THE EFFECT OF PRODUCT PLANNING AND DEVELOPMENT IN THE GROWTH OF ORGANISATION
CHAPTER ONE
1.1 INTRODUCTION
Thus, it is a common saying “failure to plan is planning to fail”. There is nothing on earth that does not need appropriate planning. If such thing determined goal must be achieved. Appropriate planning is one of the most important aspects of a product life cycle. As it is proper for somebody who intends to build a house, to draw a plan of the house whether such building will be a two bedroom flat or bungalow or a multirooms type. He has to decide within himself and also make a rough sketch of the total cost of every thing for such a house. As such, it is quite very important for an organization intending to develop a product to make a necessary and adequate planning for such product.
Considering the multi-dimensional nature of consumers demand, it is therefore an essential for an organization to carry out all necessary pre-product development before introducing a new product to the market and determine the appropriate time to supply the product so as to regulate the product in the market.
Examining the intense competition in must industries today. Companies without new product ideas and new product development strategies are exposed to great risk of new product or existing product decline by way its product lifecycle and the outright closure.
The success of new products is always constraints by the following factors:
1. Shortage of important new products ideas in certain area.
2. Capital of a new products development
3. Time span completion
4. Social and Governmental constraints
5. Cost implication of a new products development
The scope of appropriate product planning and development includes making decision in the following area: -
A Which product should the company produce?
B. Should the company market more or fewer product?
C. What brand, package and label should be used for each product?
D. How should the product be style, design and in what sizes, colors and materials should it be produced?
- What new users are there for each product?
- How should the product be priced?
The purpose of this research is on the effect of product planning and development in the growth of an organization. The research is to:
1. Determine the importance of appropriate product planning in the market and the product constraint for failure to plan product before introduced into the market.
2. Establish the stages a product has to pass through before such product is developed and introduced into the competitive market for consumer’s patronage.
3. Find out the approaches SmithKline Glaxo Nigeria Plc uses for its product planning functions and to ascertain the associates cost and strategies such approaches.
4. Reveal the reasons some products were unable to thrive in the market and thus to Achieve the pre-determined goal of the product manufacturei.e. profit
5. Determine the range of products manufactured by SmithKline Glaxo Nigeria PLC and to know the level of market acceptance of their products.
1. The aim of this project is to examine the reasons why some company’s products do not last longer in the market, while in the midst of other similar products, which exist in a stiff competitive market.
2. To examine the various marketing strategies currently been used by the various pharmaceutical companies for the new products.
3. To analyze the extent of effectiveness of these strategies in terms of consumers satisfaction and patronage.
4. To evolve and effective marketing strategy for the new product that will ensure increase patronage.
5. To analyze problems encountered by marketers.
a) What is the degree of difficulties the company is likely to face in an attempt to ensure a continuous innovation as a means of preventing products absence from market and the invention of new products line?
b) Is the company able to determine the income of the Nigeria consumer so as to increase the rate and the market acceptance of new products?
c) To what extent can the company generate sufficient data necessary for the effective appropriate product planning and development process in order to enhance its feasibility and profitability?
1.5 RESEARCH HYPOTHESES
Hypothesis can be defined as a tentative statement about the relationship that exists between two or more variables and such statement are conjectured that must be validated.
There are two types of hypothesis, which are null hypothesis and alternative hypothesis.
The null hypothesis, which is null hypothesis, is denoted by (Ho) while the alternative hypothesis is denoted by (Hi).The alternative hypothesis is accepted while the null hypothesis indicates rejected.
The research hypothesis is thus:
1. Ho: Appropriate product planning and development have not helped in the achievement of corporate objective
Hi: Appropriate product planning and development havehelped in the achievement of corporate objective
2. Ho: The increase in the market share of an organization’s product was not due to an effective product and planning and development.
H: The increase in the market share of an organization’s product was Due to an effective product planning and development
3. Ho: Proper product planning and development has not helped to prevent a heavy unbearable loss to the firm.
Hi: Proper product planning and development has helped to Prevent a heavy unbearable loss to the firm.
4. Ho: Appropriate product planning and development has not helped positively in the achievement of profitable sales operations in an organization.
Hi Appropriate product planning and development has helped positively in the achievement of profitable sales operation in an organization.
1.6 SIGNIFICANCE OF THE STUDY
1. The study is to determine the degree of the difficulties the company is likely to face in an attempt to ensure a continuous innovation as a means of preventing products absence and the invention of a new product line.
2. The study is meant to provide effective and appropriate product planning and development process in order to enhance its feasibility and profitability.
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