PRODUCT PLANNING AND DEVELOPMENT STRATEGY FOR INCREASED MARKET SHARE (A CASE STUDY OF PATERON ZOCHONIC P.Z ABA ABIA STATE)
This research outline, new planning and development as a strategy for increase market share with a particular reference to pateron Zochonic Plc, Aba and this associated strategy.
The induction part gives brief account of what product planning. The statement of problem is to determine whether new product planning and development as a strategy for increase market share, chapter two review some of the literature terms used in this study in the opinion of William.
I Stanton who defined product as a set of tangible and intangible attributes including packages colour, price which the buyer may accept as offering some terms like product life cycle product process were also reviewed.
Chapter three deals with the method used to aim information and the procedure adopted in collecting such data, which include area of study, population sample, sampling techniques and sources of data.
TABLE OF CONTENTS
TITLE PAGE – – – – – – – – i
APPROVAL PAGE – – – – – – – ii
DIDICATION – – – – – – – – iii
ACKNOWLEDGEMENT – – – – – – iv
ABSTRACT – – – – – – – – v
1.1 Background of the study
1.2 Statement of the problem
1.3 Objective 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
2.0 Literature review
2.2 New product planning and development Process
2.3 Idea generation
2.4 Business analysis
2.5 Concept testing
2.6 Product development
2.7 Product test
2.8 Test market
2.9 New product development and planning as strategies for increase market share
3.0 Research methodology
5.0 Research design
6.0 Sources data
7.0 Population and sample size
8.0 Sample technique
9.0 Validity and reliability of measuring instrument
4.0 Presentation and analysis of data
4.2 Presentation of data
4.3 Analysis of data
4.4 Interpretation of results
5.0 Summary, conclusion and recommendation
5.2 Summary of Findings
When a firm decides to go for a new product planning and development, there exist so many reason for that. It might be to increase the product line or product positioning, that is developing the image that a product project in relation to competitive product and to the company or the product is no longer doing well in the market due to age or out of data occasioned by consumer shift to more recent innovation that offer superior values that is product obsolescence or to increase the market share etc.. product planning and development life cycles the progression product made from their introduction into the market of the eventual decline before cleat,(product are like human being that passes through a series of stages) each product we see today in the market is just one out of thousands of product ideas that was able to satisfy the stages that takes place in the sequences namely idea generation,
Idea screening, business analysis, concept testing, product development, product testing and test marketing, it should l hardly be necessary to explain that a product or service is a problem solver, in the sense that it solves the customers problem organization achieves its own objectivities.
Product is what actually changes hands this clearly a subject of great importance.
The due of what constitutes a product can be found in an examination of what it is that customers appear to buy, He now over thirty years since THEO DORE LEVIT (1969) in what is perhaps the known article on marketing over written (marketing myopia) said that what customers want when they buy ¼ inch holes. When customers buy a product, they are still buying a partial bundle or benefits which they perceive as satisfying their own particular needs and want.
BACKGROUND OF STUDY
The industry had began in sierra leone, when Mr.G.B. Zochonic company limited which was incorporated as a private company under the Liverpool and Manchester which has remained the headquarters of the group ever since. The main business of the company was active for many years in the export of west Africa produces such as carton maize, coca, cassava, and of trading post throughout west Africa which it serviced by operating four small costal sailing school net.
The first branch in Nigeria was opened in Lagos in 1899, a branch was established in calabar and by 1912 the company operates major branches in major cities tons of the federation. The industry Ltd in 1960 and 1972sold 60% of the share to Nigeria and 40% was held by no Nigerian. In 1992, it changed it name to PZ industry Ltd and becomes a public liability company in 1993 and now it answers PZ industries Plc with more than 100 employer’s staff strength. PZ Plc is engaged in the production of confectionaries.
Pharmaceuticals and thermo cool cooling system etc.
STATEMENT OF THE PROBLEM
The high failure rate of many new products is a testimony that product concept or product notion is circulated in terms of consumer’s behavior. Many manufacturing organization go into new product planning and development for some reasons because it is not an easy task to carry out product planning and development. Some of the problem in new product planning and strategies for increase market share areas follows.
- New product planning and development is a strategy for increase market share.
- There are other strategies for increase market share.
- The survival of any manufacturing firm depending generally on adequate planning and development.
- New product does not survive all the time in the market.
