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Keywords:THE IMPACT OF NEW PRODUCT DEVELOPMENT ON SALES VOLUME
The study examined the impact of new product development on sales volume in Peugeot Automobile Nigeria Limited, Kaduna. The objective of the study is to examine how new product development on sales volume are being carried out by Peugeot Automobile Nigeria Plc, Kaduna. The survey research method would be adopted in this research. The finding further reveal that the techniques used in new product development on sales volume in Peugeot Automobile are basically the total assurance and consumer feedback. In conclusion, the new product development is very important to the existence of business organization because its survival depends on increase in sales volume. As such it was recommended that new product development on PAN Nigeria Limited should strengthen its marketing activities by monitoring competitive activities on a regular basis in order to identify areas of their weakness.
TABLE OF CONTENTS
CHAPTER ONE: INTRODUCTION
1.1 Background of the Study
1.2 Statement of the Problem
1.3 Objectives of the Study
1.4 Significance of the Study
1.5 Research Questions
1.6 Scope of the Study
1.7 Limitations of the study
CHAPTER TWO: LITERATURE REVIEW
2.2 Definition of product
2.3 Stages New Product Development
2.4 Process of new product development
2.5 Reasons and Objectives of New Product Development
2.6 Product Life Cycle
2.7 Issues of sales
2.8 Summary of the Literature
CHAPTER THREE: RESEARCH METHODOLOGY
3.2 Research Design
3.3 Area of Study
3.4 Populations of Study
3.5 Sample Size and Sampling Technique
3.6 Instrument of Data Collection
3.7 Validation of Instrument
3.8 Reliability of Instrument
3.9 Method of Data Collection
3.10 Method of Data Analysis
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
4.2 Characteristics of Respondents
4.3 Data Presentation and Analysis
4.4 Summary of Findings
4.5 Discussion of Findings
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
1.1 BACKGROUND OF THE STUDY
The subject (new product development) has influence on the issue of sales volume which the researcher would like to unless in assembly and sales of PAN product and services in Nigeria, although the researcher discovered no new products idea generation either from customers.
The company staff, advertising and research agencies, competitors, through conferences, exhibitions, and trade fairs, company’s marketing department and R and D department of the company or through any of the processes to prototype development and test marketing or commercialization in new product development that is ever done or actualized in the assembly nation (Nigeria) rather, but in France, therefore the sales here must be influenced by the cost of raw material source shipped for imported and along with the cost of production in the assembly. This is why sales or marketing strategy apply is more focus on industrial market and government (local state and federal). Majorities and less industrial market (buyer). All that involve are due to the technicalities and uniqueness of the product.
There may be no use attempting to add a new product to the existing range, if such a firm has no clear-cut objectives of what the new product is supposed to achieve. It is not however, within the slope of this research piece make a comprehensive list of the various objectives of new products development as this varied widely from one firm to another.
By and large, the purpose of new product development of an unexplored market potentials which a company has identified. The firm having armed itself life PAN with such objective may then proceed to other steps in new product development.
Companies that fail to develop new products are putting themselves at great risk. Risk of poor sales volume, space out of market into a small cubicle of not completely put out by competitors of the same product development strategies, initiatives and innovation conscious that is what that research is aiming to influence on sales volume. The existing products are vulnerable to changing customer needs and tastes, new technologies shortened product life circles and increased domestic and foreign competition once a company has carefully segmented the market, chosen its target customers, identified needs, and determined its market positioning.
It is better able to develop new products. New products development shapes the company’s future. Replacement products must be created to maintain or build sales of the organization.
Every enterprise is profit oriented, that can be actualized through prompt sales volume realize, and that depend on the quality, core products, physical tangible, augmented products and the application of promotional mix/tools of the newly developed product.
It is also clear that customers want new products, and competitors will do their best to supply them. For instance, each year over 16,000 new product (including line extension and new brands are introduced into groceries and drug stores.
In automobile company in general (especially PAN with it uniqueness and distinctive qualitative product) such cannot be less expected.
Automobile company Peugeot in developing a program to reach its intended market, must start with the product (new product) at hand for offering or service designed to satisfy the wants of the market segment. Therefore the executives must plan, develop and manage both individual (industrial users) product and industrial product assortment. This is not easy task as is shown by the large number of product failure in our economy.
