INTRODUCING A NEW PRODUCT IN THE MARKET (A CASE STUDY OF NEW DAY PHAMACEUTICALS LIMITED IMO STATE)

CHAPTER ONE

1.0  INTRODUCTION

1.1  BACKGROUND OF THE STUDY

Every business enterprise must have a good knowledge of its market, its customers, where its customers are located , what they value most, what their unsatisfied wants are, their living standards and how he can be reached. It is the duty of the company to provide the needs of the customer because it is the customers that determine what a business is, since they alone, through demand create wealth for the company.

Survival of a company or business in a competitive market depends on the innovations of the company and its marketing strategies.

The goal of any profit making organization is to make profit through customer satisfaction. That is, providing goods and services that will satisfy the needs and wants and taste of the customer, hence making profit which will enable the company to survive.

The organization or business therefore must put into consideration, the society when formulating it policies, since the business enterprise is an internal part of the society.

These are the qualities that makes a business unique. Marketing of goods and services therefore sets a business apart from all other human organizations. it can also be assumed that any organization that markets a product or service is a business and an organization wherein marketing occurs incidentally or is totally absent is not a business or profit making organization.

Marketing involves carrying out studies and research to determine the customers need in any given period or season and the price he is able and willing to pay for a given product or service, for these are given consideration in product planning.

It is not enough for the business the provide goods and services, assuming a competitive market, it must provide better and more economic ones, in comparison with existing products, hence, there must be an innovation, either by way of marketing new products, modifying existing products or by changing marketing techniques.

To develop and market new products therefore, it should be ensured that the product thrive in the market, by adopting the correct approaches.

There are two important stages in the development of any product and these are introduction and commercialization.

Adopting the right strategies such as pricing promotion and high product quality, is necessary especially in the introduction stage, as many product have failed to make the desired impact in the market, due to negligence of these approaches on the part of the company. Such companies fail to realize that buyers are not easily predicted as they are subjected to a wide range of complexities. Besides incomes and demographic consideration of the customers must be given relevance.

In avoiding  mistakes that may spell danger for its newly developed product, companies such as New day pharmaceutical company Limited must adopt correct approaches in introduction of its product into the market.

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