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THE USE OF PACKAGING AS AN EFFECTIVE WAY OF MARKETING NEW PRODUCT
1.1 Background to the Study
Product is a combination of tangible and intangible goods and services offers to a customer for sale. It is any idea, method, information, service or object created as a result of a process and serves a need or satisfies a want. Consumers are very fond of new products and services which will satisfy their needs and fulfill their demands according to this attitude of consumer’s they attract towards any product or services. We can easily identify the consumer’s buying behavior towards any product or services by seeing: How the consumer attracts towards any product? Is the given product or service satisfy the consumer’s demand and how will the consumer’s react towards any product/services? What is the perception of the consumer’s about the product or services offers by a company? How much the product or services is recognizable among the consumer’s? How much they give preference to the product or services offer by any company. There are many things which will increase the product sales. Product is made up from the mixture of different elements: Quality, Protect ability, fulfilling the needs of consumer’s and also the packaging’s which will enhance the product’s existence and built a strong image in the consumer’s mind.
Packaging plays a vital role in attracting consumers towards any product. Packaging is also used as the promotional tool for the companies and it includes: Color, material, designs & other characteristics. Packaging is the overall package offer by the company to its consumers and stimulates the impulse buying behavior. Packaging attracts consumers and increases its sale. It also reduces the marketing and advertisement cost of the product.
Packaging is often the last impression the consumer or customer will have of your products before that final purchase decision is made, therefore, it is worth ensuring that packaging is working as hard as possible to secure that sale this may be in the form of imagery, brand values, products functionality or pure innovation. There are many ways in which packaging can add value.
There are few things marketers should know in order to make packaging support their brands positioning, build competitive advantage, maintain innovations or increase their price premium, packaging development can provide a number of business benefits including:
• Tangible representation of brand or company values
• Significant enhancement of product deliver, experiencing or enjoyment
• Increased impact at point of purchase
• New distribution channels or opportunities
Over 70% of purchase decisions are made at the shelf, since packaging of product is the first thing that a consumer sees, it plays a vital role in differentiating a brand from competition .consumers are strongly influence by the packaging of products that they are considering to buy. Marketers are well aware of this fact, and go to great lengths to create packaging that will draw in consumers and convince them to buy the product. The shift in consumer decision making means that marketers need to adjust their spending and to view the changes place at the right time, giving them the information and support they need to make the right decision.
1.2 Statement of the Problem
The rate at which product are competing with themselves in Nigeria nowadays most especially food product, the numbers of businesses in Nigeria keep growing day by day and market competition is not going like it is going to stop. Most new product don’t make sales just because their mode of packaging is bad, the first thing a consumer buy is the packaging of the product, even when the content of such product is not quality people still go for it because of the attractiveness of such product.
It has come to the extent in which marketers have to compete for consumers. From personal experience and research it is shown that marketers ignore the importance of product packaging and just basically focus on product quality but the two goes hand in hand, it is therefore the aim of this research to examine the impact of packaging as an effective way of marketing new product.
1.3 Objective of the Study
The main objective of this study is to find out the impact of packaging as an effective way of marketing new product, specifically the study intends to;
1. Find out the contribution of packaging on consumer behavior on new product
2. Analyze the impact of packaging on marketing new product.
3. Examine the effect of packaging on the daily sales of a new product
4. Find out the challenges marketers encountered in packaging their new product
1.4 Research Question
1. Is there any contribution of packaging on consumer behavior on new product?
2. Is there any significant impact of packaging on marketing of new product?
3. What are the effects of packaging on the daily sales of a new product?
4. What are the challenges marketers encountered in packaging their new product?
1.5 Research Hypothesis
Ho: there is no significant impact of packaging on marketing of new product
Hi: there is no significant impact of packaging on marketing of new product
1.6 Significance of the Study
This research will be a useful tool for all organizations that are conscious about their image and want to survive in the competitive market. The companies will get advantage from this research by identify the buying behavior of the consumer’s towards any new products and will apply different tools and strategies to capture the large Market share through packaging because after having the results of this research they are well aware about all the factors that attract consumer’s and their buying behaviors.
This research will also serve as a guide and reference point for researchers and students that will embark on the same research.
1.7 Scope of the Study
There is a wide scope of the research on packaging and marketing in Nigeria because in the today’s competitive world of goods and services provider companies and industries ,they want to get success and maintain their market presence for long terms and if they understand the buying intentions of consumer’s by using the product packaging as a key element than they can easily maintain themselves according to the current demands, wants and consumer’s preference and attractions towards a particular brands by establishing a new strategies by understanding the importance of each factor of packaging’s therefore this research will examine different concepts and literature on packaging and marketing of new product.
1.8 Delimitation of the Study
Finance for the general research work will be a challenge during the course of study. Correspondents also might not be able to complete or willing to submit the questionnaires given to them.
However, it is believed that these constraints will be worked on by making the best use of the available materials and spending more than the necessary time in the research work.
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