Nigeria as a Market for the New Samsung Smartphone
Nigeria is my country of choice for the launch of the new Samsung smartphone. Recent figures on the smartphone industry show that the country's mobile subscription has reached more than 150 million, with the number of Internet subscribers measured at more than 97 million (Ajilore & Solo-Anaeto, 2016). The Internet penetration rate in Nigeria is approximately 30%. (Adepetun, 2016). This fast-growing percentage of Internet users and mobile subscribers is making Nigeria a competitive market for the newly created Samsung smartphone.
Market Research and Understanding Consumer Behaviour
Part of the plans to penetrate the Nigerian smartphone market involves market research initiatives aimed at understanding the psychological characteristics that influence consumers’ decision to purchase smartphones. From a global standpoint, a good understanding of the country’s population will enable my team to select the most appropriate marketing mix (Hosmer, 2017). My choice of the 4Ps of marketing mix will get based on the needs and characteristics of the target consumers.
Social Perspective and Target Market
From a social perspective, marketing the latest smartphone in Nigeria requires an understanding of the country’s demographic attributes. Given the primary target market for this product is the young adult population and students, it is prudent to ensure that this latest model of Samsung smartphone meets the consumers’ needs, especially advanced features of social media apps (Hosmer, 2017).
Opportunities and Challenges in the Nigerian Market
The Nigerian market presents significant opportunities and challenges. The opportunities include a fast-growing economy and IT-based production and manufacturing sectors (Adepetun, 2016). However, a fluctuation in the country’s currency value against the dollar and circumventing foreign policies are formidable challenges. Therefore, stringent regulations from the government would pose a significant constraint. Lastly, Nigeria faces political instability, which affects their economy negatively. As such, penetrating this market comes with political barriers.
References
Adepetun, A. (2016, July 8). Nigeria: Smartphone penetration hits 30 percent in Nigeria. The Guardian. Retrieved on Oct. 12, 2017.
Ajilore, K., & Solo-Anaeto, M. (2016). Smartphone brand personality as a predictor of brand value among undergraduate at Babcock University. Global Journal of Management and Business Research: E-Marketing, 16(1), 32-43.
Hosmer, C. (2017). Definition of "marketing globalization". Chron. Retrieved on Oct. 12, 2017.
