ABSTRACT
This
project explores the evaluation of marketing mix strategies on new product
development, focusing on MTN. The primary objective is to ascertain how MTN can
effectively combine marketing mix elements to ensure the success of its new
products. Specifically, the study aims to determine the factors influencing
marketing mix strategies, identify strategies that enhance new product success,
and evaluate the benefits of new product development for the organization.
Adopting a survey design, primary data was collected through questionnaires
administered to 180 respondents from a population of 327 MTN product users.
Data analysis involved Simple Descriptive Statistics (SDS) such as tables,
frequencies, and percentages, while hypotheses were tested using chi-square
statistics to determine relationships between variables.
The
findings reveal several critical insights. Proper price setting, in relation to
competitors' prices and consumer needs, significantly enhances new product
acceptance and success. An exclusive distribution policy, by restricting
distributors from carrying competing brands, improves the chances of new
product survival. Additionally, well-executed promotional campaigns
substantially increase new product acceptance, while comprehensive product planning
and development, aligned with customer needs and preferences, ensure the
longevity and market success of new products.
Conclusively,
effective price setting positively influences new product acceptance, with
suitable initial pricing strategies attracting consumers and potentially
leading to future price adjustments based on product acceptance. Exclusive
distribution policies are crucial, as they provide new products the necessary
support to establish their market presence without being overshadowed by
existing brands. Promotional campaigns are essential in generating pre-launch
awareness and consumer interest, which facilitates immediate product acceptance
upon market entry. Thorough product planning and development, incorporating
customer insights, minimize the risk of market rejection and ensure that new
products meet consumer expectations.
The
study recommends that marketing-oriented organizations should establish robust
marketing mix processes to support new product success, addressing pricing, distribution,
and promotional strategies comprehensively. Professionalism in managing the
marketing mix is imperative, with competent marketing managers essential for
blending the elements effectively and aligning them with customer requirements.
Overall, the project underscores the vital role of strategic marketing mix
management in achieving successful new product development and sustaining
competitive advantage for MTN.
TABLE OF CONTENTS
CHAPTER ONE
INTRODUCTION
1.1 Background
of the Study
1.2 Statement
of Problem
1.3 Objectives of the Study
1.4 Research Questions
1.5 Research Hypothesis
1.6
Significance of the Study
1.7 Limitations of the Study
1.8 Definition of Terms
CHAPTER TWO
REVIEW OF RELATED LITERATURE
2.1 Introduction
2.1 The Company's Profile
2.2 Elements Of Marketing Mix
And Its Essence To A Marketing Oriented Organization.
2.2.1Product
2.2.2Price
2.2.3Promotion
2.3 Objective of Advertising as a Chief
Instrument of Promotion for Enhancing Marketing Objectives
2.4 Causes of
a Successful Marketing
CHAPTER
THREE
RESEARCH
METHODOLOGY
3.0 Introduction
3.1 Research
Design
3.2 Area of Study
3.3 Population of the Study
3.4 Sample Size Determination
3.5 Sampling Techniques
3.6 Method
of Data Collection
3.6.1 Primary
Data
3.6.2 Secondary
Data
3.7 Data Analysis
3.8 Model Specification
3.9 Validity and Reliability of Instruments
3.10 Administration of Instruments
CHAPTER FOUR
PRESENTATION AND ANALYSIS OF DATA
4.1 Introduction
4.2 Data Presentation and Interpretation
4.3 Test of Hypothesis
4.3.1 Test of Hypothesis 2
4.3.2 Test of Hypothesis 2
CHAPTER FIVE
SUMMARY, FINDINGS, CONCLUSIONS AND
RECOMMENDATIONS
5.1 Findings
5.2 Conclusion
5.3 Recommendations
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
For a company to be successful
in today's worlds of business, it must employ a well-defined
strategy of marketing mix. This strategy tends to be
a foundation for success of a company's entire marketing
activities because it is very vital for any marketing firm, The marketing mix
concept was derived from twelve key variables
in the typical programme, these twelve key variables were subsequently reduced
to product mice place and promotion and they are simply referred to as 4p\s.
According to Okafor (1995), marketing mix is the right combination of the 4p's
of marketing at any point in time product price place and promotion in order to
accomplish the firms objectives and to create satisfied customers. These
marketing variables 4p's can be summarized below.
PRODUCT: Any discussion about the marketing mix must begin with the
product. The product in this context means anything that us offered to a
market for its use or consumption. It can be seen as anything that can be
offered to a market for its attention acquisition or consumption. The product
can be a physical object tangible service intangible personalities, place
organization and ideas. It specifically concerns the size, colour, brand name,
packaging, varieties, quality, warranties, return, and style.
PRICE: Price is next
to product because it is the only element of the mix which produces revenue,
the other produce cost. It can be defined as the consideration exchanged
usually -in monetary terms for the value received or it can be the naira value
of goods and services exchanged price decisions in order more that the
number on the price tag. They include invoice discount, marks up and every
terms. Types of pricing are penetration price negotiation or flexible pricing
and geographic pricing, auctioneer and bid price. '
PROMOTION: It meanscreation of awareness for a produce and or service. It
means letting the public, institutional private or public society know of the
product, service idea, philosophy or combination of information or it is all
effort directed at achieving customer awareness of the organizations product,
idea or service. No product can sell itself. The public must be told or
informed about the product where to purchase it the price etc. this is the work
of marketing promotion. The promotion mix or variables comprises personnel
selling. Sales promotion advertising public relations and publicity. Among them
advertising is the chief instrument of promotion.
