CHAPTER ONE
1.1 BACKGROUND OF THE STUDY
Every profit conscious individual both male and female and organization must have at least a product to market, in order to make profit. This is irrespective of the fact that order individuals and organizations may have been involved in a production and marketer wants to go into. The implication of this, is that market for the product concerned will become e competitive one, a saturated market does not give room for the attainment of maximum profit by an organization and individual, since the profit is being shared among it and its competitors.
The thankful nature competing with a new product to worsen the problems of a new competitors, especially if the new product that he or she is using lack innovation which will distinguish or differentiate his or her product from that of existing products to be easier.
In spite of the taskful position of being new product, that is using an unknown product to compete with known products, new competitors still come into a saturated market with their new product. They not survive but also make remarkable achievement. Undoubtedly, an array of strategies must have been put in place to meet such achievement.
1.2 STATEMENT OF THE PROBLEM
New products are essential to the success of any company. Company develop new product to replace those that have become out-dated in the eyes of consumers. As a result of trying to satisfy the changing needs of consumers, companies develop new products also they also have to be developed in attempt to contain competition without resulting to price competition, with new products developed, the worst problem that marketers or producers face is how to market these products. it is ever a bigger problem if the market that is intending to serve is a saturated market. By saturated market, we mean a market where there is supply beyond the point at which there is demand for a product. It therefore means, more efforts are needed for the marketing of such products. These efforts are so necessary considering how precarious these products could be in a saturated market without such efforts. It could essentially turn out to be a situation where the product fails even before its introduction to the market. In line with this, the central research question for which this project is meant to answer is;
What are the strategies that can be used to market a new product in a saturated market?
1.3 OBJECTIVE OF THE STUDY
1. The purpose of this project is to discover the major problems and strategies for marketing a new product in a Saturated market of Nigerian Breweries Plc with a view of finding possible solution that will help marketing managers with better marketing strategies.
2. The main aim of the study is to ensure that Nigerian Breweries Plc, achieve optimum utilization in marketing a new product in a saturated market.