The Relevance Of New Product Development On Attaining Marketing Objective Of Table Water Producers
This study was conducted to determine the relevant of new product development in attaining marketing objective of table water manufacturers in Anambra State. However, to achieve the goal of the study, the closed ended r4esearch was used to study (twenty one) table water manufacturers, where questionnaire were administered to 18 respondents in order to obtain first hand information after a critical analysis of the data collected and the test of the hypothesis using the chi-square statistical tool. The following were established, that there is significant relationship between new product development and marketing objective of bottled water manufacturers. Marketing testing enhances the relationship between new product development and marketing performance of bottled water manufacturer. The table water manufacturers should not rely on external agency, they should employ qualified and expert who are capable of elicity the required information to work in the development unit so that misleading information will not be send to the management for decision making. They should carry out persuasive advertising in order to change their customer behaviour towards their product. Since the new product development needs expertise, they should establish functional marketing intelligent system so as to reduce the burden f frequent new product development on environmental and market study.
Table of Contents
- Table of Content
- 1.1 Background to the Study
- 1.2 Statement of the Problem
- 1.3 Objectives of the Study
- 1.4 Research Questions
- 1.5 Significance of the Study
- 1.6 Scope of the Study
- 1.7 Limitation of the Study
- 1.8 Definition of Terms
- 2.1 Introduction
- 2.2 Theoretical Frame Work
- 2.3 Concept of Marketing
- 2.4 Research in Marketing
- 2.5 Types of Marketing
- 2.6 Roles of Marketing Research
- 2.7 Uses of Marketing Research
- 2.8 Concept of Product Development
- 2.9 Need for Product Development
- 2.10 Stages of Product Development
- 2.11 Review of Related Studies
- 2.12 Summary
- 3.1 Introduction
- 3.2 Research Design
- 3.3 Population of the Study
- 3.4 Sampling Techniques and Sampling Size
- 3.5 Method of Data Collection
- 3.6 Method of Data Analysis
- 3.7 Research Instruments
- 3.8 Justification of Methods Used
Data Presentation And Analysis
- 4.1 Introduction
- 4.2 Data Presentation and Analysis
- 4.3 Test of Hypothesis
- 4.4 Findings
Summary, Conclusion And Recommendations
- 5.1 Introduction
- 5.2 Summary
- 5.3 Conclusion
- 5.4 Recommendation
New product development is not only an essential ingredient in effective marketing but also indispensable is very persuasive. Although in practice it is mostly applied in production of new and better methods in an enterprise operation (process technology) aimed at improving efficiency and effectiveness.
The society we found ourselves is in a state of flux and therefore the only thing that is stable is change. The needs and wants of the inhabitants of the society are changing by the day. Sequel to this the firm must innovate or perish. Therefore the products developed should be able to meet the dynamic need of the target market, for market to be secured.
Hence adequate marketing research has to be effectively conducted before coming up with a product otherwise its sale will hit the rock.
Product development is absolutely pivotal to future marketing success. The major goal of product development is modifying products so as to better satisfy needs at reduced costs and also make the management of an organization to obtain a competitive advantage and customer loyalty.
Therefore, this chapter will deal with a view of earlier work on the subject matter.
1.1 Background of the study
The Nigerian economy has recently recorded growth in some of its major sectors, among which is the bottled water manufacturing industry. In the past this sector comprise of very few companies who could not meet the market demand of portable drinking water in the country. Due to the untapped opportunity in this sector, a lot of mushroom operators ceased advantage to market very poor quality unbranded products popularly regarded as “pure water”.
However, with the economic reforms still taking place, a lot of government enforcement agencies such as National Agency for Food and Drug Administration Control (NAFDAC) and Standard Organization of Nigeria (SON) have intervened by clearing up the cities of inferior products (pure water).
Although, growth in the bottled water industry is not rapid, one can appreciate the level of sanity in the sector. The improvements noticed in the product quality can be traced to its packaging, labeling, branding and its contents. With the relatively slow growth experienced in this sector competition has began to intensity and since price war is not too common, firms must resort to other strategies (New product development, promotion and distribution).
Product are the linking point and relying totally on old or existing products will be a stupid, ides. Companies here to innovate, whether by differentiating or diversifying their product portfolio, there is the need for bottled water producers to invest heavily on research and development in order to continually meet the ever-changing demand of consumers.