PLACE: This stands for the various activities the company undertakes to
make the product easily assessable and available to target consumers. In order
words it involves the physical distribution of the appropriate marketing
channels that goods and services follow. This shows then that the distribution
consists of marketing demands and physical distribution marketing channels of
distribution are marketing institutions which facilitate the movement of goods
and services from
their points of production to
their points of consumption, physical distribution made up of sub-system such
as transportation, storage and warehousing. Physical flow of materials and
final goods from point of
origin to point of use in order to meet consumers need and at a profit.
It simply means the movement of
finished goods from then producer to the ultimate consumer
with the support of the distribution mix such as
transportation facilities, inventory management, unitization and communication.
If the word foundation were to be used here it will refer to marketing mix as a
starting point or story base on which all marketing activities are rested or
seated. If foundation is poorly laid it will lead to the collapse of all
marketing programme. Therefore to ensure success in any marketing mix variables
must be taken into consideration.
If is then concluded that
marketing mix should not be taken for granted by marketing oriented
organizations when introducing
a new product. Since it is the foundation therefore indispensible
to the success of all marketing programmes marketing
managers should therefore not loose sight of the role of marketing mix in their
respective firms to yield higher return=s son investment (ROI).
1.2 STATEMENT OF PROBLEM
Using marketing mix as a basis
for the success of a firm products is not an easy program. Some of the mix
elements are over emphasized to be the detriment of the others. In most cases
some elements are
altogether ignored. The resultant effect is that most organizations now face
problems during product planning and
development. This is because management needs to be acquainted with good
knowledge and information about proper and efficient application the marketing
variables.
In product strategy there is
also the problem of formulating policies to adjust the product attributes to
meet the needs or satisfaction of the market or consumer. Pricing problems are
mainly, setting profitable and justifiable prices in line with the position of
that firm in the market.
Promotion which is one easy to
pull off because of the inherent problems in choosing or combing
the promo-tools to yield higher result or returns.
There are no fields in investigation to get detailed information
about the competition activities in terms of promotion. Furthermore, there are
no promotional policies that are solid enough to withstand competitions. Lastly
there are difficulties in distribution the product to the customers using
appropriate channels of middle men, logistics and physical distribution
1.3 OBJECTIVES OF THE
STUDY
The main objective of the
study is to ascertain how the firm can combine the marketing mix elements
to ensure the success of the new product in the organization.
However, the specific objectives arc:
i. To determine factors that influence
marketing mix strategy.
ii. To determine marketing mix strategies
that will enhance the success of new products development.
iii. To determine the benefit of new product
development to the organization.
1.4 RESEARCH
QUESTIONS
The major research questions include the following:
i. What are the factors that influence
marketing mix strategies?
ii. How can a firm marketing goal be
identified?
iii. How can the choice of target market
segments and positioning marketing mix be identified?
iv. How can a firm
identify hindrances to the success of new product development?
1.5 RESEARCH
HYPOTHESIS
To establish a focus upon
which analysis of the research works shall be based and necessary conclusions
drawn, the following hypothesis will be started and tested.
HO1 There is no significant relationship between price and acceptance
of new product.
HO2; There is no significant relationship between distribution policy
and distribution selling other comporting brands.
1.6 SIGNIFICANCE OF THE STUDY
The importance of the study is
to help marketing firms have a better understanding of the application of
marketing mix elements to ensure success. Also to help other researchers who
might be working on a similar topic to have adequate facts in order to give
them a clearer picture. The government also stands to gain from this research
in that it will use the findings and recommendation of this work as a yardstick
for measuring the performance of new products in the Nigerian market.
1.7 LIMITATIONS OF THE
STUDY
The study is .based on1'marketing
research in MTN Nigeria limited Aba./Data collection and other necessary and
pertinent information's will therefore be limited to the management and
employees of the company. The study is also conducted under the ambit of human
limitations since human beings is imperfect and the research a human, the study
is not expected to be 100% correct.
A research of the nature
generally involved cost in terms of data the product of the research work.
As a student with limited resources, these costs because glaring
and difficult to settle and therefore structured the financial position of the
researcher coupled with time constraints.
There were the problem of
illiteracy, prejudice and distrust arising from the ignorance of the
respondents. Some of them never understood what is required of them and why the
research is being carried
out. In some cases the respondents became unco-operative and aggressive. All
these state of affairs made the research very
frustrating.
1.8 DEFINITION OF TERMS
All the terms that are used
and will be come across are .defined basically below
Marketing tools
A combination of variables
which should be used in order to meet the organizational objectives.
Marketing variables
These are simply the elements
of marketing mix commonly known as 4p's of marketing i.e. product, price,
place, promotion.
The 4ps
This is a marketing
concentration used to denote product, price, place, promotion.
Element of
marketing mix
These are simply the 4p's
mentioned above Product
It can be defined as anything
being offered to target market for the satisfaction of needs of
consumers.
Price
It is defined as the
consideration exchanged for the value we received and it is usually in monetary
terms.
Promotion
It means creation of awareness
for a product and service.
Place this involves the
physical distribution of the appropriate marketing element that goods and
services follow in reaching the target market.
Promo-tools or
promotional mix
These are components or
offsprings of promotion e.g. advertising and public relations
Channels of distribution
These are paths Galloway's or vehicle through which goods and
services are router to the ultimate consumer.
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