PRODUCT DEVELOPMENT IN THE CABLE INDUSTRY: PROBLEMS AND PROSPECT. (A CASE STUDY OF CUTIX CABLE PLC NNEWI ANAMBRA STATE)
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PRODUCT
DEVELOPMENT IN THE CABLE
INDUSTRY:
PROBLEMS AND PROSPECT.
(A CASE STUDY
OF CUTIX CABLE PLC
NNEWI ANAMBRA STATE)
ABSTRACT
This research work is aimed at
identifying some of the variables affecting new product development in the
cable industry using Cutix cable PlC. Nnewi as a case study. A look at this problem has show that
customer’s wants and needs should be put into. Consideration before deciding on
the new product to be produced, and the firm should make some that they have
enough raw materials to meet the quantity ordered by her customers to avoid the
problem of stock-out in the company. This research is made up of five chapters,
chapter one is centered on the introduction of the study, the purpose and the
variables affecting product development.
Chapter two deals with the works of some intelligent scholars who had done
some research on new product development and some of the likely problems one
can encounter when developing a new product. Chapter three dealt with the
research methodology, the design of the study, questionnaires and method of
data collection. Chapter four looked
into the findings and analysis while chapter five gave insight on the summary
of difficulties involved before a firm finally come out with a new product in
the market and the recommendations given to the cable industry to achieve the
production of new products, without difficulties. It also contains the limitation of the study
and suggestions for further study.
CHAPTER ONE
INTRODUCTION:
The product or watchword for marketing
has to be associated to “innovation or die.
This innovational attributes can
become a philosophy compelling or almost parallel to that of the marketing
concept (Stanton W.S 1981).
Definitions
1.
Offering new improved
products for present markets.
2.
A strategy of selling
a new product to existing markets.
3.
A state of creating
new products that moves the product from concept to test phase and also
involves the development of marketing mix (promotion, distributions and prices)
4.
A product market
growth strategy in which a company develops new products to sell to its
existing markets.
5.
Consist to of the
companies seeking products for its current markets.
Development is
often referred to as the technical side of business only. This interpretation or emphasis is not too
concise as development itself is more than the application of scientific
planning to ensure the progress of the enterprises as a whole
A clearer idea of the development functions is concerned with word “
improvement.” A firm that has decided to
go into the manufacturing of a product that is in someway an improvement on those
there competitors. If the firm wishes to
have any success hey must exercise the development function right from the
start.
The
established business must pay a needed attention to give he product a better
position in the market, otherwise it
would be outrunned or out stripped by vibrant competitors. Improvement in design performance, materials
and processes by a progressive firm may have direct impact on their
product. Again, the demand for a certain
circle may be of uncertain demand
especially where fashion is involved and hence product development is paramount
and of vital importance.
New product
may be introduced to checkmate or replace again (obsolete) or unsuccessful
ones. The need to smoothout seasonal
sales fluctuation, exploring new opportunities and using or maximinising excess
plant capacity. A new product can be a
minor modification to the existing product features or in the packages of the
product. The
Product
development can as well meaning item which is “totally” new in concept. The term “new” product depends on the view of
the firm or company concerned. what may
not be looked at as a new product by the leader in the industry may be referred
to as “new” by some other companies within that particular industry.
The need for product development can also
be seen when we realize that
30 to 40
percent of a firms current value .
sales and
products do same from products that were not in the firms product portfolio
twice years ago. New results to either
utilizes excess plant capacity or as a
need to have enough products to have care of the seasonality in sales.
1.1
Background Of The
Study
Developing a product to satisfy the
desire of the customers is always an up-hill task and most times a night more
to most to most manufactures. Some
manufactures are confronted with problems because of there incapacitations to
handle product development.
Cutix plc is a company located at Nnew-Anambra state. Whose responsibility is to produce durable
cables? The company is an employer of
many workers. Cutix plc isa well know manufacturing outfit with credible
excellent perfance in its corporate and social responsibilities. They are experts in electric cables and
wires. The firm enjoys a commandable
return on investment despite this, the firm still need to strengthen their
market show byway of givens priority to further product development.
According to W.K Meniru, development is often understood and referred as
the technical side of business and it also involves the application of Scientic
planning to ensure the programs of the enterprises as a whole. In developing
the product, a firm will also mercase its market share and the sales volume of
the firm will also increase.
Some products
of cutix cable came to a decline stage and this is as result of poor product development.
Improvement in design performance, materials process by a progressive company
may have direct impact on the sales of the competing enterprises and this may
render the product absolute.
Cutix cable
PLC Nnewi was incorporator with the chater to make and produce durable and high
quality wires and cables using maximum local resources. The employed 100%
indigenous manpower, uses local inputs in machinery and adopts rapid integrated
programmes for its work-force.
