Our Blog

List of recently published project topics and materials

PROJECT TOPIC :EFFECTIVE MARKETING STRATEGIES FOR INTRODUCING A NEW PRODUCT IN ENUGU METROPOLIS

PROJECT TOPIC :EFFECTIVE MARKETING STRATEGIES FOR INTRODUCING A NEW PRODUCT IN ENUGU METROPOLIS

ABSTRACT

This work was on effective marketing strategies for introducing a new product in Enugu Metropolis. A study of Royallux made by Hardis and Dromedas Ltd., Emene Enugu. The researcher set out with the following objectives: Þ To know the consumers satisfaction enjoyed by the product. Þ If price of Royallux produced by Hardis and Dromedas industry affect the customers patronage. Þ To know the rate of consumer’s satisfaction enjoyed by the products. Þ To identify the target audience of Hardis and Dromedas. Þ To know the promotional mix used in increasing the sales of the industry. A review of related literature was also done to expose the researcher to know what has been previously done to ensure a sound research. A structured questionnaire was developed and administered by the researcher to staff and management consumers and distributors of Royallux made by Hardis and Dromedas. The sample size study was determined by using Topman’s formular for distributors, Bourley’s formular was also used for consumer while census survey was used for Management and relevant staff of Royallux, made by Hardis and Dromedas. Testing of hypotheses was also done in order to analyse the collected data, to determine whether the hypotheses supported or rejected. Te researcher also has the summary of findings in order to know the following. The following can be summarized that the price of new product (Royallux) consumer attention although the company believes that they have problem in fixing the price of Royallux. The researcher also fund out that buyers of new product usually look up to the quality of the new product. Recommendations were made in order to ensure that the company improves on the products quality, so as to attract more customers and also know how new product should be introduced or developed knowing too well what the customers and consumers need and want. The researcher ended by concluding that marketing strategies being a very important concept in marketing should not be neglected by marketers. It has be recognized that the customers is the “king”. Therefore, every marketer does his or her best to win customers and equally have competitive advantage over his competitors in order to ensure continuous profit and growth of the company.

 

CHAPTER ONE

 INTRODUCTION

1.O BACK  OF THE STUDY|

Industries need to introduce new product (commodities) in order to satisfy their customers and maintain their profitability and survival.

          Industries should be innovative in product development in order to meet challenges in meeting consumer needs and competition from other producers.

          Industry are becoming proliferated and competitive due to innovations and new technological challenges thereby, needing proper blending of effective marketing strategies.

          Introduction of new product into the market is full of risks since many new products fail upon being introduced into the market.

          However, poor market research can be responsible factors for the failure of new products, wrong anticipation of need transfer of product ideas into physical product advertising, or pricing may also cause failures right when new product fails.

          Further more, poor quality and poor performance of the new product in terms of consumer satisfaction, simultaneous introduction of a better product by a competitor. In  most cases, companies resort into introducing new product as a result:

  • Market Research Information from customers, may reveal need for a totality of new product.
  • Company Employees: ideas of sales people, company workers can contribute to new product ideas.
  • The Research and development division of a company may offer product ideas which are then assessed by management having noticed of the short coming of the introduction of new product into the market and the factor responsible for the ideas of new products. We should bear in mind that, a product of a new product have to adopt an effective marketing strategies to ensure that the product are promoted so as to ensure a rapid increase in demand for the new products.

    PROJECT TOPIC :EFFECTIVE MARKETING STRATEGIES FOR INTRODUCING A NEW PRODUCT IN ENUGU METROPOLIS

1.1 BACKGROUND TO THE STUDY

          The marketing of cosmetics in this contemporary time, demands quite extra care especially now different industries are coming up with new products.

          The process involved in the introduction of new product are so vital in many marketing process. Any company intends to enjoy a greater profit margin and at the same time avert obsolesce must continuously, try to innovate and map out strategies, to over come unnecessary competitors.

          Marketer in the same vein are constantly force to the fore-front of introducing products as a result of challenges in the marketing environment the introduction, of a new product into the market requires changes in all it’s ramifications ranging from facilities.

          New products are the life blood of company and keep it growing. At this point, one may imagine what a new product is all about the term “new is from three angles. Newness compared with existing products, Newness from the consumer  perspective, what ever the criteria is company need to introduce new products in order to satisfy their customers and maintain their profitability, and survival. (Umeh and Umanta, 2002: 48). W.J. Staton believes there must be significant differences for an old product to been seen as new.

          New product development therefore still follows even though it is fill of risks. Since many new product fail upon being introduced in the markets.

