NEW PRODUCT DEVELOPMENT IN A COMPETITIVE ENVIRONMENT

Format: MS WORD | Chapter: 1-5 | Pages: 71 | 1092 Users found this project useful | Price NGN5,000

NEW PRODUCT DEVELOPMENT IN A COMPETITIVE ENVIRONMENT

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND INFORMATION OF THE STUDY

The cause of failure of many companies today is because they do not recognize that “tomorrow may not be like today”. They fail to replace their old and existing products with new ones in line with the taste and fashion of the consumers. Like human beings, product also passes through different stages in their life cycle. We have the introductory, growth, maturity and the declining stages. It is the declining stage that brings about the need for new product development, especially in a highly competitive market environment of today. Therefore, it is the function of new product department to ensure that the life of the company’s product will be prolonged in the market.

The positive effect of new product development cannot be over emphasized. This is because new product development helps the company to meet the need of the consumers at a profit. Innovation of new ideas also aids re-marketing strategies maybe either proactive (leading) or reactive (following). The success of new product development will depend on having an effective source of new ideas and innovations, which can be incorporated as unique selling purpose. These unique selling prepositions must be relevant to the characteristics of market segment on which the product is to be targeted and must effectively differentiate the product so as to give it purchase appeal.

A product is a very important mix of the 4ps of marketing. It has the most visible contacts with buyers. If they do not meet the desires and wants of the buyers and unless immediate adjustments are made, failure will develop, for example, failure of Kwara breweries Beer called “ONE” in the 1980’s. A product can be an idea, a service, a good or any combination of these three. This definition includes physical goods and supporting services such as installation, guarantees, product information, promises of repairs or maintenance e.t.c. A product can also be defined as anything that can be offered to the market for attention, acquisition, use or consumption that might satisfy a need. This definition implies that product includes physical objects, services, persons, places, organizations and ideas.

What is important is that there must be concept of want satisfaction. A product must offer value package or bundles of benefits. This is why to a marketing manager, a product will be seen as a set of tangible and intangible attributes including packaging, colour, price, manufacturer’s prestige, retailer’s prestige and other augmented services which the buyer may accept as offering satisfaction of wants and needs. This is the more reason why a wise firm should sell product benefits than the physical items.

1.2 STATEMENT OF THE RESEARCH PROBLEM

It has been reported that anywhere 33% to 98% of new products introduced fail to achieve commercial success (Olabisi 2003). However, the symptom of failure is disappointment over an expected result. We can consider the product failure to result when the product falls short of expectation or does not achieve sales objectives at an acceptable cost. A new product in a competitive environment can face problems when the following listed point takes place or occurs:

(i) When the needs of consumers are not well predicted or identified.

(ii) High competitive environment.

(iii) Product deficiencies as a result of poor quality, poor promotion, poor performance, few or little significant benefits e.t.c.

1.3 OBJECTIVES OF THE STUDY

This research study intends to achieve the underlisted objectives.

(i) To provide useful suggestions and guide on how to develop a product effectively and efficiently in accordance to the expectation of consumers’ wants and needs.

(ii) To identify and examine the effectiveness of an organization’s survival in a highly volatile, rapidly changing and extremely high competitive environment by taking advantage of opportunities and minimizing threats in its operation.

(iii) To identify the key determinants that can ensure success of a product in an environment.

1.4 SCOPE OF THE STUDY

The scope of the research work will essentially be focused on the assessment of new product development in a competitive environment with specific reference to Seven-up Bottling Company Plc. The study covered some areas such as product life cycle concept, the industry’s competitive and immediate environment and the reason for new product development e.t.c. The main limitations of the research work are time and finances.

1.5 SIGNIFICANCE OF THE STUDY

This research work is of great importance to manufacturing organizations as it provides an insight into how organizations develops product as well as giving better understanding about product development criteria and the need for product development. The study also enables an organization to identify its areas of weakness and try to improve on the lapses so as to achieve organizational strategy.Consequently, the research work is useful to individual and other interested researcher to acquire a broad knowledge of intricacy of product development.

DOWNLOAD THE COMPLETE PROJECT

Project information

Project Price

NGN5,000
Number of Pages

71
Number of Chapters

1-5
Additional Content

Abstract,Table of content and Questionnaire

NEW PRODUCT DEVELOPMENT IN A COMPETITIVE ENVIRONMENT

Not The Topic You Are Looking For?

