EFFECTIVE PRODUCT PLANNING AND DEVELOPMENT STRATEGIES FOR ACHIEVING INCREASED MARKET SHARE
(A CASE STUDY OF PATTERSON ZOCHNIS (PZ) PLC ABIA STATE
This research is intended to generally appraise how effective product planning and development in the manufacturing sector as strategies for achieving increased market share with particular reference to PZ Nigerian Plc Aba Abia State. The main purpose of this study was to identify how effective product planning and development programme of PZ Nigeria will result to better customer satisfaction and increase market share by the company. In order to achieve the above objective purpose the following relevant literature were reviewed meaning of product planning and development procedure, introduction and evaluation, reasons, for new product venture team why new product fail and effective product planning and development strategies for achieving increase market share. The researcher design adopted in carring out this research is a survey research and the data were collected through primary and secondary source. Based on the analysis of the data collected, the following findings were made. That effective product planning and development strategies helped PZ Nigeria Plc achieve improved customer services and better satisfaction. Based on the findings, the under listed recommendation were made, that PZ management should release adequate finance to the manufacturing sector to enable them carryout effective product planning and development programme successfully.
TABLE OF CONTENTS
Cover page - - - - - - - - i
Title page - - - - - - - - - ii
Approval page - - - - - - - - iii
Acknowledgement - - - - - - - iv
Abstract - - - - - - - - - v
Table of contents - - - - - - - vi
List of table - - - - - - - - ix
INTRODUCTION - - - - - - - 1
1.1 Background of the study - - - - - 1
1.2 Statement of the problems - - - - 4
1.3 Objective of the study - - - - - 5
1.4 Hypothesis/research questions - - - 6
1.5 Significance of the study - - - - - 7
1.6 Scope/delimitations of the study - - - 9
1.7 Definition of terms - - - - - - 11
REVIEW OF RELATED LITERATURE - - - 13
2.1 Meaning of product planning and development - 14
2.2 Product planning development procedure - - 17
2.3 Introduction and evaluation - - - - 25
2.4 Reasons for new product development - - 28
2.5 Need for planning in new product development 31
2.6 New product development terms - - - 33
2.7 Why new product fail - - - - - 35
2.8 Effective product development planning and
strategies for achieving increased market share - 36
RESEARCH METHODOLOGY/DESIGN - - - 39
3.1 Sources of data - - - - - - 39
3.2 Population of study - - - - - - 39
3.3 Sample size determination - - - - 41
3.4 Sample technique - - - - - - 43
3.5 Research instrument used - - - - 43
3.6 Questionnaire administration and response - 44
3.7 Method of data treatment analysis - - - 47
3.8 Limitation of the study - - - - - 48
PRESENTATION AND ANALYSIS OF DATA - - 50
4.1 Presentation and analysis of data - - - 50
4.2 Test of hypothesis - - - - - - 69
DISCUSSION OF FINDINGS RECOMMENDATIONS AND CONCLUSION - - - - - - - - 74
5.1 Summary of findings - - - - - 74
5.2 Recommendations - - - - - - 75
5.3 Conclusion - - - - - - - 76
Bibliography - - - - - - - 78
Appendix - - - - - - - 80
LIST OF TABLE
Table 4.1: Questionnaires Distributed - - 50
Table 4.2: What is your Age? - - - - 51
Table 4.3: Is the education qualification - - 52
Table 4.4: Do your company carry out effective product planning and development strategies for achieving increased market share? - 53
Table 4.5: If yes, indicate the strategies for achieving increased market share - - - 54
Table 4.6: Do you think your company product planning and development strategies for achieving increased market share is adequate? - 55
Table 4.7: If no, indicate why the product planning and development strategies is not adequate. 56
Table 4.8: Does your company have defect in their current product planning and development programmes? - - - - - 57
Table 4.9: IF yes, indicate those defects - - 58
Table 4.10: Is there any problem militating against your companies effective product planning and development programmes - - - 59
Table 4.11: If yes, what are the problems?- - 60
Table 4.12: Can effective product planning and development strategies increase market share of your company (PZ)? - - - 61
Table 4.13: If yes, how can it achieve increased market share? - - - - - - 62
Table 4.14: Can product planning and development strategies help your company achieve improved customer services and better satisfaction? - - - - - 63
Table 4.16: Do you think there is appropriate product planning and development strategies that will be adopted by your company to enable them achieve their organization goals and objectives?- - - - - 65
Table 4.17: If yes, what are the appropriate strategies that will enable them achieve their organizational goals and objectives - - - - 66
Table 4.18: Can effective product planning and development enable your company achieve customer loyalty - - - - 67
1.1 BACKGROUND OF THE STUDY
Manufacturing companies are emerging in the present day economy. It is important to note that firms survival rest solely on their product hence, effective planning and development strategy cannot be over emphasized here.
Also in the past, companies that are involved in product saw the need to effectively plan and develop their products so as to establish a lasting impact in the market share. This ensures by capturing a greater part of the brand loyal. This has a long run influence on the company bearing in mind that goods produced must satisfy consumer taste and desire.
Effective product planning and development is a big management function, which involves different section in the organization such as product department, marketing and administration.
In the height of all these activities, effective planning and development and implementation will go a long way to boosting sales in the company, for an organization to achieve its cooperate goal and also satisfy the need of the target market. It has to determine the type of product it produces based on the analysis of the target market needs. Also the product mix assortment is handled in such a manner that its need of the target market.
With increase of production companies in this country and the subsequent competition that follows survival of companies that produces confectionaries rest solely on power planning and development of the production activities on which must lie management priority attention.
Generally, planning and development of products usually originate from when the idea is conceived. On what is to be transformed into tangible productions and finally such product launched in the market.
