ABSTRACT
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 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 Pharmaceutical company limited Neugu.
The researcher 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 come up with the following findings.
The product was test marketed for a period of five moths 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 ad is moving well in the market.
TABLE OF CONTENTS
Title page
Acknowledgement
Approval page
Dedication
Abstract
Table of contents
CHAPTER ONE
Introduction
Background of the studies
Statement of the problem
Objective of the study
Scope of the study
Research question
Significant of the study
CHAPTER TWO
LITERATURE REVIEW
CHAPTER THREE
Research methodology
Design of the study
Population of the study
Development of research materials
Questionnaire design
Research procedure
Treatment of data
CHAPTER FOUR
PRESENTATION AND ANALYSIS OF DATA
CHAPTER FIVE
Summary of findings
Conclusions
INTRODUCTION
The objective 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 derives 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 pay 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 considers value, what his unsatisfied wants, how does he buy and 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 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 service.
Any organization that fulfils itself through
1. Marketing a product or service is a business and any organization in which marketing is either 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 researches 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 any economic goods and services, it must provide a better an more economic ones.
Innovation goes right through all phases 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 new products the correct approach must be used to ensure that new product does not fail in the market.
There are two important stages in the development of any product and introduction or commercialization of the new product into the market.
Many product have failed to make the expected impact on the consumers because the companies involved did not use the right strategies such as pricing, promotion and high product quality.
They forget that buyers and subjected to a
2. Wide range of complexities and quovles reaction 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 this researcher that the satisfaction of the customer’s needs, wants and desires 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 Encristo 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 being one of the indigenous pharmaceutical companies in Nigeria licensed today to produce (OTC) over the counter drugs has been pushing 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 Enugu market. At the early stage, this product did not make the expected impact and the company did not give up.
The product has bee in the market for up.
3. to four years and now in evaluating 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 have been .
The company would like to equip itself with these data in order to ensure that its product strategies are effective that is why this research has been undertaken.