The reason for
choosing cutix PLC as a case study is that out of 100 different types and sizes
of cable manufactured in Nigerian cable industry, by cutix PLC only forty (40)
were successful in the market. Therefore, this study is aimed at identifying
problems and prospects that leads to these massive product failure and to
profer solutions.
1.2 STATEMENT OF THE PROBLEM
Product development is usually a
complex situation that requires tactfulness. It is an inbill task for most
firms, this is because companies developing products are not even sure of its
acceptance or success in the market. Companies or firms that do not
consideration seems to be taking some avoidable risks.
Such
companies may finally see their products falling victim of changing consumer
taste and need and at the same time face domestic and foreign competitions.
Some of the problem associated to product development tends to have contributed
to the inability of cutix 15 adequately handle the process and the problem
could be traceable to poor marketing research, poor marketing efforts,
inadequate marketing analysis and fragmented marketing of new products at a
smaller market segment rate than the mass market.
Physical
factors as product quality and packaging is part of the problem. For cutix PLC
Nnewi their may dilemma is the identification of which factor among these
constitute bottle-neck in their product development. This is one of the
challenges of this study.
1.3 PURPOSE OF THE STUDY
1. To
identify the processes involved before cutix PLC could come out with a new
product development (idea generation, and ands with commercialization).
2. To
identify the problems militating the various stages of product development with
respect to Cutix PLC Nnewi.
3. To
axertain how government policies can influence cutix cables in developing a new
product.
4. To
find out how cutix can develop a product that would command market a leader.
5. To
sort out alternative measures, of which if implemented by the marketing
department of cutix would lead to innovation of a viable product at the lowest
minimum cost.
1.4 SIGNIFICANCE OF THE
STUDY
Due
to the economic condition of the country change in consumer needs and
preferences, technological changes and increase in competitions. In the cable
industry in Nigeria
with particular attention to cutix PLC, this research becomes paramount and
ultmost importance in order to carry out a thoroughly study on the problems and
prospects that cable manufacturers encounter in developing a new product. On
completion of this work, it recommendations will be made available to cable
manufacturer in Nigeria.
This
in turn would enable the manufacturers to respossition their products in a more
attractive way, have a good market share and indeed maintain its position as a
product innovation. This result would also enable cutix cable PLC in the
following ways:-
i. To
achieve sales growth and profit maximizations.
ii. Attract
positive consumer reactions to its products.
iii. To
replace the aging in successful products.
iv. To
smooth out seasonal sales fluctuations.
v. To explore new opportunities and using
excess plant capacity.
1.5 RESEARCH QUESTIONS
1. Does poor market analysis affect the
development in the cable industry?
2. Does
poor timing of products introduction affect product development in the Nigerian
cable industry?
3. Poor
feasibility studies does it affect the development of products?
4. Does
the product satisfying the need of her target market audience?
1.6 HYPOTHESIS
1.
Null Hypothesis (Ho) Lack of raw materials does
not affect new
product development in cutix cable PLC.
2.
Alternative Hypothesis (H1) Lack of
raw material affects new products development in cutix cable PLC.
3.
Null Hypothesis (Ho) The
products of cutix cable Plc does not satisfy the need of her target market
audience.
4.
Alternative Hypothesis (H1) The
products of cutix PLC satisfies the need of her target market audience.
1.7
SCOPE OF THE STUDY
The
economic and social justification for the existence of business in the ability
of the business to meet to the needs of her customers profitably. A firm or
company can meet this basic responsibility to the society through constant
product development. This research is therefore designed to identify those
problems and prospects an organization (cable manufacturers) encounter when
developing a product in a developing economy like Nigeria, where there is high cost
of capital acquisition, frequent changes in consumer behaviours, high cost of
electricity, and high cost of labour and manpower.
Cutix
cable PLC Nnewi was chosen by the researcher as the base for this study on
problems and prospects of product development in the cable industry due to the
fact that it was discovered that out of hundred (100) products developed by
cutix PLC, only forty (40) were able to reach commercialization stage
successfully.
1.8 DEFINITION OF TERMS
The terms used in this research which
have unique meaning is subjected to different readers of the project. The
definitions are as follows:-
MARKET A market is a set of actua and potential
buyer
of
goods and services. it is also defined as
people with need, with money, with willingness and ability to buy.
MARKETING Marketing is a unique function of
business
concerned with finding and satisfying
customers needs wants on the basis of benefits (Ugonwanyi W.)
INNOVATE To introduce something new.INNOVATOR Somebody that introduces new thing or
first users.
INNOVATION Changes, change is the only thing that
is constant.
ECONOMIC Deals with production, distribution and
consumption
of goods and services. It also deals
scarcity and how to cope with it. Attention of resources and effort to make a
living as well as provision of burn and needs.
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