For Quick Help Chat with Us Now!

+234 813 292 6373

+233 55 397 8005

Search for your project topic

HOW TO GET THE COMPLETE PROJECT ON NEW PRODUCT DEVELOPMENT IN A COMPETITIVE ENVIRONMENT INSTANTLY

Click on the Download Button above.
Select any option to get the complete project immediately.
Chat with Our Instant Help Desk on +234 813 292 6373 for further assistance.
All projects on our website are well researched by professionals with high level of professionalism.

Here's what our amazing customers are saying

Dau Mohammed Kabiru

Kaduna State College of Education Gidan Waya

This is my first time..Your service is superb. But because I was pressed for time, I became jittery when I did not receive feedbackd. I will do more business with you and I will recommend you to my friends. Thank you.

Very Good

Temitayo Ayodele

Obafemi Awolowo University

My friend told me about iprojectmaster website, I doubted her until I saw her download her full project instantly, I tried mine too and got it instantly, right now, am telling everyone in my school about iprojectmaster.com, no one has to suffer any more writing their project. Thank you for making life easy for me and my fellow students... Keep up the good work

Very Good

Joseph M. Yohanna

Thanks a lot, am really grateful and will surely tell my friends about your website.

Excellent

Abdul Mateen Iddrisu

UDS

At first I taught is a site full of fraudsters until I saw my project in my Gmail after my payment.. THANK YOU IPROJECTMASTER and May God the almighty bless u guys abundantly

Excellent

Abdulrazak Bello Marsha

Usman Dan fodio University

It was quite a better guide for project and paper presentation purpoting. Many thanks.

Average

Abraham Ogbanje

NATIONAL OPEN UNIVERSITY OF NIGERIA

At first I was afraid.. But I discovered they are legit. I will bring more patronize

Very Good

Oluchi From Michael Opara University

If you are a student and you have not used iprojectmaster materials, you are missing big time! iprojectmaster is the BEST

Excellent

Emmanuel Essential

Kogi state University

I actually took the risk,you know first time stuff But i was suprised i received as requested. I love you guys 🌟 🌟 🌟 🌟

Very Good

Merry From BSU

I am now a graduate because of iprojectmaster.com, God Bless you guys for me.

Excellent

Musa From Ahmadu Bello University

Thank you iprojectmaster for saving my life, please keep it up and may God continue to bless you people.

Excellent

View All Reviews

FREQUENTLY ASKED QUESTIONS

How do I get this complete project on NEW PRODUCT DEVELOPMENT IN A COMPETITIVE ENVIRONMENT? Simply click on the Download button above and follow the procedure stated.
I have a fresh topic that is not on your website. How do I go about it?
How fast can I get this complete project on NEW PRODUCT DEVELOPMENT IN A COMPETITIVE ENVIRONMENT? Within 15 minutes if you want this exact project topic without adjustment
Is it a complete research project or just materials? It is a Complete Research Project i.e Chapters 1-5, Abstract, Table of Contents, Full References, Questionnaires / Secondary Data
What if I want to change the case study for NEW PRODUCT DEVELOPMENT IN A COMPETITIVE ENVIRONMENT, What do i do? Chat with Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately
How will I get my complete project? Your Complete Project Material will be sent to your Email Address in Ms Word document format
Can I get my Complete Project through WhatsApp? Yes! We can send your Complete Research Project to your WhatsApp Number
What if my Project Supervisor made some changes to a topic i picked from your website? Call Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately
Do you assist students with Assignment and Project Proposal? Yes! Call Our Instant Help Desk Now: +234 813 292 6373 and you will be responded to immediately
What if i do not have any project topic idea at all? Smiles! We've Got You Covered. Chat with us on WhatsApp Now to Get Instant Help: +234 813 292 6373
How can i trust this site? We are well aware of fraudulent activities that have been happening on the internet. It is regrettable, but hopefully declining. However, we wish to reinstate to our esteemed clients that we are genuine and duly registered with the Corporate Affairs Commission as "PRIMEDGE TECHNOLOGY". This site runs on Secure Sockets Layer (SSL), therefore all transactions on this site are HIGHLY secure and safe!