Here all planning and productions process are encountered by the manufacturers so as to produce and acceptable good product and at a profit. In the manufacturing companies planning and development strategy are inseparables, production begin after careful planning activities to be embarked upon.
PZ Plc had its beginning in sierra Leon, when Mr G.B Zochnis and company it which was incorporated as a private company under the ward in February 1950 with a registration office in Liver Pool and Manchester which has remained the headquarters of the group ever since. The main business of the company was that of general merchandise and was active for many years. In export of west Africa produce such as carton maize, coca, cassava and of trading past throughout wets Africa which serviced by operating for small costal sailing school net.
The first branch in Nigeria was opened in Lagos in 1899 a branch was established in Calabar and by 1912 the company operates of federation. This industry adopted its name of alagobon industry Ltd 1960 and 1972 sold 60% of its share to Nigerians and 40% was held by non Nigerians in 1992, its name to PZ industry Ltd and becomes a public liability company in 1993 and now it answers PZ industries Plc with more than 1000 employees strength. PZ Plc is engaged in the production of confectionaries etc.
1.2 STATEMENT OF THE PROBLEMS
The high failure rate of many products is a testimony that product concept or product mention is circulated in terms of consumer behaviour.
Some of the problem in effective product planning and development and strategy for achieving increased market share are as follow the survival of any manufacturing firms depends generally on adequate planning and development.
1) Effective product does not always be effective all the time in the market.
2) There are other strategies for achieving increased market share
1.3 OBJECTIVE OF THE STUDY
The purpose of the study is to appraise how effective product planning and development can help PZ achieve increased market share.
Other specific objectives are as follows:
1) To established the relationship between effective product planning and development strategies and increased market share in PZ.
2) To also establish how effective product planning and development will help PZ achieve improved customer in PZ.
3) Generally appraise PZ product planning and development strategies.
4) To identify the problems militating against effective product planning and development programmes of PZ.
5) Finally, I recommended the most appropriate product planning and development strategies that would enable PZ achieve increased market share and better customer.
1.4 HYPOTHESIS/RESEARCH QUESTIONS
1) What are the defect of otherwise in the current product planning and development I programmes of PZ?
2) What are the problems militating against effective product planning and development programmes of PZ?
3) How can PZ develop or establish effective product planning which would help them achieve improved customer services?
4) What are the relationship between effective product. Product planning and development strategies to increase market share of PZ?
5) What are the most appropriate product planning and development strategies that will enable PZ achieve increased market share and better customer services.
6) What are the reason why your company wants to increase its market share?
7) How can product planning and development enable PZ to achieve customer loyalty?
8) How can product planning and development strategies attract more customer or purpose to PZ?
9) What are the necessary strategies that will be adopted by PZ to enable them achieve it’s organizational goal and objectives.
1.5 SIGNIFICANCE OF THE STUDY
In a depressed low state of trade country like Nigeria where market is moving from the sellers market to the buyer market, appropriate planning and development of a product is of a great importance to both the firm and the society as a whole. For an organization to the consumer income in a fully buyer market, it must and design a product that will suit the needs and wants of the consumers. The product we know is a part of the marketing mix because it is a means of gathering revenue for the organization and a country as a whole. Therefore, with effective product planning and development, organization might be able to satisfy both the actual and potential customers.
It will also be of a great use to the government in the sense that will help them in giving advice to the manufacturing organization on the social responsibilities of a product to the countries economy. It is also a great importance to marketing practitioners in the application of the marketing concept to satisfy the needs and wants of the customer at a profit).
They will also enhance profitability on part of the manufacturers who supplies consumers requirements.
Finally, the significance of the study will be relevant to the firm under study since it must be complete with other firms in the same production line and must survive in the market. Carthy (1990).
1.6 SCOPE/DELIMITATION OF THE STUDY
The study is based on effective product planning and development strategies for achieving increase market share “A case study of Patterson Zochnis Plc Aba Abia State” The data collection phase of the research investigation is distinguished as primary and secondary source.
Secondary source consists of the already existing data and should be examined first while primary data are used when the information from secondary source provide in adequate, the researcher took further step to acquire more data through primary sources. It includes the use of observation, focus, group, experiments, and surveyors.
The essence of any research is to further existing knowledge about a concept idea or theme. This is the underlying reason why this research was initiated. The delimitation of the study is based on effective product planning and development strategies for achieving increased market share (A case study of Patterson Zochnis industries Plc Aba) the data collection phase of the research investigation which is distinguished as primary and secondary sources.
Secondary sources consists of the already existing data and should be examined first while primary data are the original data collection by the researcher himself. However the researcher being a graduating student was faced with some delimitations which includes:
a. INSUFFICIENT CAPITAL: Here the researcher could not attain the desired scope and depth due to capital Handicap. This insufficient of fraud and high cost of materials militate against the project work besides high cost of transportation due the researcher from visiting other branches of the industries together with much needed primary and secondary data.
b. TIME CONSTRAINT: Time given to complete the project work may not be enough to carry out the researcher effectively. When any given research is to be completed within to limited time, useful information either from primary or secondary data that would have been collected may not be reached.
c. BUREAUCRATIC CONSTRAINTS: Under this delimitation, concrete attempt made to interview top officials because of red tapism in handling official engagement and procedures in releasing required data or official secrets of the company etc.
1.7 DEFINITION OF TERMS
Some of terms and concept markets used in effective product planning and development include product line, mix product is any thing that can be offered to the market for attention acquisition need.
According to Sunton (1981) product is a set of tangible and intangible attributes including packaging, colour price manufacturing prestige, retailers services which the buyers may accept as offering want satisfaction a product is all the things offered to a product market including physical produces or organization and well. According to Edoga (2000)
PRODUCT LINE: These are group of goods closely related either because they satisfy a class of needs or are used together or market through the same.