Production Innovation A Tool For Achieving Excellence In The Competitive Market (A Study Of Unileuer Nig Ltd Aba)
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I dedicate this research project to God Almighty, my inspiration and good health to accomplish this work.
Also, I dedicate it to my behaved parents mr. brother Repeal Obi who through them I came to this world, may God continue to bless, guide and strengthen them in all their endeavours, Amen.
The research list of the problems and prospects of manufacturing and producing firms with a particular reference to unlived Nigeria PLC Aba. Elements of marketing Mix revolve around it.
However, it does not mean that project planning and development is free from problem so as to ensure the growth of the firm and at the same time achieve their goals and objective.
This project is made up of five different chapters the chapter one is the introduction this include the topic under study statement of problem Research question and hypothesis objective of the study scope and limitation significance of the study and definition of trems
Chapters two deals or contains the review of related literature and current literature and current models chapter three is the research methodology which includes the research design population description sampling size description of data collected instrument administration of data collection and data analysis techniques.
Chapter of data collected which involved the data discussion of result.
Finally chapter five involves the summary, condusion and recommendation and suggestion for further studies based on this it will help to ind possible situation to improving or enhancing product planning and development in consumer manufacturing firms.
Table Of Contacts
- Title page
- Approval page
- Table of contents
- 1.1 background of the study
- 1.2 statement of problem
- 1.3 objective of the study
- 1.4 Research question
- 1.5 Significance
- 1.6 The scope of the study
- 1.7 Limitation of study
- 1.8 Definition of terms
- 2.1 literature Review
- 2.2 meaning of innovation
- 2.3 sonc of innovation
- 2.4 product planning and development process
- 2.5 innovation and product life cycle
- 2.6 stages and implication of product life cycle
- 2.7 the growth stage
- 2.8 the maturity stage
- 2.9 the decline stage
- 2.10 Diffusion of innovation
- 2.11 importance of product innovation
- 2.12 problem of innovation
- 3.0 Research methodology
- 3.1 introduction
- 3.2 Research Design
- 3.3 population of the study
- 3.4 Deification of sample size
- 3.5 source of data
- 3.6 sample and sampling techniques
- 3.7 instrument of data collection
- 3.8 validity and Reliability of measuring instrument
- 3.9 method of data analysis
- 4.1 data presentation analysis and interpretation
- 4.2 Analysis of questionnaire
- 4.3 Table two to which age bracket do
- 4.4 table what are the produces
- 4.5 do you use unlived Nigeria plc
- 4.6 has your company at one time or the effected any product
- 4.7 modifications
- 4.8 in what forms did the innovation lake place
- 4.9 Does product innovation increase your firm total profit
- 4.10 does product innovation have on effect on the sale revenue.
- 4.11 when there is shift competition in competitors
- 4.12 data analysis
- 5.0 summary conclusion and recommendation
- 5.1 summary of research finding
- 5.1 The summary of finding
- 5.3 recommendations
- Section A-introduction
- section i-personal data section ii questionnaire for staff of unlived brother Nigeria plc
- section B.
- section i-personal data
- questionnaire for distributor of universe brother Nigeria L.T.D
1.1 Background Of The Study
Production innovation is one of the important concept in marketing some evidence suggest that effective product innovation results to a sustainable competitive advantage. This is true when innovations are difficult for competitors to initiate to provide significant value to consumers timely capable of being exploited to competencies that help firms in the world develop competitive. Other observes see new product development and its launching into the market place as difficult costly tasks or a dangerous business to attempt.
The questions that need to be answered are what innovation? Why do firms embank on innovation? Joseph Shcumpeter’s classic work in management of the innovation process suggests that firm engage in three types of innovation activities they are invention, innovation and initiation. He defined invention as the act of creating or developing a new product or process idea while he saw innovation as the process of creating commercials product from invention.
However, initiation usually leads to product or process standardization. The technical revolution and greater competition in domestic and international markets have increased the competitive importance of innovation. Recent research is shown that firms invest more than in innovation and so achieve the highest returns of investment infact, objective or receptive inventors’ article towards introduction of new products increase the price of the rims stock in the market place as at the stock exchange market.
In view of the economic advantage of product innovation and need to stay ahead of the curve, innovator must take risk and be aggressive, productive ahead and innovative in the face of their competitors in order to maintain a sustainable success in future,
Therefore, product innovation as a subject, which is more recognized vital to the future of companies the fact that money of the high quality products needed by consumers are not readily available has lead consumers into importing some of them. This problems can only be sold, if companies recognize the importance of product innovation and development enabling environment and when necessary.
