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THE IMPACT OF NEW
PRODUCT DEVELOPMENT ON SALES VOLUME
CHAPTER ONE
1.1 INTRODUCTION
Companies that fail to develop new products are putting
themselves at great risk. Risk of poor sales volume, space out of market into a
small cubicle of not completely put out by competitors of the same product
development strategies, initiatives and innovation conscious that is what that
research is aiming to influence on sales volume. The existing products are
vulnerable to changing customer needs and tastes, new technologies shortened
product life circles and increased domestic and foreign competition once a
company has carefully segmented the market, chosen its target customers,
identified needs, and determined its market positioning.
It is better able to develop new products. New products development
shapes the company’s future. Replacement products must be created to maintain
or build sales of the organization.
Every enterprise is profit oriented, that can be actualized
through prompt sales volume realize, and that depend on the quality, core products,
physical tangible, augmented products and the application of promotional
mix/tools of the newly developed product.
It is also clear that customers want new products, and
competitors will do their best to supply them. For instance, each year over 16,000
new product (including line extension and new brands are introduced into
groceries and drug stores.
In automobile company in general (especially PAN with it
uniqueness and distinctive qualitative product) such cannot be less expected.
Automobile company Peugeot in developing a program to reach
its intended market, must start with the product (new product) at hand for
offering or service designed to satisfy the wants of the market segment.
Therefore the executives must plan, develop and manage both individual
(industrial users) product and industrial product assortment. This is not easy
task as is shown by the large number of product failure in our economy.
1.2 STATEMENT OF
GENERAL PROBLEM
Understanding this concept – new product, we discover products
or services that are borne of innovation but non existence previously with its
present feature so it attracts problems at the level. A new product can be
conceived and developed over night, it takes time and efforts to ring the new
product idea into fruition. It also consumes a lot of money to bring a new idea
generated into commercialized offer.
A new product is expected to be profitable and successful but
opposite is the case sometimes to different companies products sometimes
decline and die natural deaths due to inexplicable circumstances. Some
organizations can tolerate a gradual decay while others adopt alternative
actions to remedy the life of the dying product. The reaction of the company
leads to new or modified products such products are born out of either
innovations or invention that is problem in process.
More so innovations or inventions can be accepted or rejected
by the intending customers and this rejection sends the manufacturer back to
the drawing board to search for the right product good cost. While acceptance
categorizes the intending customers according to the timing of their acceptance
and adoption. New product continue to fail a disturbing rate in 1997, record
25, 261 new package goods products were lunched and that doesn’t include
products you won’t find at your local supermarket, like technogism and software
programmers. But equally stuming is the number that failed. Talking about new
product failure in automobile industries, Peugeot 505 evolution (Nigeria
innovation/made) was face out 9 years ago.
A twinkle of an eye in the life span of product life cycle of
PAN when you consider that it cost N40 million to 90 million to launch a new
product you wonder why people continue to innovate at all.
Budgeting for new product development is another problem.
Research and development (R and D) outcomes are so uncertain that it is
difficult to use normal investment criteria example today 3m innovation network
makes more than 60,000 product including sand paper, adhesive, computer
diskettes, contact lenses, etc.
And each year 3m launches score of new products. This and 15
billion company immodest goal is to have each of its divisions generate at
least 30 percent of sales from product less than four year on the market.
Estimating cost of finding on successful new product considering the process of new product
development each.
S/NO
STATE
NO OF IDEAS
PASS RATIO
COST PER PRODUCT
TOTAL COST
1.
Idea screening
64
1.4
1,000
64,000
2.
Concept testing
16
1.2
20,000
320,000
3.
Product development
8
1.2
20,000
1600,000
4.
Test marketing
4
1.2
500,000
2,000,000
5.
National lunch
2
1.2
5,000,000
10,000,000
Total
N5,721,000
N13,984,000
A new product can emerge due to the preventing circumstances
within and outside the company such problems encompass. Organizing new product
development the obsolescence of the existing product how to develop and create
a new market the company’s strategic
objective of product diversification the technological innovation and
environmental influence.
