Strategies For New Product Introduction In The Market (A Case Study Of The Top-Tea Industries Nigeria)
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Thou art worthy “O” Lord to receive all glory, honour and power for thou had created all things for thin pleasure, they are and were created.
“O” Lord, my God, I can’t just imagine or fathom exactly how empty and meaningless my life and this researched study would have been if you had not been by my side to care, direct and adequately supply me with all my necessities.
I say this Almighty God that did all this wonders, be praised and glorified now and ever more. Amen.
Father to you Jesus, be all the glory, honour, adoration for ever and ever, I love to first and foremost appreciate my God and Father of all mankind for leading me safely through the first segment of my educational carrier, let all the glory, loud and honour be to him,
I am hundred percent grateful to my most wonderful project Supervisor in the person of Chief Pat Njoku, sir infact, I promise to give you a surprise packager for you proved yourself a powerful Marketer indeed.
I know that, I may not appreciate you half enough but let the good God guide, protect and shower you with everything you needed in this race of life.
Do you think, I can afford to forget to appreciate the hand that mould the pot, of course not, my most worthy Parents, Chief and Lolo Jacob Amadi. Your son, Aliche have your wisdom and goodwill been this day a graduate from National Diploma Degree in life.
Whereof, your kind gestures, financial supports, feedings, love, accommodation and all the parental care deposited upon my life, let the good Lord continue to shower his blessings of long live cum prosperity to you all.
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 i
Table of contents viii-x
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
4.2 Distribution and collection of questionnaire
4.3 Analysis of questionnaire
4.4 Testing of hypothesis
5.0 Summary of findings, recommendations and conclusion
5.2 Summary of findings
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.
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