RELEVANCE OF NEW PRODUCT DEVELOPMENT ON ATTAINING MARKETING OBJECTIVE OF TABLE PRODUCERS
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RELEVANCE OF NEW PRODUCT DEVELOPMENT ON ATTAINING MARKETING OBJECTIVE OF TABLE PRODUCERS
ABSTRACT
This study was done to investigate the importance of new product development in meeting the marketing objectives of table water manufacturers in Anambra State. To achieve the study’s goal, a closed-ended r4esearch was used to study (twenty-one)
table water manufacturers, with questionnaires distributed to 18 respondents in order to obtain firsthand information following a critical analysis of the data collected and hypothesis testing using the chi-square statistical tool.
The following was established: there is a considerable association between new product development and bottled water manufacturers’ marketing objectives. Marketing testing improves the relationship between new product development and the marketing performance of bottled water manufacturers.
Table water makers should not rely on external agencies; instead, they should hire skilled and experienced individuals capable of gathering the necessary information to work in the development unit so that incorrect information is not sent to management for decision making.
They should use persuasive advertising to modify their customers’ attitudes towards their product.
Because new product creation requires knowledge, they should construct a functional marketing intelligence system to decrease the strain of frequent new product development on environmental and market research.
Chapter one
1.0. Introduction.
New product development is not only necessary for good marketing, but it is also extremely convincing. In practice, it is mostly used to develop new and improved ways for enterprise operations (process technology) with the goal of increasing efficiency and effectiveness.
Our culture is in flux, thus the only constant is change. The demands and desires of the people in the society are changing by the day. Following this, the firm must innovate or perish. As a result, the products developed must be able to match the dynamic needs of the target market in order to ensure market security.
As a result, appropriate marketing research must be undertaken before developing a product; otherwise, sales will plummet.
Product creation is vitally essential for future marketing success. The primary purpose of product development is to modify products in order to better meet needs at lower costs while also providing an organization’s management with a competitive advantage and increased consumer loyalty.
As a result, this chapter will provide an overview of previous research on the topic.
1.1. BACKGROUND OF THE STUDY
The Nigerian economy has recently seen growth in some of its major industries, including the bottled water manufacturing industry. Previously, this industry consisted of a small number of enterprises that were unable to meet the country’s market need for portable drinking water.
Because of the unmet possibility in this area, many mushroom operators gave up on marketing very low-quality unbranded products sometimes referred to as “pure water”.
However, with economic changes still underway, many government enforcement agencies, like the National Agency for Food and Drug Administration Control (NAFDAC) and the Standard Organisation of Nigeria (SON), have intervened to rid cities of inferior products (clean water).
Although the bottled water market is not expanding at a rapid pace, one can appreciate the sector’s stability. The increases in product quality can be attributed to the packaging, labelling, branding, and contents.
With this sector’s relatively modest growth, competition has increased, and because price wars are uncommon, enterprises must resort to alternative measures (new product development, promotion, and distribution).
Product is the connecting point, and relying solely on old or existing items is a bad idea. Companies are here to innovate, whether by differentiating or diversifying their product line. Bottled water companies must invest extensively in research and development in order to fulfil the ever-changing demands of consumers.
New product development is the act of generating something wholly new or altering an existing product to better fulfil customers’ demands and desires (Bassi, 2006).
New product development is one of the avenues of enlarging the size of a firm’s product portfolio; however, any firms appear not to have recorded much success in this area due to the depressed global economy.
It is imperative to recognise the fact that necessity gives birth to invention, and organisations that refuse to innovate will be forced out of the market.
New items are the future of any organisation, and without a steady supply of them, the marketing strategy will most likely fail. Every organisation should continue to develop a new product for no reason other than “that some existing company’s product will enter a decline state someday.”
Furthermore, top management must establish clear criteria for accepting new product concepts. Such criteria can change depending on the product’s intended use.
This study will draw on the work of Booz-Atlen and Hamilton (1982) and Baker (1996) to identify eight (8) strategic roles that businesses can utilise to create objectives for new products.
They are as follows.
1. Maintain position as a product innovation.
2. Establish a market share position.
3. build a foothold in a future new product.
4. Preempt a market sector.
5. To use technology in a new way.
6. to leverage distribution strengths
7. to use extra or off-season capacity.
8. to supply cash for generations.
Kolter (2000), citing Booz- Allen and Hamilton (1982), identified six types of products and their novelty to the organisation and the market.
i. The market of complexity
ii. Relative merit
iii. How compatible?
iv. Observation advantages
v. Sampling Quality
To summarise, today, under the pressures of inflection and high cost, major factors of production, the succession of a company’s product development depends on how effectively organised its structure is in managing the new product development process;
Kotler (2002) noted that new product development is retarded as a result of the following: shortage of important ideas fragmented markets, social and government constraints, costless of the development time and shorter production
He went on to say that the development process may be broken down into eight (8) steps, which are:
1. Ideal Generation
2. Ideal screening.
3. Concept Development and Testing
4. Marketing strategy development
5. Business analysis.
6. Product Development
7. Test marketing.
8. Commercialization.
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