New product development is the process of creating something entirely new or adjusting and existing product to thing entirely new or adjusting and existing product to better satisfy customers needs and wants (Bassi, 2006)
New product development is one of the avenues of enlarging the size of a firms products portfolio although, any firms seem not to have recorded much success in this area due to depressed global economy, it is imperative to recognize the fact that necessity gives birth to invention and organizations who refused to innovate will be forced out of the market.
New products are the future any business and with out a continuous flow of them, the marketing system would probably die. Every organization should carry on with a new product it for no reason at all, “that some existing company’s product with enter the decline state some day.
Furthermore, it is of paramount importance for top management to develop specific criteria for accepting new products ideas. Such criteria can vary with the specific role the product is expected to play.
This study will lend from Booz – Atlen and Hamilton (1982) in Baker (1996) eight (8) strategic role that companies can use to set objectives for their new products.
They are as follows:
- To maintain position as a product innovation
- To establish a market share position
- To establish a foothold in a future new product
- To preempt a market segment
- To exploit technology in a new way
- To capitalize on distribution strengths
- To utilize excess or off season capacity
- To provide cash generations.
Kolter (2000) also quoting Booz- Allen and Hamilton 91982) identified six categories of products and their newness to the company and the market.
- Market of complexity
- Relative merit
- How compatible
- Observation benefits
- Sampling quality
To crown it up today under the pressures of inflection and high cost, major factors of production the succession of a company’s product development depends on how effectively organized its structure is in managing the new product development process; Kotler (2002) noted that new product development is retarded as a result of the following; shortage of important ideas fragmented markets, social and government constraint, costless of the development time and shorter product life cycles.
He further added that eigth (8) steps could be identified in the development process namely;
- Ideal generation
- Ideal screening
- Concept development and testing
- Marketing strategy development
- Business analysis
- Product development
- Test marketing
1.2 Statement of Problem
It is uncertain whether bottled water manufactures carry out new product development. Also of a concern to the research to know the extent to which cost of developing new product affects marketing performance of bottled water manufactures. It is not yet clear to the researcher how qualified the research and development personal are.
Also of a concern to the researcher to know the relevance of business analysis to table water firms performance. The researcher is also in doubt of the contribution of market testing to the performance of bottled water firms. It si also doubtful weather moderating factors affect the relationship between new product development and marketing performance of bottled water companies.
1.3 Objective of the Study
This study was primarily undertaken to investigate the extent of relationship between product development and marketing performance of bottled water producers in Anambra State.
Further more, the following specific objective will be determined.
- To highlight and emphasize the importance of marketing research on new product development.
- To examine the effect / extent of marketing research contribution to new product development.
- To examine circumstances under which marketing research is more likely to be used in the stage of new product development.
- To identify the factors that influence marketing research on new product development
- Also recommend as the need arises in order to create customers satisfaction.
1.4 Research Question
- What is the importance of marketing research on new product development?
- What is the effect / extent of marketing research contribution to new product development?
- Which marketing research is more likely to be used in the stage of new product development?
- What are the factors that influence marketing research on new product development?
1.5 Significance of the Study
To the researcher, it is pre-requisition for the award of higher National Diploma (HND).
It is the believe of the researcher that the findings as well as the recommendation will immensely benefit the bottled water industry, and the entire manufacturing industry in their new product strategies and campaign/efforts activities. This si not only limited to be manufacturing industry but extents to the service industry. This si due to the fact eh new products have the potentials of pressuring a firms current and future position in the competitive market.
This will also enlighten (readers, investors, distributors, suppliers, consumers, governments etc) the Nigerian publics on the area of new product development.
Furthermore, students and researchers with interest on similar subject can use the this piece as a stepping stone in their studies.
1.6 Scope of the Study
For reasons inevitably related to operational and financial convince, this study is restricted to table water manufacturers in Anambra State
1.7 Limitation of the study
This research will not be complete without the researcher mentioning some of the factors which have in one way or the other hindering the completion of this study. The most prominent bring the following:
Dues to rising cost of transportation and other material required in the execution of the study it is not possible to frequent these companies.
The researcher being a final year student has to allocate the available time between this study and other school activities.
Again mention must be made of the attitude of the respondents to ther researcher during the field work, most respondents seemed to be suspicious of the research. The fear of dangerous exposition and industrial espionage made them skeptical and refused to, answer some questions..
However, the research was completed as the research was able to adapt the situation.
1.8 Definition of terms
New Product Development:
According to Onuoha J Kelechi (2005:26) product is defined as anything that is offered to the market, which is capable of solving or satisfying any given want.
According to Barket (1980:45) New product is defined as anything which is perceived as such by the consumer or with which the form has no previous experience.
