Challenges in the Era of Globalization - iaabd

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Proceedings of the 12th Annual Conference © 2011 IAABD many years (Hemsley, 2007). In the absence of government price controls, pricing remains a flexible and convenient way to adjust the marketing mix. In most situations, prices can be adjusted quickly-in a matter of minutes or over a few days; because so many complex issues are involved in establishing the right price, pricing is indeed as much as art as a science. Thus, marketers irrespective of the products they are dealing in, be it medicinal plants or any other consumer or industrial products, must master the art and science of price setting. Place or channels of distribution decisions affect other marketing decisions (Kotler, 2004) hence, marketers of medicinal plants should think critically about the channel of distribution to use and select the one that is most suitable for their products, while taking into consideration the product perishability and packaging. In making promotion or marketing communications decisions, marketers should always bear in mind the fact that different consumer groups will respond positively or negatively to an organization’s marketing communications, hence marketers need to conduct consumer behaviour research to assist them identify the promo-tools the target market will respond to favourably (Lancaster and Massingham, 2001). This is applicable irrespective of the type of product marketed. This study has clearly shown that marketers of medicinal plants in Nigeria are deficient in the area of promotion. Thus, there is a need for more efrfort to be placed on this important element of marketing. Conclusions Successful marketing is getting the right product, in the right place, at the right price, and promoting it so that everyone knows about it. To achieve this objective, marketers need to implement and have the right mix of the four Ps: product, price, place and promotion (Lancaster and Massingham, 2001); irrespective of the kind of product marketed, be it medicinal plants or services. Marketing is important for anybody dealing in medicinal plants because knowing the market and what users want and providing a quality product or service is vital to the success of any organization. Though it has been discovered that most marketers of medicinal plants in Nigeria do not have standardized product packaging, engage in little or no promotional activities, have a differentiated/discriminatory pricing policies and adopt mostly the product philosophy of marketing, their distribution channels are adequate but the lack of little or no promotional efforts makes it virtually impossible for the prospective consumer/customers to reach them since they may not be aware of the products or their abilities to satisfy their needs and wants. Implications and value of research Marketers of medicinal plants should realize that there are many influences on the market, most of them beyond their control, such as changing technology, government policy or competitor's activities; some will pose threats to them while others will offer opportunities. However, this study has revealed that marketers of medicinal plants in Nigeria are not yet optimally utilizing the basic marketing strategy elements and marketing philosophy. To this effect there is a need for the Nigerian government, through its entrepreneurship development program, to organize enlightenment campaigns aimed at educating marketers of medicinal plants about the basic elements of marketing strategy and how they can effectively use them to achieve their goals thereby making the sector more vibrant. This is important given the economic importance of medicinal plants in both developed and developing countries (Odugbemi, 2008). Suggestion for further studies Further studies can be conducted to determine the relative importance of the traditional marketing elements in the marketing strategy of medicinal plants in the Nigerian business environment using the Analytic Hierarchy Process Model. This is will enable the marketers of medicinal plants in Nigeria know the importance they should attach to each traditional marketing so as to optimally allocate their resources. 668
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Table of Contents Challenges in the
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Local Steering Committee Jacob Musi
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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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Abstract Challenges of Oil Revenue
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Abstract On the Mitigation of Rever
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Conclusion Challenges in the Era of
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37. Provision of sound education fo
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Abstract The Changing Requirements
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Abstract Gender, poverty and sustai
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Abstract Exploring Organisational R
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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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