OBJECTIVES OF THE STUDY
Manufacturing organizations rely on the market for survival and growth in every other business in enveloping a programme to reach its with the product or service designed to satisfy the want and needs of the market.
Therefore the purpose of the study aimed at finding out the appropriate processes involved in the product planning and development.
It is also aimed at highlighting the importance of product planning. It also looks into the necessity of product planning and development as a strategy to increases market share.
Finally it is the aim of this work to identity the likely problems mentioned above and the possible solution to the problem associated with the product planning and development.
- What type of business organization does your firm belongs to?
- What is the objective of your firm?
- What is the nature of your company’s product?
- What channels of distribution does your firm operate?
- What strategy does your firm applied to increase its market share?
- What is the nature of your company’s market share?
- what are the reasons why your company wants to increase its market share’s
SIGNIFICANCE OF THE STUDY
In a depressed or low state of trade country like Nigeria where market is moving from the sellers market to the buyer market, appropriate planning and development of a product is of great importance to both the firm and the society as a whole for an organization to effectively complete and get a better share of the customer come in a fully buyer market, it must play and design a product that will suit the needs and wants of consumers. The product we know is a part of the marketing mix because it is a means of generating revenue for the organization and a country as a whole.
Therefore, with product planning and development organization might be also to satisfy both the actual and potential consumers.
It will also be a great use to the government advice sense that it will help them in going achieve to the manufacturing organization on the social responsibilities of a product to the country’s economy. It is also of great importance to marketing practitioners in the application of marketing concept (to satisfy the need and wants of the consumer at a profit). This will also enhance.
Profitability on part of the manufactures who supplies consumers requirements. Finally the significance of the study will be relevant to the firm under study since it must complete with other firms in the same production have and must survive in the market.
SCOPE OF THE STUDY
The study is based on new product planning and development as a state 99. for increase market share la case study of patierron Zochonic Plc, Aba-Abia state, the data collection phase of the research investigation is distinguished as primary and secondary sources. Secondary sources consist of the already exist data and should be examined first while primary data are the original data collected by the research is to further existing knowledge about a concept, idea or theme. This is the underlying reason why this research was initiated.
LIMITATION OF THE STUDY
This study is based on the product planning and development as strategies for in creased market share (a case study of paterson Zochnic industries plc Aba). The data collection phase of the research investigation which is distinguished as primary and secondary sources. Secondary sources consists of the already existing data and should be examined first while primary data are the original data collected by the researcher him/herself. However, the researcher being a graduating student was faced with
- Insufficient Capital: Here the researcher could not attain the desired scope and depth due to capital handicap. This insufficient of fund and high cost of materials militate against the project work. Besides high cost of transportation due to the withdrawal of one subsidy prevented the research from visiting other branches of the industries together with much needed primary and secondary data.
- Time constraint: time give to complete the project work may not be enough to carryout the research effectively. When any other research is to be complete within a limited time, useful information either from primary or secondary data that would have been collected many not be reached.
- Bureaucratic constraints: under this, limitation, concrete constraints: under this; limitation, concrete attempts made to interview top official failed because of red-tapism in handling officials’ engagement and procedures in releasing required data official secrets of the company etc.
DEFINITION OF TERMS
Some of the terms and concepts marketers used in product planning and development include new product, product line and product not.
PRODUCT: A product is anything that can be offered to market for attention, acquisition, use or consumption that might satisfy a want or need. William Stanton defined product as a set of tangible and intangible attributes including facing, colour, price, and manufacturing.
A product is the entire thing offered to a products or services offered become personalities, idea and organization as well.
NEW PRODUCT: These are simply those products that are basic only different from the goods; services and bundles of benefits already in existence in the market place.
PRODUCY LINE: These are group of goods closely related either because they satisfy a class of need or are used together or market through the same out let or fall within a given years.
PRODUCT MIX: Product mix is the aggregate of product offered for sale by a firm or business unit. It is the set of all product line and items that a particular seller offers for sale to the buyer.
PRODUCT PLANNING: product planning is the evaluation of the range mix. Specification and pricing of existing and new product in relation to product and future market requirement and competition planning or product range and pricing to satisfy company objective and specify the research design and development support required.
PRODUCT DEVELOPMENT: Product development is more limited term which encouragement the technical activities of product research engineering and design etc.
MARKET SHARE: Market share is a company’s sales expressed as the percentage of the total market sales. Market share is the percentage or proportion of the total available market or market segment that is being serviced.