PRODUCT FAILURE: THE CAUSES AND EFFECTS ON THE NIGERIAN ECONOMY
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PRODUCT FAILURE: THE CAUSES AND EFFECTS ON THE NIGERIAN ECONOMY
ABSTRACT
This study aims to assess the causes and consequences of product failure on the Nigerian economy. Product is an important component of the marketing mix and the reason for a company’s existence.
When establishing a programme to reach its intended market, a corporation begins with a product tailored to meet the demands and needs of its target market.
The questionnaires were distributed to 100 employees (40 males and 60 females) of some manufacturing enterprises operating in Nigeria, and the collected data was compiled and evaluated using the chi-square test (x2).
Five research issues were examined and four hypotheses were explored. The alternative hypotheses were accepted. Consequently, it was established that product failures have an impact on the Nigerian economy.
Chapter one
1.0 Introduction to the Study.
Marketing management should be responsible for adopting customer-oriented policies and, as a result, developing products and services that benefit customers’ requirements and wants. Often, a market opportunity is identified or a commitment is made to manufacture something better or cheaper,
but sometimes the sheer desire to invent or present a new product or service provides the impetus for beginning the business. When establishing a programme to reach its desired market, a corporation begins with a product or service that meets the demands and needs of that target market.
1.1 Statement of Problem It has been noted that the importance of a product to a corporation and its earnings is central to most managers’ perceptions of the organisation. Firms exist because of their products, which must be planned, developed, and managed by company leaders or managers.
This study will answer the following questions:
(a) Understanding the impact of product failure on sales volume.
(b) Environmental changes that promote product failure.
(c) Issues for lowering the rate of product failure.
1.2 The purpose and objective of the study
There are several aims for conducting this research. Specifically, this study is aimed to assess the causes and effects of product failure on the Nigerian economy. Moreover, the study aims at:
(a) Providing insight into marketing concepts (4Ps).
(b) Evaluate the advantages and disadvantages of marketing concepts.
(c) The influence of product innovation throughout its life cycle.
(d) The causes and consequences of product failures.
(e) Advising on more effective techniques for preventing product failure.
1.3 RESEARCH QUESTIONS.
The study is intended to assess the causes and effects of product failure on the Nigerian economy, and responses to the following questions will be provided.
(a) Why do most products fail or die early?
(b) Do environmental changes have an impact on products?
(c) To what extent does the Product Life Cycle affect product innovation?
(d) What are the constraints of the Product Life Cycle?
(e) What are the repercussions if the product fails?
1.4 Research Hypothesis
In order to determine the causes and impacts of product failure on the Nigerian economy, various statements must be tested. Thus, a hypothesis is a conceptual or preliminary assertion concerning the relationship between two or more variables.
As a result, the researcher conducting this hypothesis test theory will consider both the alternative hypothesis (H1) and the null hypothesis (H0). During the course of the investigation, the researcher proposed the following hypotheses for testing:
H0 – Most organisations underestimate the impact of product failure on sales volume.
H1: Most organisations recognise the impact of product failure on sales volume.
H0: Environmental changes do not affect the product.
H2 – Environmental changes affect the product.
H0: Product Life Cycle does not lead to increased product innovation.
H3 – Product Life Cycle Enhances Product Innovation.
H0: Effective management of marketing concepts, product innovation, and life cycle does not have a favourable impact on management and returns.
H4: Effective management of marketing concepts, product innovation, and life cycle has a favourable impact on management and returns.
1.5 Operational Definition of Terms
MARKETING STRATEGY: – This is the master strategy for putting business policy into action.
Marketing Concepts (Mix): – This is the combination of controllable elements (price, product, promotion, and location) by which marketers achieve their marketing goals.
PRODUCT: – A product can be defined as a set of physical and psychological benefits provided by a manufacturer to a buyer.
PLACE (DISTRIBUTION): This refers to the transfer of products from producer to consumer.
PRICE:- This is the amount the buyer offers in exchange for the product.
PRODUCT LIFE CYCLE: – This term refers to the various stages of a product’s life cycle, beginning with its introduction and ending with its withdrawal from the market.
PRODUCT STRATEGIES: These are plans put in place to keep a product in the market.
1.6 SCOPE OF THE STUDY
The purpose of this study is to investigate the causes and impacts of product failure on the Nigerian economy, specifically in the context of some manufacturing enterprises.
1.7 Relevance of the Study
The significance and relevance of this work are:
(a) To report the causes and effects of product failure on the company’s earnings.
(a) To develop purposeful techniques for avoiding product failure.
(c) To serve as a useful reference for future researchers who may wish to investigate the same topic.
(d) Furthermore, the study’s findings will make a significant contribution to the development of knowledge.
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