STRATEGIES FOR INTRODUCING A NEW PRODUCT IN THE MARKET (A CASE STUDY OF ENCRISTO PHARMACEUTICALS LIMITED IN ENUGU)
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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 Enugu. 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 researchers come 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. 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.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
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
- 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 it’s 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 and 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 products 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
- Wide range of complexities and quovles reaction those 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 been in the market for up.
- 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.
1.2 STATEMENT OF THE PROBLEM
Encristo Pharmaceutical Company Limited has been one of the oral liquid preparations.
The company wants to maintain the leadership position in this area and that is why it has a policy of developing new products to extend its product lines, depth and width. In pursuing this policy, the company developed a new product which is called “cristolyn cough expectorant”.
The new product was introduced in Enugu in September 1997 and has continued to be marker there till now.
In looking at the new product, one would like to know how it has fared since its introduction, into the market, what strategies were used in introducing it in Enugu metropolis, what strategies are being used now to market the same product, have these strategies been effective and have consumers accepted the new product.
1.3 OBJECTIVES OF THE STUDY
- To find out strategies which Encisto Pharmaceutical Company limited used to introduce Cristolyn Cough expectorant in Enugu metropolis.
- To determine if these strategies are effective
- To ascertain if the new product is acceptable to the consumers.
- To find at how distributors evaluates the new product
- To recommend what the company would do to further enhance the marketing of this new product.
1.4 RESEARCH HYPOTHESES
H0: The strategies used in introducing Cristolyn Cough Expectorant in Enugu metropolis has not been effective.
H1: The strategies used in introducing Cristolyn Cough expectorant in Enugu metropolis have been effective.
H0: The quality and tasks of Cristolyn Cough Expectorant is unacceptable by consumers
H2: The quality and taste of Cristolyn Cough Expectorant is acceptable by consumers.
H0: Most consumers are not aware of the new product
H3: Most consumers are now aware of the new product
1.5 SIGNIFICANCE OF THE STUDY
This study will be of use to Encristo Pharmaceutical Company limited because it will establish whether the objective of the company in developing and introducing Cristolyn Cough Expectorant has been realized.
In assessing the strategies used to introduce the new product, the findings of the research will establish whether they have been effective.
The recommendations made by the researcher will enable the company to implement further strategies aimed at changing the situation. Also the finding of the study will equally benefit the consumers by ascertaining whether the new product has been accepted or not. The acceptance of a new product depends solely on its quality and performance and product quality entails. Considering the level of quality control consumers desires the quality of new materials required to produce such product, the level of consumer’s frame of experience and desire and source or availability of competitive or rival product for the consumer.
Where the study establishes that the new product is found wanting in any dimension.
This will ensure that the consumers are given the satisfaction they want or looking for in the product.
Another are where the study will services as a good purpose is in the area of distribution.
Distributors are more concerned about the success of a product because it will help them determine the extent of margin or profits they will make, if Cristolyn expectorant succeeds I the market, the distributors will gain since the study is to evaluate and make recommendations for effective marketing of this product, the distributors’ benefit of the product’s performance in the market enhanced.
1.6 SCOPE AND LIMITATION OF THE STUDY
This study was carried out in Enugu and centered on evaluating the effectiveness of the strategies by Encristo pharmaceutical company limited in introducing Cristolyn Cough Expectorant into the market. The study also evaluated the extent of acceptance of this new product by the consumers.
In the cause of the study, the researcher encounters some limitations which limited the scope of the study;
Time constraint: The researcher will simultaneously engage in this study with other academic work. This consequently will cut down on the time devoted for the research work.
Inadequate Materials: Scarcity of material is also another hindrance. The researcher finds it difficult to long hands in several required material which could contribute immensely to the success of this research work.
Financial constraint: Insufficient fund tends to impede the efficiency of the researcher in sourcing for the relevant materials, literature or information and in the process of data collection (internet, questionnaire and interview).
1.7 DEFINITION OF TERMS
Strategies: Strategy is a high level plan to achieve one or more goals under conditions of uncertainty. In the sense of the “art of the general”, which included several subsets of skills including “tactics”
Introducing: to present (a person, product, etc.) to a particular group of individuals or to the general public for or as if for the first time by a formal act, announcement, series of recommendations or events, etc.
New product: In business and engineering, new product development covers the complete process of bringing a new product to market. A central aspect of NPD is product design, along with various business considerations.
Marketing: Marketing is the study and management of exchange relationships. Marketing is used to create, keep and satisfy the customer. With the customer as the focus of its activities, it can be concluded that Marketing is one of the premier components of Business Management – the other being Innovation
Advertising: Advertising is an audio or visual form of marketing communication that employs an openly sponsored, non-personal message to promote or sell a product, service or ide
Pricing: Pricing is the process whereby a business sets the price at which it will sell its products and services, and may be part of the business’s marketing plan. In setting prices, the business will take into account the price at which it could acquire the goods, the manufacturing cost, the marketplace, competition, market condition, brand, and quality of product.
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