1.3 BRIEF HISTORY
OF PEUGEOT AUTOMOBILE NIGERIA LIMITED
The name Peugeot is a family name and it happens to a product
name too. Before 1975 individuals in Nigeria were importing vehicles into the
country.
In 1979 the Federal Government of Nigeria took a firm
decision, she decided to import motor vehicle and this continued till August
1970 when the Federal Government invited foreign automobiles companies for a
supply and assembly of motor vehicles in the nations, therefore open
application form of vehicles were offered. Many automobile companies abroad
applied but only Volkswagen of Western Germany and automobile Peugeot of France
were favoured and approved by the government. Peugeot is to be sited in Kaduna
and in Yaba Lagos. The negotiation and agreement concluded in 1970 and the
company Peugeot Automobile Nigerian Limited (PAN) was incorporated the same
year.
In 1972 construction commenced in earnest and completed in
March 1975 and commercial along that was during the military era. Production
started immediately. The first motor vehicle (car) that was produced on that
very day was: (i) 405 saloon car along the line are other version. (ii) 504 air
conditioned, 504 ambulance, 504 Dagel, 504 SR 2000, 504 special, (ii) 504
delivery van, the best line, new ling, there was no 404 station wagon.
In January 1981, Peugeot 505 was produce, 505 evolution was
produced along the line but was faced out for two year ago that year 2000. J5
was developed and introduced in 1991 that was when federal government
introduced mass transit. All these mentioned above were the group of first
generation of Peugeot products now classify as old generation. The beginning if
the new generation includes. Boxer (which has come to replace 15) after that
another new Peugeot product was developed, Peugeot 306 model. And so far other
versions developed 306 standard, 306 best line, 306 XR, 306 SR, 406 prestige.
The other version imported and marketed in Nigeria are 306 station wagon,
boxer, 307, 206, the partner and the expert. The 607 and even 708. The partner,
boxer and the expert are kit cars not pleasurable car like 306, 406, 607, 206
etc.
1.4 BACKGROUND OF
THE SUBJECT MATTER
The subject (new product development) has influence on the
issue of sales volume which the researcher would like to unless in assembly and
sales of PAN product and services in Nigeria, although the researcher
discovered no new products idea generation either from customers.
The company staff, advertising and research agencies,
competitors, through conferences, exhibitions, and trade fairs, company’s
marketing department and R and D department of the company or through any of
the processes to prototype development and test marketing or commercialization
in new product development that is ever done or actualized in the assembly
nation (Nigeria) rather, but in France, therefore the sales here must be
influenced by the cost of raw material source shipped for imported and along
with the cost of production in the assembly. This is why sales or marketing
strategy apply is more focus on industrial market and government (local state
and federal). Majorities and less industrial market (buyer). All that involve
are due to the technicalities and uniqueness of the product.
There may be no use attempting to add a new product to the
existing range, if such a firm has no clear-cut objectives of what the new
product is supposed to achieve. It is not however, within the slope of this
research piece make a comprehensive list of the various objectives of new
products development as this varied widely from one firm to another.
By and large, the purpose of new product development of an
unexplored market potentials which a company has identified. The firm having
armed itself life PAN with such objective may then proceed to other steps in
new product development.
1.5 RESEARCH SCOPE
This study: impact of new product development on sales volume
is the aim of the research to go beyond the elementary understanding the
subject at hand. To enlighten the reader and give deep insight or illumination
on new product development (NPD), sales in generating and their interaction,
relationship impact, connection, influences and enhancement that occurs.
1.6 RATIONALE FOR
THE STUDY
Normally a researcher have his aims and objectives for the
study but this pieces of work is beyond mere aim for this project, there is a
focus/goal and high expectation, and benefits for reader. Not just that alone
but to other researcher of this or similar kind, to the company R and D and
marketing department and even to the government at large the research work
further emphasis on:
a. The need of new
product development
b. Objective of new
product development programme
c. The constraint and
solution project
d. Innovation and
adoption categories.
e. Financial and
general cost involve
f. Balancing the
sales volume while develop more new product frequently.
g. Considering the
product life cycle.
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