Key Features:
- No of Pages: 142
- No of Chapters: 05
Introduction:
Abstract
This research work was 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 Umuahia Metropolis was effective or not. The research also looked at how the project is fairing in the market. Both primary and secondary data were collected to solve the research problem.
The population study comprised the consumers, distributors, and personal of Encristo Pharmaceutical Company Limited. The research instruments used for data collection were questionnaire and oral interview.
Tables frequencies and percentages were used in presenting and analyzing the data collected. Chi-square statistic was used to test the various hypotheses since this was a test of goodness of fit.
Based on the data analysis, the researcher came 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 jingles, posters, stickers etc. were used.
- Most of the consumers interviewed said that they are aware of the products existence and that the quality and tests is good.
- Company’s personnel believed that the strategies used to introduce the product has been effective
- Most of the distributors interviewed should their willingness to distribute the product.
In conclusion, the researcher believes that the product have been accepted and is moving well in the market.
Table of Content
Title page
Dedication
Acknowledgement
Abstract
Table of contents
List of tables
Chapter One - Introduction
Background of the Study
Historical background of Encristo Pharmaceutical
Statement of Problem
Objective of the Study
Hypothesis
Significance of the Study
Scope of Study
Definition of Terms
Chapter Two - Literature Review
Meaning of a New Product
Why company Develop and Market New Product
Manufacturers Criteria for New Product
Requirements for Successful New Product
Product Planning and Development
Product Development Strategy
Pro-active Product Development Strategy
Re-active Product Development Strategy
New Product Development Process
Generation of New Product Ideas
Screening of Product Ides.
Concept development and Testing
Marketing Strategy Development
Business Analysis
Product Development
Market Testing
Launching and Commercialization
New Product Adoption
Variables Making for lack of Success in the Development and Marketing of New Product
Ways Companies Avoid New Product Failures
Chapter Three - Research Methodology
Sources of Data
Population of Study
Sample Size Determination
Sample Size for Consumers
Sample Size for Company Personnel
Sample Size for Distributors
Sampling Technique
Instruments for Data Collection
Questionnaire Allocation and Administration
Method of Data Treatment and Analysis
Chapter Four - Data Presentation and Analysis
Data Presentation and Analysis
Hypothesis Testing
Chapter Five - Discussion of Findings, Conclusion and recommendation
Summary of Findings
Conclusion
Recommendation
Suggestion for further Studies
Limitations of the Study
Bibliography
Appendix ‘A’ Consumer Questionnaire
Appendix ‘B’ Distributors Questionnaire
Appendix ‘C’ Personnel Questionnaire
LIST OF TABLES
4.1 Return rate of consumer’s questionnaire
4.2 Consumers awareness of the new product
4.3 Proportion of respondents who have either tested or consumed Cristolyn Cough expectorant.
4.4 Number of times consumers have consumer the product.
4.5 Consumers rating of the quality and taste of the product.
4.6 Consumers indication on whether they will continue buying the product as it is.
4.7 Response of the consumers on whether the quality and taste of the product satisfied them like other brands of Encrito pharmaceutical Ltd.
4.8 What consumers think about the brand name “Cristolyn Cough Expectorant”.
4.9 Consumer general rating of the product
4.10 Personnel response as to whether the strategies used to introduce the product in the market have been effective
4.11 Personnel response as to whether the product has been well received by consumers.
4.12 How personnel rate the performance of the products project.
4.13 Distributors indication on whether they will distribute the new product
4.14 Distributors statement about the quality and taste of the product.
4.15 Distributors indication on whether they will distribute the new product.
4.16 The initial promotools used to introduce the product in the market.
4.17 Promo tools used now to move the product.
Introduction
The objective of any organization is to create customers and satisfy then at a profit that is, producing goods and services that will satisfy the needs, wants and desires of the customers and making a profit which will enable the company to survive. The purpose of ay business must lie outside the business itself. Infact, the purpose 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 is willing to pay for goods or for services. Converts economic resources into wealth, things into goods. Any business must find out what its market is, who the customers is, where he is, what he considers value, what is his unsatisfied wants, how does he buy ad how can he be reached, it is the duty of the company to provide what the customers need.
The main function of a company is marketing and innovation. Marketing is the distributing unique functions of the business.
A business is set apart from all other human organization by the fact that it markets a product or a service. Any organization that fulfils itself through marketing a product or service is a business.
