Full Project – Impact of new product development on organizational success

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CHAPTER ONE

1.0       INTRODUCTION

1.1       BACKGROUND TO THE STUDY

New product development strategy is very important to the survival of an organization for organization’s success, continuous and effective product development become requirement for all organizations. As a result of new product development among others has been a frequent survey topic over the last few decades. It is also the process of developing some principles for managing new product development while a product is something that is sold by an organization to it customers. It can be referred to as goods [Physical, tangible product] or services [intangible products]. New product development is the ser of activities beginning with perception of a market opportunity and ending with production. Sales and delivering of a product (Ulrich and Eppinger, 2016). Product development demands the integration of many actors of different knowledge and expertise in order to develop a high technological product. However, this field of study has received less attention b academic researchers in developing economies such as Nigeria. It aim to investigate the relationship between new product development on organization success in Nigeria. The role of product quality and profitability in an organization and the relationship between product development and improvement of market share are also considered.

Thus, this study will be beneficial to producers because it is a guide towards understanding the importance of creating new product that are capable of facing competition in a  dynamic environment. It will also give a firm’s product the opportunity to remain in the growth stages for as long as possible, knowing full well that business environment is high dynamic, and the success of any business must revolve round innovative ability for successful product development that will create a market for a firm product. On the part of consumer, satisfaction will be easily guaranteed from the goods thy consume or intoed to buy , product will always be developed with the drive to meet their needs and want consumer satisfaction will lead to consumers’ loyalty and it turn result to more sales and revenue for the producing firm/organization.

According to Ulrich and Eppinger (2016), new product development can also be costly. Enomorous investments in research and development (R&D), market research, engineering, market development and testing are made before the product launch. These major investment or major resources allocation for a company including capital resources and human resources and with today’s global competitive market place many companies are closely watching expenditures.

A company justify it existences through the production of goods and services which provide utility to the consumers. No business can exist without product, product act as visible link between the business and the consumers in order word for any business tojustify is continual existences it must legitimize its operation by satisfying the need of the consumer. Hence, for the business to be alive to increase earning, to promote it image to expand growth it must ensure that it product are always in the market for consumer to buy.

New product development is essential for the creation of products that satisfy needsof industrial customers and differentiate company among competition. The new product development has specific character in case of industrial sector, taking into account the level of product personalization and possibilities of change cooperation with final client. The traditional sequentially executed new product development process, based on the concept, development, validation and manufacturing, phase has been  outdone and the present most used and successful approach is the one that integrate stages and functions. The design of an industrial product is nowadays strictly integrated into the whole process of development and production of the item and there is no longer a sequential.

1.2       STATEMENT OF THE STUDY

Organization need new product development to survive the staff competition in the market. Any organization that fails to develop the existing product can demand organization sale, demand and profit, when the competitors imitates the product then the organization less customer to these competitors.

Product imitations lead to less in sales and reduce profit in the organization inadequate development of new product can lead to decrease in consumer demand this will affect the organization.

1.3       RESEARCH QUESTIONS

The purpose of this research study, the underlisted question will be addressed which will assist in making necessary conclusion as to achieve the objectives of the study. One of the major aims of this study is to guide managerism which new product – related issues they should concentrate on in order to maximize their companies. The primary research question as presented below.

1. Does idea generation affect organization success in Nigeria Bottling company Plc. Lagos State
2. To what extent does idea screening affect organization success in Nigeria Bottling Company Plc. Lagos State
3. To what extent does business analysis affect organization success in Nigeria Bottling Company Plc. Lagos State
4. Does commercialization affect organization success in Nigeria Bottling Company Plc. Lagos State

1.4       OBJECTIVE OF THE STUDY

The major objective of the study is to identify the various way through which product development can increase organizational sales and success.

