PRODUCT INNOVATION AS AN EFFECTIVE TOOL IN A COMPETITIVE MARKET (A CASE STUDY OF PZ)
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TABLE OF CONTENT:
1.1 Background of the Study
1.2 Statement of the Research Problem
1.3 Objectives of the Study
1.4 Significance of the Study
1.5 Research Questions
1.6 Research Hypothesis
1.7 Conceptual and Operational Definition
1.9 Limitations of the Study
2.1 Sources of Literature
2.2 The Review
2.3 Summary of Literature Review
3.1 Research Method
3.2 Research Design
3.3 Research Sample
3.4 Measuring Instrument
3.5 Data Collection
3.6 Data Analysis
3.7 Expected Result
DATA ANALYSIS AND RESULTS
4.1 Data Analysis
SUMMARY AND RECOMMENDATIONS
5.2 Recommendations for Further Study
BACKGROUND OF THE STUDY
Many years back, the seller oriented Market prevailed over the consumer’s did out weight the main products during this period the production concept of the marketing Philosophy was prevailing giving little or no attention to the consumer.
The general difference was that the product would surely find a needy marketing no particular attention was paid to the product, packaging labeling, branding, modification and other features, qualities etc.
As time went on more and more products entered the market. This coming together of many products brought about competition among the available products consumer sovereignty began to over take its bearing based on good packaging, brand image, quality and convenience.
In the era of marketing concept, manufacturers, and producers determine first the need and went of the consumers and try their best to inculcate this into the company polices and programmes.
As a result of the dynamic business environment today, first apply difference strategy to ensure continued operation. Many new product are constantly being introduce into the market innovation are seriously on their job modifying and deleting old and unprofitable products.
Against this background, I want to look at product innovation as an effective tool in a competitive market.
Product innovation is the creation and development of new ideas into a new or an existing product. This embraces all the activities that will enable a company to determine what product to offer the market to satisfy consumers and out with competitors.
There is no gain saying the fact that the success or failure of any business is a function of the ability of its product to stand firm in the face to adverse competition from other products. Price reduction, intensive promotion and advertisement, product innovation and effective distribution channel are all strategies used by management to capture a sizable share of the market, but product innovation is the most effective and most result oriented.
As the population of the nation increases, so also does firm and business venture in order to be in alignment with the population. As a matter of fact, only those business units that ensure paramount consumer satisfactions and sovereignty in production shall withstand that struggle for goodwill.
If product innovation is not pursued, the company might be thrown out of the market Top management should always take cognize of what Williams J. Stanton said a company cannot successfully sell a poor product over the long run”
Often, it is easy to create a demand for initial sales. But a company need a good product to get repeat sales, and repeat sales are needed to stay in business.
PROFILE OF THE COMPANY.
Paterson Zochonis was incorporated on the 4th December, 1948. Under the name of P.B. Nicholas who has for some years prior to the date established a factory, for that purpose. PZ and Company Limited of Manchester subscribed 75.5% of the company’s issued shared capital and sine directly or through subsidiary companies tetaimed the controlling interest PZ itself incorporated in England in 1884, because a public Company quoted on the London and Northern stock exchange in 1953. its principal activity then was generally in merchants in West Africa.
In 1954, Mr. P.B. Nicholas sold out his interest in the company to P.Z two years later, the company changed its name to Akimbo Industries Limited in1960, adopted the name associated Industries Limited. During the year, the company, achieved its first Indigenous and Nigerian equity participation and by the end of 1972, it had sold 40% of its share capital to indigenous Nigerians.
In accordance with the Federal Government Directives “Indigenous Act Is sold 20% of its share to Nigerian in 1976, thus bringing the equity share participation to 60% in favour of Nigerians.
