THE IMPACT OF NEW PRODUCT DEVELOPMENT ON SALES VOLUME IN PEUGEOT AUTOMOBILE NIGERIA LIMITED, KADUNA
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ABSTRACT
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
- Background of the Study 1
- Statement of the Problem 4
- Objectives of the Study 7
- Significance of the Study 7
- Research Questions 8
- Scope of the Study 8
- Limitations of the study 9
CHAPTER TWO: LITERATURE REVIEW
- Introduction 11
- Definition of product 11
- Stages New Product Development 17
- Process of new product development 21
- Reasons and Objectives of New Product Development 26
- Product Life Cycle 27
- Issues of sales 27
- Summary of the Literature 29
CHAPTER THREE: RESEARCH METHODOLOGY
- Introduction 30
- Research Design 30
- Area of Study 31
- Populations of Study 31
- Sample Size and Sampling Technique 31
- Instrument of Data Collection 32
- Validation of Instrument 32
- Reliability of Instrument 32
- Method of Data Collection 32
- Method of Data Analysis 33
CHAPTER FOUR: DATA PRESENTATION AND ANALYSIS
- Introduction 34
- Characteristics of Respondents 34
- Data Presentation and Analysis 35
- Summary of Findings 39
- Discussion of Findings 39
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
- Summary 40
- Conclusion 42
- Recommendations 43
Bibliography 45
CHAPTER ONE
- 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.
- 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
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