In the course of carrying out this, research Paterson Zochonis (PZ) Cussons Nigeria plc. Aba was used as a case study to know The Importance of Product Planning and Development
The company was incorporated in Nigeria on 4th December 1948, under the name P. B manufacturing business of one Mr. P. B Nicholas Paterson Zochonis &company limited of UK (PZ). PZ was incorporated in England in 1884 and became a public company, quoted on the London and northern stock exchange in 1953.
Its principal activity was that of general Mechart on the west African costs and it had been established in the capacity in Nigeria since 1899. In 1951 Mr. P. B Nicholas sold out his interest in the company changed its name associated industries limited. During the same year, the company achieved its first indigenous Nigerian equity participation and by the end of 1972, it had sold 40% of its share capital to indigenous Nigerians.
In accordance with the federal Government directives (indigenization Decree), it sold another 20% of its shares to Nigerians in 1976, thus bringing the equity share participation to 60% in favor of Nigerians. Following the merger of P Z & co (Nig) ltd and associated industries limited in 1976, the company changes its name to Paterson Zochonis industries limited. Ion 2007, the name again changed to PZ cussons Nigeria PLC.
The company is manufacturing in Nigeria facilities were further developed during the 1960's both by addition to the soap making capacity and by the introduction of a wide range of perfumery, cosmetics and pharmaceutical products. On the 13th December 1996, the court approved the merge of thermo cool engineering company. (TEC) Plc with P.Z Cussons. The popularity of detergent and the close end used association between the company's exiting soap product and detergents gave rise to a decision to extend the range of product to include detergents.
In response to the wide range of product manufactured by the company today has to become established household names in Nigeria. Some examples are as follows. Premier, Joy and Zip soaps, Zip and morning Fresh wash. ETC.
1.1 Background Of The Study
Before any product are brought into the market or a firm decides to go for a new product development, it must establish some procedures for processing the ideas it uncovers and the procedure is called product evaluation.
The product planning will undergo some processes to enable it identify and articulate market requirements. Product development is a broad field of endeavor dealing with the design, creation and new product development (NPD).
The discipline is focused on developing systematic method for guiding all the processes involved in getting a new product to market. The product development life cycle is the progression product market to their eventual decline before death. In essence, from their initial appearance to the death, products like human beings pass through a series of stage.
Whereas human beings progress from “infancy to childhood to adulthood and retirement to death”, Product in its own way progress from seven stages namely “idea generation, idea screening, concept development, Business analysis testing, market strategy development, product development test marketing.
Therefore from these the researcher discovered that each products we see today in the market is just one of the thousands of product ideals that was able to satisfy conditions / stages that take place in the sequence as it been outline.
1.2 Statement Of The Problem
The high failure rate of many new product is a testimony that product concept or product notion is evaluated in terms of consumer behavior. It is not easy to carry out product planning and development in manufacturing organization it involves exerts to handle each of the planning and development process. There is an idea, which says “either you innovate or die”, many manufactures in Nigeria are striving to plan and develop their product in order to remain in the market.
John Cotter (2009) says that, the problems often related to back linkage across functional structures unclear business strategy and unclear responsibility for decision-making incomplete membership in the product development team Poor management of evolving expectation inadequate product ownership and marketing information their lack of cross-functional trust and respect.
1.3 Objectives Of Study
Manufacturing organization rely on the market for survival and growth like every other business, while some other fold up as a result of production failure in the market.
In developing a programmer to reach its intended market, a company start with the product or services designed to satisfy that want of the market. The executives must plan and develop the company's product then what are the likely process they must pass through? How important is this idea of product planning and development? Moreover, what are the likely problems associated into the idea.
Therefore, this research work is aimed at finding out the appropriate processes in the product planning and development. It is importance of product planning. It also looks into necessity of product planning and development as to relate to marketing.
Finally, it is the aim of this research work is to identify the likely problems and the possible solution to the problems associated with product planning and development.
1.4 Research Questions
The following research questions were formulated to direct the investigation.
- Who manages the new product planning and development?
- Does the company's product fail despite the planning development
- Why should companies plan and develop their product.
- What are the likely problems associated with product planning and development
1.5 Significance Of Study
This research project helps to consider importance use of product planning and development. “failing to plan is planning to fail” this often heard quote from “Alan Lakein” is a reminder that may of the day to day operational struggle we face in organizational live had their seed sowed in the past when we fail to think ahead.
In a depressed or low state of trade country like Nigeria, where market is moving from the sells market to buyers market appreciates. Planning and development of a product is of a great important for an organization to effectively complete and get a better share of the consumer income, in a fully buyer market it must plan and design a product that will suit the need and want of the consumers.
This study motivates the firm to produce a good quality product. The study enables the us to be aware of the seven stages that a product progress from. Through what is discovered provide information for manufacturers, future researchers, and this leads to valuable assets to company consumer and product planner who will fine the recommendation useful.
The relevance of this study is important because it enables the researcher to know the importance and the problems associated with the product planning and development. It will be great use to government in the sense that it will help them in giving advice to the manufacturing organization of firms on the social responsibly of a product to the country's economy.
Finally, the significance of the study will be relevant to the firm understudy since it must compete with other firms in the same production line and must survive in the market.
1.6 Scope Of The Study
This research work is limited to P. Z Cussons Nigeria plc Aba Abia State. To discover The Importance of Product Planning and Development
, which include the meaning and how to manage the new product planning and development process, to know the problems and why the new products fail? The primary purpose of the study is to operate locally to enhance the lives of all consumers through quality value and inanition day often day.
1.7 Limitation Of Study
The research broadly examines the research topic as a whole and the channeled it of P. Z cussons Nig Plc.
Being a student, having to combine this work and other academic works was constraint by time from further researcher. Also limited finances has mad it impossible for the researcher to meet more respondent than she did and to visit other manufacturing companies. In addition, some respondents reached refused to provide all the information required for this study because they see it as an attempt to expose the efficiencies in their company while others see it as an attempt to obtain information for their competitors.
1.8 Definition Of Terms
Some basic terms used in this study are defined below:
For the right stand point of a user a product is the right to own or use a bundle of need satisfaction or anything that can be offered to the market for attention satisfy a want or need. William J. Stanton defines a product as a set of tangible attributes, including packaging, color, price, and manufacture and retailers services, which buyer may accept as offering want satisfaction.
There are simply those products that are different from the goods, services and bundles of benefits already in existence in the market place.
These are group of goods closely related either because they satisfy a class of need, or are used together, or sold to the same customers groups or marketed through the same outlet of fall within given price rage.
It is the aggregate of product offered for sale by a firm of business unit. It is the set all product line and items that a particular seller offers for sale to the buyer. Product mix is the full list of all products offered for sale by a company.
It is the evaluation of the range, mix specification and pricing of exiting of a new products in relation to present and future market requirements and competition planning of products rage, mix, specification and pricing to satisfy company objectives and specifying the research design and development support required.
It is more limited term, which encompasses the technical activities of product research engineering and design.