THE EFFECT OF MARKETING STRATEGIES ON PRODUCT LIFE CYCLE
Need help with a related project topic or New topic? Send Us Your Topic
DOWNLOAD THE COMPLETE PROJECT MATERIAL
THE EFFECT OF MARKETING STRATEGIES ON PRODUCT LIFE CYCLE
ABSTRACT
Marketing strategies have been the most effective instrument accessible to organisations for accomplishing their marketing goals and objectives. It determines how a product moves along the product life cycle curve.
The telecommunications industry is not left out; MTN Nigeria Kaduna mobile phone service providers are attempting to examine the extent to which marketing methods affect a product life cycle. The data was collected using a structured questionnaire.
The study used a randomly selected sample size of (20) out of an expected population of twenty-five (25) management staff and eighty out of a population of one hundred customer/distributors. The acquired data was tabulated, analysed, and interpreted using a simple percentage method to facilitate comprehension.
The hypothesis was formulated and tested, as follows: Ho: The application of MTN Nigeria’s marketing techniques has no substantial impact on the product life cycle. H1: MTN Nigeria’s marketing initiatives have a substantial impact on the product lifecycle.
Following the demonstration of the aforesaid hypothesis, the alternate hypothesis was accepted and the null hypothesis was rejected. The study concluded that MTN Nigeria (Kaduna) employs marketing strategies in its marketing operations while adhering to the product life cycle curve,
despite the fact that the effectiveness of the marketing strategies has not been fully maximised due to constraints imposed by both internal and external factors.
It is so recommended that in order for the company to increase its present marketing share through the implementation of marketing tactics, it urgently improve the quality of its service to subscribers.
Chapter one
1.0 Introduction
The effect of marketing strategy on Product Life Cycle (Plc) is used to forecast the actions involving the strategy at different stages of the Product Life Cycle (Plc).
Its successful completion necessitates the examination of facts from previous decisions in the present and the evaluation of the future.
However, the company’s position and differentiation strategy must evolve as the product, market, and rivals change during the Product Life Cycle (PLC).
To state that a product has a Life Cycle (LC) implies four things:
1. Product has limited life.
2. Product sales go through several stages, each of which presents the seller with unique difficulties, possibilities, and problems.
3. Profits fluctuate during different stages of the Product Life Cycle (PLC).
4. Each stage of the Life Cycle (LC) involves a unique marketing, finance, manufacturing, purchasing, and human resource strategy.
Most Product Life Cycle (PLC) curves are depicted as lock-shaped. This curve is often broken down into four stages: introduction, growth, maturity, and decline.
In the functional units of the telecommunication industry, the responsibility of ensuring that the product stayed long in the market depends on the efficiency of the marketing unit in the firm;
which will also look at the ways in which product are developed i.e. the right product for a target market that will come in either physical goods or services or a blend of both; though reaching the target market, which is concerned with getting the right product to the target mark
1.1 Statement of General Problems.
The main issue with the product life cycle is executive inefficiency, which makes it difficult to achieve success at each point of the LIFE CYCLE curve.
Many items have died before they were introduced to the market as a result of inadequate marketing methods. As a result, many businesses must incur debt in order to continue operations.
Producers are no longer concerned in marketing profitability or profitable sales by meeting the demands of their customers, but rather in marketing high profit, which has resulted in inflection as one of the biggest issues confronting product survival in today’s corporate world.
Irregularity such as bribery and corruption practices, blackmailing so as to gain large market share between companies and competitors, companies no longer use quality and efficient service delivery to gain large market, but instead they use obsolete equipment in providing services,
resulting in poor service delivered at an exorbitant price all in the bid to make a high profit, therefore, this project will look at the effective way of applying the marketing strategy to ga
1.2 Historical Background of the Subject Matter
MTN Nigeria is a member of the MTN group, Africa’s major cellular telecommunications operator. On May 16, 2001, MTN became the first GSM network to make a call following the globally acclaimed Nigeria GSM auction held earlier that year by the Nigerian Communication Commission. As a result, the company began full-scale commercial operations in Lagos, Abuja, and Port Harcourt.
MTN spent $285 million for one of Nigeria’s four GSM licences in January 2001. To date, more than US $1.8 billion has been invested in Nigeria’s telecommunications infrastructure.
Since its inception in August 2001, MTN has steadily expanded its services throughout Nigeria. It presently serves more than 223 cities and towns, over 10,000 villages and communities,
and an increasing number of highways across Nigeria, including the 36 states and the Federal Capital Territory of Abuja. For the first time, many of these villages and communities are connected to the rest of the globe via communication.
The company’s digital microwave transmission backbone, the 3,400-kilometer Y’elloBahn, was commissioned in January 2003 and is said to be the most comprehensive digital microwave transmission infrastructure in Africa. The Y’elloBahn has considerably helped to improve call quality on the MTN network.
The company is based on the basic brand principles of leadership, relationship, honesty, innovation, and “can-do”. It takes pride in its capacity to connect people to friends, relatives, and opportunities that would otherwise be impossible.
