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PROJECT TOPIC: the problems and prospects of product planning and development

the problems and prospects of product planning and development

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CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

The concept of product failure has continue to evolve and expand as some product has suffered dessolence or even abandonment as a result of their failure in the market.For too many reasons, this has been and of which the problems and prospects of product planning and development is not an exception. Interestingly, a good, effective and efficient management of new product planning and development may contribute highly to the success of product in their life span. Therefore, if a product must succeed it demands a set of expert or professionals to handle it.

 

BRIEF HISTORY OF (PZ) INDUSTRY PLC ABA

PZ means Paterson Zochonis and was incorporated on the fourth December 1948, under its former name P.B Nichola and Company Ltd. PZ as a name was incorporated in England in 1884, became a public liability company (Plc) on the London and northern stock exchange in 1953. Its main activity is general merchant in West Africa which took them to establish  in this capacity in 1899. but now, its interest include industrial ventures. In 1951, Mr. P.B Nicholas sold out his interest he has in the company to PZ. As a result of the merger of PZ and Co. (Nig) ltd and associated industry ltd in 1976, the company changed its name to Paterson Zochonis limited.

the problems and prospects of product planning and development

After incorporation in 1948, building were erected and modern soap making equipment was installed at Aba thereby creating earlier major industrial manufacturing unit in Nigeria. The company’s range of product include bar tablet soaps, perfumery, cosmetics, confectionary which are distributed throughout Nigeria.

STATEMENT OF THE PROBLEM

The high failure rate of many new product is a clear testimony that product concept or product notion is circulated in terms of consumer behavoiur and reaction towards that product.Owing to the fact that it is not easy to carry out product planning and development especially in the manufacturing company or organization, it then requires and involves experts to handle the execution and planning of product development.

There are some threats which militate and pose problems against the idea of product planning and development which could come in terms of the existence of competitive brands, insufficient capital, lack of qualified personnel, poor planning and inadequate forecasting.

A balance must be struck between these problems and the organization or manufacturing industry for a successful product planning and development.

the problems and prospects of product planning and development

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