An Analysis Of Impact Of Warehousing In The Efficient Distribution Of Toilet Soap
Every business will die if they don’t every business will die or lose its grounds on the market if it does not recognise the effect of new trends. Business like typewriters have given way for the new computers for their function, so its either the producers of typewriter will go out of business or he if fast enough to switch over to the new way of doing the same thing. The new life beverages Nigeria ltd has followed a multi dimensional innovative proves in order to attain the maximum patronage gut this plan is not well though out as more is needed for the goal to be attained
1.1 Background of the Study
Consumer product innovation is a subject newly recognized to be vital to the future of companies, even the government, realized the important of product innovation to industries at large and its effect in the competitiveness of the Nigeria industries in the world matters.
This is because many of the high quality product needed by customers are been imported by customers but the importation of these items does not help matter because of government regulations and unstable nature of our economy. This problem can only be solved if companies recognize the importance of innovation of new product and develop their ability on innovation with government giving assistant where and when necessary.
Further more, all products has a life cycle, which dictates that some point there usefulness will decline. Although there is substantial valuation in life cycle by types and class of product.
A product cannot be sustained for eternity and market emotions will work against its immorality. In the light of this therefore, the need for consumer product innovation by business firm cannot be over emphasized.
Demand is increasingly dynamic and product life cycles are getting shorter, products’ life cycle if been comprised by accelerated research (William Stanton fundamentals of marketing 6th edition London). For most business to survive in the wave of all the social, economic, political and cultural changes blacking the view of their horizons the must embark on product innovation. For a product to effectively meet customers (need to reduce problems associated with decision in distribution pricing, advertising and personal selling). A poorly innovated product on the other hand create many problems for other decision areas in the company.
Organisations are always competing for survival in the market, growth in market shares, product lines and mix. These are necessary strategies for survival and attainment of over all objective of any corporate entity.
All this can be achieved through consumer product innovation. Sales of successful new product goes through a period of growth reaches a peak and eventually declining maximum sales volume of any company is often reached only after competition have entered the field and innovation becomes inevitable.
Moreso, the period that institutions and firms face is such that causes some firms to wind up or on the other hand periodically pay for it. This has made product innovation necessary or inevitable.
Finally, innovation can be highly productive but often a risky road to many companies that are not aggressively alert to its possibilities.
New life beverage Nigeria limited was incorporated in November 15th 1989 by Mr Ekeleze Ezemon (managing director).
The construction of the first factory commenced on 1990 and was completed on May 1993. In 1993, the factory for hot drink commenced and in the same year King Edward brand, hot drink was launched into the Nigeria market. It begins to produce its sound product King Edward whisky, honey wine, prince Mixon brandy, Jubilee wine, century schnapp white schnapp etc. in 1994 August, there by becoming of the bent two factories producing hot drink in the state at that time.
New life beverages Nigeria limited has an understanding with technical company limited Lagos especially in the area of new improved production process and equipment, research into raw materials constant assurance and innovation market techniques.
1.2 Statement of Problems
i. Recent decline in the sales of the product of new life beverages Nigeria ltd.
- Sleepily decreasing profit.
- Massive staff retrenchment.
- No new product introduction or product modification for a long time.
- Closure of many depots.
1.3 Purpose of the Study
- Why life beverages of Nigeria limited has been experiencing decline in the sales of its product in recent time.
- The ways in which profit of the company can be increased significantly.
- If a massive staff retrenchment in the company was necessary.
- The reason proffered by the company for it’s full in new product introduction and modification.
- The benefits the firm would drive from reopening some of its previously closed depot.
1.4 Significance of the Study
The study is relevant because
- It will increase the awareness of executives of the need to the product innovation process very seriously.
- It will aid research work in related areas such as marketing concept, product differentiation, marketing mix and so on.
1.6 Research Questions
The following questions were declared vital for this work
- Why has life beverages Nigeria ltd been experiencing decline in the sales of its products in recent times?
- How can the profit of the company be increased significantly?
- Was the massive staff retrenchment in the company necessary?
- What reasons has the company given for its full in new product innovation and modification.
- What benefit will the firm drive from reopening some of its previously closed depot?
1.8 Scope of the Study
The scope of this study is limited product innovation and beverage industry.
1.9 Definition of Terms
The terms and there definitions are
A model used strategic marketing planning. It maps out four potential product market strategies eg market penetration, product development, market development and classification.
Promotional activity (eg public relations) whose primary purpose is to increase general knowledge of the company and its product and to make people feel more positive towards them.
A small group of sample customers who are brought together into a group discussion to measure their response to a marketing stimulus such as a new product or brand.
Strategic Business Unit (SBU):
Is a unit of a firm that has a separate mission and objectives which can be planned independently from other part of the firms.
Summary, Conclusion and Recommendation
5.0 Introduction of the Chapter
In this chapter, it will bring to the fore the conclusion of this chapter work. The finding will be summarized, the main conclusion revealed and the recommendations presented.
Finally, the reader will get to know the limitations of the study and the suggestions for future research.
5.1 Summary of Finding
The findings of this study are hereby summarized,
- Competition brings about product innovation and effectiveness in firms.
- Product branding and labelling result in product innovation effectiveness.
- Life breweries product innovation affects the buying habits of its consumers.
- The products of life beverages plc do not possess the desired attributes that can satisfy their needs.
- Product innovation increases the sales and profitability of the company.
The researcher hereby concludes as follows:
- The management of life breweries Nig Plc attempts products innovation.
- The attempts are not well throughout and are not through. Hence the company still has a long way to go with respect to its product innovation activities.
The following are the recommendation of this work
- Life beverages Nig. Plc should set up a customer complaints and suggestion until through which it will elicit and process customer complaints and suggestions with which it will improve its innovativeness.
- The company should be engaged in the services of product innovation and marketing consultants in order to facilitate its product innovation activities.
- It should totally and holistically computerize its operations. This would lead to a grater and quicker responsiveness to customer needs and ease in decision making.
- The product innovation and marketing consultants was not mandated to work together with a committee of all management staff of the company in order for an effective job to be done.
5.4 Limitation of the Study
The basic limitations of this study were fund and time, research work is an expensive activity and since this researcher had no research grant to work with, carrying out this study was a herculean task.
Moreover, they had a dipper way of allotting time to research work, in spite of enormous pressure his other academic pursuits.
5.5 Suggestion for Further Research
The research feels that further studies could be carried out in the following areas.
- Facilitating product innovation through effective product packaging and labelling.
- Innovation of intangible product.
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