ABSTRACT
The research work was on a study of how is introduce a new product in the market. The main objective was to determine whether the strategies used to introduce cristolys cough expectorant in Enugu was effective or not. Both primary and secondary data were collected to solve the research problem. The population study comprised the consumer and personnel of Encristo pharmaceutical company limited Enugu. The research instrument used for data collection is questionnaires. Tables, frequencies and percentages were used in presenting and analyzing the data collected. Based on data analysis, the researcher comes up with the following findings. The product was test marketed for a period of five months before it was officially launched on September 8,1997.During the time of introduction both radio, poster, sticker etc were used. Most consumer’s interviewed confirmed the quality company’s personnel believes that the strategies used in introducing the product is effective.
In conclusion, the researcher believes that the product is accepted and is moving well in the market.
CHAPTER ONE
- INTRODUCTION
- BACKGROUND OF THE STUDY
The objectives of any organization is to create customers and satisfying them at a profit that is, producing goods and service that will satisfy the needs, wants and services of the customer and making a profit which will enable the company to survive. The purpose of any business must lie in the society since a business enterprise is an organ of the society.
It is the customer that determines what a business is, for it is the customer and he alone, who through being willing to ping for goods or for services. Convert economic resources into wealth, things into good. Any business must find out what its market is, who the customer is, where he is, what he consider valve, what he consider valve, what his unsatisfied wants, how does he buy and how can he be reached, it is the duty of the company is provide what the customer needs.
The main function of a company is marketing and innovation. Marketing is distinguishing the unique function of the business. A business is set apart from all other human organization by the fact that it market a product or services.
Any organization that fulfils itself through Marketing a product or service is a business and any absent or incidental is not a business any should never be run as if it were one.
Marketing activities start at the beginning rather than the end of the business because through its studied and researchers will establish. What the customer wants in a given period or season, what price he is willing to pay in a given product have authority in product planning innovation which is the last function of a business is the provision better and more economic goods and services.
It is not enough for the business to provide just and economic goods and services, it must provide a better an more economic ones.
Innovation goes right through all phases of business of may innovation in design, in product, in marketing techniques, in prices or in service to the customer.
Therefore, to develop and market new products the correct approach must be used is ensure that new product does not fail in the market.
There are two important stages in the development of any product and introduction or commercialization of the new product into the market. Many product have failed to make the expected impact on the consumers because the companies involved did not use the right strategies such as pricing, promotion and high product quality.
They forget that buyers and subjected a
Wide range of complexities and gavels reaction that are hard to predict. Their attitudes, dispositions, perceptions and motivations must be considered along with income and other demographic considerations.
It is the belief of this researcher that the satisfaction of the customer’s needs, wants and desires should be first in the uppermost mind of the producers and not profit maximization. Through they should achieve sufficient profit to cover the risks of their economic activities so that losses can be curtailed. A company like Encrusts pharmaceutical company limited should avoid making mistake that many spell danger for its newly developed product by making use of the correct approach in both marketing. Commercialization and introduction of the product into the market.
The Encrusto pharmaceutical company limited being one of the indigenous pharmaceutical companies in Nigeria incensed today is produce (OTC) over the counter dings has been pushing vigorously its policy of developing and adding new and better products to its existing products line. On September 8, 2011.
The company introduced a new product known as “CRUSTOLYN COUGH EXPECTORNT” into the Enugu market. At the early stage, this product did not make the expected impact and the company did not give up. The product has been in the market for the performance of the new product, one would like to know the extent of its acceptance by the consumers.
What strategies were used by the company in introducing the product into the market and how effective these strategies have been.
The company would like to equip itself with these data in order to ensure that it’s product strategies are effective that is why this research has been undertaken.
- STATEMENT OF THE PROBLEM.
Encrusto pharmaceutical company limited has been one of the oral liquid preparations. The company wants to maintain the leadership position in this area and that is why it has a policy of developing new products to extend its product lines, depth and width. In pursuing this policy, the company developed a new product when is called “CRISTOLYN COUGH EXPECTORANT”. The new product was introduced in Enugu in September 1997 and has continued to be market there till now.
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