The objective of this thesis is to create a marketing plan for Dynaset's products in Nigeria, it also gave suggestions on how to enter the Nigerian market and how the company can take advantage of the large market size. The Nigerian market currently represents one of the largest untapped business environments and offers a manufacturing sector that is performing below expectations across sectors. This marketing plan forms the basis for the introduction of Dynaset Oy's ultra-modern heavy machinery equipment and tools into the Nigerian market.
The analysis allows us to outline the best strategies to follow in order to achieve the company's strategic goals. The objective of the dissertation will describe the options of how to enter the Nigerian market while satisfying the needs of the ever-evolving market that is ready for the products.
Company Description
Success will be reflected by a significant capture of market share in this market, while the company strategically carries the company up to the top position as a market leader.
About Nigeria
The purpose of this thesis is to create a strategic competitive marketing plan so that DYNASET can attract new customers or distributors and thus benefit from new investments in Nigeria. The thesis will finally present proposals for the strategic marketing plan which if implemented will give DYNASET a competitive advantage over other competitors in African countries and the Nigerian market. This research will bring out new ideas which will help DYNASET know where to position itself in the Nigerian market.
Scope of the Study
First, the minor limitation was that the researcher had financial constraints at the time of the study. The limitation of this work is that it only provides a marketing plan proposal for Nigeria and perhaps Africa for Dynaset OY and has no financial attachment necessary for its implementation. Despite the above limitations the study performed, the disclosures properly reported and documented in this thesis provide insight into what Dynaset is expected to do for the company to launch its product in the Nigerian market.
Market Demographics
Market Needs
Market Trends
Economists and business advisers have predicted that Nigeria could rank among the top of the world's economies in the coming years if basic infrastructures are built. Liberalized foreign investment rules and initiatives by the former administration of President Obasanjo to privatize some state-owned enterprises and promote tourism should help the country move steadily towards targeted growth.
Market Growth
SWOT Analysis of DYNASET OY
- Strength
- Weaknesses
- Opportunities
- Threats
SWOT analysis is a good step in the marketing plan which can provide evidence and basic identifications of both internal (strengths and weaknesses) and external (opportunities and threats) factors. The strength and weakness in the SWOT analysis does not necessarily show, indicate or list all the functions of the company, but only those related to the critical success factors. While the purpose of threat and opportunity is to allow managers to anticipate important developments that may have an impact on the business.
Dynaset operates with the reliability of hydraulics without special fuel or additional maintenance, turning time into money for excavators, loaders, tractors, trucks, platform lifts, crushers, harvesters, mining machines, concrete trucks, cleaning vehicles, fire engines, utility vehicles, ships, railways, industry, etc. The hydraulic system of a work machine as a power source is what DYNASET expands for increased productivity and work efficiency, simple and compact in size without additional motors. The company also has the best power-to-weight ratio in the world that guarantees the easiest on-board installation in all work machines.
From firefighting to earthmoving and from tunneling to street washing, construction sites, mining, demolition, recycling, service, installation and maintenance, environment, forestry, agriculture, transport, shipping, airport, rental, firefighting, defence, infrastructure, oilfield, offshore, process industry, etc. The basis of almost all Dynaset Oy products is to draw power from hydraulics and convert it efficiently into either: electricity, high-pressure water or compressed air. In addition, Dynaset is an expert in hydraulics and is able to invent new ways to use hydraulic power and solve even the most difficult hydraulic-related problems.
Most products have an extensive line of models to optimally match the specific requirements for the intended use. Companies that make similar products compete on marketing and distribution, price, innovations, etc. The success of manufacturers depends on who makes the most attractive products at the lowest prices and who has the best distribution channels.
Competition
Keys to Success
As part of the company's 20 year celebrations in June 2006, he also received the "Golden Entrepreneur's Cross" medal from the Finnish Entrepreneurs' Association. Already in 1994, Dynaset won the "Most Innovative Company of the Year" in Finland's Häme region. The company has also been certified with the highest credit rating classification from the year 2000.
