Strategies For New Product Introduction In The Market (A Case Study Of The Top-Tea Industries Nigeria)
This research study was carried out on the strategies for new product introduction in the market, (A case study of the Top Tea Industries Nigeria. The work comprises of five different chapters with a thorough definitions of hard terms to an averaged person who have privilege of going through it.
The first chapter of this study takes good care of the study, takes good care of the general background of the study, the statement of problems, purpose, objectives of study and of course some definition of terms.
Chapter two covers a brief profile of the case study, that is an introducing technique of the top tea industries together with their brief history of originations and sun sets which is simultaneously followed by some related literature review and resource journals.
Chapter three of this study is made up of the research design, the population of interest, sampling size, research questionnaires and sources of data which include both primary and secondary sources of data collections.
Chapter four brings into stage, the presentations and analysis of data collected from questionnaire and test of statistics together with the set up of hypothesis.
Two different hypothesis of the null and alternative were employed for this researched study using the goodness of fit table and chi-square as a statistical tool of computations. After every testing and computation, a decision rule was made and it was concluded for we accepted the null hypothesis which made us come to term with the fact that advertisement and promotion strategies is the best for new product introduction in Top Tea wonder beverages of Aba.
The last chapter five presents us with the summary of findings, conclusions and of course, some necessary and crucial recommendations steps which the researcher suggests as a panacea to products introduction after all his researched work had been completed.
Table Of Contents
- Title page
- Table of contents
- 1.2 Statement of problem
- 1.3 Objectives of the study
- 1.4 Research questions
- 1.5 Scope of the study
- 1.6 Significance of the study
- 1.7 Limitations of the study
- 1.8 Definition of terms
2.O Literature Review
- 2.1 Brief profile of top-tea industries
- 2.2 Evolution and new product development
- 2.3 Strategies for new product and branding
- 2.4 Types and product life cycle
- 2.5 Functions of product branding an d packaging
- 3.1 Research design
- 3.2 The population and sampling procedure
- 3.3 Determination of sample size
- 3.4 Method of data collection and questionnaire design
- 3.5 Method of data analysis and sources of data
4.0 Presentation, Analysis and Interpretation of Data
- 4.1 Introduction
- 4.2 Distribution and collection of questionnaire
- 4.3 Analysis of questionnaire
- 4.4 Testing of hypothesis
5.0 Summary of Findings, Recommendations and Conclusion
- 5.1 Introduction
- 5.2 Summary of findings
- 5.3 Conclusion
- 5.4 Recommendations
1.1 Background Of The Study
Products in the contents of marketing does not necessarily refers to the physical object but the set of tangible and intangible attributes including packaging, colour, price and so on. According to Philip Kotler (1986), a product is anything that can be offered to a market for attention, acquisition and consumption for the satisfaction of a given want.
In other words, a product consists of the actual physical object, its package and its other attributes of colors, brand, image, design and so on.
The inability of a given product to yield the desired profit as usually recorded by the manufacturer and distributors calls for the need to either phase it off or ra ther innovate. On the other hand, a new product could be seen as either a product that is purely and currently introduced to the market for the very first time. Its existence in the market is very new for it’s either introduced from its original or that; it is newly re-branded and renovated from an already existing product. Consumers of no doubt remind the king of all produced economic goods and as such, any commodity that falls under the reach of consumers is likely to record huge losses.
1.2 Statement Of Problem
The following problems were discovered consequent upon the research investigations.
- External and internal marketing factors militating against the introduction of new product to the market.
- Inefficient and improper applications of marketing concepts to the introduction of new products.
- Total negligence on the powers and right of commodity as the king of all consumable goods and services.
- Inadequate and poor system of advertisement and other promotional or awareness programs.
- Low transportation and distribution avenues from producers to the final consumers.
1.3 Objectives Of The Study
- To examine the impacts created through the introduction of new product to the market.
- To identify the various drawbacks and short comings caused by the introductions of new products.
- To equally appreciate the decisions and recommendations of consumers before embarking on any product innovations.
- To discover whether lack of effective strategy could negatively affect the introduction of newly products.
- To ascertain the need for a very strong advertising and promotional model as an avenue to the introductions of new products.
- To examine both the marketing concepts and consumer behavior theories as a way forward to the introduction of new product.
- To finally effective positively the use of market research before embarking on product introduction.
1.4 Research Questions
The following researched questions were considered adequate as regards to the success of the project.
- What are the impacts of production introduction to all?
- Are there some drawbacks caused to the management or consumers as a result of introducing new products to the market?
- What are the decisions of consumers towards the old product before embarking on the introductions of a new one?
- What marketing strategy have the managements of your Company employed as regards to the introductions of new products?
- Has advertisement any role to play? If yes, how far have you gone towards increasing the advertisement of your products?
- Have consumer behaviors concepts any role to play?, if yes, what market research strategy have you employed in order to ascertain the consumers’ behaviors towards the products of your Company?
1.5 Scope Of The Study
Consequent upon the investigations of this project, the researcher went through hell, hustles and bustles of life which as a matter of fact, delayed the productions of this work.
The researcher in the course of carrying out the research on the best strategy towards the introduction of new products, with the top tea beverages of Aba as a case study.
This study up to a reasonable extend covered the entire departments of the industry mostly, the productional and the marketing department.
1.6 Significance Of The Study
It is of interest to ascertain the most appropriate policy and procedure for new products introduction to the top tea beverages Company of Aba. This project would play a very vital role of providing the most product introduction which could increase the net profit of the Company that gets down every year. Also, it is equally the expectation of the Researcher that, this project could equally predict the prospective consumers and buyers that could patronize the Company’s products in an unforeseen period of years.
