ABSTRACT
Product is a very important part of the marketing mix, and consumers want and satisfaction serve as the yardstick for creating it. Hence products must be designed with the market’s need in mind. This essay writing intends to look at the basis for planning changes in marketing strategy which allows a management to take a corrective course of action. As a matter of fact, products like human beings have life span and they can die. The danger in the death of an organization product is that it could result to the closure of the organization business operations. In the light of this, it is therefore a necessity for organizations to adopt the new product in order to remain in business and have a sustainable and a new market.
TABLE OF CONTENTS
Abstract
CHAPTER ONE
1.0 Introduction
1.1 Background of Study
1.2 Statement of Problems
1.3 Research Objectives
1.4 Research Question
1.5 Research Hypothesis
1.6 Scope of Study
1.7 Significance of study
1.8 Limitation of study
1.9 Definition of terms
CHAPTER TWO
2.0 Literature Review
CHAPTER THREE
3.0 Research methodology
3.1 Research Design
3.2 Population of study
3.3 Sampling Design and Procedure
3.4 Data Collection Instrument
3.5 Administration of Data Collection Instrument
3.6 Methods of data analysis
CHAPTER FOUR
4.0 Data Presentation and Analysis
4.1 Data Presentation
4.2 Test of Hypothesis
CHAPTER FIVE
5.0 Summary, Conclusion and Recommendation
5.1 Summary
5.2 Conclusion
5.3 Recommendation
References
Questionnaire
CHAPTER ONE
INTRODUCTION
1.1 Background of Study
As
human beings have always sought for growth and development all through their
lives span also an organizational product. A good, service, idea that is
perceived by same potential customers as new a new product renovation. In
this piece of work, the researcher will concentrate on the impact of new
product development on the growth of a firm. The researcher will also look at
how new product development determines both the levels of economic growth and
standard of living of citizens. New
product development is one of the avenues of enlarging the size of the
product port folio of any organization, increasing its sales volume and enlarging
its financial strength. Many organizations seems not to have recorded much
success as a result of depressed economic situation. It is imperative to
recognize the fact that necessity give birth to invention or innovation,
and for an organization to avoid being forced out of the market, it has to
innovate. New product development is important in a competitive market like
that of Nigeria. It determines both the levels of economic growth and standard
of living of the citizens. Most products in the markets today have undergone
changes over times. According to Mr. Roland’s Lecture note, new product has been
seen as the life blood of any organization. This is because seizing new
opportunities as they emerge is a way to increasing profits. This means that a
firm with a successful new products gives it the chance of creaming off large
profit before effective competition develops. Every company must develop new
product because new products shapes the company’s future. Replacement product
must be created to maintain or build sales. Customers want new products and
firms will do their best to supply them. Companies that fail to develop new
products are putting themselves at greatrisk.Developing and managing products
is critical to organization’s survival and growth. Although several
organizational approaches to product management are possibly the share common activity
functions, and decisions necessary to guide a product through its life
cycle. Product managers coordinate efforts and become the strategic centre for
the product in all markets. Marketing managers focuses on products for specific
market. Adventure team is sometimes used to develop new products. Members of
the venture team come from different functional area within an organization and
have authority to execute plans. Product planning requires the coordination of
such functional areas such research and development, production and engineering,
research and finance, accounting and marketing. Each of these areas of
departments has functional authority over some aspects of the product. To
maximize the effectiveness of a product mix, an organization usually has to
alter its mix through such methods as new product or the development of
existing product deletion of a product, or the development of a new
product. Product modification refers to changing one or more of a products
characteristics. This approach to altering a product mix can be effective when the
product is modifiable, when customers can perceive the change, and when the
modification is desired by consumer. Products can be changed through the
quality, functional or style modifications. New product development involves
generating idea, screening to determine which idea to develop, expounding an
idea through business analysis, test marketing and commercialization. The
decision to enter the commercialization phase means that the product has gotten
to its full scale of production and that complete marketing strategy has been
developed. The adoption process by which the buyers go through in accepting a product
include; awareness, interest, evaluation, trial and adoption. The process of a
company in new product requires the establishment of effective organization for
managing the new product development process. The development of new product
helps in improving the satisfaction of the consumers. Therefore, this research
is investigated on the impact of new product development on the growth of firm
using Nigeria Breweries Plc Aba, Abia State as a case study. This industry
produces both alcoholic and non-alcoholic drinks; the alcoholic drinks are:
Star Larger Beer produced in1949, Gulder Larger produced in 1970, Heineken
re-launched in 1998, Legend ExtraStout produced in 1992, Gulder Max Larger Beer
produced in2006. Their non-alcoholic drinks are: Maltina Bottle drink
produced in 1976, Amstel malta produced in 1994, Maltina sip it produced in
2005, Fayrouz produce in 2006.There has been also a acute problems militating
against the standard of new produce development in the Nigeria Breweries Plc
Aba and other related firms. Consequently, the standard of new product
development is limited to the following problems; lack of research or the one
made is inadequate, lack of capital, government policies, lack of training
among personnel’s. Therefore, proper production management should be maintained
to improve or encourage new product development on the growth of Nigeria
Breweries Plc.
