EFFECT OF PRODUCT PLANNING AND DEVELOPMENT IN THE GROWTH OF ORGANISATION
Need help with a related project topic or New topic? Send Us Your Topic
DOWNLOAD THE COMPLETE PROJECT MATERIAL
EFFECT OF PRODUCT PLANNING AND DEVELOPMENT IN THE GROWTH OF ORGANISATION
ABSTRACT
This study looked at the impact of product planning and development on organisational growth, specifically at Smithkline Glaxo Nigeria Plc. The research used a survey research design.
Data were acquired from primary sources using a well-structured questionnaire. The sample was selected using a simple random sampling technique to prevent bias in the responder selection process.
Data were presented on a table as percentages, and the hypotheses were tested using the Chi-square statistical method. The analysis results reveal that effective product planning and development has helped in the attainment of business objectives.
An organization’s product’s market share has increased. Effective product planning and development has helped to prevent a significant unbearable loss to the firm, and proper product planning and development has positively contributed to the attainment of successful sales operations in an organisation.
Based on the results of the analysis, recommendations were made to the workers and management of Smithkline Glaxo Nigeria Plc.Chapter one
1.1 Introduction
As a result, the adage “failure to plan is planning to fail” is widely accepted. There is nothing on Earth that does not require proper planning. If such a thing is determined, the aim must be achieved. One of the most critical parts of product life cycle management is proper planning.
It is proper for someone who plans to build a house to create a plan for the house, whether it is a two-bedroom flat, a cottage, or a multi-room structure.
He must determine for himself and write down an approximate estimate of the overall cost of everything for such a residence. As a result, it is critical for any organisation attempting to develop a product to do the essential and proper planning.
Given the multidimensional nature of consumer demand, it is critical for an organisation to conduct all necessary pre-product development before introducing a new product to the market and determining the optimal time to supply the product in order to regulate the product in the market.
Examining the fierce competition in today’s key sectors. Companies that lack fresh product ideas and new product development methods are at high risk of new or existing product decline during the course of their product lifespan, as well as closure.
The success of new products is constantly limited by the following factors:
1. A shortage of important new product ideas in a specific area.
2. Capital for new product development.
3. Time span completion.
4. Social and Governmental Constraints
5. Cost implications of new product development
The scope of proper product planning and development involves decisions in the following areas:
A. What product should the company produce?
B. Should the company market more or fewer products?
C. Which brand, packaging, and label should be used for each product?
D. How should the product be styled and designed, as well as the sizes, colours, and materials used in its production?
– How many new consumers have each product attracted?
– How should the product be priced?
1.2 Statement of the Problem
The goal of this study is to investigate the impact of product planning and development on organisational growth. The research aims to:
1. Determine the importance of adequate product planning in the market, as well as the product constraints associated with failing to plan a product before introducing it into the market.
2. Determine the stages a product must go through before it is developed and released into the competitive market for consumer purchase.
3. Determine the ways SmithKline Glaxo Nigeria Plc utilises for its product planning tasks, as well as the costs and strategies associated with such approaches.
4. Explain why some items were unable to thrive in the market and hence achieve the product manufacturer’s predetermined goal, i.e. profit.
5. Determine SmithKline Glaxo Nigeria PLC’s product line and market acceptance.
1.3 Aim and Objectives of the Study
1. The purpose of this research is to investigate why some companies’ products do not endure longer in the market, despite the presence of other identical items in a highly competitive industry.
2. Investigate the various marketing tactics now employed by pharmaceutical corporations for new products.
3. Evaluate the success of these techniques in terms of consumer satisfaction and patronage.
4. Develop an excellent marketing strategy for the new product to assure increased patronage.
5. Analyse marketing problems.
1.4 SEARCH QUESTION
a) What level of difficulty is the corporation likely to confront in attempting to assure continual innovation as a method of preventing product discontinuation and the development of new product lines?
b) Is the corporation able to estimate the income of Nigerian consumers in order to boost the rate and market acceptance of new products?
c) To what extent can the company collect enough data for an effective and appropriate product planning and development process in order to improve its feasibility and profitability?
1.5 Research Hypotheses
A hypothesis is a tentative statement concerning the relationship that exists between two or more variables. Such statements are conjectured and must be validated.
There are two sorts of hypotheses: null hypothesis and alternative hypothesis.
The null hypothesis is denoted by (Ho), whereas the alternative hypothesis is denoted by (Hi).The alternative hypothesis is accepted, whereas the null hypothesis signals rejection.
The research hypothesis is as follows:
1. Ho: Appropriate product planning and development have not contributed to the attainment of business objectives.
Hi: Appropriate product planning and development have contributed to the attainment of company objectives.
2. Ho: The gain in market share of an organization’s product was not attributable to excellent product design, planning, or development.
H: An organization’s product’s market share increased. Due to effective product planning and development.
3. Ho: Proper product planning and development did not help to prevent a significant and terrible loss to the firm.
Hi: Proper product planning and development has helped to prevent a significant and intolerable loss for the organisation.
4. Ho: Appropriate product planning and development has not positively contributed to the achievement of lucrative sales operations in an organisation.
Hi Appropriate product planning and development have favourably impacted the attainment of profitable sales operations in an organisation.
1.6 Significance of the Study
1. The purpose of the study is to evaluate the extent of the issues that the company is expected to experience in order to ensure continuous innovation as a method of preventing product absence and the development of a new product range.
2. The study aims to give an effective and appropriate product planning and development process in order to improve the feasibility and profitability.
Need help with a related project topic or New topic? Send Us Your Topic
DOWNLOAD THE COMPLETE PROJECT MATERIAL