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STRATEGIES FOR INTRODUCING A NEW PRODUCT IN THE MARKET (A CASE STUDY OF ENCRISTO PHAMACEUTICALS LIMITED IN UMUHIA)

 

ABSTRACT

      This research work was on a study on how to introduce a new product in the market.  The main objective was to determine the  effectiveness  of the strategies  employed  in  the  introduction of   Cristolyn Cough expectorant in  umuahia uran primary  and  secondary 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

1.1 Background of the studies                    1

1.2 Statement of the problem                    7

1.3 Objective of the study                         8

1.4 Scope of the study                              9

1.5 Significant of the study                        9

1.6 Research question                               11

                                                           

CHAPTER TWO

LITERATURE REVIEW

Introduction

2.1 Development of Companies             25

2.2  marketing of  new products           27        

2.3  Manufacture criteria for new

products                                     30

2.4 Requirements for successful new

 product                                     31

2.5 Product planning and development   35

2.6 Product development strategies       36

2.7 Product development                     38

2.8 Marketing testing                          39

 

CHAPTER THREE

Methodology

3.1 The Design of this  study is survey   52

3.2 Population of the study                  53

3.3 Interval estimate of the mean         57

3.4 Instrument for data collection         61

3.5 Validity reliability of instrument       62

3.5 Method of data collection               67

3.6 Method of data analysis                 68

CHAPTER FOUR

PRESENTATION AND ANALYSIS OF DATA

4.1 Table one

4.2 Table   two

4.3 Table three

4.4 Table four

4.5 Table five

 

CHAPTER FIVE

5.1 Summary of conclusion

5.2 Recommendations

5.3 Conclusions

5.4 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 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 disguising  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    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 all 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 dernographic considerations.

      It is the belief of this researcher that the satisfaction of the customers needs wants and desires should be first the uppermost mind of the producers and not profit maximization.  Through 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 line  introduction of the product into the market.

      The Encristo Pharmaceutical Company Limited being one of the indigenous pharmaceutical companies in Nigeria licensed today to produce (OTC) over the counter drugs has been pushing rigorously its policy of developing and adding new and better products  its existing products line  on  September 9, 1998.

The company introduced a new product known as “CRISTOLVN 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.

1. To four years and now in evaluating the performance of the new product, one would like to know the extent of its acceptance by the consumers.

1.2 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 “CRISTOLVN COUGH EXPECTORANT”.

The new product was introduced in umuahia  in September 1998  and has continued to be market there till now.

      In looking a the new product, one would line to know how it has furled since it introduction, into the market, what strategies were use 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.

 

1.3OBJECTIVES OF THE STUDY  

1. To find out strategies which Encisto Pharmaceutical company limited empowered  to introduce Cristolyn Cough expectorant in Umuahia  metropolis.
2. To evaluate  the  effectiveness  of   these  strategies are effective
3. To ascertain if the new product is acceptable to the consumers.
4. To recommend why the  company  would do  embark  to  further  enhance  the marketing of this new product.

 

 

1.4 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.

 

1.5 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 the  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.

 

1.6 RESEARCH QUESTION

1. What  are  the  causes  of  poor  generation  of  Encristo  pharmaceuticals
2. To  what  extent  does  Encristo  pharmaceuticals  cope  with  the  climatic  change  in  its  Hydro  station  (Kainji  Dam)
3. What  are  the  effect  of  these  Encristo pharmaceuticals  or  load  shedding  to   consumies.
4. what  are the  effect of  vandalisation to  both  Encristo  pharmaceuticals and  its  consumers,  and  what  steps  have  Encristo  pharmaceuticals  and  consumers  taken  to  eradicate  vandals?
5. what  are  the  response  of  Encristo  pharmaceuticals  towards  fault  reports?   
6. what  are  the  marketing  strategies  of  Encristo  pharmaceutical?

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