NAME:

MAGNUS J. NEUFVILLE

ID#

UM17749BBU25571

COURSE:

STRATEGIC MARKETING

DATE:

FEBRUARY 14, 2012

PHRASE:

TWO

DEGREE:

MASTER OF BUSINESS ADMINISTRATION

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Table of Content Contents Introduction to marketing.2 Market Segmentation.3-5

Product Life Cycle ..6-7 Marketing Research Methodology..8-10

4 Ps of marketing.10 4-Ps (A CASE STUDY) in Lexxtta International Liberia Limited 11-13 Products Marketing Strategy .. 14-15

Conclusion. 15

Bibliography..16

Introduction to Marketing
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Marketing as a course have several definitions. However, what so ever definitions that highlight adding value on branch of products or services could be preside. Before getting into some of the numerous marking ideas let me first of all outline the basic and essential definition of marketing. The Definition: Marketing is a method or strategy that is use to attach the attention of consumers block for a product or services. Is an essential relationship that continuously endures between two distinct parties that is the buyer and seller. It is to communicate the value of the product or services such that it increases the demand for such commodity or services. All of the above definitions are prcised as they relate to strategic methodology in having a significant impact on the customers that move in for daily demand of the products or services. According to Prof. Lars Perner Ph.D Marketing processes include creating, communicating, delivering and exchange offering. Now, let analyze this, it simply means that a firm decision making should be strongly outwardly focused, whereas gathering sensitive inflow of information as a base for services improvement.

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Marketing Segmentation When the market is divided into various segments with the same kind of customers it is known as market segmentation. Marketing segmentation makes it possible to tailor the marketing mix for specific target market which is better in satisfying the customer needs. There are many specific variables of the market segment: Each of the below listed variables are essential tools that are needed when doing a strategic market analysis. Now below are few variables that I have labeled below. a. Measurability of the market, thus enabling marketing analysts understand their individual firm position and attributing portion out of the market in general. b. Substantiality thus yielding (product/service) for profitability. c. Durability long lasting; not changing very quality. d. Accessibility by communication and distribution channels; that is reaching the specific outlets. A market can be segmented on various bases. Behavioral segmentation price, brand loyalty and the usage of rate and patterns that utterly terms to benefit the customers. Psychographic segmentation entails, value, attitudes and the style of life. Geographic segmentation regional variable, this entails population density, and growth rate and climate. Demographic segmentation age, gender, ethnicity, education, income and family status.

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Segmentation of Business Market The consumer market segmentation are based straightly on businesses and organizations, there are differences in the nature of business market, and these nature often lead to segmentation on various bases as was mentioned earlier. A. Geographic Segmentation regional variable B. Customer Type capability of customer, size of organization and position in a chain value system C. Buyer Behaviour loyalty to suppliers

Key Concepts of Marketing Management The basic and key concepts of marketing management entails but not limited to the below listed. Before going to the listing of these marketing concepts, I could like to closely examine some other factors that lead to strategic marketing management success. A. Understanding the customers needs and wants B. Understanding the bigger picture; what and why customers make the kind of marketing decision. C. Plan marketing programs and work very hard to achieve your target by distributing your product to target market. D. Strategize to attract new consumers, and maintain the old and effective ones. The key concepts of marketing management are labeled in a diagram below. Identify consumer needs and wants Develop a marketing strategy Design a marketing program Build and manage customers relationship

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Let us first of all try to analyze the graphical presentation right above. In the first block is customer needs and wants there are copious approaches in gathering information about/on what are the needs and wants of your customers. A. Make a market research this development will help you have for yourself the kind of essentials needed to do analysis from the customer stand point. B. Seek tirelessly to acknowledge your customer satisfaction. In the second block is develop marketing strategy in developing a marketing strategy you have to; A. Set sight on target market, and understand the segmentation. B. Try building a sustainable competitive advantage of your products/services above others. Block three is design the marketing program this can be achievable by; A. Effective price strategies B. Understand the 4P and mode in an achievable direction. Know the market mix (4P) product, promotion, place and price C. Effective distribution channels And finally in block 4 is build and manage relationship it is very easy to maintain the already well built relationship with customer. You can achieve this by; A. Exhibit credible commitment to key customers. B. Do add on selling, ensuring customer benefit.
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Product Life Cycle Product life cycle in my view is the various stages in the life of a product. Like human, a product is introduced as human is born. The growth stage of the product as human do grow in the product life there is a time for maturity as human do get mature, and finally decline as human does.

