INTRODUCING A NEW PRODUCT IN THE MARKET (A CASE STUDY OF NEW DAY PHARMACEUTICALS LIMITED IMO STATE)

Thesis Overview

1.0 INTRODUCTION1.1 BACKGROUND OF THE STUDYEvery business enterprise must have a good knowledge of its market, its customers, where its customers are located , what they value most, what their unsatisfied wants are, their living standards and how he can be reached. It is the duty of the company to provide the needs of the customer because it is the customers that determine what a business is, since they alone, through demand create wealth for the company.Survival of a company or business in a competitive market depends on the innovations of the company and its marketing strategies.The goal of any profit making organization is to make profit through customer satisfaction. That is, providing goods and services that will satisfy the needs and wants and taste of the customer, hence making profit which will enable the company to survive.The organization or business therefore must put into consideration, the society when formulating it policies, since the business enterprise is an internal part of the society.These are the qualities that makes a business unique.Marketing of goods and services therefore sets a business apart from all other human organization s. it can also be assumed that any organization that markets a product or service is a business and an organization wherein marketing occurs incidentally or is totally absent is not a business or profit making organization.Marketing involves carrying out studies and research to determine the customers need in any given period or season and the price he is able and willing to pay for a given product or service, for these are given consideration in product planning.It is not enough for the business the provide goods and services, assuming a competitive market, it must provide better and more economic ones, in comparison with existing products, hence, there must be an innovation, either by way of marketing new products, modifying existing products or by changing marketing techniques.To develop and market new products therefore, it should be ensured that the product thrive in the market, by adopting the correct approaches.There are two important stages in the development of any product and these are introduction and commercialization.Adopting the right strategies such as pricing promotion and high product quality, is necessary especially in the introduction stage, as many product have failed to make the desired impact in the market, due to negligence of these approaches on the part of the company. Such companies fail to realize that buyers are not easily predicted as they are subjected to a wide range of complexities. Besides incomes and demographic consideration of the customers must be given relevance. In avoiding mistakes that may spell danger for its newly developed product, companies such as New day pharmaceutical company Limited must adopt correct approaches in introduction of its product into the market.1.2 STATEMENT OF THE PROBLEMNew day Pharmaceutical Company Limited has been one of the oral liquid preparation. The company wants to maintain the leadership position in this area and that is why it has a policy of developing new product to extend its product lines, depth and width.In purchasing this policy, the company developed a new product called “CRISTOLYN COUGH EXPECTORANT”. The new product was introduced in Imo state in September 1997 and has continued to be in sell since then.In looking at the problem, one would therefore be curious to know how this new product has failed since its introduction into the market, the marketing strategies used in introducing this product and the effects of these strategies, as measured by the degree of acceptance of this product by the customers.1.3 OBJECTIVES OF THE STUDYThe specific objectives of the study are to:

1. To find out the strategies used by New day Pharmaceutical Company Limited in introducing Cristolyn cough expectorant in Imo state metropolis.
2. To determine the effectiveness of these strategies
3. To ascertain the acceptability of this product to customers.
4. To establish how distributors evaluate the new product.

1.4 RESEARCH QUESTIONS

1. What are the strategies used by New day pharmaceutical company limited in introducing cristolyn cough expectorant in Imo state metropolis?
2. How effective is the strategy used?
3. How can the new product be acceptable to the consumers?
4. How does the distributors evaluate the product?

1.5 SIGNIFICANCE OF THE STUDYThis study will be beneficial to New day pharmaceutical company limited since it establishes whether the objective of the company in developing and introducing their new product into the market is realized.

1. The findings of this research will establish the effectiveness of the strategies used in introducing such a new product.
2. The findings will equally benefit the consumers by ascertaining whether the new product has been accepted or not.
3. It will also be a useful tool to distributors when they know the level of the acceptability of this product by customers.

1.6 SCOPE OF THE STUDYThis study centers on establishing the strategies by New day pharmaceutical company limited in introducing a new product Cristolyn cough Expectorant into the market. It also attempts to evaluate the extent in which customers accept this product.1.7 LIMITATION OF THE STUDYThis study like many others, is not without limitations. Some factors militating against the progress and effectiveness of this project include:TIME FACTORS: The time frame for this research work is too short to make a fail-proof study.FINANCE: Every student need adequate finance to see it to the end. This study is financed in a “student might and hence is insufficient.INADEQUATE OR BASED DATA: Data insufficiency is a major problem in most research works and this study is not an exception1.8 DEFINITION OF TERMSSTRATEGIES: This can be known as independable ways, tools of getting things done in an organization. Such the success or failure of any organization depends on the strategy used.PRODUCT: This is known as anything that has value that is offered to the market which is capable of solving or satisfying any given want or need.MARKET: This can be seen as a place where one identify the actual and potential buyers who are ready and willing to buy a particular product at a particular point in time.