          Aham Anyanwu defined product development, as “involving the process of anticipating, the needs of the market place and initiating action towards identification and production of product and needs” see Umeh (2002: 48).

          Essentially many of the factors that are necessary for success involve marketing activities that occur before the product under goes actual production. (Berkiowity et al (1999:30).

          The seven step development proceses for a new product successes as listed by Edoga etal (2000: 60) include among others:

  • New product strategy development
  • Idea generation
  • Idea screening
  • Business analysis
  • Development
  • Testing and

However, the reason companies develop or introduce new product;

  • To satisfy distributors demand
  • To search improved means of satisfying needs and

wants of consumers in established market.

  • To ensure against inevitable obsolesce of existing products as a result of competition.
  • To increase over all profitability of the business.

Apart from those objectives of new product development or marketed based on two primary reason. To met up consumers tastes and satisfy need, and to achieve the objective of firm, which may be product improvement and reformation involving marketing strategies.

          Umeh (2002:49) identified six main causes of new product failure which are;

  • Insufficient assessment of the potential market prior to development of the new product.
  • Simultaneous introduction of a better product by a competitor or copying from competitors.
  • Poor quality and poor performance of the new product in terms of consumer satisfaction.
  • Insufficient marketing effort to back up new products may be as a result of low production, advertising and entrained sales force and so on.
  • Sudden changes in taste, wants or desires.
  • Over estimation of potential demand.

Product cum marketing research are two grand important tools utilized by HARDIS and DROMEDAS Cosmetic Industry in keeping on top of the competitive, market of cosmetic products. Marketing by organization represent the back bone of their efforts. A product that is acceptable to consumers is an absolute essential component marketing programmes without which the organization may not succeed or survive. The craze with which consumers’ sovereignty is acclaimed in the organization makes it most important that new product are lunched and product lines monitored and modified based on sound research information.

It is necessary to say that in order for a firm to survive, especially a cosmetic firm, of much importance need to be attached to established a system whereby new product of acceptable quality can be developed or introduced, successfully managed lunched and economies of scale of the establishment.

PROJECT TOPIC :EFFECTIVE MARKETING STRATEGIES FOR INTRODUCING A NEW PRODUCT IN ENUGU METROPOLIS

Royallux as a fashionable and very competitive product must be on the move in innovation and evolving better marketing strategies in view of the fact the consumers have seen something better new at time of their consumption (be it tangible or intangible).

Generally speaking of new product, their management and commercialization can be difficulty, costly or even a dangerous venture but there is no way one can gain in this life without attempting inspite of possibilities of loss hence both marketing strategies for developing and managing new product are full of risks and uncertainties.

(HARDIS and DROMEDAS) is one of the leading names producing mainly cosmetic products in a multi million industry that requires meticulous managing and marketing strategies for its enterprise to succeed. 

1.2 STATEMENT OF THE PROBLEM

          It is obvious that for any company to maintain its market share and profitability that need to introduce new product that could satisfy the entire customers become par amount.

          So many companies have succeeded many times in their new development due to proper implementation of various marketing strategies available to them.

          Hardis and Dromedas LTD. Have captured a large share of the market in cosmetic industry because of their successful blending, of numerous marketing strategies available to them.

          Above all the performance of a good yardstick for measuring the degree of effectiveness, of the marketing strategies.

          In this company, Hardis and Dromedas LTD, the following has the problem facing the company.

How has effective marketing strategies been able to help in introducing a new product? Are new products bound to fail or succeed with or without effective strategies?

Why are companies more serious about effective marketing strategies?

These are many more the task of this research work.

1.3 OBJECTIVE OF THE STUDY

          In order to carry out a research work, it is pertinent to state the objectives of the study.

  • To determine the impact of quality of new cosmetics by Hardis and Dromedas, in the satisfaction of customer.
  • To ascertain the impact of marketing strategies, on new product introduction.
  • To check the rate of consumers’ satisfaction enjoyed by the products.
  • To identify the target evidence of Hardis and Dromedas cosmetic products.
  • To determine strategies used by Hardis and Dromedas industry in introducing it’s new products.
  • To appraise the contribution of effective marketing strategies to the profitability of new products.
  • To determine whether Hardis and Dromedas positively effect customers patronage.

1.4 HYPOTHESIS FORMULATION

          The symbols normally used to state the hypothesis Ho is used for null hypothesis, while Hi for alternative hypothesis.

Ho: Customers are not satisfied with the quality of Royallux products of Hardis and Dromedas.

Hi: Customers in Enugu metropolis are satisfied with quality of Royallux product of Hardis and Dromedas.