1.7 Limitations Of The Study
So many stoppages stole behind the introduction of new products in Top tea beverages of Aba.
Hence, the Researcher finds it extremely difficult to cover some other Companies around but only stopped at Top tea Companies. Also, even in the said Company that forms the basis of the study, the Researchers merely covered the production and marketing departments which is too small but although manageable to an extent.
1.8 Definition Of Terms
This refers to anything offered to the market for attention, acquisition and consumption or use.
A place that is intended to achieve a particular purpose in a reduced cost but higher profits.
A plan that is intended to achieve a particular purpose in a reduced cost but higher profits.
4. Marketing Concept;
This entails that, the key task of every economic organization and firm is to determine the need, want and values of is actual and potential buyers.
According to Philip Kotler 1990), wants could be referred to as, desires for products or mere wishes of consumers.
6. Service Marketing;
This is defined as those separately identifiable, essentially intangible activities that product want satisfaction.
Other firms whose products can be imitated or improved upon instead of making new ones.
8. Product Policy;
This is a Company’s decision on the product’s branding, trade marks and packaging.
9. Product Development:
This refers to all the activities that are connected with product research.
5.0 Summary Of Findings, Conclusion And Recommendations
This is of the course the very last chapter of this researched study as it constitute both the summary of all the findings, analytic computations and also the researcher’s own recommendations.
In this chapter, would equally make a conclusions and suggestions of what could be done to enhance effective product introduction in Top Tea Industries Nigeria.
5.2 Summary Of Findings
From the foregoing, this research work was carried out to ascertain the vacuum created as a result of wrong and improper applications of strategies for new product introduction which as a matter of fact s the brain behind the low-level of sales and profit of Top Tea Industries Nigeria. The case study of this investigation is the Top Tea beverages located at No. 12 Ikomne street Aba. Abia State.
The main objective here as stated earlier in the prolific chapters of one was to effect or rather ascertain the best policy for product introduction, both the purpose of study with the research questions and hypothesis was fully stressed.
All the required information and data needed for the study were gotten from both the primary and secondary sources. While, the secondary sources were obtained from an already existing documents like; Handout, test books, magazines, governmental and business annuals, etc. on the other hand, the primary sources of information from obtained from the questionnaires that were administered to the respondent (management and staff in addition to few customers of Top Tea Industries Nigeria. To undertake this study, the Researcher employed the use of the chi-square as a statistical tool for testing the null (H:O) and alternate hypothesis (H:O).
He equally administered some required questionnaires to the tune of 100 populations.
Now in obsession, after every statistical computation, data analysis and presentations, a division rule is made and it was concluded that, we shall accept the null hypothesis which says that, promotional strategies reminds the best solution for new product introduction in Top Tea Industries Nigeria. The last chapter of five presents us with the summary of findings, conclusions and of course, the writers own recommendations. The Research will also in the next sub-headings of this study make some necessary suggestions consequent upon all his searches, discoveries and investigations on the subject matter.
From the foregoing summary and findings together with the statistical computations made on this study, I hereby render the general conclusions of these investigations. This research study was fully conducted to ascertain the best policy towards the introductions of new product that will enhance effective increase of both the sells and profits of Top Tea Companies of Aba. Both the primary and secondary sources of data collections were all employed in this expansion researcher study.
While the primary data were gotten from oral interviews and distributions of questionnaires as was completed by both the customers, staffs and the management of the company. On the other hand, the secondary sources of data collections were gotten from an already existing documents like, text books, companies dealers, government annuals, magazines and other resourceful journals which the researcher considers most appropriate.
Also, the Researcher equally tested the validity of all his information on an empirical, statistical tool of chi-square with the goodness of fit which is one of the most reliable source of data testing. The null hypothesis (HO:) tested against the alternate hypothesis (H:1). While the null hypothesis maintained that, the best policy of new product introduction is not the solution to the problem, on the other hand, the alternate hypothesis retained that, the best policy for product introduction would undeniably solve the nagging problems of the company.
Finally, the researcher equally suggested some steps which should be followed in order to enhance effective introduction of new product to the company under discussions. He suggested that, an improved step should be taken to fill the gap left by unqualified marketers in the field of distributing and promotional departments of the Top Tea Industries.
Also, the need to buy the ideas or suggestions of prospective consumers before the production and introduction of their products should not be over-emphasized. Let thereby an effective market research with a thorough distributions of questionnaires to actual and pot4ential buyers so that goods would be produced according to their demands which will enhance the activity of products introductions and selling.
Based on the findings, analysis of data, its computation, interpretation and presentation I, the researcher of this study on the best policy for production introduction in Top Tea Industries Nigeria present the following recommendations;
- Business environment and customers are not static as regards to product; hence all organizational efforts must be geared towards drawing the attentions of the consumer before producing and introducing any product to them.
- Promotions and Advertisement: Consequent upon the investigations of this study, it was discovered that, there is no better way of introducing any newly product apart from this strategy. Hence, the Top Managements and the departments concern must pool out more finance to uplift the Advertising departments of the Top Tea Companies for better performance.
- Employments of qualified marketers: Also, the lingering cases of low-labour man power were also the brain behind low productivity and sells in the Company. I therefore recommend for the massive employment of qualified marketers according to the payment capacity of the Company, for it is another way forward to product introduction.
- Top management involvement: Finally, I recommend for more Top management involvement in product introductions.
Strategies For New Product Introduction In The Market (A Case Study Of The Top-Tea Industries Nigeria)
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