ABSTRACT
This research work is the Effect of Product Innovation on Marketing Performance. A Study of Indomie Noodles. This focuses on the product innovation on marketing performance. This study is limited to indomie noodles. Due to the fact that the population is high the same number is adopted as the sample size for the research work. Yaro Yamen`s Statistical Distribution was employed to select four hundred (400). One of the hypotheses of this research work is H0: There is no significant relationship between product flavor innovation and sales volume. H1. There is significant relationship between product sizes innovation and sales volume. After the analysis, it was discovered that there is a significant relationship between product innovation and the marketing performance. Therefore, it was recommended the product innovation should focus more on people within the age bracket of 15-45. This group includes student and young families that buys more and influence more and also product innovation should be blend with other innovation tools to yield the best results.
TABLE OF CONTENTS
Title
Page i
Certification
ii
Declaration
iii
Dedication
iv
Acknowledge
v
Table
of Content vi
List
of Tables ix
Abstract
x
CHAPTER ONE
INTRODUCTION 1
1.1
Background of the Study 1
1.2
Statement of the Problem 2
1.3
Objective of the Study 3
1.4
Research Question 3
1.5
Hypothesis of the Study 3
1.6
Significance of the Study 3
1.7
Scope of the Study 4
1.8
Limitation of the Study 4
1.9
Definition of Term 4
CHAPTER TWO
2.1 LITERATURE REVIEW
5
2.1
Definition and Meaning of Product 5
2.2
Meaning of Product Innovation 6
2.2.1
Examples of Product Innovation 6
2.3
The New Product Development Process 6
2.3.1
Indomie Design 8
2.4
The Product Life Cycle 9
2.4.1
Product Life Cycle Examples 10
2.4.2
The Goals of Product Life Cycle 11
2.4.3
Characteristics of PLC Stages 11
2.5
Stages of the Life Cycle 14
2.6
The Concept of Market Share 16
2.6.1
Purpose 17
2.6.2
Construction 17
2.6.3
Revenue Market Share 18
2.6.4
The Important of Market Share 19
2.6.5
Example of Market Share 19
2.7
Customer Service and Improvement Scheme in Indomie Noodles 20
2.8
Analysis of Innovation Product Among Noodles 20
CHAPTER THREE
RESEARCH METHODOLOGY 21
3.1
Research Design 21
3.2
Area of the Study 21
3.4
Population of the Study 21
3.5
Sample Size Determination 21
3.5
Sources of Data Collection 22
3.5.1
Primary Source of Data 22
3.5.2
Secondary Information 22
3.6
Sampling Technique 23
3.6
Validity of the Research Instrument 23
3.7
Reliability of the Research Instrument 23
3.8
Method of Data Analysis 23
CHAPTER FOUR
RESULT AND DISCUSSION 24
4.1
Return Rate of Questionnaire 24
4.2
Characteristics of Respondent 24
4.3
Age of Respondent 24
4.4
Occupation 25
4.6
Product Flavor Influence on Buying Behavior 25
4.7
Effect of Product Size on Purchase of New Brand 26
4.8
Effect of Package Color Innovation on Making Choice (patronage)
26
4.2
Test of Hypotheses 26
4.9
Correlations Analysis 1 27
4.10
Correlations Analysis 2 27
4.11
Correlations Analysis 3 28
CHAPTER FIVE
SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION
5.1
Summary of Findings 29
5.2
Conclusion 29
5.3
Recommendation 29
REFERENCES 30
QUESTIONNAIRES 31
LIST OF TABLES
Table
4.1 Return Rate of Questionnaire 24
Table
4.2 Sex of Respondents 24
Table
4.3 Age of Respondents 24
Table
4.4 Occupation 25
Table
4.6 Product Flavor Influence on Buying Behavior 25
Table
4.7 Effect of Product Size on Purchase of New Brand 26
Table
4.8 Effect of Package Color Innovation on Making (Patronage)
26
Table
4.9 Correlation Analysis 1 27
Table
4.10 Correlation Analysis 2 27
Table
4.11 Correlation Analysis 3 28
CHAPTER ONE
INTRODUCTION
1.1
BACKGROUND
OF THE STUDY
Many company like Indomie
Company have employed different strategies to good management innovation
strategy. The innovation process includes the acquisition, dissemination and
use of new knowledge (Carlanton et al 2002). Robertson (2001) Define product
innovation as an idea or object that is perceived as new by an individual or an
agency. The perceived newness of the idea from the individual’s point of view
determines. To be called a product a product innovation an idea must satisfy a
specific need. Product innovation involves deliberate application of
information,
Imagination and initiative in deriving
greater of different values from resources and encompasses all converted into
useful product. In business, product innovations often result from the
application of a scientific or technical ideal in decreasing the gap between
the need or expectation of the customer and the performance of a company
product.
