Select Currency
Translate this page

SIGNIFICANCE OF PRICE IN INTRODUCTION OF NEW PRODUCT

Format: MS WORD  |  Chapter: 1-5  |  Pages: 63  |  1239 Users found this project useful  |  Price NGN5,000

  DOWNLOAD THE FULL PROJECT

SIGNIFICANCE OF PRICE IN INTRODUCTION OF NEW PRODUCT

 

ABSTRACT

The topic titled “Significance of price in introduction of a new product” was chosen to examine the relevance of price in the introduction of a new product. The main objective of this study is to investigate the significance of price on a new product. In the course of  this research the research methodology adopted were the primary method of data collection through the use of questionnaire and secondary method. Relevant  literatures were reviewed and data collected were analyzed using simple percentage. This was equally  used in hypothesis testing. The study revealed among others that no business can meet its set goals and objectives without pricing. It is therefore recommended that there should be the establishment of a pricing section in the marketing department to set prices and assist  the marketing department in determining appropriate prices for products. Certainly, it is the belief\ of the research that, if these recommendation are complied with, they would go a long way in not only helping  the  business but the nation at large.

 

CHAPTER ONE

INTRODUCTION

1.1   BACKGROUND  OF THE STUDY

Price has been a  major problem in producing a product. Every company, that produces a product has one thing in mind which is the  price. It is not easy for a company to fix a price for their products because the company or manufacturer will want to determine all the cost used in producing the product and in doing this, the company or manufacturer will want to determine all the cost used in producing the product and in doing this, the company or manufacturer will also want to put the consumers in mind because if the price is too high, it will affect the sales of the product and if it is too low, it will also affect the company or manufacturer’s cost of production. All this point, the manufacturer or producer will want to put at equilibrium.

          On this note, the researcher decided to carry out t his research work to find out what role price plays in the market, the importance of price and possible solution on how price can be fixed in a product. Pricing is considered by many people to be the key activities within the capitalist system of free enterprise especially when introducing a new product into the market.

          Furthermore pricing and price competition are problems facing marketing executives today. Price is too cost oriented, price is not lavished often enough to capitalize on mark changes  (Aluyor, 2010). 

1.2 STATEMENT OF RESEARCH PROBLEM

          Many criticism have been made against certain pricing policies and some have questioned how certain pricing objectives can really fit in with overall corporation.

          The problem is to investigate why certain pricing policies fail to assist in realizing company marketing objectives hence the problem has under the following pertinent questions.

i.             What is the pricing method in manufacturing enterprise

ii.            Should a company set prices independently of other marketing mix variables?

iii.            That what extent should a company take in to consideration of the demand intensity for the product as well as the customer’s psychology w hen it assures a cost oriented pricing strategy?

iv.          Should prices be tagged on a new product without proper consideration of its supply?

v.           Should the production of a new product commence and price attached without proper investigation about consumer’s interest?

1.3 OBJECTIVE OF THE STUDY

          In carrying out a research, a lot of things ought to be considered in respect to these products. One has to critically look at the recent political state of the country. The country is passing through a new political dispensation, which is headed by a civilian president; these might facilitate the opening of neighbouring boarders hence increasing the rate of imported goods into the country. These will help in a drastic reduction of the process of product in circulation in the country, hence increasing the rate of demand.

          The aim of this research work is to evaluate the significance of price fixed for a new product hence avid the demand for the product.

The study is aimed at realizing the following objectives;

i.             To check the reaction  of consumers in the event of price increase over a product

ii.            To identify the problems of new products pricing decisions and make useful suggestions to help avoid the practical problem of establishing a price.

iii.           To find out if the relatively low price of a product could affects its purchases decision of the consumers of the product.

iv.          Finally, the study will also investigate the place of price among other marketing  mix varieties.

1.4 RESEARCH QUESTIONS

The following Research Questions shall  direct the thrust of this study.

