PRODUCT DIFFERENTIATION AS A SURVIVAL STRATEGY IN A COMPETITIVE MARKETING ENVIRONMENT (A CASE STUDY OF STARLINE NIGERIA LIMITED)
ABSTRACT
The history of marketing revolves around customers or consumer. This denotes that the major reasons why products are produced are because of the consumers who made the production process effective and efficient. Product differentiation is used to separate the choice, test, want needs of the consumers so it become so important that the segmenting differentiating product for easy identification becomes the paramount need in the cosmetic industry. Product differentiation has being found effective in the marketing world/environment because it increase the sale of the product and provide consumers with the required satisfaction they needed. Therefore companies should use the rightful means of communication to ensure that the rightful strategy in differentiating product will be adopted so as to satisfy the yarning of the consumers. Through the process of differentiating product consumers problem will be solved, and the rightful target and objectives including the goal of the company will be achieved and customer’s satisfaction will be attained.
TABLE OF CONTENT
Title page – – – – – – – – – i
Approval page – – – – – – – – ii
Dedication – – – – – – – – iii
Acknowledgement – – – – – – – iv
Abstract – – – – – – – – – v
Table of contents – – – – – – – vi-viii
CHAPTER ONE
1.0 Introduction – – – – – – –
1.1 Background of the study – – – – –
1.2 Statement of the problems – – – –
1.3 Objectives of the study – – – – –
1.4 Research questions – – – – – –
1.5 statement of hypothesis –
1.6 Significance of the study – – – – –
1.6 Scope of the study – – – – – –
1.7 Limitations of the study – – – – –
1.8 Definition of terms – – – – – –
CHAPTER TWO
2.0 Literature review – – – – – –
2.1 Introduction – – – – – – –
CHAPTER THREE
3.0 Research design and methodology – – –
3.1 Introduction – – – – – – –
3.2 Research design – – – – – –
3.3 Source/methods of data collection – – –
3.4 Population and sample size – – – –
3.5 Sample technique – – – – – –
3.6 Validity and reliability of measuring instruments-
3.7 Method of data analysis – – – – –
CHAPTER FOUR
4.0 Presentation and analysis of data – – –
4.1 Introduction – – – – – – –
4.2 Presentation of data – – – – – –
4.3 Analysis of data – – – – – –
4.4 Interpretation of result(s) – – – –
CHAPTER FIVE
5.0 Summary, Conclusion and Recommendation –
5.1 Introduction – – – – – – –
5.2 Summary of findings – – – – –
5.3 Conclusion – – – – – – –
5.4 Recommendations – – – – – –
References – – – – – – –
CHAPTER ONE
- INTRODUCTION
Product differentiation is a strategy and a survival tool for effective penetration in every competitive marketing environment, considering the fact, that product is the main thing that keeps every production company going in every business environment, product has being viewed as the major projector of every companies capacity and capability mostly production companies, so how the product determines how it will survive the competitive environment.
The aim of this chapter will be summarized into three points as thus
First, to define those marketing terms this will be used throughout this research work.
Secondly, to look into the impact of product differentiation as a survival strategy in starline Nigeria limited.
Thirdly, to take a deep look at market segmentation and also to specifically state the fact that the market is heterogeneous.
1.1 BACKGROUND OF STUDY
The market as some marketers used to think of it, is not a group of homogenous buyers but a group of heterogeneous buyer whose different attitude is in one product for example some women apply cosmetics to draw alteration to themselves while others apply to beautify themselves so the company will tailor her product appeal to satisfy the needs of the fact that the market is always heterogeneous led to the concept of “market segmentation”.
Market segmentation is an establishment and acknowledged techniques for dividing a mass market into identifiable sub-units in order that the individual needs if buyers and potential buyer can be easily satisfied.
It seeks to establish particular group or cluster of buyers.
Market may be served with two different products, which are product standardization and product differentiation. Product standardization is the decision to sell the same type of product to the whole market without considering the heterogeneous nature of the whole market (consumers) of the product. In nutshell product standardization is an efficient method to reduce cost and increase quality by minimizing the differences in your products, you are able to rapidly increase production, streamline distribution, decrease raw material cost and reinforce product branding.
This could be achieve through standardizing the basic component, standardizing the packaging of the product quality
It is the use of one product and four mix for all market segment no attend is made to cultivate various segment of the market place. Product differentiation is the decision to produce two or more types of the same product but differentiate in terms of stage, features, quality, size, price packaging so as to offer variety to the market and distinguish seller products from competitors product. it also take in consideration the heterogeneous nature of the market. Product differentiation allows the firm to promote it product as different in quality than other competing ones and this becomes the edge, which the firm has rather gain than pries product differentiation is seen as that which treat each consumer uniquely as reflected by above definition, product differentiation and standardization are tools of market segmentation.