ABSTRACT
The main purpose of this thesis is to examine the
significance of new product development in a competitive environment. In view
of this a very popular organization shall be used the Lubcon Ltd.
So because new product development is a key or a
major factors to profit maximization in an organization existing in a newly
innovated replace or imitative to the market.
So this thesis is divided into five chapters,
chapter one is on introduction, background of the study, statement of the
general problems, objective of the study, chapter two is on literature review,
concept of competitive market, competitive instruments of business organization
the concept of new product development reasons for developing new product, Advantages of new product development to business
organization, Disadvantage of new product development chapter three includes
research methodology, research population and samples research design, data
collection instruments administration of instruments, method of data analysis
brief history on Lubcon oil, reasons for developing the oil, objective of
developing the oil, effects of the oil in the company, constraints to the
achievement of the objectives of developing the oil, chapter five is the
summary of findings, conclusion, recommendations.
TABLE OF
CONTENTS
CHAPTER ONE: Introduction
1.1 Background to the Study
1.2 Statement of the General Problems
1.3 Aims and Objectives of the Study
1.4 Significance of the Study
1.5 Scope of the Study
1.5.1
Industrial Scope
1.5.2
Geographical Scope
1.5.3
Conceptual Scope
1.5.4
Limitation of
the Study
CHAPTER TWO
2.0 Literature Review
2.1 Concept of Competitive
2.2 Competitive Instruments of Business Organization
2.3 The Concept of New Product Development
2.4 Reason for developing New Product
2.5 Advantages of New Product Development to Business
Organization
2.6 Disadvantages of New Product Development
CHAPTER THREE
3.0 Research Methodology
3.1 Research Population and Sample
3.2 Research Design
3.3 Administration of Instruments
3.4 Method of Data Analysis
CHAPTER FOUR
4.0 Data Presentation and Analysis
4.1 Brief History of Labour Oil
4.2 Lubcon Oil and It’s Market
Reason
for Developing the Oil
Objectives
of Developing the Oil
4.5 Effects of the Oil in the Company
4.6 Constraints to the Achievements of the Objectives
of Developing the Oil
4.7 Presentation and Analysis of Data
CHAPTER FIVE
5.0 Summary of Finding
5.1 Conclusion
References
Appendix
CHAPTER ONE
INTRODUCTION
In this present business world, the survival of any
firm in a competitive environment depends on the plan of the management.
Therefore, the ideas of a new product development must not be neglected, it is
very vital to properly look into the product development by the top management
whether in a manufacturing or service firm.
The change in consumer needs and tastes, rapid
technological changes, shortened product life cycles and changes in Business
environment facilitates the need for product development to meet consumer
expectations.
Product development can be examined with regards to
market development which covers the search for new uses or new market remove.
At times, the companies that make the industry as its target find new markets
in the consumer field.
Diversification is another form of new product
development. It may be a departure from existing product, or a new product with
new technology and new market. It becomes imperative to develop new product if
the firms long term survival is to be assured and to take over from rationalized
products. It is also needed when major technological changes have taken place
or when forecast or when a company wishes to expand its activities into other
places which includes the search for assessment, planning and lunching of new
product or services ideas.
The survival of any business depends majorly on how
quick it can adapt to changes in the environment and the challenges exhibited
by the company in the market area.
However, top management, marketing manager and all
those directly concerned with the company’s product needs to take necessary
steps towards this development. Any new development in the market area must be
monitored by the management through adequate marketing intelligence.
The techniques implemented in setting the firms
goods and services will vary depending on the tope of consumers and the sort of
market involved. The consumer may be distributors, retailers or an individual.
The market may be fairly competitive with large number of buyer and sellers. In
such a situation, they have to be specially concerned with price, quality
source and their product style in order to keep old customers and attract new
ones.
To win the lion share of the market, the company
decision, this can be achieved by providing best product or services that
satisfies customers.
In a situation whereby products and price are the
same with those of the competitors, the firm must create differences in
packages, services or corporate image. It is therefore necessary for any
manufacturing company to embark on proper product, planning and development
that enable its new product last longer in the market.
Another important aspect to lay emphasis upon is
advertisement. This is a means of getting information across to the target customer;
hence the introduction of new product in a competitive market environment
cannot be attained without advertisement.
1.2 STATEMENT OF THE PROBLEM
New product development is a decision which the
management of an organization needs to plan very well before It is executed. In
this regard, certain questions arise and this constitutes the problems of this
study namely:
i.
Would the new
brand of product developed by favourably with other products?
ii.
Can the new
product enhance profit management of the firm?
iii. What strategies could be used to penetrate the
market with the new product?
iv.