Following the merger of PZ and Company (Nig) Limited and associated Industries Limited in1976, the Company changed its name to PZ Industries Limited between 1976-1970, manufacturing operation in Aba factory were disrupted as a result of the civil war and in consequences, the company open a ranted premesis in Lagos State. However, PZ Industries Limited become a Public Company in 1972 and was Listed on the Nigerian Stock exchange. The name was finally changed to Paterson Zochonis Industries Plc. In 1976 “PZ Industries Plc”.
Furthermore in 1996 PZ Industries Plc merged with Thermocol Nigerian Ltd to answer PZ Industries Nig. Plc and in July 2007, the company Merged with Cussons International England to become the present P.Z Cussons Plc.
The company has the following range of product-SOAP, Imperial Leather SOAP, Robert, premier, Baby Cussons soap, Carex, Duck Green Bar soap etc. all are produced in Aba.
Detergents Elephant Detergent, Tempo, Jet ,Morning fresh etc. cosmetics: Venn-Dee Mib, venus Relaxer, Jet hair Cream and florurish gel.
Pharmaceuticals. Maladin, Drastin plus, Rob Ointment, Robert paracetamoil, Alagbin etc.
Hair Thermacool: Air conditioner, Refrigerators and Television, Generation s et.
PZ Product are widely distributed. In the country through their extensive distribution network with buffer stock held at strategic centuries.
The company have a staff strength of about 6000 throughout the country. PZ had progressed from being merchant company to against industrial concern. Having production factory in Aba, Illupeju, Ikorodu and Isolo with more than ten warehouses , depot scattered accords the country.
The country has the staff strength of about 500 employees excluding temporary staff of about 200 at Aba factory Present.
STATEMENT OF THE PROBLEM
Product Innovation in a firm is associated with diverse problems that occur during or after innovation.
The problems are:
1. Lack of marketing research leads to wrong production of it product.
2. Wrong application packaging reduces sales of the product
3. Inability of the firm to know when to delete a product during product life cycle causes decrease in sales volume.
4. Improper Presentation of product to the market causes Poor sales.
OBJECTIVE OF THE STUDY
Based on the first part of the study the objective are as follows:
1. To examine if new product development can be a strategy to survive competition.
2. To determine the impact of product consumer patronage of a firms product.
3. To find out whether there is a significant relationship between the sales revenue of a firm’s product invention and after its innovation.
4. To offer solution to the problem of innovation product
5. To determine the various ways in which a product could be innovated.
6. To analyze if new product development is a good strategy to sustain brand name than the existing product.
7. To analyze if product innovation enhances organizational image than old product.
8. To find out if the consumer prefer improved quality to existing product (old)
1. Are sales revenue of Paterson and Zochonis product before innovation?
2. Do consumer pre new product development than already existing products?.
3. Can the application of product increase the company’s profit?
4. Does product innovation indicate buying responses from consumers more than the production.
5. What is the best Period in the product life cycle to introduce a new product
6. Is product Innovation an effective tool/strategy to outweigh competitions.
7. Do companies use product Innovation as a strategy to sustain organizational revenue?
Based on the statement of problem and research question as stated above. Null and alternative hypothesis were formulated.
H1: lack of marketing research does not cause poor sales.
H1: lack of marketing research cause Poor sales.
H2: Improper presentation of product to the market does not cause poor sales.
H2: Improper presentation of product to the market caused poor sales.
H3: Wrong application of packaging does not reduce sales of the product
H3: Wrong application of packaging reduces sales of the product.
SIGNIFICANCE OF THE STUDY
This research study is significant in the following areas.
1. It helps the company to know the effects of the new product.
2. This research work will serve as a reference for further researchers to the institution and will; also help them to improve on the already researched work on the topic.
3. It is a pre-requisite for the fulfillment of the guard of the Higher National Diploma HND)
4. It will help the general Public and government to know that the growth industrial are those that are oriented to new product development (product Innovation).
SCOPE AND LIMITATION OF THE STUDY
This research study covers the product innovation and it is particularly in Paterson and Zochonis in Aba.