New Product Development As A Means For Achieving Marketing Objective In Company
(A Case Study Of Uniliver Nig Plc)
New product development plays a crucial role in achieving marketing objectives within a company. By continuously innovating and introducing novel offerings to the market, businesses can enhance their competitiveness and address evolving consumer needs. The process involves thorough market research to identify gaps and opportunities, ensuring that the new product aligns with consumer demands. Moreover, effective communication strategies are essential to convey the unique features and benefits of the product to the target audience. This dynamic approach not only attracts new customers but also fosters brand loyalty among existing ones. Successful new product development is a strategic tool for companies aiming to expand their market share, increase revenue streams, and stay ahead in the dynamic business landscape.
The central focus of the marketing system in any society is the satisfaction of human need for economic goods and services. The effectiveness and efficiency of the marketing system and indeed the entire economy may be measured by the extent to which the offer individuates and house holds the assortment of goods and service they need to support the lifestyle expectation of their member. Using uniliver (Nig) Plc Aba, as a case study this project reports on the extent to which the success of organizations is dependent upon their ability to develop consumer accepted/product/brand and services. Two different questionnaires, totally thirty six (36) on the whole were developed and administered randomly. The company under study has more junior staff than management staff the research set out to study only twenty six (26) Junior staff and ten (10) management staff by administering questionnaire with specific and standardized questions. The essence of studying the management and junior staff simultaneously was to compare their opinions on vital and critical issue.
Unfortunately, the researcher worked with thirty (20) questionnaires, because out of thirty six only 20 return their questionnaires and (15) were discarded for improper completion.
Analyzing the subject responses, it was found that the interaction between new products and marketing/corporate good was statistically significant. It was also found that the interaction between competitive and new product’s successes was statistically significant.
Finally, results oriented recommend action were suggested.
Title Page
Cover Page
Approval Page
Dedication
Acknowledgement
Abstract
Table of Content
CHAPTER ONE
1.0 Introduction 1
1.1 Background of Study 1-2
1.2 Research Question 3
1.3 Research Hypothesis 3-4
1.4 Scope and Limitation of Study 4-5
1.5 Significance of the Study 6
1.6 Definition of Terms 7
CHAPTER TWO
2.0 Review of Literature 8
2.1 Nature of new Product Development 8-1-0
2.2 Idea Generation 10-11
2.3 Screening of Idea 11-12
2.4 Summary of Review s
2.5 References
CHAPTER THREE
3.0 Research Design and Methodology
3.1 Area of Study and Population
3.2 The Sample Size and Techniques
3.3 Method of Data Collection
3.4 Method of Distribution Questionnaire
3.5 Description of Data Analysis
3.6 Testing Hypothesis
3.7 Reference
CHAPTER FOUR
4.0 Presentation and Analysis of Data
4.1 Introduction
4.2 Analysis of Research Questions
4.3 Testing of Hypothesis
4.4 Findings from Hypothesis Testing
CHAPTER FIVE
5.0 Summary of Research
5.1 Finding
5.2 Conclusion
5.3 Recommendation
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Product development is the creation and adjustment of goods and services to satisfy consumers wants and needs effectively and economically.
New product development according to Kotler (1976). Includes original products, products improvement ,product modification and new brand that the firms develops through its own research and development effort of the company at large .New product are therefore not only founding Unilever which I am presently ,studying but they are also found in almost all the firm within and outside the plant. For instance Unilever itself produces similar products some of her sister plant like (HPZ) which was formally known as patason zochnois(pz) to mention only but few companies.
For a product to come into being, some ideals must lead to it. These ideas may originate ether internally or externally or a combination of both internal source includes a firm own research and development (R&D) department, non marketing employees, salesmen, promotion specialist etc.
External source includes middlemen, competitors, governmental agencies, consumers trade fair etc. It follows that companies should always try to stimulate and acknowledge ideas and review them immediately for appropriate action.
Indeed some reason why firm around the ideas of new product and the progress of the new product, how is going to survive especially those within the same industry indulge in new product development. These include the need to satisfy consumer’s needs and want economically further more need and of individual and household are heterogeneous. Base on UKOH (1992) claimed that the performance of the marketing could be judge by the extent to which they permit the household to enter the market place and acquire, replace or extend the assortment of goods and services. If support the life style expectation of its member. Also it could plane able to state that a new product development has been fuelled by technical progress, high disposable incomes, credit marketing, available raw materials, etc. Companies are increasingly dependent on raw product for maintenance and extension of sales of new product. New product development could as a result of firms own capability.
Irrespective of the proceeding reason associated with new product development and the wise business that goes with it. Profitability and the survival of most companies are dependent upon their contenting ability to launch new product, “Still some problem act as inhabiting factors against new product development for instance consumer may feel reluctant to shift their demand from an already existing product, The Company that has other objectives. The development of the area, providing generally employment to the Nigerians, provision of the basic infrastructural facilities such as water, electricity and road network.
LOCTION OF UNLINE (NIG) PLC ABA AND SITE (NSD FACTORY)
The Aba site is located on two (2) industry road, Aba. It was developed in 1958 from a green field site that covers some 9.86 hectares. The factory commenced its operations that same year with the product of hard soap namely key and sunlight.
