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PROPOSAL
TOPIC:
Product Failure; Causes
And Effects
(A Case Study Of Nigeria Bottling
Company Plc)
CHAPTER ONE
Many companies don’t just sell product
they like, they first decide the need of consumer before creating such goods.
Marketers know the first basic thing in determining a product success or
failure is that one should foist consider consumer feelings about the intended
product which the company wants to sell and also their feelings towards the
company itself. Actually, the last thing that companies develop when, making
products is the core benefits.
For example, NBC sells more than one
million worth of coca-cola, Fanta, Sprite etc. to consumer around the world.
They make successful soft drink products and this has made them the leader in
the popular price segment in the world.
HISTORICAL BA CKGROUND
OF THE COMPANY
The history of the company in Nigeria
is almost as old as Nigeria itself. It is one of the earliest companies
established in the country.
KEY
WORDS AND TERMS
1. Actual product: a product’s parts, quality
level, features, design, brand name, package and other attributes combine to
deliver core product benefits.
2. Agitated
product: is the additional consumer services and benefits build around the core
and actual product.
3. Brand:
is a name term, sign, symbol, or design or a combination of those intended to
identify the goods and services of one seller in group of sellers and
differentiate them from those of competitors.
4. Business
analysis: is a review of the sales, cost and profit projections for a new
product to find out whether these factors satisfy company’s objectives.
5. Commercialization:
This is a process of introducing a new product into the market.
DEFINITION
OF PRODUCT
A product is anything that can be
offered to a market for attention acquisition, use or consumption and that
might satisfy a want or need. Products include more than just tangible goods.
Broadly defined, product include physical objects, services, persons, places,
organization ideas, or mixes of these entitles.
LEVELS
OR COMPONENTS OF A PRODUCT
Product planners need t o think about
the product on three levels. The most basic level in the core product, which
addresses the question; What is the buyer really buying?
PRODUCT
CLASSIFICATION
Marketers have developed several
product classification schemes in developing marketing strategies for their
products and services into two broad classes based on types of consumers that
use them. Consumer products ans industrial products.
CONSUMER
PRODUCT
These are those bought by final
consumer for personal consumption. Marketers, based on how consumers go about
buying them further classify those goods.
INDUSTRIAL
PRODUCTS
These are those products purchased for
further processing or for use in conduction a business.
PRODUCT
ATTRIBUTES
Developing a product involves the
benefits that the product will offer. These benefits are communicated and delivered
by product attributes such as quality, feature and design. Decisions about
these attributes greatly affect consumer reactions to a product.
PRODUCT
QUALITY
Quality is one of the marketers major
positioning tools. Quality has two decisions. Level and consistency. In
developing a product the marketer must first choose a quality level that will support the product’s
position in the target market.
CHAPTER TWO
LITERATURE REVIEW
Looking closely at the topic of the
research, product failures; causes and effects a need therefore arises to
firstly state and explain processes which a product undergoes both for new
product and already existing product.
PRODUCT
DESIGN
One of the best ways to add consumer
value is through distinctive product design.
PRODUCT
LIFE CYCLE STRATEGIES
Products, like people, have certain
length of life during which they pass through certain identifiable stages. From
the time a product idea is conceived, during its development and up to its
market introduction.
INTRODUCTION
STAGE
The introduction stage starts when the
product is first launched. Introduction takes time and sales growth is
apportioned to be low.
GROWTH
STAGE
Should the new product satisfy the
market, it will enter the growth stage, in which sales will start climbing
quickly, and if not then could be said to be the end of the new product.
MATURITY
STAGE
At a particular point a product’s
sales growth will slow down and the product will enter a maturity state. This
stage normally lasts longer than the previous stages and its poses strong
challenges to marketing management.
DECLINE
STAGE
The decline is a situation in which
sales may plunge to Zero, or they may drop to low level where they continue for
many years.
PRODUCT
DEVELOPMENT
By now product we mean original
products, product improvement, product modification and new brands that the
firm develops through its own research and development efforts.
REASPONS
FOR PRODUCT DEVELOPMENT
1. Profit
improvement: the management may decide to improve profit, improved product will
surely lead to higher profit through bringing more consumers in to product’s
consumption fold.
2. Technological
change: the changing phase of technology is usually accompany with minor or major improvement in
an existing product. This usually result in the introduction of new product,
e.g. computers replacing calculators and adding machines.
3.
Planned obsolescent: management may
deliberately introduce an improvement of an existing product into the market to
make such product outdated.
THE NEW PRODUCT
DEVELOPMENT PROCESS
The new product development process for finding and growing
nor products consists of eight major steps.
1.
Idea Generation
2.
Idea Screening
3.
Concept Development
4.
