THE EFFECTS OF NEW PRODUCT DEVELOPMENT AS A STRATEGY FOR CORPORATE GROWTH IN UNILEVER NIGERIA LIMITED
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THE EFFECTS
OF NEW PRODUCT DEVELOPMENT AS A STRATEGY FOR CORPORATE GROWTH IN UNILEVER
NIGERIA LIMITED
CHAPTER ONE
1.0
INTRODUCTION
New product
can be said to be the life- blood of companies operating in a free market
economy. Indeed developing a new product; a company should ensure that a good
product development strategy is taken. The introduction of a new product into
the market makes it possible for the company to remain in a competitive market
environment.
In today’s
market, no company can favorably win the entire market share without proper and
effective development of its products. This is so because the needs of the
society (consumers) changes over and over the time. Therefore, there is the
need to change the system and processes of the production to meet the changes
in demand; technology; taste and preference of the society.
Product
introduction into the market is an important factor of corporate growth
strategy and companies that are money – motivated cannot afford to dis-
engaging this project of developing new product. New product development has
become indispensable and inevitable in an organization; hence its impact cannot
be over- emphasized. Today, in the Nigerian market complex situation with
highly complex business operation, all companies are said to be adopting the
new modern techniques of production. Philip kotler and Armstrong (1980)
maintained that, a successful development of new product will lead to effective
sales of the company’s product, hence; result in increase in the profit margin
of the company.
Therefore,
for a firm to survive in a competitive business environment, it should make
known (advertise) to the public or its consumers; the existence of the newly
introduced products because of the fact that most companies operating in the
country are presently producing goods that have close substitutes.
It is
against this back drop that the researcher’s interest has prompted him into
choosing this topic (Effect of new product development as a strategy for
corporate growth in Uni-Lever Nigeria limited) as a subject of concern for
researching.
1.1
BACKGROUND OF THE STUDY
In a quest
to achieve a sustained long term objective of dominating the market requires an
effective appraisal of whether a company really desires to develop a new product
so as to remain prominent in a competitive market environment.
The
enhancement of corporate growth of an organization is achievable by means of
introducing new product into the market. In other words, marketing-based on
programme development will enhance an achievable strategy both financially and
in a conceptualizing form. By the introduction of new product into the market,
it requires the expenditure of money and it becomes an investment of the
organization in the future.
As with any
investment, there are risks associated with investment of new products because
it can be harmful to the organization’s health and company’s stability. In
considering the reason for new product development in an organization, reason
for new product failure, various stages of a new product development, Product
life cycle and its implications. Ways companies organize for new product
development, managing a new product (management and strategy development),
marketing channel policy, promotional policy, product design and development,
market strategy, the roles of new product development in the enhancement of
growth of an enterprise, problem of marketing new product.
Product
innovation remains the best way to design and innovate for new product
development for corporate growth.
1.2
STATEMENT OF THE PROBLEM
Today, most
business organizations have recognized that there is high need for improvement
in its product formation; which can only be resolved through the development of
new product, to meet up with the ever changing needs of consumers. Business
organizations have not been successful and are unable to achieve their goals
and objectives, as a result of the firm’s inability to efficiently and
effectively engage in new product development.
Thus, the
research questions the researcher intends to use in exploring the mystery
behind the problem stated; considering the effect of new product development as
a strategy for corporate growth, includes:
i) What
roles does new product development play as a strategy for corporate growth?
ii) What are
the cost implications and effects on a firm; incurring and embarking on new
product development?
iii) What
effect has differentiation on new product development?
iv) What are
the effects of competitors’ product in the market; on the new product
development?
v) A raw
material is a major determinant for new product development; what sort, source,
and mobilization for raw materials procurement in form (quality), quantity
available to the manufacturer?
It is as a
result of these problems, the researcher is concerned about and seeking
solution to proffer effective solution and strategies a firm should choose to
embark on new product development.
