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THE IMPACT OF NEW PRODUCT DEVELOPMENT ON THE PERFORMANCE OF AN ORGANIZATION
This project work is focused on impact of new product development on the performances of an organization, “A case study of Nigeria breweries Abiastate . The objective of this study is to determine the important of product research on organizational performances. The problem of this study is the lack of researchon product in order to developed such product. Data for this study are collected from two major sources, primary sources and the secondary sources, the primary source was the use of questionnaire and the secondary sources was the use of other literatures and text books. Data was analyze using table and percentages, from the analysis it were discovered thatmanagers of organizations are major contributors to the success of a product and it was concluded that new product development is more effective and more productive with adequate training personnel and management and it were recommended that the success of any new product depended on the method of introducing that product.
1.1 Background of Study
As human beings have always sought for growth and development all through their lives span also an organizational product. A good, service, idea that is perceived by same potential customers as new a new product renovation. In this piece of work, the researcher will concentrate on the impact of new product development on the growth of a firm. The researcher will also look at how new product development determines both the levels of economic growth and standard of living of citizens. New product development is one of the avenues of enlarging the size of the product port folio of any organization, increasing its sales volume and enlarging its financial strength. Many organizations seems not to have recorded much success as a result of depressed economic situation. It is imperative to recognize the fact that necessity give birth to invention or innovation, and for an organization to avoid being forced out of the market, it has to innovate. New product development is important in a competitive market like that of Nigeria. It determines both the levels of economic growth and standard of living of the citizens. Most products in the markets today have undergone changes over times. According to Mr. Roland’s Lecture note, new product has been seen as the life blood of any organization. This is because seizing new opportunities as they emerge is a way to increasing profits. This means that a firm with a successful new products gives it the chance of creaming off large profit before effective competition develops. Every company must develop new product because new products shapes the company’s future. Replacement product must be created to maintain or build sales. Customers want new products and firms will do their best to supply them. Companies that fail to develop new products are putting themselves at greatrisk.Developing and managing products is critical to organization’s survival and growth. Although several organizational approaches to product management are possibly the share common activity functions, and decisions necessary to guide a product through its life cycle. Product managers coordinate efforts and become the strategic centre for the product in all markets. Marketing managers focuses on products for specific market. Adventure team is sometimes used to develop new products. Members of the venture team come from different functional area within an organization and have authority to execute plans. Product planning requires the coordination of such functional areas such research and development, production and engineering, research and finance, accounting and marketing. Each of these areas of departments has functional authority over some aspects of the product. To maximize the effectiveness of a product mix, an organization usually has to alter its mix through such methods as new product or the development of existing product deletion of a product, or the development of a new product. Product modification refers to changing one or more of a products characteristics. This approach to altering a product mix can be effective when the product is modifiable, when customers can perceive the change, and when the modification is desired by consumer. Products can be changed through the quality, functional or style modifications. New product development involves generating idea, screening to determine which idea to develop, expounding an idea through business analysis, test marketing and commercialization. The decision to enter the commercialization phase means that the product has gotten to its full scale of production and that complete marketing strategy has been developed. The adoption process by which the buyers go through in accepting a product include; awareness, interest, evaluation, trial and adoption. The process of a company in new product requires the establishment of effective organization for managing the new product development process. The development of new product helps in improving the satisfaction of the consumers. Therefore, this research is investigated on the impact of new product development on the growth of firm using Nigeria Breweries Plc Aba, Abia State as a case study. This industry produces both alcoholic and non-alcoholic drinks; the alcoholic drinks are: Star Larger Beer produced in1949, Gulder Larger produced in 1970, Heineken re-launched in 1998, Legend ExtraStout produced in 1992, Gulder Max Larger Beer produced in2006. Their non-alcoholic drinks are: Maltina Bottle drink produced in 1976, Amstel malta produced in 1994, Maltina sip it produced in 2005, Fayrouz produce in 2006.There has been also a acute problems militating against the standard of new produce development in the Nigeria Breweries Plc Aba and other related firms. Consequently, the standard of new product development is limited to the following problems; lack of research or the one made is inadequate, lack of capital, government policies, lack of training among personnel’s. Therefore, proper production management should be maintained to improve or encourage new product development on the growth of Nigeria Breweries Plc.