Further, all products have life cycles, which dictate that at some point their usefulness will decline. Although there is substantial variation in life cycles by tyoe and loss of products a product are like living organisms and have certain length of life according to Cardiff and still (1971) once a product is introduced into the market, they grow, nature, decline or die hues, products cone and go as living organisms.
Demand is increasingly dynamic and product life cycle is getting shorter than the time scale of most technology rapidly changing markets, mass media, mass distribution / . if business firms are to survive in the wake of all these social economic political and cultural changes that are affecting their business adversely, they must have capability for product innovation. A product at are effectively meets consumers needs, reduces problems associated with decision on distribution rising and personal selling is most ideal while a poorly developed product. On the other hand relates many problems. For other decisions areas in the company organization are always competing among themselves for survival, market growth, market share, product line and product mix.
All these are necessary strategies for survival. Which are the overall objective of any corporate entity. All these hope could be achieve through the innovation of product. Talking about innovation in the industry and economy, many write ups and statements land credence to the idea ‘of innovation in machine building industries and scientists mark assigned to technical innovation “ the driving force in economic development and competition according to mark “the bourgeon is “cannot exist without constantly revolutionizing the means of production”
Finally, innovation can be highly productive, but lifer a risky road company that is not aggressively, alert to innovation possible to taking a competitive risk which is output at least to be intelligently aware.
1.2 Statement Of Problems
Given the rapid changes in testes, technology, and competition, it becomes risky for a company to rely on its existing products. This is because consumers taste and preference a re in most cases uncertain and change from time to time. Every company in the world today therefore, needs to innovate their product in order to survive in the ever-changing business environment.
There are many difficulties involved in product innovation and marketing of new product that act as hindrances to their addition to the product line, one of such factors is the uncertainly in pricing. The question therefore is should firms adopt a skimming pricing strategy or a penetration pricing strategy when introducing a new product into the market?
Another problem of product innovation is higher marketing cost. At the introductory stage of new product, consumers may not be aware of its existence and where it could be obtained Expensive promotional tools would be needed to accomplish this objectives.
The competitives is world of market. Also proses huage challenge to a new product, at a certain stahe in the spean of a product, the market could be characterized by keen competition, if the product lacks critical altituse that can compare favonably with hose of competing products and if management lacks desired competitive ability to push it, certainly it would gradually die out or perish. It also found out that many to management lacks know how and general skill needed for a successful new product development. The fear of failure, risk and uncertainty make flam skeptical as reqrads to product innovations.
1.3 Objective If The Study
The objective of this study is to appraise the relevance f product innovation as a strategic tool in a competitive market and specifically the objection of the study are?
- To find out the level of product innovation undertake by the firm
- To determine the impact of product innovation on consumer patronage of the firm product
- To determine the various ways in which the firm undertaken in product innovation
- To determine the causes of failure of innovated product.
- To offer solution to the problem of innovative products.
1.4 Research Question
the following research questions guides this study
- What level of product innovation is undertake by the firm
- What is the impact of product innovation on consumer patronage of the firms product.
- What are the various ways in which the firm undertaken product innovation.
- What are the cause of pan lure of innovation
- What can be offered as solution of the problem of innovative products.
Cetain reasons are usually advanced in support why organizations need to develop new products of reasonable intervals as a result of competitive reaction in the market. The introduction of new technology of often in the certain industries alsohelps in the shortening of the useful life of certain product . due to the facts mentioned, it becomes very important that firms should always be ready to devlop new product replace in existing ones before they are withdrawn from various markets.
The need for new product development can also be seen when we realize that 30 to 40 percent of a firms current value sales and products do come fromproducts that were not in the firms prouduct portion five years age Bus and Houston (1985) new product development can also beas a result to either to utilize exless plant capacity; or as a need to derive enough prouducts to take care of the seasonality in soled.
1.6 The Scope Of The Study
the researcher undertook a study Nigeria plc Aba. This study concentrated on the innovation on already existing product. The researcher made use of data obtained from the staff and mangers from the staff and managers from marketing production finance and administrative department, also include in the study were consumers of the firms product in Aba.
1.7 Limitation Of Study
Apparently, there is no academic ride that tells the clarity, the future behavour of the target public towards an innovation since, the public or the consumers are the target or the subject for the product innovation, in adequate analysis of the Further cause over or under production, to meet to up with the demand created in the market other limitation could be for the following reasons unforeseen hidden product deficiency during production, which only came up during usage by users.
