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PROJECT TOPIC- PROBLEMS AND PROSPECTS OF NEW PRODUCT PLANNING AND DEVELOPMENT (A CASE STUDY OF PATERSON ZOCHONIS PLC ABA)

PROJECT TOPIC- PROBLEMS AND PROSPECTS OF NEW PRODUCT PLANNING AND DEVELOPMENT (A CASE STUDY OF PATERSON ZOCHONIS PLC ABA)

ABSTRACT

PZ PLC Aba has experienced product failures after carrying out new product developments. These failures have caused them billions of Naira. This motivated the researcher into carrying out this research to find out the causes or reasons why these products failed. The researcher made use of both primary and secondary sources of data. The primary sources of data were mainly generated through the use of oral interview and questionnaires administered to the staff of the firm. The secondary sources of data were generated through the use of textbooks, Internet and magazines. From the data collected, the researcher found out that, due to the existence of competitive brands, new products do not survive all the time. It was also discovered that insufficient capital and inability to satisfy customers cause new products to fail. Based on these findings, the research gave some recommendation, which she believes will be solutions to these problems. Such recommendation are; giving attention to competitor’s product, releasing adequate capital to the new product Development Committee, leaving the process to be handled by experts and specialists, and also carrying out adequate market research.

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

New products are the life blood of an organization. However, new products development is risky and many new products fail. A company has to be good at developing and planning new products. Every product seems to go through several phases, and eventually dies as new products come along that better serve consumer needs.

Thus product life-cycle presents two major challenges. First, because all products eventually decline, a firm must be good at developing and planning new products to replace aging ones (the problem of new product development). Secondly, the firm must be good at adapting its marketing strategies in the face of changing taste, technology and competition as product pass through life-cycle stages.

The concept of product failure has continued to evolve and expand as some products have suffered obsolescence or even abandonment as a result of 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 products in their life-span. Therefore, if a product must succeed, it demands a set of experts or professionals to handle it.

BRIEF HISTORY OF [PZ] INDUSTRY PLC ABA

PZ means Paterson Zochonis and was incorporated in England in 1884. it became a public liability company [PZ] in the London and northern stock exchange in 1953. its main activity was that of a general merchant in West Africa which took them to establish in this capacity in 1899. now, its interests include industrial ventures.

In 1951, Mr. P.B. Nicholas sold out the interest he had 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. After incorporation in 1948, buildings were erected and modern soap making equipment was installed at Aba, thereby creating earlier major industrial manufacturing unit in Niger. The company’s range of products include bar, tablet soaps, perfumery, cosmetics, confectionery which are distributed throughout Nigeria.

PROJECT TOPIC- PROBLEMS AND PROSPECTS OF NEW PRODUCT PLANNING AND DEVELOPMENT (A CASE STUDY OF PATERSON ZOCHONIS PLC ABA)

1.2 STATEMENT OF 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 behaviour and reaction towards that product. Owing to the fact that it is not easy to carry out product planning and development especially in a manufacturing company or organization, it then requires and involves experts to handle the execution and planning of new 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 by the organization or manufacturing industry for a successful product planning and development.

3.1 OBJECTIVES OF THE STUDY

Manufacturing organization influence the market for survival and growth like every other business. In developing a programme to reach its intended market, a company starts with the producer or services designed to satisfy the wants and needs of the market.

Therefore, this research work is aimed at finding out the appropriate processes involved in product planning and development. It is also aimed at highlighting the importance of product planning. The research will also look into the necessity of new product planning and development and as it relates to marketing.

Finally, the main aim of this research work is to identify the likely problems encountered in new product planning and development as mentioned above and proffer possible solutions to the problems associated with new product planning and development.

1.4 RESEARCH QUESTION

The oxford Dictionary defined questions as a sentence, etc that asks for information. It is also a sentence (s) or word (s) asked for information to be collected. For the purpose of this research, the following questions have been considered relevant.

  1. To what extent do the existing competitive brands affect the success of new product planning and development?
  2. To what extent does insufficient finance militate against new product planning and development?
  3. How does lack of qualified personnel in a manufacturing firm affect the quality of the product negatively?
  4. How does inadequate forecasting affect new product planning and development in a manufacturing industry?