The duty of marketing starts a the beginning rather than the end of the business because through its studies and research will establish what the customer wants in a given product, what price he is willing to pay, have authority in product planning, product scheduling and inventory control as well as the sales, distribution and servicing of the product.
Innovation which is the last function of a business is the provision of better and more economic goods and services. It is not enough for the business to provide just any economic goods and services; it must provide a better and more economic ones. Innovation goes right through all phase of business, it may be innovation in design in product, in marketing techniques, in price or in service to the customer.
Therefore, to develop and market a new product, the correct approach must be used to ensure that the new product does not fail in the market. There are two importance stage in the development of new product; the actual or commercialization of the new product into the market.
Many products have failed to make the expected impact on the consumers because the companies did not use the right strategies such as pricing, promotion and high product quality. They forget that buyers are subjected to a wide range to complexities and quick’s; reactions that are hard to predict.
Their attitudes, dispositions, perceptions and motivations must be considered along with income and other demographic considerations.
It is the belief of these researcher that the satisfaction of the consumers needs, wants, as and desire should be first in the uppermost mind of the producers and not profit maximization. Though, they should achieve sufficient profit to cover the risks of their economic activities so that losses can be curtailed.
A company like Encrito Pharmaceutical Company Limited should avoid making mistakes that may spell danger for its newly developed product by making use of the correct approach in both marketing, commercialization/introduction of the product into the market.
The Encristo Pharmaceutical Company Limited belong to one of the indigenous pharmaceutical companies in Nigeria licensed today to produce (OTC) over the counter drugs has been pursuing vigorously its policy of developing and adding new and better products to its existing products line. On September 8. 1997, the company introduced a new product known as “CRISTOLYN COUGH EXPECTORANT” into the Umuahia market. At the early stages this product did not make the expected impact ad the company did not give up.
The product has been in the market for up to 10 months now. In evaluations the performance of the new product, one would like to know the extent of its acceptance by the consumers. What strategies were used by the company in introducing the product into the market and how effective these strategies are. The company would like to equip itself these data in order to ensure that its product strategies are effective that is why this research has been undertaken.
HISTORICAL BACKGROUND OF ENCRISTO PHARMACEUTICAL COMPANY LIMITED
Encristo Pharmaceutical Company Limited was incorporated with registration number RC 230515 on 20th September, 1993 and a local manufacturer of oral liquid preparation drugs. The factory and co-operate offices are situated at Plot 8, 2nd Avenue Independence Layout, Enugu.
On 1st June, 1994, the foundation staff numbering (19) nineteen took – off production when all relevant documents from both the National Agency for food, Drugs Administration and Control (NAFDAC) and Pharmacists Council of Nigeria (PCN) were approved. The company though a young one, is a fully registered number of Manufacturers Association of Nigeria (MAN) admits Pharmaceutical Manufacturing Group (PMG).
It has today consolidated its position on liquid preparations and some of its products which are strictly on the company registered brand names includes:
Cristamol (Paracetamol)
Cristolyn (cough syrop)
Cristoquie (Chloroquine)
Encovite (Multivitamin)
Cristoron (Blood tonic)
The product are bottled in both 60ml, 100ml and 200ml Amber bottle and 2 litre plastic containers hospital packs and above.
To maintain its standard, the company has a product quality control department and a well equipped laboratories which were described by both the inspection teams of NAFDAC and PCN as the best so far east of the Nigeria.
The company is fully equipped to produce quality drugs for the Nigerian health industry.
Other departments in the company includes:
- Raw material store
- Finished product store
- Production
- Purchasing
- Administrative
- Marketing/sales
- Security
- Account/Finance
Each department is manned by well qualified personnel and have presently, staff strength of (106)one hundred and six made up of both management, senior, intermediate and junior staffers. The company has a capacity of producing the following qualities of drugs yearly:
- Cristolyn = 1.5m bottles
- Encovite = 1.5m bottles
- Cristoquine = ,, ,,
- Cristamol = ,, ,,
- Cristoron = 1.0m ,,
All these production figures have already started increasing by between 1.5 – 2.3 percent.
This shows a remarkable improvement. There are many distributors of the company’s products scattered all over the federation especially in all the well know drug market like; Onitsha, Kano, Umuahia, Idumota, Aba, Kaduna, Jos, Makurdi, Gombe, Ibadan, Bauchi, Maidugiri etc. Equally too, the company has well trained sales representatives in all parts of the country.
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