Another one could be unforeseen changes in consumers taste and preference immediately the product was introduced. When project cost is higher than actual. This may result it higher selling prices, and which discouraged sales volumes. If competitors find it very lays to introduce their own brand of product almost alongside the new landing of the product at the wrong time.
1.8 Definition Of Term
Is anything of value, capable of satisfying a consumer want or need. The most important measuring of a product is what it manes to the consumer
This is any change or any additional model to already existing product of a firm or a company.
Product Life Cycle:
This is stages in the sale and profit history of a product, after which it has been introduction into the market. A product after it introduction, can grow, mature, decline or die like living organism.
Is a group of products that closely related either because they satisfy a class of need used together sold to the some customer group marketed through the same outlet or fall within the price range.
Launching Of Product:
This is an act of introducing a new product into market.
Is a product newly introduced to the market or a modified product.
The word strategy in this project rely mostly on marketing strategy, strategy is a method or factice use/way of achieving the goals of an organization.
This is a way of achieving the marketing objective of a company or an organization.
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How to nail it on the head during your project defence
You are through with writing that project. Now what?
You have found yourself at that point where you have to defend what you have written. Of course you have to stand in front of your supervisor and other literary personalities to prove that you know what you wrote in your project paper. Unfortunately, the more you think about it, the more it looks like you are about to face a legion. It is not a war. But the emotion of dread welling up inside of you makes it look like one. So now you are asking yourself questions.
- How am I going to start?
- I hope I will do well enough to get an A.
You really want to nail it, but you need to come to terms with exactly how to get everything in perfect control. Especially your emotions of fear that seem to make a wreck of you every time you think about public speaking.
So here is the deal. I want to help you avoid that feeling that would ruin your precious moment if you dare to let it. And we are going to do it together.
I am going to highlight some very important tips to help you get in control for you to be comfortable enough to move from that feeling of DREAD to CONFIDENT; and making an awesome Impression for that great rating your supervisors should be giving to you so freely.
Consider these tips as you prepare for your defence. We will be taking them one after the other so here we go.
Watch Your Body Language And Keep It Confident:
Can you tell that a person is falling apart if they look confident? … If I can second guess you rightly, am sure you answered no to that question. Remind yourself that you need to come out that way. Now this might seem like a huge big deal when you are dealing with the foreboding. Maintaining a poise of confidence is very important. So find your most comfortable position, sitting or standing and draw up your body. You must exude confidence. It is something you need to do for yourself. People can only see what you allow your body language to show. So you must endeavour to put that out. Remember the story of David and Goliath? … At the end of your defence day, you want to be David.
Dress In Your Most Comfortable And Impressive:
Am sure this one is a no brainer. However I must highlight that you choose comfortable pieces. You don’t want to look so good and yet look like you were forced to wear something that does not belong to you. It’s great to ensure that as impressive as your clothes are on you, that they are also very comfortable.
Speak With Authority:
Going hand to hand with that aura of confidence is your most powerful asset:your words. If you look that confident, your words must not come out like whimpers. To be able to pull this off, you definitely need to speak as deliberately as possible in expressing yourself. Let them also hear what they see.
Use, Your Gestures:
I have often found this to come to my rescue in dealing with shyness and conveying my confidence. Usually it gives you an edge to also drive home your point. You must, however, ensure that you do not over use it. It doesn’t mean that your hands should be flying all over the place. That would be absolutely unnecessary. If you do this well, after a while you will realize that you are not as self-conscious as you used to be at the very start. For most situations, it would have completely disappeared altogether; leaving a really confident you talking.
Have A Good Opening And Closing Line:
Make sure you have perfected a good opening line. You should also be armed with a good closing line too. Try and rehearse it to a friend. If for the first time you presented it, your friend does not say “wow, that’s beautiful” or something like that; just know you need to keep refining it until you get the perfect line. Both opening and closing lines will go a long way in how impressed your panel gets to rate you high.
Make Sure You Know Your Work:
Certainly you should understand how important it is to know your own work from start to finish. Not having in-depth knowledge of your own work is tantamount to a suicide mission. Why should you kill yourself?
When all is said and done, this is what you came to defend in the first place. You should know your work from A to Z.
Prepare For The Questions:
Now this part is truly essential. You must be sure you do not floor all the good work you did on your presentation by not answering correctly. You must pay attention to the questions you are asked to be sure you will give the right answer. Many people get it wrong at this stage and spoil their good presentation. When you do not understand any question do endeavour to ask the person to expatiate what they mean before you answer.
