INTRODUCING A NEW PRODUCT IN THE MARKET (A CASE STUDY OF NEW DAY PHARMACEUTICALS LIMITED IMO STATE)
The research work was on a study of how to introduce a new product in the market. The main objective was to determine whether the strategies used to introduce cristolyn cough expectorant in Imo state was effective or not. The researcher also looked at how the product is fairinf in the market. Both primary and secondary data were collected to solve the research problem. The population study comprised the consumer and personal of New day pharmaceutical company Limited Imo state.
The researcher instrument used for data collection is questionnaires.
Table, frequencies and percentages were used in presenting and analyzing the data collected.
Based on data analysis, the researcher comes up with the following findings.
The product was test marketed for a period of five months before it was officially launched on September 8, 1997. During the time of introduction both radio, poster, sticker etc. were used.
Most of consumer interviewed said that they were aware of the product is existence and that the quality and test is very good. Company’s personnel believed that the strategies used to introduce the product have been effective.
In conclusion, the researcher believes that the product have been accepted and is moving well in the market
1.1 BACKGROUND OF THE STUDY
Every business enterprise must have a good knowledge of its market, its customers, where its customers are located , what they value most, what their unsatisfied wants are, their living standards and how he can be reached. It is the duty of the company to provide the needs of the customer because it is the customers that determine what a business is, since they alone, through demand create wealth for the company.
Survival of a company or business in a competitive market depends on the innovations of the company and its marketing strategies.
The goal of any profit making organization is to make profit through customer satisfaction. That is, providing goods and services that will satisfy the needs and wants and taste of the customer, hence making profit which will enable the company to survive.
The organization or business therefore must put into consideration, the society when formulating it policies, since the business enterprise is an internal part of the society.
These are the qualities that makes a business unique.
Marketing of goods and services therefore sets a business apart from all other human organization s. it can also be assumed that any organization that markets a product or service is a business and an organization wherein marketing occurs incidentally or is totally absent is not a business or profit making organization.
Marketing involves carrying out studies and research to determine the customers need in any given period or season and the price he is able and willing to pay for a given product or service, for these are given consideration in product planning.
It is not enough for the business the provide goods and services, assuming a competitive market, it must provide better and more economic ones, in comparison with existing products, hence, there must be an innovation, either by way of marketing new products, modifying existing products or by changing marketing techniques.
To develop and market new products therefore, it should be ensured that the product thrive in the market, by adopting the correct approaches.
There are two important stages in the development of any product and these are introduction and commercialization.