The Development and Marketing of a New Product as a Company Life Wire
The Development and Marketing of a New Product as a Company Life Wire
Abstract of The Development and Marketing of a New Product as a Company Life Wire
This research is intended to apprise the development and marketing of a new product as company life wire by Nigerian Breweries Plc, Aba. This project has been divided into five chapters .chapter one deals with the background of the study, statement of Problems, objective of the study, significance, and Research question. Chapter two is also about the literature review, what is product, what is new product development process, why new product fail in the market place and why new product is successful. Chapter three deals with the research design methodology, research design, and area of study, population, sample techniques and sources of data. Chapter four deals with how the data was presented and analysis, analysis of findings and test of synthesis through the use of questionnaire. Finally, chapter five deals on the summary, of findings, the conclusion and the recommendation made to the Nigerian Breweries Plc, Aba.
Chapter One of The Development and Marketing of a New Product as a Company Life Wire
INTRODUCTION
BACKGROUND OF THE STUDY
Product and development is a systematic process for originating, evaluating and developing new product ideas and adopting these showing promises that they can be profitably sold in the market place. This management procedure must be employed to generate, collect and screen ideas for new product, and then develop, test and commercialized the new items.
Every new product is supposed to go through the evolutionary cycle ending in the commercialization of the product. The evolutionary cycle ending ideas exploration, idea screaming, concept development testing marketing strategy development, business analysis, product development, marketing testing and commercialization
Developing and marketing new product as a company life wire is both a risky and profitable venture. It is risky in the sense that if the product fails the company would lose a lot of money, which has been expand in the process of developing the new product. On the other hand, if the new product succeeds, the company would reap a lot of benefit through increased profitability.
New product development is a strategy usually adopted by the Nigerian breweries plc. The company has the policy of enhancing it’s product quality and adding new product to its of drinks.
Considering the critical nature of the beer breweries companies, the Nigerian breweries plc management must know how best to develop and dispose its new product not only at a profit to the business but also to sustain and maintain consumer brand loyalty of the product.
New products are often promoted and consumers are stimulated and persuaded to try the product. Having tried the new purchased and repurchased the product, if successfully test market, it is the marketed. This study tried to examine the development and marketing of new product as a company life wire. Case studies of Nigerian breweries plc, Aba, built by the company testify to its abiding interest in the acts. The building and maintenance of craft, centers are part of the company’s contribution to the promotion and preservation of Nigerian acts and culture.
CONCLUSION
Nigerian breweries Plc is a model of success in the private sector. The company’s high profile, profitability and successful operations can be traced to good product quality; efficient management of operations and strategic penetration into the market environment. Others are proper understanding of consumer attitudes and habits and high social responsibility profile at national and zonal levels.
PROFILE OF NIGERIANN BREWERIES PLC
SCOPE OF THE OPERTIONS
Nigerian breweries plc, the pioneer and largest brewing company in Nigeria, was incorporated in 1946 and recovered a land mark when the first bottle of STAR LARGER BEER rolled off the bottling lines in its Lagos brewery in June 1949 . This was followed by Aba Brewery which was commissioned in 1957, Kaduna brewery in 1963 and Ibadan Brewery in `1982.. In Enugu. the company acquired its fifth Brewery in September 1993. Thus from it’s humble beginning in 1946, the company now has five breweries from which high quality products are distributed to all nooks and corners of this great country.
With about 50000 shareholders, the authorized share capital of Nigerian breweries was increased from 288m to N457m in 1994 by the creation and distribution of one of new share for every one share held by shareholders.
Sixty-seven percent (67%) of the share is held by Nigerian amongst who are company employees of various categories. The company’s turnover increased from 7.166 in 1994 to 10.76 in 1995, while a sum of 4.06 was paid to the federal and state governments in various forms of taxes as against 2.46 in the previous year. In 1995, the company paid a dividend of 0.85 kobo per share.
This level of dividend is better appreciated if it is recalled that the scrip issue of one for one made the previous year impacted vary heavily on the equity base of the company by increasing it from 457.5 million ordinary share to 915 million ordinary share. The import of these developments has been a corresponding growth in the prosperity of company’s shareholders whose funds have appreciated into values for in excess of their original investments.
Nigerian breweries plc has a portfolio of five high quality brand: star lager beer (1949) guilder lager beer (1970),Maltina (1976)< legend extra stout (1992) and Amstel Malta (1994). Together, position in the total brewed products market in franchise compliment other company values and as the house of quality.
RESEARCH AND DEVELOPMENT
Nigerian breweries Plc has kept pace with key international development, that ensuring that it’s systems, processes and operational procedures are always in conformity with proven best practices in most parts of the world. It is in line with the policy that the company established a 4 million research and development center (currently valued at 40 million) to enhance it’s research activities. Commissioned in June 1987 the research and development center conducts research and development center conducts research on all aspects of the brewing operation.
STATEMENT OF PROBLEMS
The current economic recession and Austenty measures have virtually paralyzed almost all business activities in Nigeria and breweries businesses are no exception. The emergence of main beer breweries and the resultant proliferation of many types of beer have given rise to competition.
For an organization like Nigerian breweries plc, Aba to survive and achieve sustained growth in a competitive marketing environment. It has to strive to achieve the satisfaction of the needs of the target market.
The study or this research diagnosis problem that arise as a result of rapid changes in consumer’s tastes, technology, competition on marketing environment
ANCILLARY INDUSTRIES
As a major brewing concern, the company encourages the establishment of ancillary businesses. Many of these organizations and individuals depend largely on the company for their means of livelihood. These include manufacturers of bottles, crown corks, labels, cartons, plastic creates and such service as hotels/clubs and direct customers.
SOCIAL RESPONSIBILITY
Nigerian breweries plc is a socially responsible corporate citizen with an enviable record of rendering corporate philanthropy in the areas of education, sports, health and the arts, among others. The companies recently establish an education trust fund of N50 million to take more active part in the funding of educational and research facilities in higher institutions, all in an effort to provide and encourage academic excellence in Nigeria.
This in addition to its annual university book price award, to 18 institutions of higher learning in the country as well as the secondary/university scholarship programme for children of its employees
Nigerian breweries plc, is the foremost sponsor of sports by variety in the country with sponsorship covering table tennis, lawn tennis, cycling, , golf, badminton, dart, boat race and ayo. The aim of develop Nigerian sportsmen and women to participate in national and international sports, in the health sector, the company is committing funds to the building of the skill cell center in Nigeria. The Oyo state craft village in Ibadan and the craft center in Benin.
OBJECTIVES OF THE STUDY
The study aims at determining how an organization can redesign or change its product to enable them cope with changing taste of the consumer.
This could be achieved by taken the following research objectives into consideration.
1. To find out new product development justifies organizational existence.
2. New product development help to stabilize or revitalize a declining firm.
3. New product development helps an organization to achieve sustained growth
4. New product development helps an organization to achieve expansion.