These tips are by no means exhaustive, but applying these tips will give you some necessary advantage you need for a great outcome. Of course that outcome would mean that you eventually earn all your points on this project.
The structure of a good project work
Undergraduate projects in Nigeria is a prerequisite for graduation amongst Nigerian tertiary students who will which to obtain bachelors degree in their respective courses of study such as accounting, banking and finance, business administration and a host of others. Writing an undergraduate project in Nigeria for final year students entails a lot both financially and otherwise. Being able to develop any final year project depends on getting a researchable topic whether it is Accounting Undergraduate project topics, Banking and Finance research topics or banking and finance project topics and materials and it all requires diligent hard work of students who are willing to develop best undergraduate projects in Nigeria and graduate in flying colors.
A typical Undergraduate project in Nigerian tertiary institutions can be said to be divided into five or six chapters depending on the format of the school and course of study which are
The introduction of an undergraduate project states the main research problem and research argument. What precisely the study is all about and why it is important. It looks at the originality of the research work and how it will fill the gap in other studies. Justification for a research undergraduate topic should not be lengthy before it has been explicitly stated.
Below are the contents in chapter one of an undergraduate research project which includes;
- Background of the study,
- Statement of the problem,
- Objectives or aims of the study,
- The research questions,
- Research hypothesis,
- Significance of the study,
- Scope of the study,
- Limitations of the study and
- Operational definition of terms.
2. Literature review
Literature review of any undergraduate research work, be it business administration project topics or Economics project topics just to mention a few is very critical to securing a high grade in one’s project work. The literature review of a research process uncovers what other writers have written about the student’s topic. A student’s undergraduate research work should include a discussion or review of what is known about the subject and how that knowledge was acquired. The review could conclude with a brief summary of the literature and its implications. The contents of the literature review are the theoretical review, conceptual framework, empirical review and summary of literature review.
3. Research Methodology
This section includes a description of the research methods used in the undergraduate research work such as the sample size, data collection methods, measurement instruments, research data analysis procedures and the population from which the sample was selected. This section also describes the method used in selecting the sample or samples, validation and reliability of the instruments used in the research work. There are different research statistical techniques used in undergraduate research work such as SPSS, e-views etc.
4. Results & Discussion
This section presents and discusses the data analysis results used in an undergraduate research work, the results of each analysis is being summarized, tabulated, and then discussed for each research question. Then for each research hypothesis, the statistical test of significance selected and applied to the data is briefly described, followed by a statement indicating whether the hypothesis was supported or not supported. In presenting the result analyses/summary in an undergraduate project tables and figures and or graph are used to add clarity to the presentation.
5. Summary, Conclusions And Recommendations
This section summarizes the findings of the study in an easy to understand manner. It also explains the practical implications of those findings, and points to recommended directions for future research in that area.
This is where every source cited in the undergraduate research work is being included. Every undergraduate research work must be properly referenced for its authenticity.
Choosing A Good Project / Research Topic
Students in Nigerian universities these days wish to choose a very simple project topic/material. There is no issue choosing a simple project topic; the only problem is your ability to choose a good project or research topic that your supervisor will easily approve for you.
Most project supervisors really want to see how good his or her project student understands his or her surrounding through the kind of topic he or she chooses for their project work.
There are some project topic that are not reject-able; for instance in Nigeria of today; what do you think is the major issue on ground now?
If a project student can choose or craft a topic on the effect of dollar increment on the economy of Nigeria. Such project topic will be very interesting to write on.
Now what are the qualities of a good project topic?
- The materials for the project topic must be easily assessable.
- The project topic itself must be meaningful.
- The variables must be able to give a clear aim of the project topic.
What do I mean by variable?
Well I am deriving my point from the area of ; the variables here are those main words in the project topic.
Like the above project topic; the effect of dollar increment on the economy of Nigeria. You can see the main variables that really define this project topic are:dollar, increment and economy.
Before you present your topic to your project supervisor, first of all understand your project topic, and then secondly try to do some research for your topic to see if at least you can get up to 60% of what you need to write the complete project.
I said that above because you might have a very nice topic that the materials are not available online and there are no books as regard the topic; in this case the project topic becomes difficult for you even though the topic is catchy.
What do I mean by your topic being assessable?
Well what I mean is very simple and easy to understand. Simply pick your project topic, type it on google and see if you will have at least a good background for the topic you are writing on.
If you can have a good background for your project topic and you can understand the problem associated with the project topic, then I believe the aim of the project is not far-fetched.