(A CASE STUDY OF UNILEVER NIGERIA PLC)
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ABSTRACT
The study examined the application of marketing research on new product development. the main objective of the study is to examine the application of marketing research on new product development. the specific objectives are to identify stages of new product development process and its decision making points in uni-lever Nigeria limited, to find out whether the success of a firm depend on the effective use of marketing research in product decisions, to find out what type of market research should be used for different stages of new product development process, to show the stages and the decision making points, which is required to implement a marketing research. The sample size to use from the population of marketing staffs of Unilever Nigeria PLC, which are 15. Therefore the sample size of this study is judgmental sample of 15 respondents which comprise of all marketing staffs of the organization. findings revealed that there is a significant impact of marketing research and new product development. Based on the findings of the study summary, conclusion and recommendations were made that management should gear all its efforts towards achieving new product ideas through marketing research, the application of marketing research will enable Unilever Nigeria PLC to produce and develop product that will survive in the market, application of marketing research helps to revitalize product in order to prolong the mature stage of the product life cycle, having examined the impact of marketing research on customer’s satisfaction in Unilever Nigeria PLC, it is paramount that re-enforcement for purchase of being derived from product through effective market research, the management of Unilever Nigeria PLC should know that they have very but interesting challenges to increase it’s share capital based in the financial market.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The entire business environment is experiencing major global changes that have a direct impact on companies and their consumer. Competition is intensifying and generating changes in the way that consumers make purchase and decision.
Nowadays, the marketing research is the essential activity in large and small companies which managers avoid to make decision without it. On the other hand, these companies need to develop new products or modify the current products in order to remain in the market and retain their market share. New product success almost always is linked to an understanding of customers needs and wants. In fact, evidence suggests that new product failure often can be attributed to a lack of marketing research. Research information plays a key role in reducing new product development (NPD) failure and thus increasing new Product development (NPD) success. One of the most important of this information refers to marketing issues. Companies use marketing research to achieve different information about the market.
The new product development (NPD) literature emphasizes the importance of introducing new product for continuing business success. Its contribution to the companies, its influence on profit performance, and its role as a key factor in business planning have been well documented (Booz, Allen and Hamilton, 1982;). Marketing research is a continuous process for gathering data on product characteristics, suppliers capabilities and the business practices that surround them plus the analysis of that data to make acquisition decisions. Marketing decision in contemporary organizations are some of the most important decisions made by managers. The decisions of what consumer segments to serve with what type and amount of promotion not only determine the marketing posture of a firm, buy also affect decision in other areas as well. The decision do emphasize quantity control and so on. Successful new product successful new product marketers learn how to delight customers by studying their needs and behaviours. Marketing research can provide you with that information and its an investment will worth making to help you bear the odds and succeed I new product development.
Product development according to Kalu(1995) is the creation of either new or improve products and services or primary purpose of enabling a company maintain or improve its current market position. A new product does not mean that the product must be “brand new” but that there must be a change I the make-up of a product. Kotler (1991) say that what may be referred to as new product is when there is either a modification or existing products, and innovation or complete invention of an entirely new concept.
Peter Chisnall (1998) points out that although term ”market research” is now largely used as a synonym for marketing research there was originally activities they covered. Chisnall notes, however, that market or marketing research is essentially about the disciplined collection and evaluation of specific data in order to help suppliers understand their customers needs betters.
Moreover since decision making necessarily involves some element or risk, the collection and evaluation of such data should be used to reduce and control, to some degree, the parameters of risk surrounding particular marketing proposals.
According to the American marketing Association (AMA), marketing research is the function that links the consumers, customers and public to the marketers through information –information used to identify and define marketing opportunities and problems; generate, refine, and evaluate marketing action; monitor marketing performance and improve understanding of marketing as a process. Marketing research specifies the information required to address these issues; designs the method for collecting information; managers and implements the data –collection process; analyses the results; and communicates the findings and their implication.
1.2 STATEMENT OF THE PROBLEM
The decision of the firm depend largely on the amount of information available to them in order to solve marketing problems (Hadiza Mohammed 2011). The essence of marketing research does not and cannot eliminate either risk or opportunity in new product development (NPD). but its intelligent use can reduce risk and indicate the degree of profitability of the various possible outcome opportunities. Market is dynamic and competitive. The successful exploitation of the market calls for relevant and up- to –data information on consumer tasks and preferences.