MTN Nigeria has been expanding its network capacity to incorporate numbering with the prefix 0806 to 070, marketing MTN as the first GSM network in Nigeria to have adopted an extra numbering system after exhausting its initial subscriber numbering range of 0803.
In order to improve excellent customer service, MTN Nigeria has developed a self-help toll-free 181 and 180 customer care line via which subscribers can resolve frequently asked questions for free.
MNT’s overarching objective is to serve as a catalyst for Nigeria’s economic growth and development, not only by providing world-class communications but also by implementing creative and long-term corporate social responsibility projects.
1.3 Objectives of the Study
The primary goal of this study is to evaluate the effectiveness of marketing techniques across the various stages of the product life cycle. This will also look at how the various stages may be expanded to capitalise on the dynamic of the life cycle by aligning the stages and connecting them to marketing tactics in order to reap huge results from effectively analysing the MTN service in Nigeria Kaduna.
This study will emphasise the relevance of effectively applying marketing techniques to the product life cycle. It has an impact on the performance of the telecommunications sectors, particularly the one under consideration.
Also, it contributes to managerial decision-making in order to attain organisational goals and objectives. This requires identifying the importance of marketing techniques across the product life cycle. Its impact on the performance of organisational activities.
Contributions to MTN’s management would also be highlighted. This study is also expected to broaden the researcher’s and the organization’s (MTN) understanding of how marketing tactics should be handled in relation to the stages of the product life cycle.
Regine begins with the introduction stage, when the product is first launched. This level requires time, and revenue growth is expected to be moderate. The mature stage is when sales begin to rapidly increase.
This period presents obstacles for marketing management. Most products are at the maturity stage of their life cycle, hence the majority of marketing management focuses on mature products that are nearing the decline stage.
Sales are down for a variety of factors, including technical advancements, changes in consumer tastes, and increasing competition. As sales and profits drop.
Finally, based on this study, marketers should strive to manipulate the marketing mix well enough to achieve maximum, profitable sales in order for the return on investment to out-grow the cost and various elements used during production. It will also serve as a reference in the future for individuals or students who have undertaken similar research.
1.4 Scope of the Study
The scope of this study – product life cycle – encompasses almost all four stages of the product life cycle, which are introduction, growth, maturity, and decline.
Every thing made for commercial consumption does not last indefinitely; items, like humans, have a life cycle. They are born at a certain point in time, progress through various stages of life, and eventually die.
The introduction period of the stages is characterised by slow growth because the product is new to the market. Profit at this stage is almost non-existent due to the high expenses necessary.
Growth is a time of rapid market acceptance and significant profit improvement in which sales and profits increase concurrently. At the maturity stage, sales slow down since the product has gained acceptance from the majority of possible purchasers, and the product is also facing stiff competition.
Decline refers to the final phases of a product’s life cycle before it is phased out. At this time, sales are continuing to decline, and profit is approaching zero. It is also at this point when the market decides whether or not to discard a product.
In essence, the product life cycle varies depending on the type of product. Regardless of the length of the life cycle, the implications for marketers are equally important,
namely that proper strategies be implemented for each stage, etc. Regardless of the differences in the products’ life cycles, the product’s life cycle is divided into the four stages listed above.
1.5 Limitations of the Study
The material presented therein is confined to the most recent available data acquired from primary and secondary sources; nonetheless, certain challenges were faced because several pieces of information critical to the research are unavailable or out of reach due to a lack of necessary time and resources. So the analysis is confined to the information provided.
1.6 Definition of Terms
Product Life Cycle: This refers to the product’s life cycle.
MTN: This is a mobile telephony network.
Product: Anything that is viewed as capable of satisfying a need or want, or a set of tangible and intangible attributes such as packaging, colour, price, manufacturer prestige, retailer prestige, and manufacturer and retailer service that the buyer accepts as providing a want or satisfaction.
Marketing is any human activity that aims to satisfy need and want through an exchange process.
Market: A list of all prospective consumers and sellers of a product in a specific market.
Market segmentation is the process of taking a product’s overall heterogeneous market and splitting it into many submarkets or segments, each of which is homogeneous in all significant aspects.
Marketing research is the systematic collection, recording, analysis, and interpretation of information with the goal of making a market decision.
Marketing concept: This entails directing all marketing efforts towards delighting customers at a specific point.
Marketing Mix: This is the word used to describe the four inputs that form the foundation of the marketing unit or department.
The marketing system includes the product, pricing structure, promotional activities, and distribution system.
The life cycle of a given item refers to its various stages of existence.
Product line: A collection of products within a product class that are closely related, either because they serve the same consumer group, market through the same type of outlet, or fall within a specific price range.
New product: Any product that is believed to be entirely new, updated, or old in a new market.
The market environment refers to all of the variables and forces that influence an organization’s marketing function. It encompasses micro or controlled environments (market mix) and macro or uncontrollable environments (external variables).
Obsolete means out of fashion.
LIFE CYCLE: The life cycle.
Need help with a related project topic or New topic? Send Us Your Topic