The Impact of New Product Marketing Strategies on the Performance of Firms in Nigeria

Abstract

This research work is executed to evaluate the impact of new product marketing strategies on the performance of firms in Nigeria.

To develop and market new product; correct approach must be used to ensure that new product does not fail in the market, therefore making a new product to go through proper planning, implementation and control.

The method of investigation applied was sample survey; the study was executed by using statement of problems form which the research questions and hypothesis of the research were formulated.

Secondary source of data were collected from related books, journals, magazines, newspaper, archival records.

The data gathered were segmented according to the problems then analyzed using chi- square test. The findings, among others, are as follows;

• It has been established that strategies exist for firms in introducing their new products in the market, which have positive effects on the performance of the firms’
• Most management staff of Guinness Nigeria plc, get to know about the adulteration of their product through distributors and
• That some products are new in the market not because of its changes in the quality but because of change in other features of the
• That most consumers get aware of the existence of new product in the market through promotional efforts, advertising

Against the backdrop of the above findings were able to make some recommendations on the performance of firms.

• Firms should ensure standard quality of their product and monitor it to avoid any
• Firms should adopt the introduction of improved technology in their production.
• It is recommended that Guinness plc should introduce security cork system, family container size that makes the product unique from others. It will usher customer brand preference,

Table Of Contents

Title page       –           –        i

Dedication      –           –       ii

Acknowledgement    –       iii

Abstract          –           –       iv

CHAPTER ONE

• Background of the study – –      1
• Statement of the research problem – –   4
• Objective of the study – –           –   6
• Research questions – –           –      8
• Statement of hypothesis – –        8
• Limitation of study – –           –    9
• Significance of the study – –       9
• Definition of terms – –           –   9

References

CHAPTER TWO

• Review of related literature – –     16
• Concept of a product – –        17
• Packaging defined – –        18
  • Packaging concept – –   19
  • Types of packing tests – –     22
  • Packaging strategies – –    26
  • Packaging as marketing strategy – – 26
  • Criticisms of packing – –   27
• Reasons companies develop and market new product – 29
• The concept of marketing strategy – – 30
• Strategies in marketing new products – –  31
• Management of the product life cycle and the new Product development process       38

• The new product development process – –  40

References

CHAPTER THREE

• Scope of study – –   49
• Area of study – –     49
• Sources of data – –   50
  • Primary sources – –     50
  • Secondary sources – –   50
• Selection and construction of the research instrument – 51
• Reliability/validation of research instrument – -51
• Population of the study – –  52
• Sample size determination – –  52
• Sampling technique – –           – 53
• Methods of data analyses – –   54

References

CHAPTER FOUR

• Data presentation and analysis – –   57
• Analysis of responses from questions on questionnaire – 58

CHAPTER FIVE

5.1 Summary of findings             86

5.2 Recommendations 87

5.3 Conclusions 90

Bibliography

Introduction

Background Of Study

Developing and marketing new products are very important for profitability, survival and growth of companies.

To develop and market new products, correct approach must be used to ensure that the new product does not fail in the market.

A product has to go through proper planning, implementation control of programme designed to create, exchange, sustain mutually beneficial exchanges and relationship with target market to be a successful product.

Companies in their bid for market acceptance of their products develop and display combination of market strategies, some having to do with the various promotional tools, others with product quality, pricing, distribution etc.

All these for the purpose of maximizing their share  of the target market.

Kolter and Armstrong (1996;313) agreed with the above view by saying that because so many new products fail, companies are anxious to learn how to improve on their new products so as to succeed.

They affirmed that number-one success factor is a unique superior product, one with higher quality, new features and higher values in use.

Bibliography

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Anyanwu. Aham, (1993). Dimensions Of Marketing, Owerri Avan Global Publication.

Anyanwu Aham (1999) Marketing Management Benin: Barloz Publishers Ltd.

Hornby A. S (2000), Oxford Advanced Learner’s Dictionary (Great Clarendon Street, Oxford, New York, Oxford University Press) 6th Ed.

Kotler Philip (1997), Principles Of Marketing (Cliffs, New Jersey: Prentice Hall International Inc.)

Okeke, 2001), Foundation Statistics For Business Decisions ESUT, Enugu: Macro Academic Publisher) Revised Ed.