New product development (NPD) is defined as the transformation of a market opportunity and asset of assumption about product technology into a product available for sale. The importance of new product development is due to recognize and understand the processes, which affect to manage and control many factors such as cost, time and information.
1.3 PURPOSE/ OBJECTIVE FOR THE STUDY
The activities of new product development most often are implemented as a sequence of technological-scientific efforts. It needs to be managed systematically in order to attain the optimization of project factors such as speed, quality and cost, and to achieve product attributes targets, such as price customers needs, product quality product performance and so on.
Thus, in order to implement an eligible new product development and to achieve the suitable product attributes targets, apart from scientific technology and process management and marketing research and information are also required.
In addition marketing research has different methods. Each methods satisfies different goals and they implement for different objectives. Therefore, the correct use of market research techniques can product development. It works as a mechanism for understanding customers needs, monitoring its habit and attitudes and evaluating concepts prototype and product.
In the cause of this research will like to concentrate my study on unilever Nigeria limited. On the whole, the objectives of this study are;
- To identify stages of new product development process and its decision making points in uni-lever Nigeria limited.
- To find out whether the success of a firm depend on the effective use of marketing research in product decisions
- To find out what type of market research should be used for different stages of new product development process.
- To show the stages and the decision making points, which is required to implement a marketing research.
1.4 RESEARCH QUESTION
The research question has the main task of finding out the following:
- What are the clips of marketing research in new product development?
- Does the success of a firm depend on the marketing research decision?
- What are the stages of marketing research needed at different stages of new product development?
- What are the decision making point needed for the implementation of marketing research.
1.5 RESEARCH HYPOTHESIS
The following research hypothesis will be use to guide the researcher.
Ho: There is no significant impact of marketing research and new product development.
H1: There is significant impact of research and new product development.
1.6 SIGNIFICATION OF THE STUDY
This research work/study would be great importance to private investors, intending entrepreneurs; advertisement agencies; students and all other a sundry to product development in the following ways:
- Analyzing the levels of competition in terms of sales; sale patronage between new product introduced into the market and old or existing ones in the market.
- It enhances the evaluation of the impact of advertising on the success and acceptability of a new product in the market.
- it is also significant to investors and entrepreneurs as to when and what to invest into; and invest as well as as make suggestions of the best product mix.
- it serves as a means of exposing the researcher to the practical aspect of the subject matter also for use as a source of the secondary data for further research work/study.
1.7 SCOPE OF THE STUDY
For the purpose of this research work/ study, I will like to be restricted to the uni-lever Nigeria limited. The study intends to look into the effects and success so for attained in the market as a strategy for growth of the company. The aim of embarking on new product development, the problems encountered during the new product development and possibly the duration taken in introducing new basically create way for effectiveness in the product introduction based on quality improvement over years.
1.8 LIMITATION OF THE STUDY
Due to limited time and the wide area that our research question cover, we have decided to concentrate our research study on the general new product development process and also on the general concepts of marking research. Further more we have focused our research on new product development at uni-lever Nigeria limited.
1.9 DEFINITION OF TERMS
Marketing research: marketing research is the function that links the consumers, customers and public to the marketer through information –information used to identify and define marketing opportunities and problems.
New Product Development (Npd)
New product development is defined as the transformation of a market opportunity and a set of assumption about product technology into a product available for sale.
Product development: this is the creation or either new or improve products and services for the primary purpose of enabling company maintain or improve its current market position.
Marketing information: this refers to the information concerning marketing activities of a firm, their impact on an interaction within the market and their effectiveness in achieving marketing objectives.
Decision making: This is defined as a choice among alternative courses of action for purpose of distinct steps. Firstly, identifying define the problem or opportunity, secondly, define the problem or opportunity. Thirdly, identify alternative courses of action, fourthly, and select a specific course of action.
New product development process (NPDP)
The new product development processs is divided into four stages such as idea generation, planning, concept development, product development, market testing, mass production.
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