1.   Is the increased patronage of Nigerian Bottling Company’s product influenced by its promotional activities?

2.   Is advertising the most effective tool  for  reaching  customers?

3.   Is the patronage of Nigerian Bottling Company’s products influenced by the locations of its depots?

4.   Does price influence the sales volume of a product?

5.   Is pricing decision cumbersome?

6.    Is new product pricing usually  a difficult exercise involving many problems?

7.   Does pricing decision has any impact on product success? 

8.   Is new product pricing responsible for product failure?

1.5 STATEMENTS OF THE HYPOTHESES

1. Ho: Prices does not influence sales volume

Hi:  Prices does influence sales volume

2. Ho: Pricing decision is not cumbersome

Hi: pricing decision is cumbersome

Ho: New product pricing is not usually a difficult

Hi: New product pricing is usually a difficult exercise involving many problems

3. Ho: pricing decision does not impact on product success.

Hi: pricing decision has impact on product success

Ho: New product pricing is not often responsible for product failure

Hi: New product pricing is often responsible for product failure

1.6 SCOPE OF THE STUDY

          This is limited to pricing as marketing mix variable with respect to the growth of a new product very Amstel Malta a product of Nigeria  Breweries as a case study. His is done with a need to identify the problem associated with the pricing of a new product and so make useful suggestions.

1.7 SIGNIFICANCE OF THE STUDY

          The research work will be of immense importance to many parties when successfully completed. Amongst t hose to benefit one the producers with regards to the best price fixed on a  new product tin order to succeed the markets place. Also to benefit from the best price fixed  on a new product will be investigated and found out through feedbacks received from interviewers and questionnaires with customers and staffs of Nigeria Breweries.

          Consumers will also benefit from the research work because their suggestions and criticism will be take into consideration.

          Above all, the researcher will also benefit immensely because it is on the basic of successful completion of the project work that the researcher will be awarded the Higher National Diploma  (HND)  in marketing .

1.8 LIMITATION OF THE STUDY

During the course of this research work several limitations which served  as hindrance constraints to the successful completion of the work were encountered. Efforts were  however made by the group to minimize these limitations

          The first limitation was that of finance , the work was carried out with the finance the group could  pool. A more thorough research could have been carried out if the much anticipated  finance was available.

          Secondly time equally served as a constraint, there was considerable pressure on time because the study was conducted side by side with other curricular activities such as regular lectures, assignment, test, quizzes and sectional examination etc.

          Finally, the  attitude of the  consumers and staff of Amstel Malta Nigeria Breweries Plc with regarding answering of the questionnaire posed another problem as most of them felt unconcerned, some of the questionnaires collected were not properly ansered.

          Thanks to the Almighty God that the researcher was able to complete  the research work successfully inspite of the hubbles of difficulties encountered.

  DOWNLOAD THE FULL PROJECT

SIGNIFICANCE OF PRICE IN INTRODUCTION OF NEW PRODUCT

Not The Topic You Are Looking For?



For Quick Help Chat with Us Now!

+234 813 292 6373

+233 55 397 8005


HOW TO GET THE COMPLETE PROJECT ON SIGNIFICANCE OF PRICE IN INTRODUCTION OF NEW PRODUCT 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

Adam Alhassan Yakubu
UDS
Excellent work and delivery , I promise to share my testimonies everyone in need of this kind of work. You're the best
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
Samuel From Ajayi Crowther University
You guys just made life easier for students. Thanks alot iprojectmaster.com
Excellent
Uduak From Uniuyo
IProjectMaster is the best project site for students. Their works are unique and free of plagiarism!
Excellent
JONNAH EHIS
Ajayi Crowther University, Oyo
I was scared at first when I saw your website but I decided to risk my last 3k and surprisingly I got my complete project in my email box instantly. This is so nice!!!
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
Merry From BSU
I am now a graduate because of iprojectmaster.com, God Bless you guys for me.
Excellent
Abdulrahman Jibrin
Nti Abaji
Nice one work prompt delivery tanx
Very Good
Gbadamosi Solomon Oluwabunmi
Lasu
Swift delivery within 9 minutes of payment. Thank you project master
Excellent
Abubakar Iliyasu Hashim
Federal college of education pankshin affiliated to university of jos
I am highly impressed with your unquantifiable efforts for the leaners, more grace to your elbow.I will inform my colleagues about your website.
Very Good

FREQUENTLY ASKED QUESTIONS

How do I get this complete project on SIGNIFICANCE OF PRICE IN INTRODUCTION OF NEW PRODUCT?

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 SIGNIFICANCE OF PRICE IN INTRODUCTION OF NEW PRODUCT?

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 SIGNIFICANCE OF PRICE IN INTRODUCTION OF NEW PRODUCT, 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!