Introduction stage

Growth stage

Maturity stage

Decline stage (What the best MBA know, page 103)

The diagram above illustrate that product processes through a sequence of stages that ranges from introduction to decline. The product life cycle is important, and is associated with changes in the marketing situation, thus impacting marketing strategy. Basic research proves that there are four (4) stages in the life cycle of a product. They are: A. Introduction stage B. Growth stage C. Maturity stage D. Decline

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Now it is so important that we look at each of these stages to analyze the details and phrase of the product in each stage. A. Introduction stage in this stage the firm seeks to build awareness of the product, and develop a market so that the products have a high consumable change in a highly competitive market. B. Growth stage at this the firm seeks to build branch performance in the customer block and to increase the market share. At this stage the firm primary objectives are; a. To brand the product; patent and trade mark are obtained; b. Have low price on the product for penetration in market. c. Distribute the product, until customers show acceptance for the product. d. Do promotion of the product; that is build product awareness and to educate potential customers about the goodness and quality of the product. C. Maturity stage at this stage the primary objectives of the firm is to defend market share while seeking to maximize profit. In this stage, the firm also experience competition from similar products, and the strong growth of sale diminishes. D. Decline stage at this stage, sometime the product is discontinued, liquidating remaining inventory, or selling it to other firm that is willing to continue the product. Also at this stage the product is reduced drastically if liquidated.

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Market Research Methodology The most effective way or mean of identifying consumer needs and wants is to thoroughly research the market. This method helps company to develop and promote products more successfully. The market research also term to provide information upon which management of a firm engage important decision for both advertising and making fruitful marketing decision. There are two (2) research methods; namely A. Qualitative method B. Quantitative method Overview of the qualitative market research method this method asks open-ended rather than yes or no questions in order to enable people explain their thoughts, feelings and beliefs in detail. This method leads insights into the consumer perceptions, and attitude. However, in this case the findings cannot be applied to the whole market because the sample size is so small. This type of qualitative market research method is generally referred to as the focus group method. The quantitative market research method in this research method, there are closed-ended questions, enabling the researcher to determine the exact percentage of people who answered YES or NO to the question. The primary approach is to prepare a questionnaire that aims of sampling the opinion of a very large group of people.

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This means that quantitative findings are conclusive in a way that qualitative findings cannot. The two approaches are essentials in their respective application, but is entirely left with the researcher for analysis. Given the two methods of research in marketing, there are three categories of marketing research; namely A. Explanatory research B. Descriptive research C. Casual research In the explanatory research category researcher terms to interview

acknowledgeable individuals that are capable of providing insight or expert opinion concerning the relationship among marketing variables. The primary approach is to create a hypothesis. In the descriptive research it terms to define questions and describe users of the products, and determine the portion of the population that uses the product. Descriptive research also predicts future users of the product after making a comprehensive market research analysis. In the casual research seeks to find the cause and effect of relationship between variable. This goal is usually accomplish through field experiment, and examination. In conclusion on market research it focuses on the firm current and potential products and markets; and two big questions of such research. The customer decision unit and what is the decision making process (what the best MBA know -

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page 92). Researching the market is the most appropriate measure that any firm can apply to be successful in marketing.

The Traditional 4Ps of Marketing Marketing is divided into four principle components traditionally referred to as the 4Ps of marketing. The model that constitutes the 4Ps is labeled in the breakdown below: A) Product B) Price C) Place and D) Promotions This research paper ought to look at how these 4Ps apply to the general marketing environment. I could like to present a specific case study on each of the P. A. Product simply means the service that a firm is offering to its consumer or the result of the product process. B. Price the price is the final element of the market mix that effectively measures what the consumer gives up in exchange for all the benefits received from a product or service. C. Place according to the book what the best MBA know the place element of the marketing mix derives its label from the place where customers purchase the product or service. The price in other words, it where the product is finally traded, and sale is made to customer. Promotion is the second P in the market mix. Promotion has many tools a) advertising b) sale, c) promotion and d) direct marketing.
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In other words promotion is a public relation tool. This informs the public about the durability and professionalism of a product or service.

4-Ps (A CASE STUDY) in Lexxtta International Liberia Limited Product One of the aims of Lexxtta International Liberia is to create a standardized set of products that have the same quality, whether in Liberia, Ghana, and Sierra Leone of Guinea. Lexxtta International Liberia learned that, although there are substantial cost savings through standardization, being able to adapt to an environment ensures success. Therefore the concept of think global, act local has been clearly adopted by Lexxtta International Liberia. Adaptation is required for many reasons including consumer wants/ needs and laws/customs. There are many situations where Lexxtta International Liberia adapted the product because of customs in a country. There are also many examples of how Lexxtta International Liberia adapted the original composition to meet customer needs/wants in different countries. Place Lexxtta International Liberia currently has over three (3) branches here in Monrovia- Liberia. Lexxtta International Liberia continues to focus on managing capital outlays more effectively through prudent and strategic expansion.

