STRATEGIES FOR INTRODUCING A NEW PRODUCT IN THE MARKET
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STRATEGIES FOR INTRODUCING A NEW PRODUCT IN THE MARKET
ABSTRACT
The research focused on how to launch a new product to the market. The primary goal was to investigate if the tactics utilised to introduce cristolys cough expectorant in Enugu were effective or not.
The research challenge was solved using both primary and secondary data. The population survey included Encristo Pharmaceutical Company Limited Enugu’s customers and employees.
Questionnaires are the study instrument used to collect data. Tables, frequencies, and percentages were utilised to present and analyse the data acquired. Based on data analysis, the researcher concludes the following findings.
The product was test marketed for five months before being formally launched on September 8, 1997.During the introduction, both radio, posters, and stickers were employed. Most of the consumers polled stated that the quality company’s personnel believe the product introduction techniques are effective.
Finally, the researcher believes that the product has been approved and is performing well in the market.
Chapter one
Introduction:
Background of the Study.
The goal of any organisation is to create consumers and please them at a profit, which means producing goods and services that meet the customer’s requirements, desires, and services while also making a profit that allows the company to survive. Because a company enterprise is a social organ, its aim must be societally relevant.
The client dictates what a business is, because it is only the customer who is willing to pay for goods or services. Turn economic resources into wealth, and goods into good. Any firm must determine its market,
who the client is, where he is, what he considers valve, what his unfulfilled wants, how he buys, and how he can be reached. It is the company’s responsibility to give what the customer requires.
The primary functions of a firm are marketing and innovation. Marketing distinguishes the business’s unique function. A business is distinguished from other human organisations by the fact that it markets a product or service.
Any organisation that achieves its goals by marketing a product or service is a business, and anything that is absent or incidental is not a business and should never be treated as such.
Marketing activities begin from the start of a firm rather than at the finish, because it is studied and established by researchers. What the consumer wants in a certain period or season,
as well as the price he is prepared to pay for a given product, have power in product planning innovation, which is the final role of a business: to provide better and more cost-effective goods and services.
It is not enough for businesses to deliver just and economic goods and services; they must also provide better and more economical ones.
Innovation occurs throughout the entire company cycle, including design, product, marketing strategies, pricing, and customer service.
As a result, when developing and marketing new products, the proper approach must be taken to ensure that the new product does not fail in the market.
There are two key stages in the development of each product: introduction or commercialization into the market. Many products have failed to have the desired influence on consumers because the companies involved did not employ the proper techniques, such as price, advertising, and good product quality.
They forget that customers are subjected to
A wide range of complexities and gavel reactions that are difficult to predict. Their attitudes, dispositions, views, and motives must be examined, as well as income and other demographic factors.
This researcher believes that manufacturers should prioritise the pleasure of their customers’ needs, wants, and desires over profit maximisation. They should generate enough profit to cover the risks associated with their economic activity,
allowing them to limit their losses. A corporation, such as Encrusts Pharmaceutical corporation Limited, should avoid making mistakes that could jeopardise its newly produced product by taking the proper approach to both marketing. Commercialization and product introduction to the market.
Encrusto Pharmaceutical Company Limited, one of Nigeria’s indigenous pharmaceutical firms that produces over-the-counter drugs, has been aggressively promoting its policy of inventing and introducing new and improved goods to its existing product line. On September 8th, 2011.
The company released a new product called “CRUSTOLYN COUGH EXPECTORNT” to the Enugu market. Initially, this product did not have the intended impact, but the corporation did not quit up. The product has been on the market for the performance of the new product, and one would like to know the level of consumer acceptance.
What strategies were taken by the corporation to introduce the product into the market, and how effective were they?
The corporation wants to equip itself with this data in order to ensure that its product strategies are effective, which is why this research was conducted.
STATEMENT OF THE PROBLEM.
Encrusto Pharmaceutical Company Limited is one of the manufacturers of oral liquid medications. The company intends to preserve its leadership position in this field, which is why it has a policy of developing new items to expand its product lines’ depth and breadth.
In pursuit of this approach, the business created a new product called “CRISTOLYN COUGH EXPECTORANT”. The new product was debuted in Enugu in September 1997 and is still on the market today.
When considering a new product, one should consider how it has fared in the market since its introduction, as well as what strategies were used to introduce it in Enugu metropolis, what strategies are currently being used to market the same product, whether these strategies have been effective, and whether consumers have accepted the new product.
GOALS OF THE STUDY
The study’s aims include:
Determine if these tactics are
To determine whether the new product is acceptable to consumers.
To learn how distributors rate the new product.
To recommend what the corporation could do to improve the marketing of this new product.
RESEARCH QUESTION:
Has the strategy for introducing crsytoyn cough expectorant in Enugu metropolis been effective?
Is the quality and functionality of cryptonym cough expectorant satisfactory to consumers?
Iii. Are most customers aware of the new product?
How exactly do the distributors intend to distribute the new product?
1.5 Significance of the Study
This study will be beneficial to Encrusts Pharmaceutical Company Limited since it will determine whether the company’s goal of creating and introducing cristolyn cough expectorant has been achieved.
The research data will help determine whether the techniques utilised to introduce the new product were effective.
The researcher’s recommendations will allow the company to undertake further initiatives aimed at altering the situation. Also, the study’s findings will aid consumers by determining whether or not the new product has been accepted.
The acceptance of a new product is solely determined by its quality and performance, and what product quality involves. Taking into account the amount of quality control that customers seek,
the quality of new materials necessary to manufacture such a product, the consumer’s frame of experience and desire, and the source or availability of a competitive or rival product.
Where the analysis determines that the new product is lacking in any dimension. This ensures that buyers receive the enjoyment they seek from the product.
Another area where the study will serve a useful purpose is in distribution. Distribution is more concerned with a product’s success because it helps them decide the amount of margin or earnings they will earn.
If cristolyn expectorant succeeds in the study, which will evaluate and give recommendations for effective marketing of this medication, distributors will gain from the product’s improved market performance.
SCOPE OF THE STUDY:
This study was conducted in Enugu and focused on analysing the efficiency of Encrusts Pharmaceutical Company Limited’s strategy for introducing Crislotyn Cough Expectorant into the market. The study also looked at how consumers accepted this new product.
1.7 Limitations of the Study
The scope of this investigation has been constrained by numerous constraints, including:
1) FINANCIAL CONSTRANTS: A lack of financial resources limits this task because money is required in practically every part of it.
2) DISTANCE: Another issue to consider is distance; time should be set aside because the research must be conducted in a specific location in order to obtain respondents and allow the research to proceed.
3) TIME CONSTRAINTS: One of the study’s limitations is a lack of time to conduct a thorough investigation. Adequate time for abandoning this product should be carefully studied in order to ensure that this job runs smoothly.
4) Inadequate consumer cooperation
This is another stiffening along to enable adequate study work in the element of surveys; if the customers refuse to cooperate in corresponding flunky excuses, such as time, there will be problems.
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