ABSTRACT
The study examined the effect of product innovation on market performance of Nestle Nigerian PLC. (A study of Nestle Milo). Its objective were to examine the effect of packaging on sales turnover, ascertain the effect of the branding on the profitability, To ascertain the effect of product modification on customer satisfaction in the study area. The study adopted sample descriptive statistics using questionnaire distributed to 120 respondent. The study adopted ANOVA to analyze the data generated for the study. It was discovered that product Innovation Brand name, have positive and significant effect on sales volume, profitability and market share. It is recommended that the management of Nestle Milo should lay more emphasis on packaging of Nestle Milo should lay more emphasis on packaging attribute to encourage patronage hence, increase in sales turnover, attention should also be given to brad name as it goes on long way to differentiate a product with other commodity, as well as periodic modification on certain areas.
TABLE OF CONTENT
Title
page i
Declaration
ii
Certification
iii
Dedication
iv
Acknowledgement
v
Table
of content vi
Abstract
vii
CHAPTER ONE
1.0 Introduction 1
1.1 Background
of the study 1-2
1.2 Statement
of problem 3
1.3 Objectives of the study 3
1.4 Research questions 3-4
1.5 Research
hypothesis 4
1.6 Significance of study 4-5
1.7 Scope of study 5
CHAPTER TWO
2.0 Literature review 6
2.1 Conceptual framework 6-8
2.1.1
Concept of innovation 8
2.1.2 Need for product innovation 9
2.1.3 New product development process 9-10
2.1.4 Idea Generation 10-11
2.1.5 Idea screening (Palmer, 2000) 11
2.1.6 Concept Development and testing (Palmer,
2000) 11-12
2.1.7 Business analysis (Palmer, 2000) 12
2.1.8 Product development and testing (Palmer,
2000) 12-13
2.1.9 Test Marketing (Palmer, 2000) 13
2.1.10 Commercialization (Palmer, 2000) 13
2.1.11 New product innovation 14
2.1.12 Ethical issues around product innovation 14
2.1.13 New product as a function of behavioral change 15-16
2.1.14 Product positioning 16-17
2.1.15 Market segmentation 17
2.1.16 Branding 17-18
2.1.17 Packaging 18
2.2 Empirical framework 19-20
2.3 Theoretical framework 20-22
2.4 Summary of literature review 22
CHAPTER
THREE
3.0 Research
methodology 23
3.1 Research
design 23
3.1.1 Source of data 23
3.1.2 Method
of data collection 23
3.2
Area of study 24-25
3.3 Population
of the study 25
3.4 Sampling
techniques 25
3.5 Sample
size determination 25
3.6 Method of data analysis 25
3.7 Model specification 26
3.8 Validity
26
3.9.
Reliability 26
CHAPTER FOUR
DATA PRESENTATION,
ANALYSIS AND INTERPRETATION
4.1
General Description 27-31
4.2
Hypotheses testing 32-34
CHAPTER
FIVE
5.1 Summary,
conclusion and recommendation from finding the
following were deduced. 35
5.2 Conclusion
35
5.3 Management
of Nestle Milo 35
Appendix
36
Research
questionnaire 37-38
References 39
LIST OF TABLES
Table
4.1 Gender 27
Table
4.2 Marital Status 27
Table
4.3 Educational Qualification 28
Table
4.4 Age Bracket 28-29
Table
4.5 Packaging 29
Table
4.6 Branding 30
Table
4.7 Product improvement 31
Table
4.8 Product Modification 31
Table
4.9 Market Performance 31
CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF STUDY
A driving force of competitive
scuffle in the present chaotic environment is innovation: Introducing new
product and services are at the nucleus of economic growth and development, the
ability to initiative advancement of individual and organization’s small and
medium size enterprise (SMES) furnish a great increase to target employment and
economic growth specifically due to their initiative activities which becomes a
man force of explaining competitive advantage and from performance. Accordingly
the value fashioned by innovations slows potential circumstances that uncover
new ways of doing things or new products and processes that add benefits to
economic fortune.
In both developed and developing
countries of the world SME companies have proofed to be prominent. In terms of
employment and added values of gross domestic product yet their full potential
remain untapped Schlog, (2004) cited on the support given for the start up of
SMES necessitate them to become important engine for innovation and
technological advancement gave a summary of the weight SMES lend to government
and individuals.
Nowadays, it is recognized that
business enterprises intends or stretch out their product and brands or else
the new product will not happen. Product do not happen new market do not also
occur by link and as a result of these instances future marketing managers
should place emphasis on packaging as its relationship.
1.2
STATEMENT OF PROBLEM
Not all product innovation are
successful aid for every product there is risk of harming the co-operate brand
any incoherent attribute information about a new brand or product the product
image. Also when product innovation are inconsistence with regards to consumers
expectations, negative effect can occur were there are risk of losing credibly
when using too may product hires the credibility can also be present as it
decreases with low quantity product. This can make the consumer feel doubt
about the creativity of the product which the company needs to overcome on
those premises the product innovation on market performance.
1.3 OBJECTIVES OF THE STUDY
The general objective of the study is to examine the
effect of product innovation on the market performance of Nestle Milo in Abia
State.
Specific
objectives are;
1.
To determine the effect of
packaging turnover of the company
2. To
ascertain the effect of the brand on the profitability of the company
3. To
examine the relationship between the product improvement and market share of
the company
4. To
assess the effect of product modification on customer satisfaction in the study
area.
1.4 RESEARCH QUESTIONS:
The following questions below are to guide this study.
1. What
is the effect of packaging on sales turnover of the company under study?
2. To
what extent does the brand of the product affect the profitability of the
company under study?
3. What
is the relationship between the product improvement and the market share of the
company under study?
4. What
is the assessment of the effect of product modification on customer
satisfaction in the study area?
1.5 RESEARCH HYPOTHESIS
The following research hypothesis, stated in their
null form would be useful to this study and would be tested at 0.05 level study
of significance.
HO1: Packaging of the products does not have any
significant effect on the sales turnover of the company under study.
HO2: The brand of the products does not have any
relationship with the profitability of the company under study.
HO3: There is no significant relationship between
product improvement and the market share of the company under study.
1.6 SIGNIFICANCE OF STUDY
The findings of the study will
provide valuable insight to marketing professionals in the fast moving
consumers goods (FMCGs) industry identifying the significant dimensions of
innovation attributes and benefits that affects consumer satisfaction interest to
purchase and recommend the product to others. This study should help the
marketing managers gain an insight into the important factors that contribute
to the formation of a perfect market performance.
The identification of market
performance attributes and benefits (consumer derived from product innovation)
make his companies to develop effective marketing strategies that could
increase the product appeal, increase consumer satisfaction level create,
maintain and improve customer’s preference towards a particular product. The
study will help this business owners and retails store operates to gain a
better understanding of the important factors that contribute to the formation
of product innovation and insistence.
The findings of this study add to the body of
knowledge, form part of future ‘learning materials future researches with
interests in marketing will find the findings useful it will recommend future
areas of study to enhance more knowledge in the fast moving Consumer goods.
(FMCG) industry.
1.7 SCOPE OF STUDY
This research work effect of product
innovation on market performance is centered on consumers of nestle Milo in
Abia State. The study will limit its scope on households in Aba. Umuahia and
Ohafia metropolis representing the three senatorial zones of Abia State.
Therefore, any findings drawn from
the above will be inferred on the ‘general consumers of nestle Milo in the
study area.
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