Product/Services?
- Does promotion strategy influence product life cycle of MTN Product/Services?
1.5 Research Hypotheses
The following research hypotheses were formulated to guide the researcher:
HO1: There is no significant relationship between product strategy and product life cycle of MTN Product/Services.
HO2: There is no significant relationship between price strategy and product life cycle of MTN Product/Services.
HO3: There is no significant relationship between distribution strategy and product life cycle of MTN Product/Services.
HO4: There is no significant relationship between promotion strategy and product life cycle of MTN Product/Services.
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 strategies in the 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 current marketing strategies that can be used to improve product life cycle in MTN Port Harcourt.
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 in MTN Port Harcourt. The dependent variable is product life circle, measured by introduction stage, growth state, maturity stage and decline stage. While independent variable is marketing strategies measured by product strategies, price strategies, place (distribution) strategies and promotion strategies.
Geographical Scope: This study is delimited in Port Harcourt Metropolis with reference to MTN Port Harcourt Rumuokrushi.
Unit of Analysis: The unit of analysis in this research involves both senior and Junior staff of MTN Port Harcourt 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 Port Harcourt.
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:A market is an actual or nominal place where forces of demand and supply operate, and where buyers and sellers interact (directly or indirectly) to trade goods, services or contracts for money or barters.
MARKETING MIX: The marketing mix refers to the set of actions or fact that the company uses to present its brands 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 CYCLE: 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 purpose.