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Importance of Product Development in the Marketing of a Firm's Product

Importance of Product Development in the Marketing of a Firm's Product

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DEDICATION

This research material, titled “Importance of Product Development in the Marketing of a Firm's Product” is dedicated to God for His boundless grace and guidance. It is also a tribute to all computer enthusiasts whose contributions made my research journey smoother and enriched my documentation process, making the experience truly fulfilling.



ACKNOWLEDGEMENT

I am profoundly grateful to everyone who contributed to the successful completion of this project. I am especially grateful to my Supervisor (Name), the Head of Department (Name), and the Lecturers in the Department of Business Administration and Management (BAM) for their invaluable guidance and support. I also acknowledge the contributions of authors and scholars whose works on Importance of Product Development in the Marketing of a Firm's Product provided essential insights. Special thanks go to my study area (and any funding organizations, if applicable) for their financial assistance. I am equally thankful to stakeholders, including mentors, teachers, and colleagues, for their encouragement and support. Finally, I deeply appreciate my family and friends for their patience and unwavering support throughout this journey. Your contributions have been instrumental in making this research a reality.



TABLE OF CONTENTS

PRELIMINARY PAGES

CHAPTER ONE

INTRODUCTION

    CHAPTER TWO

    LITERATURE REVIEW

    • 2.1 Introduction
    • 2.2 Conceptual Review
    • 2.3 Theoretical Framework
    • ⋮
    • 2.4 Empirical Studies
    • 2.5 Research Gaps
    • 2.6 Summary of Literature Review

    CHAPTER THREE

    RESEARCH METHODOLOGY

    • 3.1 Introduction
    • 3.2 Research Design
    • 3.3 Population of Study
    • 3.4 Sampling and Sampling Technique
    • 3.5 Validation of Research Instrument
    • 3.6 Method of Data Collection
    • 3.7 Method of Data Analysis
    • 3.8 Questionnaire Administration
    • 3.9 Ethical Consideration
    • 3.10 Statistical Analysis

    CHAPTER FOUR

    DATA ANALYSIS, RESULT AND DISCUSSION

    • 4.1 Introduction
    • 4.2 Presentation and Analysis of Data
    • 4.3 Re-statement of Research Questions
    • 4.4 Test of Hypotheses
    • 4.5 Discussion of Findings

    CHAPTER FIVE

    SUMMARY, CONCLUSION AND RECOMMENDATION

    • 5.1 Introduction
    • 5.2 Summary of Findings
    • 5.3 Conclusion
    • 5.4 Recommendation
    • 5.5 Suggestion for Further Study

    REFERENCES

    APPENDIX A - “QUESTIONNAIRE”


    Importance of Product Development in the Marketing of a Firm’s Product

    CHAPTER ONE

    1.0 Introduction

    1.1 Background of the Essay

    Product is the most important in the marketing mix around which other activities resolved (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 wants or needs.

    A product includes physical, objectives, service, 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 needed for changing products:

    1. Decisions are needed regarding to branding, quality, packaging, styling and other various product features.
    2. New product development is broad and tedious it goes beyond the physical components of a particular product and it deals with all factors of satisfaction.
    3. New product development of a firm is an act that any firm that cannot offer to afford if it wishes to remain in business and it can only achieve thus objective with a steady flow of (new) product.
    4. 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.
    5. New product is import to be able to meet instability of competition on the market.
    6. New product are necessary since the demand for goods is not constant, a company cannot rely only its existing product. Customers want and expects new product and improved product as market widens to that people tend to become selective in buying.
    7. Gives rapid change 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 some one else’s product. The other is through “product development”. In the company’s owe research development department as the cost of developing major new products. Many large companies have acquired existing brands rather than creating new ones. Others firms have saved money by copying competitors brands or by reviving old brand. Under the new approach various company development work closely together, overlapping the steps in the product development process to save and increase effectiveness.

    1.2 Significance of the Essay

    Hopefully, with the little knowledge that has been exposed in this essay shall be of benefit to business organization particularly small and medium scale enterprise which are in the process of growth.

    Continuity and growth of business lies in its ability to penetrate and capture large market share. It is therefore important for business to know that to achieve these businesses one must resort to introducing new and qualitative product through product development. It will also serve as reference material for the coming student as a guide in their academic exercise.

    1.3 Objectives of the Essay

    The essay basically designed to achieve a number of objectives, which include the following:

    1. To understand the methods or ways by which organization help develop new products.
    2. To examine new product development and their introduction to the market.
    3. To understand why business want to develop new product.

    1.4 Delimitation of the Essay

    This essay does not cover the entire product development in a form in all its form and variations. The essay covers the aspect of product development as it concerns the company’s desire for survival and well being their development account for a high profession. Decisions are also needed regarding to branding quality, packaging, styling and other product features that customer will go for.

    1.5 Limitation of the Essay

    The problem of this essay writing is due to time attending lectures which affect the collection of secondary materials. I have problem with insufficient materials due to time factor. In addition to the above limitation is the financial constraints which is also another major problem which militate against collection of adequate review during the course of writing this essay and literature review.

    …

    CHAPTER TWO

    2.0 Literature Review

    2.1 Introduction

    This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the conceputal review, theoretical framework, the review of related literature …

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    Defense Procedure for Business Administration and Management Researchers

    In preparation for defending a project or seminar on Importance of Product Development in the Marketing of a Firm's Product, it is imperative that as a nursing student, you demonstrate comprehensive knowledge of your research. The defense process is structured to include presenting your work, answering questions, and illustrating its pertinence. Initially, provide a succinct yet thorough introduction to your research topic, emphasizing its importance and the objectives, ensuring that both the audience and the External Examiner can understand the scope of your study.

    Prior to your defense, be thoroughly acquainted with your research abstract and the critical elements of Chapter One, including motivation for embarking on this research, problem statement, objectives, and significance. In Chapter Two, be ready to cite at least two references from the literature review. For Chapter Three, you should be equipped to discuss the methodologies, tools, and techniques utilized. In Chapter Four, defend your research by justifying the findings and linking them to your research objectives.

    Conclude your defense by succinctly summarizing the study and offering insightful, evidence-based recommendations. A professional dress code, such as wearing a suit and tie, is vital to create a favorable impression and elevate your presentation.

    During the question and answer segment, the External Examiner may pose questions pertaining to your research. If confronted with a challenging or irrelevant question, respond diplomatically with, “Sorry, Sir/Madam, the question asked is beyond the scope of my study.” Whenever possible, direct your answers back to your research findings to reinforce your expertise.

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