This can be seen as any change or any additional model to already existing product of a firm or company
Kotler (1999:24) defined marketing concept as a management orientation hic hold that the needs and wants of target markets and to adopt the organization and more effectively than it is competition.
This is general programme of action and development of emphasis and resources to attain comprehensive goals.
Marketing Strategy: Onuoha J. K (2007:58) defined marketing strategy of a grand plan design for the attainment of organziaitonal marketing objective.
Anyanwu (1993:112) define consumer as a person(s) who buy goods or uses services of company.
New product: Inyanya (1999:106) defined new product as the development and spread of new ideas and product.
Summary, Conclusion And Recommendation
This chapter is made up of summary, conclusion and recommendation. In the summary is entails what each of the previous chapters contain, while the conclusion is the outcome of the overall research work and the recommendation is what the researcher finds out on the impact of marketing research on new product development.
The research is an assessment of the relevance of new product development on attaining marketing objective of table water producers which is divided into five chapters.
Chapter one introduced the study, it states how marketing has been an important tool for determining the success rate of a new product generating more revenue for the entire success of the organization. It also consists of the statement of the problems, significance of study, limitation of the study, scope of the study, limitation of the study and definition of terms. The objective of the study was to examine the contribution and the importance of marketing research on new product development, and examine circumstances under which marketing research is more likely to be used in the stage of new products development and the impact of marketing research on the profitability.
The chapter two explains why the researcher has decided to go into the area of study. The literature consists of the area of product control, sales, targeting and sales forecasting, it states that although, marketing performance in the market, not much emphasized in most companies. Attempt has been made to look at some theories, research in marketing and the types of research that exist in the field of marketing such as product research, consumer marketing analysis, sales promotion, primary research, distribution research etc.
Chapter three explain the research design of study, techniques and sample size, methods of data collection, method of data analysis and research instruments used. In all, the chapters explain how the research came about, how the data was collected and how the data was analyze to help solve the problem at hand.
Chapter four dealt with the analysis of the relevant data collected for the research, the chapter also dealt with interpretation of the data.
Chapter five is just the summary of all that is contained in the first four chapters.
It contains the summary, conclusion, recommendation and bibliography.
Despite the huge amount of money spent for the promotion activities in most companies, the products are not well recognised. This means that the planning and development stage of the company are the most important areas to consider before any other thing.
Organizations succeed more with uniqueness rather than uniformity. Uniqueness entails doing things completely different from the usual way adopted by competitors and other organizations. To have uniqueness in methods, procedures, processes and systems, organizations need to have the right caliber of people to bring about these changes to stimulate them and to live with them for the purpose of gaining a competitive edge and advantage over the competitors. To achieve these, organization must spend a lot on marketing research to achieve uniqueness and product delivery.
If sufficient research is undertaken, then the chances of failure are reduced. Indeed, the danger that many companies wish to avoid is the development of products without any consideration of the market.
Marketing research would lead to higher NPD success, and that the integration of marketing research would be the most important of the factors contributing to success in NPD organization. Companies which use marketing research intensively and understand consumer response in great depth are more likely to have higher success rates.
The more extensive use of marketing research appears to be related to more experience in doing NPD and a larger role for new products in the companies. Use of marketing research also allows companies to set quantitative goals for new products, and more carefully evaluate performance after launch.
Also most organizations can be regarded as pace setters or market leaders in their various markets, if only they take time in doing marketing research on New Product Development.
In order to undertake a systematic product planning and development, in marketing research, the researcher is making the following recommendations.
- Most company should invest in promotional activities to enable the product sell in the market and to increase the profitability of the company.
- Also companies should adopt the scientific method of product planning and development within the context of marketing research.
- Another recommendation that can be put forward is that, more money should be invested in promotional activities to enable the product sell in the market
- That they should also conduct gap analysis of the existing products by interviewing a representative of consumers to find out their views about the company’s existing products before thinking of producing another one.
- They should also take note of the types of research approach used at the stage which includes monadic approach which is concern with comparing the concept with or against existing market after of the competitors.
The Holistic approach of data about the marketing mix variable such as price, promotion package and distribution. Although the companies conduct testing, it may suggestion that the company studies very well the procedure of product testing which varies from company to company and product to product. It is also expensive since it involves raw materials, machinery, and accuracy of new skill production.
Like product testing, marketing test also involve some procedure of which I will suggest companies to adopt to ensure successful marketing test, and take note of the information required during the marketing test.
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