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THE
IMPACT OF NEW PRODUCT DEVELOPMENT IN AN ORGANIZATION
ABSTRACT
Product
is a very important part of the marketing mix, and consumers want and
satisfaction serve as the yardstick for creating it. Hence products must be
designed with the market’s need in mind. This essay writing intends to look at
the basis for planning changes in marketing strategy which allows a management
to take a corrective course of action. As a matter of fact, products like human
beings have life span and they can die. The danger in the death of an
organization product is that it could result to the closure of the organization
business operations. In the light of this, it is therefore a necessity for
organizations to adopt the new product in order to remain in business and have
a sustainable and a new market.
CHAPTER ONE
1.1 INTRODUCTION
A product is defined by Kotler as anything that
can be offered to a market for attention, acquisition use or consumption. It
includes physical objects, services, places, organization and ideas. While
Holloway and Hancook view a product as any bundle of features from toothpicks
to watch repairs. To Boone and Kurtza, product presents a bundle of physical,
service and symbolic characteristics designed to produced consumer want and
satisfaction.
All these definitions and other point to the fact
that product is a very important part of the market mix, and consumer want and
satisfaction serve as the yard stick for creating it. Hence products must be
designed with the markets need in mind.
In marketing, product is viewed as having
dimension or layer reference to figure.
The inner layer is the physical component of the
product, which possesses values of varying amounts for different consumers. The
outer layer is the product as actually pecimed by the consumer that is his age
about the product or feeling about it. It is this perceptional layer that
determined the purchase or rejection of the product, while the middle layer
consists of all intervening factors that modify the way consumers receives the
products. These may include the packaging artising, reputation and others that
create product image.
Product planning encompasses all activities
involved in devising a product to meet the requirement of the market. It is
often argued that a product plan is the heart of competitive strategy. It is
also believed in marketing that product success stean from product planning. A
farmer ibo, sierra Leaone that consider that to plant, what quantity how should
it be packaged and possible branded etc is involved in project planning.
Jolson suggests various techniques to solve new
planning scenario writing, envelop curves, credence decomposition, relevance
and dolphin method.
All new products, whether successful have life
spans in the market.
A successful product may however have a short life
span which is not in the market skillful manipulator of the promotional
instrument is required to prolong the life span of such product. The promotion
in turn should be sported with and adequate distribution system, effective
pricing strategy and production schedule that will satisfy demand. To make a
product succeed in the introductory stage, the promotion effort should be
directed towards in farming and deducting potential consumers. The selective
demand is stimulated in the growth stage while in the maturity sage promotional
effort should be directed towards persuasion and in the decline stage all
promotional effort should be curt back substantially except when attempting to
revitalize the product.
1.2 OBJECTIVES
OF THE STUDY
Product is said to be a very important fact of
marketing mix, and consumers want and satisfaction, serve as the yardstick for
creating it.
The objectives of this essay is to bring out
strategies, methods and all activities involved in devising a product to meet
the requirement of the market.
All new products, whether successful have life
spas in the market. Also this essay, look at the market skillful manipulator of
the promotional instrument required to prolong the life span of such a product
and how the market uses product life cycle analysis as a basis for planning
changes in marketing strategy.
Due to the importance of new products coupled with
the high rate of failure, most organization have developed some formalized
system or structure.
The essay will look at the formalized system as a structure
for managing the new product development process. And finally the essay also
looks at the need for new product development.
1.3 SIGNIFICANCE
OF THE ESSAY
The study will be of great benefit to prospective
entrepreneur by improving the performance of the current product line adding new
product line. It is noteworthy to maintain that almost in all growth
strategies, it follows an up-signing process. This is a management fad used in
the context of increasing the size of an organization by mainly hiring more
employees.
1.4 SCOPE
OF THE ESSAY
The study is limited to the impact of new product
development in an organization.
1.5
LIMITATIONS OF THE ESSAY
In the course of carrying out this essay, certain factors militated
against the smooth operation of the work. The exercise was greatly limited due
to some factors.
Some of the factors include:
-
Lack of funds
-
Time
constraints
-
Inadequate research materials to
collect data such as textbooks, journals, magazines
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