1.2 Statement of the Problem
New
product development has contributed much to the growth and survival of Nigeria
Breweries Plc and has also suffered many problems. Therefore, this research
work is designed to critically evaluate the problems of a new product
development which are as follows;
1. Lack of research or the inability of
the management to find out what the consumers need.
2. failure to find out the government
rules and regulations
3. Lack of training programmed; Failure to
train marketing personnel for new product and new markets.
4. Lack of Capital: The company cannot
raise fund needed for new product development when there is new ideas.
1.3 Objective of the Study
The purpose
of the research is to study the impact of new product development on the growth
of Nigeria Breweries Plc Aba. The research study was designed to enable the
researcher and the firm;
1. To determine the importance of research
findings on the growth of Nigeria Breweries Plc.
2. To determine the relationship between
government policies andnew product development.
3. To examine how inadequate training
programmed affects newproduct development.
4. Examine the criteria in granting loans
For external finding of newproduct development.
5. To recommend ways Nigeria Breweries Plc
could improve the newproduct development.
1.4 Research Questions
Based on the
statement of the problem, the objective and statement of the project, the
following research questions were advanced;
1. Does inadequate research affect new
product development?
2. does
sale promotion improve the sales of new product thereby increase sale revenue?
3. Does inadequate training programmed affect new product development?.
4. Does finance affect the expansion of new product development ?
1.5 Significant of the Study
This
research is counted on the impact of new product development on the growth of a
firm Nigeria Breweries Plc Aba.This research work will go a long way in helping
the following;
1. The Researcher: – It will
enable the researcher to ascertain the problems involved in the cost of
developing a new product.
2. The Firm: – This research
work will help the Nigeria Breweries Plc to identify the problems involved in
the development of a new product and also suggests the everlasting solution to
them. It will also help the firm to increase its sales volume, profit and
market share.
3. The Society: – This project work has gone deep to assist
the economy by increasing Job opportunities for the young graduates. It will
also help to develop marketing in the economy environment both domestic and
international.
1.6
Scope of the Study
4. In the cause of this study, the researcher uses senior, middle,
and Junior staff of Nigeria Breweries’ products, from four (4) selected L.G.A.
in Abia State, which include Aba North, Aba south, OsisiomaNgwa, Isialangwa
South.
1.7 Limitations of the Study
In trying to make this research work a
successful one bye inquiring relative information, the researcher encountered
the following constraints;
1. Time: -The time allowed
for this research work is not enough for intensive study of the project.
2. Finance: – Shortage of
fund also limited the researcher to only four (4) local government areas as
well as restricting him into printing and administering questions to the
selected few among the senior, middle and junior classes of the company’s
staff.
1.8 Definition of Terms
To avoid
misinterpretation of any aspect of this work, it becomes necessary to the
researcher to define some of the essential terms used in this work. These terms
therefore should be understood as follows:
Product: This
is one of the elements of marketing mix that represents the basic offering
being made to consumers. It is also everything (both favourable and
unfavourable) that one receives as an exchange; it is a complexity of tangible
and intangible attributed, including functional, social, and psychological
utilities or benefits. A product may be a good, services, or an idea.
Marketing Mix: This consists of four (4) major variables in marketing, which
serves as pillars that makes marketing to stand well; they are product, place,
price, and promotion. It is also called the 4P’s and marketing elements
Marketing Strategy: This is the process of determining a target market and
choosing the marketing mix variables needed to maximize satisfaction of those
consumers. It is also the set of objectives which an organization
allocates to its functions in order to support the overall corporate
strategy, together with the broad methods chosen to achieve these objectives.
Innovation: This is the process of producing something new inform of product or
service that someone or any company has never produced it before. It is also
refers to any good, service or idea that is preserved by someone as new.
Research: This
is an organized way of finding valid or useful information about a particular
domain or phenomenon in an environment with a set of objectives. It can also be
described as a thorough investigation or in-depth search for the causes of any
problem within intention of preferring solutions.
Commercialization: This is one of the product development stages in which
the product is first submitted to the market and thus commences its life
styles.