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

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

 

Advertising has not only become an integral part of our society and economic system, but has also grown over the years to assume tremendous proportions both as a business activity and as a social phenomenon. It has effected not only the business sector, but also the whole society. Advertising is a powerful marketing communication tool used by companies to fulfill the promotional task. It is an impersonal form of communication or presentation of goods, ideas, or services conducted through paid media under open or identified sponsorship. All about advertising is a sponsor sending a message, called advertisement through one or more mass media (radio, television, newspapers, and magazines) to reach large members of potential users or buyers of a product. By itself, advertising is a vital marketing tool that helps to sell goods, services, images and ideas through information and persuasion many Companies consider advertising a superior promotion tool to personal selling, sales promotion or publicity.

Advertising as a tool of marketing was defined by the American marketing association as “Any paid form of non-personal presentation and promotion of ideas, goods, and services by an identified sponsor” According to Offiongodon A. M. (1991) Said advertising is a way of projecting values, ideas, expectation and so on to consumers. It is most effective as a reinforce of favourable attitudes, values and dispositions already held by consumers. Advertising has a high public mode of communication; its public nature confers a kind of legitimacy to the product and also suggests a standardized offering.Besides, it is a persuasive medium that permits the seller to repeat a message of various competitors. It provides opportunities for dramatizing the Company and its products.

Advertising in Small organization is handled by a specialist in the sales department who from time to time consult the advertising agencies.

 

1.1                      HISTORICAL BACKGROUND

The company “Nigeria Breweries plc (Lagos) is Nigeria pioneer firm. It was incorporated on the 16th of November, 1964 and commissioned its first Breweries plant in Lagos in 1969. The original founders of the company were UAC international limited and Heineken international companies. To this day UAC international limited and Heineken have acted as Commercial and technical adviser to Nigerian Breweries plc (Lagos), they provide facilities in line with distribution policy of extensive geographical spread, they built Breweries in various part of the country to ensure that its product are available in all part of the country.The Company has five divisions operating jointly for the purpose of achieving its corporate objectives. These includes Technical finance, marketing, personnel and corporate affairs, each of the department is handled by an Executive director.

Nigeria Breweries plc Lagos has a wide variety of the products, including STAR lager beer which was the fist Nigerian beer, it came into the market in 1969, GULDER, the brown bottle came on stream in 1970, MALTINA, the first malt drink came up in 1976. In March 1988, Nigeria Breweries plc recorded another, achievement by embarking on the export of GULDER in small bottles. LEGEND extra stout was introduced into the Nigerian market in June 1992.

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

1.2                      OBJECTIVE OF THE STUDY

The objective of this project is to present how Nigeria Breweries plc Lagos benefits from advertising their new product

and among others:

  1. To examine advertising and its impact on the sales of new product.
  2. To understand the meaning of advertising and its objective.
  3. To stress the benefits of new product and how it pull customers towards patronizing a Company product.
  4. To know how advertising serves as a communication medium between the Company and prospects.
  5. To demonstrate how advertising can be used to correct product deficiency.
  6. To know how advertising can be used to project good corporate Image of a firm.

 

1.3                  STATEMENT OF RESEARCH PROBLEM

This competitive era of marketing has made many marketing managers in different business organization, particularly in Nigeria Breweries Lagos branch to adopt the use of Advertising and other promotional tool in the sales of their product. Advertising has remain the major tool in giving information to the market on the introduction of the Companies new product, it creates awareness for a new product, generates the interest of the populace and spear-head the desired action. The relevant statement of the research work is the impact of advertising on the sales of a new product.

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

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