Will the new
product developed be accepted by the market?
v.
It is imperative
that external environment affect marketing mix, if so what would be the nature
and magnitude of influence on the new product proposed to be developed?
vi.
Does the firm
posses qualified and strategic and adequate persononnel to handle the strategy
of new product developed and implementation.
1.3 AIMS AND OBJECTIVE OF THE STUDY
The key objective of this research work is to
determine how to establish and effective organization for handling the new
product of company. New product development is not an easy task that can just
be carried out by any firm. To know how to set up a capable organization for
handling new product is one of the objectives of this research work.
This research work also aimed at finding out the best
tools and concepts in each stage of new product development. To set out
alternative approaches that will enhance an organization a differential
advantages over competitors in order to attain a high rate of return. Also, to
know the maximum rate of output and the level of demand as this will enable the
management to project into the future demand level.
Another objective is to identify the product that
can best satisfy customer preference and tastes.
Finally, to proper solution and recommendation, for
the problems encountered in a competitive environment.
1.4 SIGNIFICANCE OF THE STUDY
In any research work, it is normally believed that
research and the company derives certain benefits from the research work.
Therefore, in this very research work; some significance will arise and will be
of benefits to both researchers and the company chosen as a case study.
The significance that may arise includes.
a.
The researcher
will have a knowledge about the prospect of new product development, whether a
competitive or non-competitive environment.
b.
It will enable
the company to maintain and even increase her market share position and
establish a foothold in the future market.
c.
It will also
help the company to know what constitute the needs and wants of it consumers.
d. More importantly, the research work will assist the
company to identify the strategy that fit marketing of a new product in a
competitive environment.
e.
The Society:
This research work will be useful to the society and enable them to understand
reasons why many companies embark on new product development.
Since, the society is mainly concerned on their well
being.
Therefore, this research work will definitely help
to improve the standard of living of the society by given back to them little
out of what they have pay to the organization.
1.6 SCOPE OF THE
STUDY
The scope of this research work shall be limited to
the general administration of Lube Blending Company and development of new save
wash (Liquid Detergent)). The various stages of the products life cycle falls
within the segment of this research.
1.5.1 INDUSTRIAL SCOPE: Majority of firms in Nigeria were represented by
their products in a competitive market. Therefore, the area covered by
manufacturing industry is very index. This is the reason why the researcher chosen
Lubcon Nigeria Limited. Ilorin.
1.5.2 GEOGAPHICAL SCOPE: Owing to difficulty in covering the whole Nigeria
which will take time and very cost, this is the basic reason why the researcher
limit the research to Lubcon Nigeria Limited Ilorin, and the customer of Lubcon
in Ilorin Metropolist.
1.5.3 CNCEPTUAL SCOPE: The area covered by competitive market is very
wide, this is the reason why the researcher limits its scope of study to
product development, reason for new product development, advantages,
disadvantages of new product development and competitive instruments used by
business organization.
1.5.4 TIME SCOPE: This research will cover the period of Five (5)
Year, all the information that the researcher revealed in this project work
will be from 2009 till date.
1.6 LIMITATION OF THE STUDY
It is not new to have some short comings in any
research work. This means that, in any research study, the research usually
encounters some short comings.
However, the likely short coming that may arise in
this research work will be given below;
These are the constraints faced or encountered by
the researcher in process of gathering information for this project work.
a.
TIME CONSTRAINTS:
It is also one of the problems encountered during this research work. Time allocated
to this project work is not enough since it combined with the lectures and some
activities. But defined with the researcher was able to schedule his program by
gathering information for this project work during the week and writing report
in weekend to ensure useful information are extracted from the raw fact
collected. The management of the company chosen as case study may give the
researcher a day that he come and gathers information. The day given by the
management may collide with the researcher time-table; hence time constraint
will really affected the researcher.
b.
FINANCIAL CONSTRAINT: Gathering of information requires moving from one
place to another, printing of necessary information and making some necessary
information and making some necessary calls. All these require money however
the researcher was able to get enough information for this project work through
the help of the parents, uncle and friends that finance this project work.
c.
Negative
response by the responded: The staff may feel relevant to answer all the
questions persuasion occurred before the answered all the questions prepared by
the researchers, until certain persuasion occurred before the answered all the
questions the company may not even wish to apply all the information they may
think that the researcher will reveal the secret to the competitors, regardless
of the assurance given by the researcher.
Lastly, secrecy in releasing information by the
respondents and the company was also part of the problem encountered by the
researcher, some useful information is considered secret and meant for management
alone but the researcher was able to gather needed information by assuring them
that all information given will be used for purpose of the project work and
will be treated confidentially.
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