This research work reviews extensively, the meaning of product Innovation as an Effective tool in the competitive market by using Unilever Nigeria Plc, Anambra State as a case study, the objective is carrying out, to analyse if product Innovation enhance organization Image than old products, also to find out the consumer Improved quality to existing product the methodology simply mans the different ways methods and system a researcher used to administer an collect data collection, the data collection methods depend principally upon the aim and objective of the research. This research of data collected from different source. The major finding in the product innovation is used to attain. In market leadership they could be seen at question sic table four where 68% of the respondent dais that product innovation are used to attain market leadership, in this case, I recommend that both the production and marketing manager of every firm should as a matter of necessity be creative Innovation and productive.
1.1 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.
1.2 STATEMENT OF THE PROBLEM
Product Innovation in a firm is associated with diverse problems that occur during or after innovation.
The problems are:
Lack of marketing research leads to wrong production of it product.
Wrong application packaging reduces sales of the product
Inability of the firm to know when to delete a product during product life cycle causes decrease in sales volume.
Improper Presentation of product to the market causes Poor sales.
1.3 OBJECTIVE OF THE STUDY
Based on the first part of the study the objective are as follows:
To examine if new product development can be a strategy to survive competition.
To determine the impact of product consumer patronage of a firms product.
To find out whether there is a significant relationship between the sales revenue of a firm’s product invention and after its innovation.
To offer solution to the problem of innovation product
To determine the various ways in which a product could be innovated.
To analyze if new product development is a good strategy to sustain brand name than the existing product.
To analyze if product innovation enhances organizational image than old product.
To find out if the consumer prefer improved quality to existing product (old)
1.4 RESEARCH QUESTION.
Are sales revenue of Paterson and Zochonis product before innovation?
Do consumer pre new product development than already existing products?.
Can the application of product increase the company’s profit?
Does product innovation indicate buying responses from consumers more than the production.
What is the best Period in the product life cycle to introduce a new product
Is product Innovation an effective tool/strategy to outweigh competitions.
Do companies use product Innovation as a strategy to sustain organizational revenue?
1.5 RESEARCH HYPOTHESIS
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.
1.6 SIGNIFICANCE OF THE STUDY
This research study is significant in the following areas.
It helps the company to know the effects of the new product.
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.
It is a pre-requisite for the fulfillment of the guard of the Higher National Diploma HND)
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
I made three assumptions that shaped this study. Assumptions are principles accepted as being true based on logic or reasoning, which may not be verifiable or proven (Yin, 2014). For coherence and transparency in qualitative research, the researcher should state clearly her or his assumptions (Rios, 2017). First, I assumed that the results of this study will be valuable to business leaders, seeking to develop new products in emerging markets successfully. Second, I assumed that the participants chosen for the study made the decisions about new product development in their respective organizations and therefore had sufficient knowledge to adequately describe and assess the strategies they used for new product development. Third, I assumed that the participants were truthful when responding.
There are two limitations to this study. Yin (2014) described the limitations of a study as elements of research perceived as weaknesses or problematic in relation to the study. The first limitation of the study is that some business leaders may not want to share their strategies for new product development. The second limitation is that a case study of only three business leaders from three organizations could affect the which are simple and effective without a big budget for research and development (Radjou & Euchner, 2016) transferability of the results. To mitigate these limitations, I selected as participants, business leaders who were willing to discuss their strategies for new product development. I assured the participants of absolute confidentiality in my handling and reporting of data collected. Through the use of open-ended questions, I allowed each participant to fully express their experiences, using their own words and construction. I continued to interview until I reached saturation to ensure I captured ample evidence to support my findings. Finally, I gave a rich description of the phenomenon under investigation so that readers can draw their conclusions and compare the results of the study with other organizational situations or cases.
Delimitations are boundaries put in place by the researcher to narrow the scope of a study (Yin, 2014). This study had three delimitations: The study location, the sample size, and the type of interview structure used. The study location is Lagos, Nigeria. Data collection from a larger region would have enhanced the transferability of results. I interviewed only the business leaders of the three organizations selected for the study. Interviewing the marketing managers and heads of research and development in the organizations would have enhanced the quality of data collected. I also used only openended interview questions to elicit uninhibited responses that was not possible with structured interviews.
Definitions of terms
Disruptive innovation: A disruptive innovation is an innovation that helps create a new market and value network and eventually goes on to disrupt an existing market and value network, displacing an earlier technology (Hynes & Elwell, 2016). Emerging markets: Emerging markets are characterized by institutional voids, the relative importance of informal compared to formal institutions, institutional pressures by local governments, as well as institutional change and transitions (Rottig, 2016). Frugal innovation: Frugal innovation is the ability to create solutions, New product development: New product development is the task of collecting knowledge, combining the knowledge collected, and making it work with the objective of creating new things in a similar way to the approach followed by a scientific research team and is a source of innovation in an organization (Vila & Albiñana, 2016).
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