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PROJECT TOPIC:PROBLEMS OF NEW PRODUCT DEVELOPMENT IN CONSUMER GOODS INDUSTRY (A CASE STUDY OF PATERSON ZOCHONIS PLC ABA)

PROBLEMS OF NEW PRODUCT DEVELOPMENT IN CONSUMER GOODS INDUSTRY (A CASE STUDY OF PATERSON ZOCHONIS PLC ABA)

 

ABSTRACT

Pz plc Aba has experienced product failures after development. 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 data. The primary and secondary sources of data. The primary sources of data were mainly generated through the use of oral interview and questionnaires administered toe 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 times. It was also discovered that insufficient capital and inability to satisfy customer cause new products to fail. Based on these findings the research gave some recommendation, which he believes will be solutions to these problems, some recommendation are giving attention to competitors product, releasing adequate committee, living the process to be handled by experts and specialists, and also carrying out adequate market research.

 

CHAPTER ONE

INTRODUCTION

 

BACK GROUND OF THE STUDY The quest for a satisfying solution to human needs and wants is as old as human existence on earth. Clouded around us are pools of human needs and wants ranging from physiological needs such as food, clothing, and shelter to social needs such as the need to belong to associate, to be accepted, and love, and friendship. The search for solutions was initially based on self-effort to the primitive state of man. But as our society advanced, more sophisticated means if solving or satisfying these needs were discovered. This has led to the creation/development of need satisfying products by business entities or companies whose existence and survival hang solely on the performance of these products whether tangible or intangible. Products like human life pass through phases or spans of life which Philip Kotler (1997) called product life cycles introduction, growth, maturity, and decline. In view of the fact that every product passes through these stages, more importantly the maturity and decline, stages the need for a continuous development or innovation of new products becomes indispensable for the continued growth, survival and profitability of the company or organization.

PROBLEMS OF NEW PRODUCT DEVELOPMENT IN CONSUMER GOODS INDUSTRY (A CASE STUDY OF PATERSON ZOCHONIS PLC ABA)

New product development has became a crucial aspect of a firms marketing management. These companies develop new products for the following reasons, to replace those products that have become out-dated in the eyes of the consumers to satisfy the changing needs of consumers/customers and still to contain competition without resorting to price competition. Reason enumerated by authorities for developing new products include, the need to sustain a high level of sale for the company. This could arise from the cyclical nature of consumer patronage of each product and the threat of obsolescence that hangs over most products and consumers increase sensitive and selection in their choice of products. Besides, most companies particularly large ones are eager to introduce new products into the market for image making purpose on the other hand, most companies may find that considerable resources which need to be put to fruitful and profitable uses are lying idle, thus the only rational behaviour open to the company is to develop new products.

Suffice it to say that many companies are increasingly beginning to appreciate the importance of new product development because of its implications for the continued survival, growth, profitability and the existence of company. Despite this, lots of new products developing and launched into the market could not sustain and satisfy consumers appetite. Estimate is to the proportion of new products, which succeed range is from 2to 20 percent. Various reasons have been added as to why many new products failed. To encapsulate the reasons were adduced. Although an idea may be good, the market size may have be overestimated.

Perhaps the actual product was not designed as well as it should have been. It may a “me too” product which is not better than products that are already established in the market place on may be it was incorrectly positioned in the market place, price too high, on advertised and promote, poorly. A high-level executive might push a favourite idea despite poor marketing research finding sometime the cost of product development are higher than budgeted and sometime competitors fight back harder than expected.  In order to provide empirical evident to justify or disapprove the above reasons, this study will critically investigate the factors militating, against the successful Development of new products in market.

 

STATEMENT OF PROBLEM

The high failure rate of many new products is a clear testimony that product concept on 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 development especially in a manufacturing company, it then requires expert handling to execute new product development.There are some threats which militate and rose problems against the idea of product 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 industry for a successful product development.

PROBLEMS OF NEW PRODUCT DEVELOPMENT IN CONSUMER GOODS INDUSTRY (A CASE STUDY OF PATERSON ZOCHONIS PLC ABA)

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