Ho: Customers in Enugu metropolis are not satisfied with the price of Royallux made by Hardis and Dromedas in Enugu metropolis.

Hi: Customers are satisfied with price of Royallux made by Hardis and Dromedas, in Enugu metropolis.

Ho: The distribution strategies adopted by Hardis and Dromedas for Royallux do not ensure wide coverage of the market.

Hi: The distribution strategies adopted by Hardis and Dromedas for Royallux ensure wide coverage of the market.

Ho: The promotion strategies for Royallux Hardis and Dromedas in Enugu metropolis have not created enough product awareness.

Hi: The promotion strategies for Royallux Hardis and Dromedas in Enugu metropolis have created enough product awareness.

Ho: Marketing strategies for Royallux of Hardis and Dromedas in Enugu metropolis do not impact positively on the profit of the company.

Hi: Marketing strategies for Royallux of Hardis and Dromedas in Enugu metropolis impact positively on the profit of the company.

 

1.5 SIGNIFICANCE OF HE STUDY

This work aims at contributing its quota in providing effective means of blending marketing strategies for optimum result.

In a world of beauty like ours where every one cares for the reigning product a research work of this will be highly needed by the cosmetic industry.

In the same vein, within the locality of this case study in Enugu metropolis, an academic work like this be essential for identification or industries which are viable and prone to expansion taking into cognizance such variable like the available of raw-materials, capital, labour and managerial acumen home into recognizance. In the tertiary institution this work will be highly significant, for academic reference.

This is in view of fact that it will offer opportunities for the transformation of theoretical, knowledge into practical reality. It provides available report for researchers and other related institutions for update of knowledge.

Drawing closer to specificity, Hardis and Dromedas LTD, as an entity will benefit from this project, it being the case organization the work will assist the management and board in re-appraising, their services to the public and in weighing their short comings for more efficient services for greater turnovers.

          All the study will be much cherished by all lovers of knowledge and educational prime moves especially those in the cosmetic business. Above all this study will also be of benefit to the researcher and readers as the study will provide an in-depth knowledge and understanding in the area which could stire up further studies.

1.6 SCOPE OF THE STUDY

          The scope of the study, the researcher delimits the study. Effective marketing strategies for introducing a new product in Enugu metropolis. A case study of Royallux made by Hardis and Dromedas LTD,  EMENE Enugu.

1.7 DEFINITION OF TERMS

A PRODUCT

          Kotler (2004:409) as anything that can be offered to a market to satisfy a want or need. Product that are marketed include physical goods, services, experiences, event, persons, places, properties, organization, information and ideas.

 

 

PRODUCT DEVELOPMENT

          Umeh and Umanta (2002:48) defines product development as “involving the process of anticipating the needs of the market place and initiating action towards identification and production of product and services which will best satisfy such needs.  In a nutshell, product development encompasses the technical activities that enable a company to determine what product it will market.

TEST MARKETING

          Umeh and Umanta (2002:52) saw test marketing as the fifth step in the development of new product, a process by which the company introduces limited quantities of his/her products into the market to assess consumer reaction in terms of demand and prior acceptability.

PRODUCT LIFE CYCLE

          Johnson Ubaka Ozo (2005:255) saw product life cycle is a simple concept, yet a very useful one for development and carrying out marketing development process.

          Edoga et al (2000:195) saw product life cycle as a product life management procedure through which successful new products pass through a series of stages, namely; introduction, growth, maturity and decline.

 

PROJECT TOPIC :EFFECTIVE MARKETING STRATEGIES FOR INTRODUCING A NEW PRODUCT IN ENUGU METROPOLIS

TO GET THE FULL PROJECT TOPIC AND MATERIAL DELIVERED TO YOUR INBOX OR DOWNLOAD INSTANTLY, PAY N5000 Via: BANK
BANKACCOUNT NAME
ACCOUNT NUMBER
DIAMOND BANK
FREEMANBIZ COMMUNICATION
007 031 2905
FIDELITY BANK
FREEMANBIZ COMMUNICATION
560 028 4107
GTBFREEMANBIZ COMMUNICATION013 772 5121
ZENITH BANK
FREEMANBIZ COMMUNICATION
101 326 3297
OR Pay Online with ATMAfter Payment, you can use the chat app at the right-hand side of your browser to download the material immediately or Text Name, Title of the project paid for, your email address to 08060755653.Do you prefer paying with Bitcoin, Ethereum, Bitcoin Cash or LiteCoin?

Hits: 31

Was the material helpful? Comment below. Need the material? Call 08060755653.

This site uses Akismet to reduce spam. Learn how your comment data is processed.