SIGNIFICANCE OF PRODUCT QUALITY ON THE DEMAND FOR INDUSTRIAL PRODUCTS
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SIGNIFICANCE OF PRODUCT QUALITY ON THE DEMAND FOR INDUSTRIAL PRODUCTS
ABSTRACT
This project, titled The Significance of Product Quality on Demand Industrial Product, was done out using Setraco Nigeria Plc as a case study. This study was intended to show the importance of product quality on demand,
therefore the purpose of this research, among other things, was to evaluate and establish whether product quality helps to give the desired consumer satisfaction of the other to do this.
Literatures on the research area were thoroughly examined to enhance the researchers understanding of the subject matter. The methods used in research surely techniques were questionnaires and personal interviews were extensively used in collecting relevant information,
which were analysed and interpreted after the analysis of the relevance data or information important findings were deducted, these are that the idea of product quality has been a part of the demand for industries.Chapter one
INTRODUCTION
1.1 Background of the Study
Products are critical to a company’s success, and businesses create new products to replace ones that have become obsolete in the eyes of customers. Companies must produce new products to meet the changing wants of their clients, as well as to limit competitors without resorting to price competition.
Furthermore, a product can be an invention, innovation, or a change of an existing product to the point that clients view the modified version as distinct. It could also be a previously released product that is entering a new market.
Industrial products are meant for use in the manufacture of other products or for resale. They include things purchased to facilitate the smooth operation of an organisation;
hence, industrial products are intended to facilitate and expedite exchange between producers and sellers, as well as users who purchase to make other products or to ensure the smooth operation of their organisation.
Industrial products are divided into five categories: raw materials, component parts and materials, installations or significant capital equipment, supplies, auxiliary equipment, and services.
This project focuses on product quality, thus identifying and addressing the needs of customers is critical to project quality. Many successful organisations renew their commitment to developing, manufacturing,
and marketing innovative, user-friendly, high-quality products without product. There is almost nothing to market, and without marketing, there would be no success or company ventures.
Good products are essential for market success. A film’s success or failure is largely determined by its product. This is not because there is no substitute for firsthand experience with the product.
Customers had their initial encounters with the goods when they were satisfied, but the other component of the marketing mix is the causes for transactions and exchanges that occur between the firm and its clients.
Customer-oriented businesses make a concerted effort through management initiatives, marketing research, and consumer surveys to manufacture and deliver the finest products and services that customers demand.
Industrial items are goods manufactured in factories using machinery and technology. The first industrial items arose in Britain throughout the 18th century, as a result of the growing metallurgical and textile industries.
The onset of the industrial Revolution resulted in a rapid transition from an agrarian economy to one dominated by machines, not only in Britain but also in other developed countries throughout the world.
From food and clothing to computers and automobiles, industrial products are now not only a significant aspect of people’s lives, but also the foundation of a country’s economic system.
Demand for high-quality produce is crucial in the industrial sector since it ensures consumer happiness and promotes brand perceptions.
Product quality gives a significant tax advantage and is a necessary prerequisite for conducting business with customers and buyers of industrial products.
According to the International Organisation for Standardisation (180), quality management are tools that an industrial distributor needs to fulfil the quality requirements of its clients, increase customer happiness,
and, in the long run, maintain organisational standards in order to meet goals and acquire an economy of scale. Explain how demand for industrial items is derived, as well as how you judge product quality.
Industrial product consists of all activities involved in the marketing of products and services to organisations, i.e. commercial enterprises, profit and not-for-profit instructions, government agencies
and resellers that use products and services in the further production of consumer or industrial goods and services and to facilitate the operation of their enterprise, viewed from the perspective of marketing the quality of product on industrial demand for products required.
1.2 Statement of Research Problem
The challenge here is to figure out how companies plan and build their products. The emphasis is on the fact that some companies do not plan or develop their products but succeed, whereas others plan and still fill.
Even so, it is critical to plan and develop products; consequently, the problem that this project seeks to answer is the challenge of determining the development of product quality. Also, find out whether there are any underlying ideas, concepts, and phenomena.
The question of whether there is an alternative to a corporation would be investigated so that the study’s relevance could be justified.
The project work will all endeavour to determine the level of product quality and why it is important to attract consumer attention after the mature stage.
1.3 GOALS OF THE STUDY
i. Determine the reasons of industrial products in the market and propose solutions to such problems.
ii. To present a self-explanatory definition of product quality as the process of increasing the quality of an industrial product.
iii. The research will also determine the quality and value to the industries.
1.4 RESEARCH QUESTIONS.
i. Explain the causes of industrial products in the market and propose potential solutions.
ii. Does lower product quality diminish consumer satisfaction?
iii. Is product quality a challenging task with several problems?
1.5 Scope of the Study
The primary goal of this study is to determine the impact of product quality on demand for industrial products. It is therefore intimately tied to the constructions and quarries business, with a particular interest in (SETRACO Nigeria Plc).
1.6 Significance of the Study
It is worth noting that the industrial sector of the economy will benefit from this research as long as they wish to remain in the market, as it will serve as a guide for effective product planning and development.
This material might also be valuable for business students’ research and reference needs. Customers will also be able to know the effort of industrial products that satisfy them profitably.
1.7 Statement of Hypothesis
To achieve the goals of this study, the null hypothesis (Ho) will be evaluated using the alternative experimental hypothesis (Hi) via chi-square. The hypothesis comprises the following.
1. Ho: Product quality lowers consumer happiness.
Hello: Product quality improves client pleasure.
2. Ho: Insufficient product planning on quality and bad launching are not to blame for product failure.
HI: Product failure is caused by insufficient product planning on quality and inadequate launch execution.
3. Ho: Product quality is not a challenging excise with numerous issues.
Hello: Product quality is a complex excise with numerous problems.
1.8 Operational Definition of Essential Terms: Product
Masojies (2001:P3) A product is defined as anything that can be offered to a market for alternative, use, or consumption that may satisfy a need or want, or a product is a set of tangible and intangible attributes such as packaging, colour, price, quality brand, seller services, and reputation. Products are similar to living organisms in that they are born, live, and then die.
A new product that enters the market will expand, and when it loses appeals, it is discontinued.
PRODUCT QUALITY: Product quality encompasses all actions that allow a corporation to decide which product to sell, how many of the product to carry, and what uses are accessible.
PRODUCT DEVELOPMENT: When producing a product, the product planner should consider the product in three ways:
1. Core product.
2. Tangible product,
3. The Augmented Product
1. The Core Product: The most fundamental level is the core product, which covers why the consumer wants to buy the product and what benefits he will gain from purchasing the product, as every product must meet a want.
2. The Tangible Product: These are products that may be used for many years and include the following characteristics to support the core product, such as level, feature styles, or staying, among others.
3. The Augmented Product: This is an additional benefit that has been added to the product for the satisfaction of the customers.
The market must understand what interest the customer has in the goods. It lets the marketer look at the buyer’s complete expectation, which is what he or she wants to accomplish when utilising the product.
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