Download complete project material on Importance of product development in the marketing of a firms product from chapter one to five
ABSTRACT
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Product development is an important aspect of marketing. Any organization that wants success most innovate and develop new product. Product like any other thing have life cycle. The introductory stage, each of this stage , has peculiar strategy to be applied in order to succeed.
The essay is divided into three chapters. Chapter one discussed the introduction of the subject matter, objective of essay and definition of importance term. Chapter two three brings in summary, conclusion and recommendation.
TABLE OF CONTENT
Title Page
Declaration
Approval Page
Dedication
Acknowledgement
Abstract
Table of Content
CHAPTER ONE: INTRODUCTION
background of study
objectives of the essay
significance of the essay
limitations and delimitation of the essay
CHAPTER TWO: LITERATURE REVIEW
introduction
the meaning of product
classification of products
organizing for product development
product development process
marketing strategies
CHAPTER THREE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
Summary
Conclusion
Recommendation
Bibliography
CHAPTEER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY:
Product is the most important in the marketing mix around which other activities revolve (the rest of the element ). By a firm product this means anything that can be offered to a market for attention acquisition, use or consumption that might satisfy a want or need.
A product includes physical objectives, services, persons, organization and ideas.
Managing a product ingredient include planning and development of the right product and service to be marketed by the company.
Guidelines are needed for changing products. The existing adding new once’s and taking other activities that affect the assortment of product carried . decisions are also needed regarding branding , quality packaging, styling and other various product features.
New product development is broad and tedious it goes beyond the physical components of a particular product .it deals with all factors of satisfaction. Now products development of a firm is acts that any firm that can not offer to avoid if it wishes to remain in business and it can only achieve thus objective with a steady flow of (new)product.
New product plays a critical role in the company’s desire for survival and well-being . their development account for a high profession.
Product plays significant role in growth and continuity of a business. New product is important to be able to meet instability of competition in the market . New product are necessary since the demand for goods is not constant, a company cannot rely only its existing product. Costumers want and expects new and improved product as market widens so that people ten to become more selective in buying.
Give the rapid charge in consumer taste, technology, and competitions, companies must develop a steady stream of new product and services. A firm can obtain new products in two ways.
One is through “acquisition” by buying a whole company a patent ,or a license to produce someone else’s product. The other is through “product development ” in the company’s own research development department as the cost of developing major new products ham clambered, many large companies have acquired existing brands rather than creating new ones.
Other firms have saved money by copying competitors brands or by reviving old brands. Under the new approach , various company developments work closely together, overlapping the steps in the product development process to save and increase effectiveness.
OBJECTIVES OF THE ESSAY:
The essay basically designed to achieve a number of objectives, which include the following
1. To find out the methods or ways by which organization develop new products.
2. To study how news products developed are introduced into the market.
3. To find out why business want to develop new product.
SIGNIFICANCE OF THE ESSAY
Hopefully the little knowledge exposed in this study shall be of benefit to business organization particularly small and medium scale enterprises which are in the process of growth. Continuity and growth of business lies on its ability to penetrate and capture large market share. It is therefore important for business to know that to achieve these businesses must resort to introducing new and qualitative product through product development.
It will also serve so as reference material for the coming students as a guide in their academic exercise.
LIMITATIONS AND DELIMITATION OF THE ESSAY
Despite the researchers desire and willingness to provide as much material fact as possible with respect to the topic under investigation, a lot of limitations hindered such services. Among such hindrance include time factor which serve as one of the major limitation in the conduct of this research work.
The problem of this research is due to attending lecture as of the time of this literature review . we have problem with lack of materials during the time of this essay or literature review. In addition to the above limitation is the financial problem which is also another major problem which militate against collection of adequate review during the course of essay and literature review.
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