STRATEGIES FOR INTRODUCING A NEW PRODUCT IN THE MARKET. (A CASE STUDY OF ENCRISTO PHARMACEUTICALS LIMITED IN ENUGU)
The research work was on a study of how is introduce a new product in the market. The main objective was to determine whether the strategies used to introduce cristolys cough expectorant in Enugu was effective or not. The researcher. Also looked at how the product is fairing in the market both primary and secondary data were collected to solve the research problem. The population study comprised the consumer and personnel of Encristo pharmacentical company limited Enugu. The research instrument used for data collection is questionnaires. Tables, 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.
- BACKGROUND OF THE STUDY
The objectives of any organization is to create customers and satisfying them at a profit that is, producing goods and service that will satisfy the needs, wants and services of the customer and making a profit which will enable the company to survive. The purpose of any business must lie in the society since a business enterprise is an organ of the society.
It is the customer that determines what a business is, for it is the customer and he alone, who through being willing to ping for goods or for services. Convert economic resources into wealth, things into good.
Any business must find out what its market is, who the customer is, where he is, what he consider valve, what he consider valve, what his unsatisfied wants, how does he buy and how can he be reached, it is the duty of the company is provide what the customer need.
The main function of a company is marketing and innovation. Marketing is distinguishing the unique function of the business. A business is set apart from all other human organization by the fact that it market a product or services.
Any organization that fulfils itself through
- Marketing a product or service is a business and any absent or incidental is not a business any should never be run as if it were one.
The duty of marketing starts at the beginning rather than the end of the business because through its studied and researchers will establish. What the customer wants in a given period or season, what price he is willing to pay in a given product have authority in product planning innovation which is the last function of a business is the provision better and more economic goods and services.
It is not enough for the business to provide just and economic goods and services, it must provide a better an more economic ones.
Innovation goes right through all phases of business of may innovation in design, in product, in marketing techniques, in prices or in service to the customer.
Therefore, to develop and market new products the correct approach must be used is ensure that new product does not fail in the market.