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PROJECT TOPIC-THE SIGNIFICANCE OF PRICE IN INTRODUCTION OF NEW PRODUCT

THE SIGNIFICANCE OF PRICE IN INTRODUCTION OF NEW PRODUCT 

 

ABSTRACT

 

This project work is a detailed report on the influence of price on the sales of a new product. This work highlights the background and concepts of sales promotion. It also highlight the purpose and method employed in obtaining data for the study. In this case, the secondary method of data collection was used.   This work also present the background of a competitive business environment and various type of sales promotion system as well as tools of sales promotion. The work also examines some of the barriers of sales promotion in a competitive business environment. In conclusion The researcher discovered that price as a far reaching influence on the sale of a new product. The success or failure of a new product largely depends on the price. This can be seen from the  analysis of data and the findings.          Therefore, from the foregoing, the assertion that price influences the sale of a new product is true. However, if the recommendations below are implemented, the problem caused by improper pricing  of a new product could be gotten rid of. 

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND TO THE STUDY

Product is one of the four elements of the marketing mix, in which an organization is built.

 The question here is “what is it that call a product”. According to Kotler (1990) a product of anything that can be offered to a market  for attention, acquisition, use as consumption that might satisfy a need.  It include physical object, service, person, place organization and ideas.

The influence of price on the sales of a new product in the Juno Foods, calls for competition, challenge, especially when aggressive promotional activities is no longer effective in strategic marketing. Consumer have to realize that, the research would want to appreciate the claim that successful firms are always linked with successful product .

However, the success of a manufacturing business is the quality of its product. The fact is that consumers nowadays are so complex that they have graduate from the era of product concept and selling concept to the era of consumer oriented concept otherwise know as influence. Fundamentally, the social and economic justification of the existence of business is its ability to satisfy its customer.

 

A company meet its basic responsibility of society through the  medium of its product quality ( or services). Unless the fulfils this mission of firms should not exist.In view of this the study want to appraise the influence of price on the sale of a new product using Juno Foods Agbede as a case study.

 

THE SIGNIFICANCE OF PRICE IN INTRODUCTION OF NEW PRODUCT

 

1.2 STATEMENT OF RESEARCH PROBLEM

Product quality occupies a central position on the attainment objective of manufacturing organization so far such  an organization to remain in business, and meet the challenges of other competition is of similar product it must direct its activities  of other competitions of similar product it must direct its activities towards improving the quality of its product to meet the need of customers.

 

  However, the quality of Juno  food product should be capable of encourage the customers to switch their desire from other brands in the  sales market. Also the quality of the product should have effect on the sales of the product and consumer satisfaction and desire.   The study therefore  wish to book at the question of what makes up product quality and its influence of price on the sales of a new product using Juno foods Agbede as a case study.

          The following research question shall explain the thrust of the study.

  1. Does the quality of  Juno Foods product has any effect on the sales of the product
  2. Does the quality of Juno Foods product compete favourably with other competitor product in the same industry?
  3. Does the quality of Juno Foods product satisfy the consumers desire?
  4. Does the quality of the product encourage the consumers to switch their desire from other product in the same for Juno foods product.

1.3 OBJECTIVES OF THE STUDY

The objectives of the study is to examine the influence of price on the sales of a new product quality in the marketing of Juno Foods. Before now product quality was not conceived by the consumers of the product. As important this was the era of  product concept. Thus little or no reference is made to the quality of the product to be assumed. In view of this research hope to achieve the following  objective.

  1. To create awareness in the mind of consumers about the influence of price on the sales of a new product quality.
  2. To create in the mind of manufacturers that product quality is the brain behind their organization success of failure.
  3. To make manufacturers aware that product quality is one of the marketing mix in the marketing environment.

    THE SIGNIFICANCE OF PRICE IN INTRODUCTION OF NEW PRODUCT

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