IMPORTANCE OF REPACKAGING AS A MARKETING STRATEGY FOR ENCHAINING MARKET PERFORMANCE AND ADDED MARKET VALUE TO A COMPANY’S PRODUCT
BACKGROUND OF THE STUDY
As the economy is dynamic, so also situation change because present socio economic setting is different from what it used to be in the past.
Many industries today have to contend periodically with shortages while others face intensive competition. People’s value diminishes drastically and there is growing demand for better quality of life. These social and economic changes activated changes in the market performance which pose challenges on marketers. Marketers however, come out with the aim of war against the problem facing product performance and they find it necessary to adopt marketing strategic so as to improve market performance. So far, markets have the capability to alter or influence 4p’s i.e to adopt bet pricing strategic, to use the best distribution network, to produce best and uses a proffered promotional mix.
Therefore, many marketing strategies such as a re-packaging, re-pricing, product modification, product diversification, e.t.c may be used in order to maintain better market performance. Re-packaging as a marketing strategy can e adopted in order to e-juvenile a product, especially to a decline stage and maturity stage. The management of a product life cycle finds it necessary to use 4 strategy that will make them to determine the success and failure of a product before it is introduced.
Also, it is essential for the company to cycle before it is introduced.
Therefore, it becomes necessary for the management to anticipate the marketing requirement of use stage. To re-package a product, identifies and differentiates the product from competitor and also improve the image of a company’s product.
It becomes important for a product to be re-packaged when such product is found perform below expectation. The decision to find what marketing strategy is to be adopt become a critical issues.
1.2 STATEMENT OF THE RESEARCH PROBLEM
The problem of the study has to do with the problems which the researchers intend to proffer a solution to and these problems are:
⦁ Is marketing industry well-understood and employed by soap market?
⦁ Does soap industry evolve a marketing strategy that will make what does re-packaging get to do with soap market?
⦁ Can the market performance be improved using re-packaging as a strategy?
⦁ Does re-packaging have any importance to soap market?
In the course of carrying out this study, a solution must be proffer to the above mentioned problems.
1.3 OBJECTIVE OF THE STUDY
The objective of this study implies what the researcher intends to achieve in carrying out this study.
Thus, the researcher work is being conducted on the marketing which is one of the valuable determinants as well as added value in soap market.
Most organization i.e manufacture, distribution, retailers and trade association have already asserted the importance of re-packaging as a marketing strategy for enchaining better market performance and added market value to a company’s product (soap). This study also aims analyzing various strategies and techniques being adopted by soap the market, i.e 4p’s of marketing (place, product, promotion, price in achieving their desired objectives. It also analyze different marketing strategies which a marketer can use to juvenile a product, especially at a declining stage i.e re-pricing, re-branding, re-packaging e.t.c
It is equally conducted to convince to more people the impact of re-packaging, as a strategy is to improve market performance and add value and enhance their development.
It also conducted to convince people on various strategies to be used in different stages of product life cycle.
1.4 SIGNIFICANCE OF THE STUDY
The study will e immense to the industries producing toilet soaps in Nigeria especially those who have experienced endless problems in the declining state of their market performance in the product life cycle.
Also the research will serve as a point to the soap industries that the shortcut to the realization of their objective, which is profit, is through adopting marketing strategies, especially in this economic meltdown.
It will also change how they operate by using various marketing strategies, which would give maximum results.
The study will also be of significance to the future researchers as a reference for new research work.
The study is of immense value to the researcher by building on existing knowledge.
The study will also be useful to intending trying to deal with decline sales to improve on the problems of poor product’s performance of the present or old product’s and the recommendations will be used by the industries to plan ahead of time before embarking of endeavoring in the production of any improve the performance of their product in the target market.
1.5 SCOPE OF THE STUDY
The scope of the study means it areas of coverage. Therefore, this study will be restricted to re-packaging as strategy for added value market performance and other marketing tact’s that are being used as yardstick in comparing how effectiveness is used in achieving organization objectives, the industrial scope of this study would cover all the toilet soap industries in Ilorin as the industries in Nigeria because of some constraints the time scope of this is between 2004 – 2008. The conceptual scope of this study is on marketing and the aspect of marketing that meant as to do with packaging.
Thou geographical location of the case study is located in Ilorin metropolis.
1.6 LIMITATION AND CONSTRAINT TO THE STUDY
Gathering of all needed data in most studies is usually met with a number of obstacle and constraints which are financial barriers stand as big constraint during the exercise and had caused several hindrance to effectiveness study. This is because a lot of money was required to administer questionnaire, so also that time devoted to conduct the interview was based upon booked appointment which was not realized for several days. The management of an organization may also be unwilling to divulge needed information fearing that it might be divulge to their competitor. Finally, the access to books written on marketing are not mush available, so getting the full information doubt these are limited.
In some library textbooks, journals, written on packaging are insufficient to carry out this study which hinder it provide solution to the problem stated.
1.7 DEFINITION OF TREMS
⦁ MARKETING: it can be defined as management process responsible for identifying anticipating and satisfying customer’s requirement.
⦁ MARKET: generally speaking, a market can be described as a network of arrangement which binds both sellers and buyers together.
⦁ OBJECTIVE: this can be defined as the general statement of measurable results to be achieved.
⦁ PACKAGING: this is an important, if not a major element in formal/fringe sub-product. It can be defined seen as the practices of enclosing product in graphically design containers.
⦁ ADVERTISING: it can be defined as any paid form of non-personal presentation of ideas, goals or services through a media by an identified sponsor.
⦁ RESEARCH: it is the systematic objective and exhaustive search and study of fact relevant to any problems in field being studied.
1.8 RESEARCH METHODOLOGY
For the purpose of this study, the research was determining the population and was specified and the data was presented and analyzed.
In an attempt to achieve a better and meaningful research for this study, the researcher made use of personal interview method, questionnaire and also review some textbooks written on the subject matter.
And also questionnaire was used, the questionnaire were administered for customers as well as the distribution so as to get necessary data for the study. Research was conducted in order to know their opinion or how re-packaging improve the market performance and added value in the market..