ASSESSING THE SIGNIFICANCE OF NEW PRODUCT DEVELOPMENT IN A COMPETITIVE MARKETING ENVIRONMENT
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The main purpose of this thesis is to examine the significance of new product development in a competitive environment.
In view of this a very popular organization shall be used the Lubcon Ltd.
So because new product development is a key or a major factors to profit maximization in an organization existing in a newly innovated replace or imitative to the market.
So this thesis is divided into five chapters, chapter one is on introduction, background of the study, statement of the general problems, objective of the study, chapter two is on literature review, concept of competitive market, competitive instruments of business organization the concept of new product development reasons for developing new product, Advantages of new product development to business organization, Disadvantage of new product development chapter three includes research methodology, research population and samples research design, data collection instruments administration of instruments, method of data analysis brief history on Lubcon oil, reasons for developing the oil, objective of developing the oil, effects of the oil in the company, constraints to the achievement of the objectives of developing the oil, chapter five is the summary of findings, conclusion, recommendations.
In this present business world, the survival of any firm in a competitive environment depends on the plan of the management. Therefore, the ideas of a new product development must not be neglected, it is very vital to properly look into the product development by the top management whether in a manufacturing or service firm.
The change in consumer needs and tastes, rapid technological changes, shortened product life cycles and changes in Business environment facilitates the need for product development to meet consumer expectations.
Product development can be examined with regards to market development which covers the search for new uses or new market remove. At times, the companies that make the industry as its target find new markets in the consumer field.
Diversification is another form of new product development. It may be a departure from existing product, or a new product with new technology and new market. It becomes imperative to develop new product if the firms long term survival is to be assured and to take over from rationalized products.
It is also needed when major technological changes have taken place or when forecast or when a company wishes to expand its activities into other places which includes the search for assessment, planning and lunching of new product or services ideas.
The survival of any business depends majorly on how quick it can adapt to changes in the environment and the challenges exhibited by the company in the market area.
However, top management, marketing manager and all those directly concerned with the company’s product needs to take necessary steps towards this development. Any new development in the market area must be monitored by the management through adequate marketing intelligence.
The techniques implemented in setting the firms goods and services will vary depending on the tope of consumers and the sort of market involved. The consumer may be distributors, retailers or an individual.
The market may be fairly competitive with large number of buyer and sellers. In such a situation, they have to be specially concerned with price, quality source and their product style in order to keep old customers and attract new ones.
To win the lion share of the market, the company decision, this can be achieved by providing best product or services that satisfies customers.
In a situation whereby products and price are the same with those of the competitors, the firm must create differences in packages, services or corporate image. It is therefore necessary for any manufacturing company to embark on proper product, planning and development that enable its new product last longer in the market.
Another important aspect to lay emphasis upon is advertisement.
This is a means of getting information across to the target customer; hence the introduction of new product in a competitive market environment cannot be attained without advertisement.
1.2 STATEMENT OF THE PROBLEM
New product development is a decision which the management of an organization needs to plan very well before It is executed. In this regard, certain questions arise and this constitutes the problems of this study namely:
i. Would the new brand of product developed by favourably with other products?
ii. Can the new product enhance profit management of the firm?
iii. What strategies could be used to penetrate the market with the new product?
iv. Will the new product developed be accepted by the market?
v. It is imperative that external environment affect marketing mix, if so what would be the nature and magnitude of influence on the new product proposed to be developed?
vi. Does the firm posses qualified and strategic and adequate personnel to handle the strategy of new product developed and implementation.
1.3 AIMS AND OBJECTIVE OF THE STUDY
The key objective of this research work is to determine how to establish and effective organization for handling the new product of company.
New product development is not an easy task that can just be carried out by any firm. To know how to set up a capable organization for handling new product is one of the objectives of this research work.
This research work also aimed at finding out the best tools and concepts in each stage of new product development.
To set out alternative approaches that will enhance an organization a differential advantages over competitors in order to attain a high rate of return.
Also, to know the maximum rate of output and the level of demand as this will enable the management to project into the future demand level.
Another objective is to identify the product that can best satisfy customer preference and tastes.
Finally, to proper solution and recommendation, for the problems encountered in a competitive environment.
1.4 SIGNIFICANCE OF THE STUDY
In any research work, it is normally believed that research and the company derives certain benefits from the research work.
Therefore, in this very research work; some significance will arise and will be of benefits to both researchers and the company chosen as a case study.
The significance that may arise includes.
a. The researcher will have a knowledge about the prospect of new product development, whether a competitive or non-competitive environment.
b. It will enable the company to maintain and even increase her market share position and establish a foothold in the future market.
c. It will also help the company to know what constitute the needs and wants of it consumers.
d. More importantly, the research work will assist the company to identify the strategy that fit marketing of a new product in a competitive environment.
e. The Society: This research work will be useful to the society and enable them to understand reasons why many companies embark on new product development.
Since, the society is mainly concerned on their well being.
Therefore, this research work will definitely help to improve the standard of living of the society by given back to them little out of what they have pay to the organization.