Challenges in the Era of Globalization - iaabd

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Proceedings of the 12th Annual Conference © 2011 IAABD Methodology The exploratory research approach was adopted for this study. A survey research was conducted using the observation and personal interview techniques. Judgemental sampling was used to select the location of major medicinal plants markets in four areas in Nigeria, mainly: Lagos, Ogun, Abuja and Delta States. This is because not all markets in Nigeria have large numbers of marketers of medicinal plants. A purposive sample of 206 marketers of medicinal plants in the selected areas were interviewed on a one-toone basis regarding their knowledge of the four Ps of marketing and how they practice their marketing activities using these concepts. The direct observation technique was used to see how these marketers of medicinal plants conduct their marketing activities. The interview technique was adopted because it was discovered that this was the most effective methods of getting data for the study given the low literacy level of most of the marketers of medicinal plants in Nigeria. Findings The following findings were made: Product: Medicinal plants could be considered both as consumer goods (i.e. when they are purchased for immediate consumption) and industrial goods (i.e. when they are purchased with the aim of producing other goods) and like any other product; they also have a life cycle. Marketers of medicinal plants in Nigeria have not made effective use of the packaging aspect of the product strategy; this is because very few of them package their products in a standardized way. Majority of the Nigerian marketers of medicinal plants adopt a kind of ad hoc packaging strategy in the sense that the products are packaged based on consumers’ demand; in most cases, it is only when the prospective customer comes that the products are prepared and packaged based on customer/consumer specification. As such there is the problem of identification since the consumer places his/her trust on the marketer regarding the ability of the product combination to satisfy his/her needs. In a nutshell, the validity of the product preparation depends on the expertise of the marketer and his diagnostic ability. Price: The pricing objective of most marketers of medicinal plants in Nigeria is that of profit maximization, to achieve this objective, they adopt a strategy of differentiated/discriminatory pricing whereby the price of the product varies according to their perception of the ability of the prospective consumer/customer to pay. Thus, there is no standard price for a particular specie/quantity of medicinal plant, only very few of the marketers that have formal business establishments have standardized prices for their products. Promotion: The promotional aspect of marketing is the communication network that links the consumer to the product. Most marketers of medicinal plants in Nigeria have not appreciated the potency of this element of marketing; as such they have not been promoting their products. This is perhaps because most of them may be either illiterates or semi-illiterates and do not have theoretical knowledge of these basic marketing concepts. Only very few of them invest in promotional activities and these are basically those that are registered formally as business ventures such as Yet Kem International, etc. Place: Most marketers of medicinal plants in Nigeria adopt the multi channel distribution strategy. They mostly use the direct channel and producers – merchants – consumers when the medicinal plants are industrial goods, while they use the direct channel and orthodox channels when the medicinal plants are consumer goods. Also, there are specialized markets which operate during specific days of the week where the wholesalers/dealers/distributors of medicinal plants gather; the producers who usually operate from the forests/bushes where this medicinal plants are available all transport the various species of these plants to these specialized markets from where the retailers go to get the specific types of medicinal plants 666
Challenges in the Era of Globalization Edited by Emmanuel Obuah that will satisfy their customers/consumers segments. The channels of distribution of medicinal plants in Nigeria are illustrated in figures 1and 2. Figure 1: Channel of Distribution for Nigerian Medicinal Plants - Consumer Goods Producers of Medicinal Plants Wholesalers Retailers Retailers Consumers of Medicinal Plants Figure 2: Channel of Distribution for Nigerian Medicinal Plants - Industrial Goods Discussion Producers of Medicinal Plants Industrial Users of Medicinal Plants Wholesalers or Merchants or Industrial distributors When developing product strategies, it is important that the marketer take into consideration the product’s life cycle and the positioning of the product in the market; positioning has been a basic marketing tool for 667
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Challenges in the Era of Globalizat
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Table of Contents Challenges in the
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Lennart Bangens, Goteborg, Sweden C
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Local Steering Committee Jacob Musi
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Track 1: Accounting, Finance, and I
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Abstract Challenges in the Era of G
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Abstract Determinants of Bank Lendi
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Empirical Results Challenges in the
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Table 3 Determinants of Competitive
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Research Findings Challenges in the
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Abstract: Study on Africa Governmen
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Abstract Challenges of Oil Revenue
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Abstract Land Based Sources of Poll
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Abstract On the Mitigation of Rever
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⎧κ ( ω) − ( 1− p) β ( ω)
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Assessment of pollutants in nigeria
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Figure 1: Lagos off shore survey po
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Table: Model Fitness Regression Sta
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Conclusion Challenges in the Era of
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37. Provision of sound education fo
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The cost structure Challenges in th
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Empirical Analysis Challenges in th
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Variable Coefficient Std. Error t-S
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Abstract The Changing Requirements
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The Model, Data and Variable Defini
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Empirical results Challenges in the
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Abstract Gender, poverty and sustai
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Figure 1.1: Spread of directorships
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Theoretical Framework Challenges in
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Single 18.1 Masters and above 35.3
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Source: Field survey, 2010 Table 3:
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Track 9: Global Studies and Politic
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Conceptual Definitions Challenges i
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Conclusions and Implications Challe
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Abstract Exploring Organisational R
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district hospitals: Evidence from N
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Defining the Organisational Culture
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Table 1: A Summary of Operating Ban
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Discussion and Conclusion Challenge
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Abstract What does Globalization me
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Research Methods approach Challenge
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Statement of the Problem Challenges
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Convenient location of banks Challe
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Figure 1.Framework for Bank selecti
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Banks in Ghana Challenges in the Er
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References: Challenges in the Era o
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