In 1980, the NSD power plant was commissioned in 1982 a continuous soap making plant was also commissioned to replace the making plants that was commission to replace the batch operation that was existing. In 1959, the NSD power making capacity was up rated from 6TPH to 8TPH. In 1986, an NSD bar plant was commission. The rationalization policy led in 1987 to concentration of NSD production. A subsequent capacity up rate took production from the spray drying capacity of 8TPH to 12TPH rationalization led to the final with drawl and movement of soap production from Aba to Apapa in 1991. The site in Aba has witnessed some major subsidence works as a result of structural inability caused by the low bearing capacity of its soil. 1992 marked remedial works of the sulphoration plant 1996, 1999 and 2002 marked major subsidence work uniliver (Nig) PLC ABA.
The marketing manager stated some of the reason why the company was sited at Aba
1. The city Aba is very large compare to other city in the east of the Niger.
2. geographically, Aba is at focus of road and rail way network leading to all parts of the country
3. the city is the centre of Eastern market
1.2 RESEARCH QUESTION
1. Is new product development applicable in the manufacturing industries?
2. Do manufacturing policies and regulation affects the application of new product development in the institution?
3. Does new product development have any impact in manufacturing effectiveness?
1.3 RESEARCH HYPOTESIS
The research hypothesis is an alternative answer to researcher question. It is an intelligent or educated question or an answer to the problem of the research under the investigation.
As regarded to the research problem under the research hypothesis are as follows:
1. (A) H1: New product development exercise does not have impact on the achievement of the marketing objective.
(B) Ho: new product development exercise has an impact on achievement of the marketing objective.
2. (A) H1: Firm don’t engage in research before introducing new product.
(B) Ho: Firm do engage in marketing research before introducing new product.
3 (A) H1: Some new product (idea) do not face any constraint before commercialization.
(B) H0: New product (idea) fail or face any constraint commercialization.
1.4 SCOPE AND LIMITATION OF STUDY
Naturally, a study of this nature I bound to be limited by some constraint such limitation as uncounted by the researcher in the course of study include the following among others;
i. Finance
ii. Time
iii. Attitude of the respondent.
SIGNIFICANCE OF THE STUDY
This study will be of benefit to the beneficianies. This study is important and will pave way to adequate development of the company’s new production. By this reason, the company used as the case study will derived some benefit.
Furthermore, this study will help the further researchers who are researching on similar topic.
DEFINITION OF TERMS
NEW PRODUCT DEVELOPMENT
This deals with developing a new brand that the firm develops through its research and development effort of the company in order to satisfy the consumers.
PRODUCT
This can be defined as the end of production process. It can be called output.
COMPANY
This can be defined as a body corporateor a business organization which has its aim in venturing into business activities for the purpose of making profit.
MARKETING
This can be defined as the people with need to satisfy, money to buy and willingness to buy/spend it. They are the actual and rotential buyer of products.
New product development (NPD) is a vital strategy for achieving marketing objectives in a company. It involves creating and introducing new products or services into the market to meet customer needs, gain a competitive edge, and drive revenue growth. Here’s how NPD can help achieve marketing objectives:
- Meeting Customer Needs: New product development begins by identifying gaps in the market or unmet customer needs. By developing products that address these needs, a company can attract and retain customers, leading to increased sales and market share.
- Market Expansion: Introducing new products allows a company to enter new market segments or expand its presence in existing ones. This can help diversify the customer base and reduce dependence on a single product or market, reducing business risk.
- Competitive Advantage: Innovative products can differentiate a company from its competitors. By offering unique features, improved quality, or better value, a company can position itself as a market leader and command premium prices.
- Increased Sales and Revenue: Launching new products often leads to increased sales, especially if the product addresses a pressing customer need or leverages current trends. This can directly contribute to revenue growth.
- Brand Reputation: Successful New product development can enhance a company’s brand reputation and image. Consumers often associate innovation with quality and reliability, which can boost customer loyalty and advocacy.
- Market Research and Insights: The New product development process involves extensive market research to understand customer preferences, competitor strategies, and market trends. This data can inform other marketing initiatives and help refine target customer profiles.
- Product Portfolio Management: New product development allows companies to manage their product portfolios strategically. It’s essential to have a balanced mix of mature products and innovative offerings to cater to different customer segments.
- Long-term Sustainability: Continual New product development ensures a company’s long-term sustainability. Markets evolve, and customer needs change, so regularly refreshing the product lineup keeps a company relevant.
- Marketing Communication Opportunities: New product launches provide excellent opportunities for marketing communication. They create buzz and excitement, generating media coverage and social media engagement.
- Cross-Selling and Upselling: New products can complement existing ones, facilitating cross-selling and upselling opportunities. This can increase the average transaction value and customer lifetime value.
To effectively use New product development to achieve marketing objectives, companies should follow a structured process that includes idea generation, concept development and testing, product design and development, testing and validation, market testing, and commercialization. Additionally, companies should consider factors such as pricing, distribution, promotion, and positioning to ensure the successful introduction of new products into the market. Ultimately, New product development should align with the company’s overall marketing and business strategies to maximize its impact on achieving marketing objectives.