THE DEVELOPMENT AND MARKETING OF A NEW PRODUCT AS A COMPANY LIFE WIRE A CASE STUDY OF NIGERIAN BREWRIES PLC, ABA. A RESEARCH PROJECT MATERIAL ON MARKETING
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.
1.1 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.