IMPORTANCE OF PRODUCT DEVELOPMENT IN THE MARKETING OF A FIRM’S PRODUCT
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:
i) Decisions are needed regarding to branding, quality, packaging, styling and other various product features.
ii) 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.
iii) 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 this objective with a steady flow of (new) product.
iv) 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.
v) New product is import to be able to meet instability of competition on the market.
vi) 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.
vii) 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:
i) To understand the methods or ways by which organization help develop new products.
ii) To examine new product development and their introduction to the market.
iii) 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.