Consumer Marketing And Branding Strategies Essay

2147 words - 9 pages

Running head: CONSUMER MARKETING BRANDING STRATEGIES
Consumer Marketing and Branding Strategies:
Product Modification and Pricing Strategy


Product Modification and Pricing Strategy
Globalization of a product requires developing a strong marketing strategy that includes researching the product’s market position, the required product modifications if any, and the optimal pricing strategy for success in the new market. The following sections will detail the discoveries and recommendations for a successful product launch with regard to product modifications and pricing strategy.
Marketing Position Statement
Rice production yield from Stuttgart, Arkansas and other parts of the ...view middle of the document...


As a result, the Nigerian market needs long grain parboiled rice from the United States at a considerable price so as to outwit the locally produced and Asian imports. The rice is long, brownish, clean, well polished, and less starchy thereby making it non-sticky after cooking as well free from stones and foreign materials. The unique nature of rice from the United States is the reason that it is preferred over other imports, especially by the middle and upper class for home consumption, gifts, parties, and restaurants.
Industry and Product Assessment
Nigerian Market
According to Porter’s Five Forces, the state of competition and profit potential in industry depends on five basic competitive forces: new entrants, suppliers, buyers, substitutes, and market competitors (Hollensen, 2007). The five forces have interests in the industry and therefore determine the profitability of exporting the United States’ long grain parboiled rice to Nigeria. The Nigerian rice market is not easy to penetrate because of the availability of competitors such as the local producers and importation from Thailand and other Asian countries. The existence of substitutes, therefore gives the buyers (Nigerian consumers) a high bargaining power. Nonetheless, the buyers are interested in the product because of its exclusive high quality. The USDA/FAS Attaché reports in 2001 that, “Although American rice has not made major inroads into the Nigerian market to date, it does have a market potential based upon its high quality. Many Nigerians remain familiar with US rice from the oil boom era of the 1970’s and 1980’s when branded Uncle Ben’s rice was a household name.

United States
In applying Porter’s theory, the research will assess the domestic Rice industry through an analysis of the market competitors, suppliers, they buyers, substitutes, and new entrants into the industry.
Market Competitors
The six states that are major players in the U.S. Rice Industry are Arkansas, California, Louisiana, Texas, Missouri, and Mississippi. The industry operates as an oligopoly therefore lessening competition. Currently, Arkansas dominates the rice production industry in the United States. The industry dedicates a total of 2,748,000 acres to production. According to the U.S.A Rice Federation (2010) website, Arkansas claims 48.2% of acreage at 1,325 acres. California comes in a distant second claiming 19.3% at 533 acres, and Louisiana claims 13.8% at 378 acres. Mississippi claims 6.9% at 189 acres and Missouri comes close at 6.9% at 189 acres. Texas is the least by claiming 5.3% at 145 acres.
Rate of market Growth
The Domestic Usage Report released by the U.S.A Rice Federation reports that the rate of consumption rate is 26 pounds of rice per capita. That rate increased a pound from the previous year. The report is based on the shipments and consumption of United States milled rice from August 2008 to July 2009.
Suppliers
Based on the supplier listing for the...

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