Marketing Strategy Development
5.
Business Analysis
6.
Product Development
7.
Test Marketing
8.
Commercialization
PRICING APPROACH
The price company charges will be determined by both
internal and external factors.
THE BUYERS DECISION
PROCESS
The process is divided into five phase or stages, which are
summarize below:
1.
Need Recognition
2.
Information
3.
Evaluation of Alternatives
4.
Purchase Decision
5.
Post-Purchase Decision
TYPES OF BUYING
DECISION BAHAVIOR
1.
Complex buying behavior
2.
Dissonance reducing buying behavior
3.
Habitual buying behavior
4.
Variety seeking buying behavior
CHAPTER
THREE
METHODOLOGY
Methodology involves the process that is used in the
gathering of data. Data collection can be carried out by using primary and
secondary data. Secondary data consist of information that already exists
somewhere, having been collected for another purpose.
PLANNING PRIMARY DATA
COLLECTING
Designing a place for primary data collection call for
decisions on the following
1.
Research Approach
2.
Distributing Questionnaire
3.
Sample Size
4.
Research Instrument
CHAPTER
FOUR
DATA PRESENTATION AND
ANALYSIS
The data collected from the
respondents are arranged and presented in a way as to facilitate easy
understanding and implementation by management and others users that may have
need of it.
CHAPTER FIVE
SUMMARY
OF FINDINGS
Different researches have investigated
the rate of failure associated with products. In product development and
marketing, it is essential for companies to ensure that every aspect of their
product are well design not only to meet consumers expectations but also to
delight the consumer.
RECOMMENDATIONS
One of the recommendations that we
wish to give is that, the company when planning the development of any product,
should ensure that proper marketing research is carried out so as to ensure
that success of the product and also ensure “Total Quality Management” is
maintained as all level or stages of its operation.
CONCLUSION
This w rite-up as stated the meaning
of a product, classifications of product, process involved in product
development and the product life cycle.
The research has carefully examined
the reasons for products failure and for Fanta Company’s failure. In this we
have seen that having a product idea for a product is just the starting point
for the product and that many pother factors needs to be continued before and
after the product emergence in to the market.
TABLE OF CONTENTS
·
Title
·
Certification
·
Dedication
·
Acknowledgement
·
Proposal
·
Table of content
CHAPTER ONE
1.0 Introduction
1.1. Historical background of the company
1.2 Product Manufacturer
1.3 Key words and terms
1.4 Definition of a product
1.5 Levels of components of a product
1.6 Product Classification
1.7 Product attribute
1.8 Product quality
CHAPTER TWO
2.0 Product design
2.1 Product life cycle strategies
2.1.1 Introduction stage
2.1.2 Growth stage
2.1.3 Maturity stage
2.1.4 Decline stage
2.1.5 Product development
2.2 Reasons for product development
2.3 The new product development process
2.4 Pricing approaches
2.5 The buyer decision process
2.6 Types of buying decision behavior
CHAPTER THREE
3.0 Planning primary Data collection
CHAPTER FOUR
4.0 Data presentation and analysis.
CHAPTER FIVE
5.0 Summary Of Findings
5.1 Recommendations
5.2 Conclusion
APPENDIX
BIBLIOGRAPHY
QUESTIONNAIRE
CHAPTER ONE
1.0 INTRODUCTION
Many companies don’t just sell product
they like, they first decide the need of consumer before creating such goods.
Marketers know the first basic thing in determining a product success or
failure is that one should foist consider consumer feelings about the intended
product which the company wants to sell and also their feelings towards the
company itself. Actually, the last thing that companies develop when, making
products is the core benefits.
For example, NBC sells more than one
million worth of coca-cola, Fanta,
Sprite etc. to consumer around the world. They make successful soft
drink products and this has made them the leader in the popular price segment
in the world. It knows that sells more than liquid fluid and that it sells what
this can do for consumers.
In accomplishing this objective, after
deciding consumers feelings, it then develop and test the soft drink concepts
that matches peoples consumer value, desires and lifestyles. After this,
appropriate brand name to fit the idea chosen. This is one of the basic aspects
of product attribute and with this comes the packaging of such product. The
package attribute contain the product concept and image.
After this, the product is introduced
into the market and this is the first stage in which a product can either
succeed or fail. Some products do make it beyond the introductory stage and
goes to the other stage in a product life cycle. While some might make through
this stage, its death comes in the next stage, where I t faces more
competition. For various reason, many products fail to achieve the objective of
a product, which is satisfying a want or need.
Therefore, through the course of this
project, we should be able to see various events that occur before and after a
product’s introduction to the market, various causes for product’s failure and
recommendation on how such incidence can be avoided.
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