1.2 Statement of the Problem
New product development has contributed much to the growth and survival of Nigeria Breweries Plc and has also suffered many problems. Therefore, this research work is designed to critically evaluate the problems of a new product development which are as follows;
1. Lack of research or the inability of the management to find out what the consumers need.
2. failure to find out the government rules and regulations
3. Lack of training programmed; Failure to train marketing personnel for new product and new markets.
4. Lack of Capital: The company cannot raise fund needed for new product development when there is new ideas.
1.3 Objective of the Study
The purpose of the research is to study the impact of new product development on the growth of Nigeria Breweries Plc Aba. The research study was designed to enable the researcher and the firm;
1. To determine the importance of research findings on the growth of Nigeria Breweries Plc.
2. To determine the relationship between government policies andnew product development.
3. To examine how inadequate training programmed affects newproduct development.
4. Examine the criteria in granting loans For external finding of newproduct development.
5. To recommend ways Nigeria Breweries Plc could improve the newproduct development.
1.4 Research Questions
Based on the statement of the problem, the objective and statement of the project, the following research questions were advanced;
1. Does inadequate research affect new product development?
2. does sale promotion improve the sales of new product thereby increase sale revenue?
3. Does inadequate training programmed affect new product development?.
4. Does finance affect the expansion of new product development ?
1.5 Significant of the Study
This research is counted on the impact of new product development on the growth of a firm Nigeria Breweries Plc Aba.This research work will go a long way in helping the following;
- The Researcher: - It will enable the researcher to ascertain the problems involved in the cost of developing a new product.
- The Firm: - This research work will help the Nigeria Breweries Plc to identify the problems involved in the development of a new product and also suggests the everlasting solution to them. It will also help the firm to increase its sales volume, profit and market share.
- The Society: - This project work has gone deep to assist the economy by increasing Job opportunities for the young graduates. It will also help to develop marketing in the economy environment both domestic and international.
1.6 Scope of the Study
- In the cause of this study, the researcher uses senior, middle, and Junior staff of Nigeria Breweries’ products, from four (4) selected L.G.A. in Abia State, which include Aba North, Aba south, OsisiomaNgwa, Isialangwa South.
1.7 Limitations of the Study
In trying to make this research work a successful one bye inquiring relative information, the researcher encountered the following constraints;
- Time: -The time allowed for this research work is not enough for intensive study of the project.
- Finance: - Shortage of fund also limited the researcher to only four (4) local government areas as well as restricting him into printing and administering questions to the selected few among the senior, middle and junior classes of the company’s staff.
1.8 Definition of Terms
To avoid misinterpretation of any aspect of this work, it becomes necessary to the researcher to define some of the essential terms used in this work. These terms therefore should be understood as follows:
Product: This is one of the elements of marketing mix that represents the basic offering being made to consumers. It is also everything (both favourable and unfavourable) that one receives as an exchange; it is a complexity of tangible and intangible attributed, including functional, social, and psychological utilities or benefits. A product may be a good, services, or an idea.
Marketing Mix: This consists of four (4) major variables in marketing, which serves as pillars that makes marketing to stand well; they are product, place, price, and promotion. It is also called the 4P’s and marketing elements
Marketing Strategy: This is the process of determining a target market and choosing the marketing mix variables needed to maximize satisfaction of those consumers. It is also the set of objectives which an organization allocates to its functions in order to support the overall corporate strategy, together with the broad methods chosen to achieve these objectives.
Innovation: This is the process of producing something new inform of product or service that someone or any company has never produced it before. It is also refers to any good, service or idea that is preserved by someone as new.
Research: This is an organized way of finding valid or useful information about a particular domain or phenomenon in an environment with a set of objectives. It can also be described as a thorough investigation or in-depth search for the causes of any problem within intention of preferring solutions.
Commercialization: This is one of the product development stages in which the product is first submitted to the market and thus commences its life styles.