1. To determine the effect idea generation on organization success in Nigeria Bottling Company Plc, Lagos State
2. To ascertain the effect of idea screening an organization success in Nigeria Bottling Company Plc, Lagos State
3. To examine the effect of business analysis on organization success in Nigeria Bottling Company Plc, Lagos State
4. To examine the effect of commercialization on organization success in Nigeria Bottling Company Plc, Lagos State

1.5       STATEMENT OF HYPOTHESES

For this research work the statement of hypothesis are as follow;

1. H₀ : Idea generation does not have significant effect on organization success in Nigeria Bottling Company Plc, Lagos State
2. H₀ : Idea screening does not have significant effect on organization success in Nigeria Bottling Company Plc. Lagos State

• H₀ : Business analysis does not have significant effect on organization success in Nigeria Bottling Company Plc. Lagos State

1. H₀ : Commercialization does have effect on organization success in Nigeria Bottling Company Plc. Lagos State

1.6       SIGNIFICANCE OF THE STUDY

The proper work will be relevant to individual organization and other business concern.

The significant of this study will be felt by the other researcher and the various stakeholder involved in production and marketing of product and service.

The researcher will be of great value to business organization on the need to adopt new technologies in order to cope with changing

1.7       SCOPE OF THE STUDY

This study will focus on the impact of new product development on organization success in Nigeria Bottling Company Plc.

The prospect of new product development will be explained in the bid to educate managers on the needs to active participant in the society or activity.

The researcher question will cover all the department concern with the new product development e.g. the researcher and development or section (R and D) product department and marker department.

1.8       DEFINITION OF TERMS

This section will give definition of some that the reader will come across in the researcher will for comprehension by the uses of this research work.

Product: It is a set of tangible physical attributes assembled in identification and organizes form and a product is the item offered for sales. A product can be a service or an item. It can be physical or in virtual or cyber form. Every product is made at a cost and each is sold at a price. The price that can be charged depends on the market, the quality, the marketing and segment that is target. Each product has useful life after which it needs replacement and a life cycle after which it has to be re-invented.

Development: it is also the systematic used by scientific technical knowledge to meet specific objective or requirement. An extensive of the theoretical or practical aspects of a concept, design, discovery, or invention. The process of economic and social transformation that is based on complex cultural and environmental factor and their interactions.

The process of adding improvements to a parcel of land, such as grading, subdivisions, drainage, roads, utilities.

Organization: It is an entity such as an institution that has collective goal and it is linked toan external. It is also a social unit of people that is structured and managed to meet a need or to pursue collective goals

Organization is the person or committees or department are who make up a body for the purpose of administering something “he claims that the present administration is corrupt”.

Success: it is the ability of a business to earn profit and a profit is what is left of the business generated after it part all expenses directly to the  revenue such as producing a product and other relation expenses to the conduct of the business activities.

Achievement of an action within a specified period of time or within a specified parameter.

Success can also mean completing or reaching a goal. Success can be expended to encompass an entire project or be restricted to a single component of a project or task. It can be achieved within the work place, or in an individual’s personal goal it to be accepted in new career success would occur after the individual has been officially accepted into his or her new place of employment.

1.9       HISTORICAL BACKGROUND OF NIGERIA BOTTLING COMPANY PLC. LAGOS STATE

The Nigeria Bottling Company Plc. is one of the biggest companies in the non-alcoholic beverage industry in the country and is the sole franchise bottler of the coca-cola company in Nigeria.

The company serves approximately 160 million people by producing and distributing a unique portfolio of quality brands, bringing passion to market place implementation and demonstration leadership in corporate social responsibility.

The Nigeria Bottling Company Plc. Started operation in Nigeria in 1951. They are based in the city of Lagos and operate 13 bottling plant across the country. In addition, they channel product through 59 warehousing and distribution centers. They are the sole franchise bottler and the distributor for product of the coca-cola company in Nigeria. They employed about 4,800 people and indirectly support the jobs of up to more than a million more in their value of chain.

They aim to be their customers’ most proffered supplier, and conduct program to support more than 450,000 customers who sell our product to consumers.

Their company is part of the coca-cola Hellenic Group. One of the largest bottlers of the coca-cola company’s product in the world, and the biggest in Europe. Coca-cola Hellenic Operations Span 28 countries, serving more than 570 million people. The company is headquartered in Athens and Listed on the Athens, New York, and London Stock exchanges.

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Full Project – Impact of new product development on organizational success