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THE IMPACT OF NEW
PRODUCT DEVELOPMENT IN AN ORGANIZATION
CHAPTER ONE
1.1 BACKGROUND
OF THE STUDY
The subject (new product development) has influence the issue
of sales which the researcher will like to assembly the sales of PAN product
and services in Nigeria.
The company staff embark on 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 scope of this
research piece to 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.
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 because new
products development shapes the company’s future. Replacement products must be
created to maintain or build sales of the organization.
Any enterprise that is profit oriented, can be actualize this
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.
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
THE PROBLEM
A new product can be conceived and developed over night, it
takes time and effort to bring 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 circumstance.
The reaction of the company leads to new or modified
products, such products are born out of either innovation or invention that is
problem in process. Talking about new product failure in automobile industries,
Peugeot 505 Evolution (Nigerian Innovation/Made) was face out 9 years ago.
1.3 OBJECTIVES
OF THE STUDY
a) To examine
the impact of new product development on sales volume in Peugeot Automobile
Nigeria Limited (PAN), Kaduna.
b) Find out
whether the product development policy of PAN is formulated to achieve high
sales volume.
c) To find
out the purpose of new product development programme of PAN Nigeria Plc,
Kaduna.
d) To identify
the constraints militating against PAN in new product development.
1.4 SIGNIFICANCE OF
THE STUDY
The study will be beneficial to PAN Nigeria Plc Kaduna as
well as other corporate organization in the formulation of their product
policies and strategies.
The study will contribute to knowledge by adding to existing
knowledge on new product development. The study will equally be a good
reference material to students who may wish to undertake to similar research.
1.5 RESEARCH
QUESTIONS
a) What are the
impacts of new product development on sales volume in Peugeot Automobile
Nigeria Limited Kaduna?
b) What kind of
product policy does Pan embark in her product development?
c) What is the
purpose of new product development programme of PAN Nigeria Plc, Kaduna?
d) What are the
constraints militating against PAN in their product development?
1.6 SCOPE OF THE
STUDY
The study will cover an empirical investigation into the
impact of new product development on sales volume of Peugeot Automobile Nigeria
Plc, Kaduna. To this end, the study shall identify the product policies of PAN
as well as the purpose of new product development programme of PAN Nigeria Plc
and the constraint militating against PAN in their product development data and
information shall be collected from 2008 to date.
1.7 LIMITATIONS OF
THE STUDY
Every research activity has its constraints. This particular
one is however not an exception. Certain factors limit the process of writing
this research work, which include:
1) Inadequate
Research Materials: The research materials on this subject matter were few. The
much relied library is filled up with out-dated books, which are of little
relevance to current research. Moreover, the cost of new and up-dated materials
are exorbitant which make them not readily affordable.
2) Lack of
Cooperation of Subjects: Sourcing for information from source of respondents
was not an easy task, particularly with regards to some information that are
regarded as classified or highly confidential to the company. The degree of
cooperation of staff of PAN was minimal.
3) Low Return
of Questionnaire: In the process of gathering data, it was discovered that not
all questionnaire issued out were returned. Some of them were also wrongly
filled which means a great deal of relevant information was held back, and
which could have enhanced the quality of this study.
4)
Inaccessibility of Subjects: Another constraint encountered during the
research is the inaccessibility to the inventory management manager who was not
always on sit to provide desired data.
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