1.3RESEARCH
QUESTIONS
i) Could the
high cost of raw materials be a set back to new product introduction?
ii) Could
new product development be relevant to the company?
1.4
OBJECTIVES OF THE STUDY
This study
hopes to achieve the following aims and objectives:
i) To
identify the problems encountered in new product development and its
introduction into the market.
ii) To
examine the effect of new product development on firms corporate growth.
iii) To
identify the promotional tools employed in marketing the new product.
iv) To
recommend feasible solutions to the problems stated; in the statement of the
problem.
This
research work will also be a help to students and other researchers, who may
intend to write on similar topic in due time.
1.5
STATEMENT OF HYPOTHESIS
In order not
to be bias in the conduct of this research, the use of hypothesis has become
paramount for effective guide in the process.Two forms of hypothesis have been
identified to be tested in this study.
HYPOTHESIS 1
Ho: The high
cost of raw materials is a set back to new product introduction.
Hi: The cost
of raw materials is not a set back to new product introduction.
HYPOTHESIS 2
Ho: New
product development is not relevant to the company.
Hi: New
product development is relevant to the company.
1.6 SIGNIFICANCE
OF THE STUDY
This
research work/study would be of great importance to private investors;
intending entrepreneurs; advertisement agencies; students and all other a
sundry to product development in the following ways:
i) Analyzing
the levels of competition in terms of sales; sale patronage between new
products introduced into the market and old or existing ones in the market.
ii) It
enhances the evaluation of the impact of advertising on the success and
acceptability of a new product in the market.
iii) It is
also significant to investors and entrepreneurs as to when and what to invest
into; and invest as well as make suggestions of best product mix.
iv) It
serves as a means of exposing the researcher to the practical aspect of the
subject matter also for use as a source of the secondary data for further
research work/study.
1.7 SCOPE OF
THE STUDY
For the
purpose of this research work/study, I will like to be restricted to the
Uni-lever Nigeria limited.
The study
intends to look into the effects and successes so far attained in the market as
regards to new product development as a strategy for growth of the company.
The aim of
embarking on new product development, the problems encountered during the new
product development and possibly the duration taken in introducing new product
ranging from 1999 -2014, which basically paved way for effectiveness in the
product introduction based on quality improvement over the years.
1.8
LIMITATION OF THE STUDY
The
researcher hope to be successful in carrying out his investigation, but this
was not so because of some uncontrollable forces militating against this
research work. Among such factors that limit the scope of the study includes:
i) Time
constraint: This has always been a limiting factor to any project work. This
research work is being carried out simultaneously with academic work and the
crash programme of the studies in the institution, thus interfere with the
research work which make the time too short.
ii)
Financial constraint: Following the economic meltdown in our economy; reducing
the flow of money in the circulation, the researcher was unable to make
contacts with company and other sources of information, to collect information
for this research work.
1.9
OPERATIONAL DEFINITION OF TERMS
i)
Marketing: A supportive business activity which develops and satisfies both the
consumer’s needs and wants at profit.
ii) Product:
This is a tangible and intangible attribute, including financial; social; and
psychological utilities and benefits associated with a company.
iii)
Strategy: This is a way of achieving organizational objectives through the
company’s workers and other resources.
iv)
Development: According to S.A Enikansola (2003); sees it as transformation of
product from one style, brand or package to an improved and a modern one to
best satisfy the consumer’s needs.
v)
Distribution channel: According to C.G Datong et al (2003); opined that
distribution channel is the set of companies and individuals that exist in the
transfer of goods as they are moved from one producer to consumers.
vi) Growth:
Philips Kotler (2005); sees it as a period in the product life cycle;
characterized with rapid sales, acceptance and substantial profit improvement.
vii)
Competition: Osuola E.C(1992) defines it as effort made by the firm to win the
minds and interests of consumers by production of high quality products to best
Satisfy
their target market.
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