THE IMPACT OF NEW PRODUCT DEVELOPMENT ON SALES VOLUMES (A CASE STUDY OF PEUGEOT AUTOMOBILE NIGERIA LIMITED KADUNA)
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THE IMPACT OF NEW PRODUCT DEVELOPMENT ON SALES VOLUMES
(A
CASE STUDY OF PEUGEOT AUTOMOBILE NIGERIA LIMITED KADUNA
ABSTRACT
This research is a
study to investigate “the impact of new product development on sale volume. The
writer carefully examined how new product are developed in the company pan ltd,
along with sale volume of the new generated product, new product can be
described as nay product which has a new substance incorporated, the new
substance could be modified favlour, colour, or even the pack. The objective is
to enhance profitability towards the development of the organization and what
new product development entails. The research is carried out in pan ltd kaduna
TABLE OF CONTENTS
Title i
Declaration
ii
Approval iii
Dedication iv
Acknowledgement v
Abstract vi
Table
of contents vii
CHAPTER
ONE
1.1
Introduction 1
1.2
Statement of the problem 2
1.3
Brief history of general problem 5
1.4
Background of the study 7
1.5
Research scope 9
1.6
Rationale for the study 9
1.7
Limitations of the study 10
1.8
Definition of terms 11
CHAPTER
TWO
Literature
Review
2.0
Introduction 16
2.1
Definition of product 16
2.2
Stages and process of new product
development 22
2.3
Reasons and objection of new product development 27
2.4
Product definition product life cycle 28
2.5
Issues of sales 32
CHAPTER
THREE
Research
Methodology
3.0
Introduction 37
3.1
Research methods used 37
3.2
Justification for the approaches used 38
3.3
Research populations and sample size 38
3.4
Instruments of tools used 39
3.5
Sample procedures employed 39
3.6
Statistical techniques used in analyzing
data 40
3.7
Statement of hypothesis 40
CHAPTER
FOUR
Presentation
and Analysis of Data
4.0
Introduction 41
4.1
Presentation and analysis of management
questionnaire 41
4.2
Presentation and analysis of end used
questionnaire 45
CHAPTER
FIVE
Summary,
Conclusions and Recommendations
5.0
Introduction 54
5.1
Summary 54
5.2
Conclusions 56
5.3
Recommendations 57
Bibliography
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
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
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
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
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
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.
1.7 LIMITATIONS OF THE STUDY
Actually,
this piece of work ought to be more voluminous that what it is not but due to
the inhibiting factors encountered by the researcher during the period which
are beyond control.
Inadequate
finance brought delay, time wasting and access to total comprehensive
information and data hence that is clearly understood or financial crisis is
part and Persil of students.
The
crash academic program of the researcher couple with lectures combining
services with supervising of project all posed problems or threat in its way.
Lack
of prompt innovation, invention and initiative ability by company R and D staff
and new product failure. Financial deficiency by the company, all the processes
of new product development involve money (huge amount). Its never done over
night it takes time, labour and money.
Another
constraint are sales, new product pass through adoption process or class
according to Roggers. It consists of he innovator, adaptors, early majority,
late majority and laggards (will consider each later in detail).
In
this nature, sales is highly influenced slowly, fast or gradual some times or
easily contribute the product declining and out of market when multitudes of
late majority and laggards are commonly discovered.
Data
provided has a little limitation to its effect hence the secret and
organizational policy in some extent must be safe guided and through
secured/experienced it at the course of the research.
1.8 DEFINITION OF TERMS
New
product of development
Sales
volume analysis
Product
Product
modification
Quality
improvement
Feature
improvement
Style
improvement
Service
improvement
Quality
reduction
Promotional
benefit
Value
analysis
Product
space
Product
line
Product
offer
Branding
Brand
name
Packaging
NEW
PRODUCTS DEVELOPMENT:
Any
product which has a new substance incorporated, modified, flavor colour, or
even the pack or if its is seen so (new) to consumer in new market or if new
uses of it have been discovered.
SALES
VOLUME ANALYSIS:
Is
a detailed study of the “net sale” section of a company’s profit and loss
statement (its operating statement).
PRODUCT:
Is
a set of tangible physical attributes assembled in an identifiable form or any
thing offer for sale that have value.
PRODUCT
MODIFICATION:
Adding
to some features, style to improve and charge the existing product into a new
one.
QUALITY
IMPROVEMENT:
An
improvement perceived to the significant by customers in product appearance and
performance.
FEATURE
IMPROVEMENT:
This
is designed to increase the range and scale of product use that give exhaustic
pleasure to the customer.
STYLE
IMPROVEMENT:
This
aim to improve product aesthetic appeal rather than product preference, and it
is center or shape, colour and texture variance.
SERVICE
IMPROVEMENT:
Companies
complement their product offers with service in order to heighten repeat
purchase.
QUALITY
REDUCTION:
This
has led to price wars, inflation and declining marketing activities. Prices
reduce to appeal price sensitive customers and reduce the impact of competition
and improve profitability.
PROMOTIONAL
BENEFITS:
Companies
tend to add value to their products through sales promotion, advertising
personal selling, public relations and publicity.
VALUE
ANALYSIS:
The
product formula altered in order to improve performance and ensure added value.
PRODUCT
SPACE:
Is
a market opportunity created by unsatisfied need which involve extension of
product line or the development of a new product.
PRODUCT
LINE:
Is
a group of product that are closely related either because they satisfy a class
of needs are used together, sole to the same customers groups, are marketed
through the same types of outlets, or fall within given price ranges. And is
determine by the width, length and consistency of product mix.
PRODUCT
OFFER:
Are
the collection of company provision which includes the company’s product service and other supportive
activities.
BRANDING:
Is
anything including words, letter name, symbols, or band marks, and marks which
may be a seller to distinguish his goods from those offered for sale by
competitors.
BRAND
NAME:
Is
a word or group of word, letter number of the combination of the above which
can be spoken, that helps to identyify, a product and differentiates from other
goods e.g. the word Peugeot is a brand name.
PACKAGEING:
This concerned with protection
and promotion of product (new or modify) and it comes in different forms,
example papers words, glass etc.
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