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In 2010, the company added two (2) new branched to ably serve the people of south-eastern Liberia which comprise of six (6) counties with YAZZ Products.

Price Lexxtta International Liberia has realized that, despite the cost savings inherent in standardization, success can often be attributed to being able to adapt to a specific environment. This is indeed the case with its implementation of its pricing strategy, which is one of localization rather than globalization. Lexxtta International Liberia has had to come up with different pricing strategies for different countries. More importantly, rather than just having a different pricing policy for the Big Products, Lexxtta International Liberia has had to select the right price for the right market. This method has since turned to be very effective.

Promotion Promotion, or the marketing communications mix, was seen by one of the companys marketing manager (2008) as consisting of five major tools: (1) Advertising; (2) Direct marketing; (3) Sales promotion; (4) Public relations and publicity; and (5) Personal selling.
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Using these tools, Lexxtta International Liberia looks to localize its marketing communications strategy as it needs to consider the enormous range of cultural and other differences that it would be faced with in each country. It needs to analyze consumers attitudes towards its product, usage patterns and ethnic, moral considerations in that environment. Although the idea is to promote Lexxtta International Liberia as a global image, Lexxtta International Liberia focuses on the needs of the communities they are entering.

Conclusion on the market mix with Lexxtta Liberia After analyzing the marketing mix of Lexxtta International Liberia, it is clear that the company can be said to be `global, i.e. combining elements of globalization and internationalization. Lexxtta International Liberia have achieved this through applying the concept of the 4p, and translated in practical term.

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Marketing Strategy In marketing strategy play a very important role for a company to yield its success. Before strategizing, the company marketers should consider the variables and use them as the blank check. Marketing strategy is the method or process that enables a company to meet its target. It gives a company extensive consumers base depending when it is done rightfully. There are few approaches in getting this done. A. Learn about the competition in the market competitive intelligence B. Care of whole lot about the company outward expression corporate brand C. Re-enforce the impact of each promotion method integrated marketing D. Base your concept on development, implement your marketing diagram, and activities the recognize their breadth and interdependence holistic marketing E. Effectively apply all the strategic position that constitutes the 4Ps market mix. Identifying 4 Ps (Implementation) consumer needs/wants
Marketing Experts Market segmentation

Marketing Strategies

Price

Place

Product

Promotion

Competitive Analysis See new customers and maintain old ones (Corporate brand) Activities that recognize firm breadth and interdependence (Holistic marketing)

(Competitive in a brand market)

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The diagram above takes into consideration all of the components the yield to successful marketing strategies, remember if well implemented.
CONCLUSION

On the overall, the market has several structures that business managers should access to understand how and why to apply the methods I have stated in this research paper, and to avoid obfuscation in your strategies, and other marketing approaches. On the other hand, I hope you can see it what needs to be done now. You dont need big budgets to market and overloaded approaches to market your company effectively. You can compete with larger competitors using clever marketing management skills and techniques. You can use public relation means, the small businesspersons number one weapon against big budget marketing. Its free, people believe what they see/read in the news, and it takes minimal effort. Thats a very powerful weapon. You can use your enhanced knowledge of marketing that Ive presented to you in this research paper to help guide your marketing decisions towards things that will generate a good payback on your investment, and to utilize all of the models of marketing management that are essential for successful marketing. You can avoid the common mistakes of small business people, like spreading your marketing to thin or trying to copy the format of the bigger companies marketing strategies. You just have to know what strategy to use and how to use it appropriately. And finally, you can use clients as your walking advertisements for your business by giving them a reason to send business your way, and maintaining your built relationship with your customers that you already have, and work assiduously to get more customers. Analysis I frankly believe that if a firm invest quality time and effort into making publicity of their products or services, and take the marketing knowledge I have given in this research paper to heart and work toward the accomplishment of the professional methods of marketing label throughout the paper then, you can run a more successful, more profitable business.
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BIBLIOGRAPHY

McQuarrie, E. F (1996) The Market Research Toolbox- A Concise Guide for Beginner-2nd Edition [California USA] - Sage Publication Inc.

Kotler, G. L, & Moorthy P. (1992) Marketing Model [New York USA] - Prentice Hall

Gorchels, L (2000) The Product Managers Handbook-2nd Edition [Chicago-USA]McGraw Hill

McGrath, M. E (2000) Product Strategy for High Technology Companies-2nd Edition [California USA]- McGraw- Hill

Schewe, C. D & Hiam A. (1998) The Portable MBA in Marketing-2nd Edition [New York USA] - John Wiley and Son Inc.

McCarthy, J (1975) Basic Marketing: A Management Approach-[Illinois- Chicago]Irwin, Homewood

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