Consumer Marketing and 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 United States like California, Mississippi, Missouri, and Texas are enormous to cater for local consumption and to export to other countries including Nigeria. Rice consumption has been on the increase in the country and this was asserted by the United States Department of Agriculture (2010) when it stated that nearly 4.3 million metric tons of rice was consumed in 2009. The steady rise in consumption can be attributed to a number of reasons:
1. The increase in the Asian and Hispanic population (USDA Rural Development, 2010)
2. Rice contains less saturated fat and simple carbohydrates (sugar), and therefore it lowers the risk of obesity, high blood pressure, type II diabetes, and heart diseases. This was revealed in the study conducted by Healthy Rice Eaters (The U.S Rice Federation website, 2007)
Though Nigeria is the largest rice producer in West Africa and has the capacity to be self-sufficient because of the amount of land suitable for rice cultivation, Nigeria is still the third largest importer in the world. The amount of rice importation continues to grow because of the increasing urbanization and modernization of the country as well as the large size of the market. The USDA/FAS Attaché reports (2001) that, “ only a limited portion of the locally grown rice crop is...