Abstract
This study investigated the impact of new product development on the performance of an organization using Grand Malt, which is a product of SABMiller situated at Onitsha in Anambra State as a case study. A total of 100 respondents were investigated using the cross-sectional survey research methodof data collection. The data collected were analyzed using the simple percentage. The hypotheses were tested using the Chi-Square statistical technique. It was discovered that new product development results in customer satisfaction and also brings about customer loyalty and these result inincreased volume of sales and organization’s profit margin. Also, it revealed that profit and customer satisfaction are the basic reason why a firm may develop a new product. It was equally discovered that Lack of distinctive advantages in product performance and price or Initial overestimation of the target market which will result in low demand can lead to a new product’s failure in the market.
Based on these findings, the researcher hereby recommends, among others, that organizations should use consumer behaviour to create a marketing strategy. Once this is done, it is most likely theirmessages will be delivered to the correct target market, resulting in an end sale of a product. The paper adds to the research on sources of new product competitive advantage in developing countries. It also underlines the need to focus on different dimensions of NP competitive advantage, rather than approaching it from a holistic perspective. The paper further underlines that organizations should focus on long-term results of NPD, such as NP customer performance, rather than solely focusing on short-term financial results.
CHAPTER ONE
Introduction
1.1Background of the Study
1.2Statement of the problem
1.3 Objectives of the Study
1.4Research Questions
1.5Research Hypotheses
1.6Significance of the Study
1.7Operational Definition of terms
1.8Limitations of the Study.
1.9Organization of the Study
1.10Brief History of Grand Malt
CHAPTER TWO
Review of Related Literature
2.0Introduction
2.1The Meaning, Definition and Characteristics of a Product
2.2Levels of a Product
2.3Features and Benefits of Products
2.4Classification of Products
2.5New Product Development (NPD)
2.6New Product Development Process
2.7Product Management
2.8Effect of New Product Development on the Performance of the Organization
2.9The effect of Consumer Behaviour on New Product’s Success
2.10Synergism and Marketing of New Product
2.11Sources of new product ideas
2.12Why Firms Develop New Products
2.13Why Firms do not Develop New Products
2.13Reasons why new products fail in the market
2.14New Product Adoption Process
2.15The effect of product characteristics on the rate of adoption
2.16The Relevance of Grand Malt in Nigeria
2.17Areas of Consideration for Improving New-Product Quality
CHAPTER THREE
Research Methodology
3.1Introduction.
3.2Scope of the Study
3.3Selection of Data
3.4Collection of Primary Data
3.5Design and Administration of Questionnaire
3.6Determination of Sample Size
3.7Sampling Techniques
3.7Operational Measures of Variables
3.8Data Analysis Techniques
CHAPTER FOUR
Presentation and Analysis of Data
4.0Introduction
4.1Analysis of Demographic Variables
4.2 Demographic Variables of Respondents
4.3 Respondents view on Satisfaction with the quality of Grand Malt as a Product.
4.4Discussion of Findings
CHAPTER FIVE
Summary, Conclusion and Recommendations
References
Appendix One
Questionnaire
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