Developing a marketing strategy is crucial to an organization's success, as it is about creating a framework for the future. This involves; visualizing the future, setting goals and objectives, and designing strategies and tactics to be implemented in the future. Over the years, the meaning of the concept of marketing has changed and it has always been seen as a process that creates value and builds a customer relationship.
However, it is necessary to review some definitions; "Marketing is considered the art and science of selecting targets and markets and acquiring, retaining and growing customers by creating, delivering and communicating superior value." Moving from textbook definition, WEBTER (1997) pointed out that of all the management functions, marketing has the most difficult definition because it is simultaneously a culture, strategy and tactic. Marketing is therefore said to be an organizational function and a set of processes to create, communicate and deliver value to customers and to manage customer relationships in ways that benefit the organization and its stakeholders.”
Therefore, as a strategy, marketing is concerned with developing effective responses to changing market environments by defining the market segments and developing and positioning products for the market. Despite the positivism that a marketing strategy offers, it has its own challenges and that brings change. It is also people-driven in the sense that marketing strategy is about people in an organization trying to find ways to deliver exceptional value by meeting wants and needs.
Marketing Objectives
Target Markets
Positioning
Strategies
Strategy Canvas
Four Actions Frame-work
Marketing Mix
- Product
- Place
- Promotion
- Price
Producing a product and making it available to buyers requires building relationships not only with customers, but with suppliers and resellers in the company's supply chain. Philip Kotler (2005) describes a marketing channel as a group of interdependent organizations involved in the process of making a product or service available for use or consumption by consumers or industrial users. Through their website, the product is delivered directly to the customer in the form of service booking.
From these web pages, potential customers can also find relevant information about the company and its product, as well as opinions or reviews of previous customers. Promotion of the Dynaset hydraulics brand will primarily involve above-the-line promotional techniques, including advertising in specialist industry journals and magazines, online promotion and to a more limited extent; television. A company must decide how to price its products to customers located in different parts of the country or the world, and tariffs in specific countries depend on many factors such as economic conditions, laws and regulations, competitive situations, etc.
This will also allow for better cost control to ensure that product production does not exceed mark-up. Analysts, clients or customers, experts have all said that the quality of the product is more important than the price or value of the equipment. For this reason, we unhesitatingly suggest that the price of products reflects the willingness of consumers in the target market to purchase.
The research methodology here is a qualitative method as "it is a reflection of different perspectives on knowledge that is a social process". From the diagram above I would suggest that Dynaset enter Nigeria through the export strategy because of the unpredictability of the Nigerian market and the fact that any strategy involves more commitment and risk, so is control and profit. This type of strategy involves less investment because the company does not need an overseas sales team or contract groups.
Measurement and Control
Indirect exporting - involves a company working through intermediaries (cooperatives, agents or home-based export traders). And nowadays the internet has also been very good as customers overseas can also order and pay for goods or services. Dynaset has positioned itself in a highly competitive market and established itself as a potential market leader.
With the addition of the Nigerian and eventually the African market to its ranks, the increased market size will allow the company to increase its revenue. Based on the above information, it would be advisable for Dynaset to focus on its differentiation strategy that makes it the market leader. If the company remains competitive, innovative and at the forefront of heavy machinery supply in Nigeria, coupled with proper promotion (as suggested earlier), the company will build its status as a market leader.
The need for an efficient and effective marketing plan for DYNASET in Nigeria was the emphasis in this study. From this work it is therefore possible to conclude that it will provide clarity in direction, a strategy for customer retention, create customer loyalty, expand market share, generate profits and explore new growth opportunities if implemented properly. About Nigeria, Retrieved January 19, 2011, from: http://en.wikipedia.org/wiki/Nigeria, https://www.cia.gov/library/publications/the-world-factbook/geos/ni.html.
Nigeria Future Trends, Information on Future Trends in Nigeria, Retrieved February 12, 2011 from: http://www.nationsencyclopedia.com/economies/Africa/Nigeria- FUTURE-TRENDS.html#ixzz18XefPykV.