1.5 SIGNIFICANCE OF THE STUDY

In a depressed economy like Nigeria’s, where market is moving from the seller’s market to the buyer’s market, appropriate planning and development of a product is of great importance to both the firm and the society as a whole. For an organization to effectively compete and get a leading or better share of the consumer income in a full buyer’s market, it must plan and design a product that will best suit the needs and wants of consumers.

The product as we know is a part of the marketing mix and also a means of generating revenue for the organization and country as a whole. Therefore, with new product planning and development, an organization might be able to satisfy both the actual and potential buyers and customers. It will also be of great use to government in the sense that it will help them in giving advice to the manufacturing organization in the social responsibilities of a product to the country’s economy.

It is also of utmost importance to marketing practitioners in the application of the marketing concept to satisfy the needs and wants of customers at a profit. This will also enhance profitability on the part of the manufacturer who supplies consumer’s requirements.

Finally, the significant of the study will be relevant to the firm under study, since it must compete with other firms in the same product line and must survive in the market.

1.6. SCOPE OF THE STUDY

In this write up, particular attention will be directed towards:

  1. Meaning of product Planning and Development.
  2. Why new product planning and Development.
  3. New product Planning and Development.
  4. Managing new product Planning and Development.
  5. Problems and Prospects of product Planning and Development.
  6. Why new products fail.

Above all, this work is not intended to serve itself but business

Corporations and public at large. In order to make any product succeed in the market, the problems encountered in the product must be spelt out and well taken care of.

1.7. DEFINITION OF TERMS

These are the explanation of some words or terms used that need to be understood by the reader while going through it. Some of them are:

  1. Product Obsolescence or Abandonment: Just as life has stages and life span, so also does a product. A product is said to be obsolete when it is out of date, when it is out of fashion. This is the stage when customers don’t need it any longer but want a change in taste. When a product is no longer demanded by customers due to the fact that the product no longer satisfying their needs, it is said to have become obsolescent or abandoned.
  2. Seller’s Market: This is a situation where producers or manufacturers produce products and push them directly to the customers with an aggressive promotional tool which could be advertising or personal selling without a prior investigation of what the customers need or want.
  3. Buyer’s Market: This is where the producers will first of all find out or know what the customers wants and then produce it in such a way that it will satisfy their needs.
  4. Potential Buyers: These are your prospective customers, those who will patronize your products.
  5. Product: According to P. S. Busch and M.J. Houston, a product is “anything capable of satisfying a consumer’s want or need”. It can take the form of a physical good or service, a place, an idea, personality etc. Philip Kotler has it as “Anything that can be offered to a market for acquisition or consumption. According to Berkowitz, et al (1997) A product is a good, services, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumes and is received in exchange for money or some other unit of value.
  6. Market: These are the actual and potential buyers of your product. It is the people who have the money to spend and the willingness to spend it.
  7. 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 products and services which will best satisfy such needs. In a nut shell, product development encompasses the technical activities that enable a company to determine what product it will market.
  8. Product Planning: Olakunori and Ejionueme (1998:81) define product planning as the Phenomenon which embraces all the activities which a company undertakes to determine the type of products it will produce and/or market. It consist of the activities involved in planning the implementation of the company’s product policy (Udeagha A.O, 2003:222).
  9. New product: Kotler and Armstrong (2004:315), By new product we mean development of original products, product improvements, product modifications, and new brands through the firm’s own Research and Development efforts.
  10. Product ideas: Ozo J.U. (2005:130) defined product idea as the picture or thought of a new product which has flashed into a person’s mind. Product ideas are said to be general, not specific or well defined. They do not convey to the consumer exactly what the product will do for him. i.e. it do not state the benefits to be derived from a new product, neither do they describe the new product in clear and specific terms.
  11. Product concept: This refers to the descriptions of the product idea and the benefits it will supposedly provide to the consumers (Ozo J.U, 2005:130).

PROJECT TOPIC- PROBLEMS AND PROSPECTS OF NEW PRODUCT PLANNING AND DEVELOPMENT (A CASE STUDY OF PATERSON ZOCHONIS PLC ABA)

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