1.2 STATEMENT OF THE PROBLEM
Understanding this concept – new product, we discover products or services that are borne of innovation but non existence previously with its present feature so it attracts problems at the level. A new product can be conceived and developed over night, it takes time and efforts to ring the new product idea into fruition. It also consumes a lot of money to bring a new idea generated into commercialized offer.
A new product is expected to be profitable and successful but opposite is the case sometimes to different companies products sometimes decline and die natural deaths due to inexplicable circumstances. Some organizations can tolerate a gradual decay while others adopt alternative actions to remedy the life of the dying product. The reaction of the company leads to new or modified products such products are born out of either innovations or invention that is problem in process.
More so innovations or inventions can be accepted or rejected by the intending customers and this rejection sends the manufacturer back to the drawing board to search for the right product good cost. While acceptance categorizes the intending customers according to the timing of their acceptance and adoption. New product continue to fail a disturbing rate in 1997, record 25, 261 new package goods products were lunched and that doesn’t include products you won’t find at your local supermarket, like technogism and software programmers. But equally stuming is the number that failed. Talking about new product failure in automobile industries, Peugeot 505 evolution (Nigeria innovation/made) was face out 9 years ago.
A twinkle of an eye in the life span of product life cycle of PAN when you consider that it cost N40 million to 90 million to launch a new product you wonder why people continue to innovate at all.
Budgeting for new product development is another problem. Research and development (R and D) outcomes are so uncertain that it is difficult to use normal investment criteria example today 3m innovation network makes more than 60,000 product including sand paper, adhesive, computer diskettes, contact lenses, etc.
And each year 3m launches score of new products. This and 15 billion company immodest goal is to have each of its divisions generate at least 30 percent of sales from product less than four year on the market.
Estimating cost of finding on successful new product considering the process of new product development each.
A new product can emerge due to the preventing circumstances within and outside the company such problems encompass. Organizing new product development the obsolescence of the existing product how to develop and create a new market the company’s strategic objective of product diversification the technological innovation and environmental influence.
1.3 OBJECTIVES OF THE STUDY
- To examine the impact of new product development on sales volume in Peugeot Automobile Nigeria Limited (PAN), Kaduna.
- To examine product policy of PAN Nigeria Plc, Kaduna.
- To find out the purpose of new product development programme of PAN Nigeria Plc, Kaduna.
- To identify the constrain militating against PAN in new product development.
1.4 SIGNIFICANCE OF THE STUDY
The study will be beneficial to PAN Nigeria Plc Kaduna as well as other corporate organization in the formulation of their product policies and strategies.
The study will contribute to knowledge by adding to existing knowledge on new product development. The study will equally be a good reference material to students who may wish to undertake to similar research.
1.5 RESEARCH QUESTIONS
- What are the impacts of new product development on sales volume in Peugeot Automobile Nigeria Limited Kaduna?
- What kind of product policy does Pan embark in her product development?
- What is the purpose of new product development programme of PAN Nigeria Plc, Kaduna?
- What are the constraints militating against PAN in their product development?
1.6 SCOPE OF THE STUDY
The study will cover an empirical investigation into the impact of new product development on sales volume of Peugeot Automobile Nigeria Plc, Kaduna. To this end, the study shall identify the product policies of PAN as well as the purpose of new product development programme of PAN Nigeria Plc and the constraint militating against PAN in their product development data and information shall be collected from 2002 to date.
1.7 LIMITATIONS OF THE STUDY
Every research activity has its constraints. This particular one is however not an exception. Certain factors limit the process of writing this research work, which include:
- Inadequate Research Materials: The research materials on this subject matter were few. The much relied library is filled up with out-dated books, which are of little relevance to current research. Moreover, the cost of new and up-dated materials are exorbitant which make them not readily affordable.
- Lack of Cooperation of Subjects: Sourcing for information from source of respondents was not an easy task, particularly with regards to some information that are regarded as classified or highly confidential to the company. The degree of cooperation of staff of PAN was minimal.
- Low Return of Questionnaire: In the process of gathering data, it was discovered that not all questionnaire issued out were returned. Some of them were also wrongly filled which means a great deal of relevant information was held back, and which could have enhanced the quality of this study.
- Inaccessibility of Subjects: Another constraint encountered during the research is the inaccessibility to the inventory management manager who was not always on sit to provide desired data.
Keywords: THE IMPACT OF NEW PRODUCT DEVELOPMENT ON SALES VOLUME
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