STRATEGIES FOR INTRODUCING A NEW PRODUCT IN THE MARKET (A CASE STUDY OF ENCRISTO PHAMACEUTICALS LIMITED IN UMUHIA)
ABSTRACT
The research work was on a study of how to introduce a new product in the market. The main objective was to determine the effectiveness of the strategies employed in the introduction Cristolyn Cough expectorant method of data collections were used in the case of the study. The population study comprises of consumers and different pharmaceutical stories in Umuahia . The researcher employ table and percentages were used in the processing and analyzing the data collected based on the data analysis, the researcher come up will the following findings the product was tested and marketed for a period of five months before it was officially launched on 9th September, 1998 Radio poster television and stickers were the means of advisement employed to introduce the product. From the consumer responses it was believed that the introduction strategies employed were effective and the product was accepted in the market
TABLE OF CONTENTS
CHAPTER ONE
Introduction
Background of the studies
Statement of the problem
Objective of the study
Scope of the study
Significant of the study
Research question
CHAPTER TWO
LITERATURE REVIEW
Introduction
Development of Companies marketing of new products
Manufacture criteria for new products
Requirements for successful new product
Product planning and development
Product development strategies
Product development
Marketing testing
CHAPTER THREE
Methodology
The Design of the study is survey
Population of the study
Interval estimate of the mean
Instrument for data collection
Validity reliability of instrument
Method of data collection
Method of data analysis
CHAPTER FOUR
PRESENTATION AND ANALYSIS OF DATA
Table one
Table two
Table three
Table four
Table five
CHAPTER FIVE
Summary of conclusion
Recommendations
Conclusions
Limitation of the study
LIST OF TABLE
Table 4.1
Have you heard about the product of Enristo pharmaceutical company limited
Table 4.2
If yews how did get to know it?
Table 4.3
Have you tested or consumed the product
Table 4.4
If yes many time have you consumed the product?
Table 4.5
Do you live the taste
Table 4.6
How do you rate the quality or taste of the product?
CHAPTER ONE
INTRODUCTION
1.0 BACKGROUND OF THE STUDY
The objective of any organization is to create customers and satisfying them at a profit that is, producing goods and service that will satisfy the needs, wants and derives of the customer and making a profit which will enable the company to survive. The purpose of any business must lie in the society since a business enterprise is an organ of the society.
It is the customer that determines what a business is, for it is the customer and he alone who through being willing to pay for goods or for services Convert economic resources into wealth, things into good.
Any business must find out what its market is, who the customer is, where he is, what he considers value, what his unsatisfied wants, how does he buy and how can he be reached, it is the duty of the company to provide what the customers need.
The main function of a company is marketing and innovation. Marketing is distinguishing the unique function of the business. A business is set apart from all other human organization by the fact that it market a product or service.
Any organization that fulfils itself through
1. Marketing a product or service is a business and any organization in which marketing is either absent or incidental is not a business any should never be run as if it were one.
The duty of marketing starts at the beginning rather than the end of the business because through its studied and researches will establish. What the customer wants in a given period or season, what price he is willing to pay in a given product, have authority in product planning, innovation which is the last function of a business is the provision better and more economic goods and services.
It is not enough for the business to provide just any economic goods and services, it must provide a better an more economic ones.
Innovation goes right through all phases of business it may be innovation in design, in product, in marketing techniques, in price or in service to the customer.
Therefore, to develop and market new products the correct approach must be used to ensure that new product does not rail in the market.
There are two important stages in the development of any product and introduction or commercialization of the new product into the market.
Many product have failed to make the expected impact on the consumers because the companies involved did not use the right strategies such as pricing promotion and high product quality.
They forget that buyers and subjected to a
2. Wide range of complexities and quovles reaction that are hard to predict. Their attitudes, dispositions, perceptions and motivations must be considered along with income and other demographic considerations.
It is the belief of this researcher that the satisfaction of the customers needs wants and desires should be first in the uppermost mind of the producers and not profit maximization. Though they should achieve sufficient profit to cover the risks of their economic activities so that losses can be curtailed. A company like Encris to Pharmaceutical Company limited should avoid making mistakes that may spell danger for its newly developed product by making use of the correct approach in both marketing commercialization introduction of the product into the market.
The Encris to Pharmaceutical Company Limited being one of the indigenous pharmaceutical companies in Nigeria licensed today to produce (OTC) over the counter drugs has been pushing vigorously its policy of developing and adding new and better products to its existing products line On September 9, 1998.
The company introduced a new product known as “CRISTOLYN COUGH EXPECTORANT” into the Enugu market. At the early stage, this product did not make the expected impact and the company did not give up.
The product has bee in the market for us.
STATEMENT OF PROBLEM
Encristo Pharmaceutical Company Limited has been one of the oral liquid prelatic as.
The company wants to maintain the leadership position in this area and that is why it has a policy of developing new products to extend its product lines, death and width. In pursuing this policy, the company developed a new product which is called “CRISTOLYN COUGH EXPECTORANT”.
The new product was introduced in Enugu in September 1998 and has continued to be marker there till now.
In looking a the new product, one would like to know how it has faired since its introduction, into the market, what strategies were used din introducing it in Umuahia metropolis, what strategies are being used now to market the same product, have these strategies been effective and have consumers accepted the new product.
OBJECTIVES OF THE STUDY
SCOPE OF STUDY
This study was carried out in Umuahia metropolis and centered on evaluating the effectiveness of the strategies by Encristo pharmaceutical company limited in introducing Cristolyn Cough Expectorant into the market. The study also evaluated the extent of acceptance of this new product by the consumers.
SIGNIFICANCE OF THE STUDY
This study will be of use to Encristo Pharmaceutical company limited the producer of crystolyn cough expectorant as it will ascertain the objective of the company in production and introducing of the product has been realized. In assessing the strategies used to introduce the new product, the findings of the researcher will establish whether they have been effective.
The recommendations by the researcher will enable the company to implement further strategies aimed at meeting the market demand. Also finding of the study will equally benefit the consumer by ascertaining whether the new product should be or not. The acceptance of a new product depends solely on it qualify and performance.
Another are where the study will services as a good purpose is in the area of distribution.
Distributors are more concerned about the success of a product because it will help them determine the extent of maximum profit they will make the study and at making recommendation’ for effective marketing of this product the distributors’ benefit of product per conformance in the market.
RESEARCH QUESTION
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