Companies
with good innovation strategies always thrive and grow faster than those
companies with poor product innovation strategy or those with no innovation
strategy at all. Banking transaction in Nigeria is not new to us as we have
been practicing this system for about fifty (50) years after independence. In
the past, we use to have an orthodox banking process whereby banker release on
those wanting for customers to bring business. This type of bankers is looked
as somebody with rigid idea about bankable project and which records the smooth
flow of banking operation. One bank also employs all possible promotion
strategies in order to survive. Hence competition has come into play and
thereby creating innovation and business acumen. The quality of service
provided by any organization is better judged in terms of its ability to give
the customer the desired satisfaction. In this regards characteristic such as
reliability,
Standardization, availability and other
desired attributes associated with service combine to determine the effect of
product innovation on the marketing performance.
Product innovation is the creation and
subsequent introduction of a goods and service that is either new, or an
improved version of innovation that includes the invention of new products which,
in this context, are still considered innovation. Product innovation allows firm
to do not only develop new market segments but also expand its current market
segments but also expand its current market segments
Numerous examples of product innovation
include introducing new products, enhanced quality and improving its overall
performance. Product innovation, alongside cost-cutting innovation and process innovation
are three different classifications of innovation, which aim to develop a
company’s production methods.
Thus product innovation can be divided
into two categories of innovation: radical innovation which aims at developing
a new product, and incremental innovation which aims at improving existing
products. Growth, expansion and gaining a competitive advantage, a business
that is capable of differentiating their product from other businesses in the
same industry to large extent will be able to reap profits this can be applied
to how smaller businesses can use product innovation to better differentiate
their product from others. Brand switching, businesses that once again are able
to successfully utilize product innovation will thus entice customer from rival
brands to buy its product instead as it becomes more attractive to the
customer. One example of successful product innovation that has led to brand
switching is the introduction of indomie noodles. Counter effect of product
innovation, which businesses do not always create product /resources from
scratch, but rather substitute different resource to create productive
innovation and this could have an opposite effect of what the business is
trying to do. Thus some of these businesses could be driven out of the industry
and will not last long enough to enhance their product during their time in the
industry.
1.2 Statement of the Problem
The
effect of product innovation on marketing performance of indomie noodles. Lack
of product innovation strategies is caused by among others lack of expertise
which is important ingredient to successful product innovation. Another problem
associated with product innovation is over reliance on imported goods this
makes it almost impossible for innovators to market their product and make
efficient and effective performance. There is also lack of encouragement by the
government and other agencies concerned. This also discourages man product
innovators. This is due to the fa1`ct that many businesses have folded up due
to lack of product innovation on their marketing performance and has caused the
business to lose their place in market.
1.3 Objectives of the Study
The
main objective of the study is to examine the effect of product innovation on
marketing performance of indomie noodles. Specifically, the objectives are:
i.
To examine the effect of
product flavors innovation on sales volume.
ii.
To ascertain the effect
of product size innovation in profitability.
iii.
To determine the effect
of package color innovation on market share.
1.4 Research Questions
i. What is the effect of product flavor
innovation on sales volume?
ii. What is the effect of product sizes
innovation on profitability?
iii.
What is the effect of package color innovation on market share?
1.5 Hypothesis Formulation
H01:
There is no significant relationship between product flavor innovation on sales volume.
H02:
There is significant relationship between product sizes innovation on
profitability.
H03:
Package color innovation does not have any significant effect on market share.
1.6 Significance of the Study
Finally,
the finding of this study will be great help to the noodles company as a whole
and indomie noodles in particular. It will attempt to highlight areas of
deficiency with a view to help management in improving its service and product
and recommendation, if implemented it would help the company to improve its
operation. And also this study combines the signaling theory and dynamic
marketing capabilities perspective to product innovation and brand equity on
marketing performance. And also the study show indomie company is able to use
R&D expenditure to improve their product innovation.
1.7 Scope of the Study
This
study covers indomie noodles and the effect of product innovation on marketing
performance of indomie noodles. It investigated the parameters of product
innovation and their respective effect on performance variables.
1.8 Limitation of the Study
This
study is limited to indomie noodle; secondly the research has a sample size
that is limited to indomie noodle loyalist.
1.9 DEFINITION OF TERMS
Innovation: An idea or object that is
perceived as new by an individual or an agency that creates a value (Robertson
and FN 2001)
Product:
A good service or idea that offers a bundle of tangible and intangible
attributes to satisfy consumer (Scott Ogini, 2012).
Strategy:
The process of planning something in putting a plan into operation in a
skillful way.
Invention:
The ability to have new and interesting ideas.
Click “DOWNLOAD NOW” below to get the complete Projects
FOR QUICK HELP CHAT WITH US NOW!
+(234) 0814 780 1594
Login To Comment