Strategies For Introducing A New Product In The Market (a Case Study Of Encristo Phamaceuticals Limited In Enugu), -abstract
The Research Work Was On A Study Of How To Introduce A New Product In ...
The research work was on a study of how to introduce a new product in the
market. The main objective was to determine whether the strategies used
to introduce Cristolyn Cough expectorant in Enugu was effective or not.
The researcher also looked at how the product is fairing in the market.
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 Neugu.
The researcher 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 come up with the following findings.
The product was test marketed
for a period of five moths before it was officially launched on September 8,
During the time of introduction
both radio, Poster, Sticker
etc. were used.
Most of consumer interviewed
said that they were aware of the product is existence and that the quality and
test is very good.
Company’s personnel believed
that the strategies used to introduce the product have been effective.
In conclusion, the researcher
believes that the product have been accepted ad is moving well in the market.
TABLE OF CONTENTS
Background of the studies
Statement of the problem
Objective of the study
Scope of the study
Significant of the study
Design of the study
Population of the study
Development of research
Treatment of data
PRESENTATION AND ANALYSIS OF
Summary of findings
BACKGROUND OF THE STUDY
The objective 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 derives 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 pay 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 considers value, what
his unsatisfied wants, how does he buy and how can he be reached, it is the
duty of the company to provide what the customers need.
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
Any organization that fulfils
Marketing a product or service is a business and any organization in which
marketing is either absent or incidental is not a business any should never be
run as if it were one.
The duty of marketing starts at the beginning rather than the end of the
business because through its studied and researches 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
It is not enough for the business
to provide just any economic goods and services, it must provide a better an
more economic ones.
Innovation goes right through
all phases of business it may be innovation in design, in product, in marketing
techniques, in price or in service to the customer.
Therefore, to develop and market new products the correct approach must be used
to 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 to a
Wide range of complexities and quovles 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. Though they should achieve sufficient profit
to cover the risks of their economic activities so that losses can be
curtailed. A company like Encristo Pharmaceutical Company limited should
avoid making mistakes that may spell danger for its newly developed product by
making use of the correct approach in both marketing, commercialization/introduction
of the product into the market.
The Encristo Pharmaceutical Company Limited being one of the indigenous
pharmaceutical companies in Nigeria licensed today to produce (OTC) over the
counter drugs has been pushing vigorously its policy of developing and adding
new and better products to its existing products line. On September
The company introduced a new
product known as “CRISTOLYN COUGH EXPECTORANT” 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 bee in the
market for up.
to four years and now in evaluating 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 its product strategies are
effective that is why this research has been undertaken.
STATEMENT OF PROBLEM
Encristo 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 which is called
“CRISTOLYN COUGH EXPECTORANT”.
The new product was introduced
in Enugu in September 1997 and has continued to be marker there till now.
In looking a the new product, one would like to know how it has faired since
its introduction, into the market, what strategies were used in introducing it
in Enugu metropolis, what strategies are being used now to market the same
product, have these strategies been effective and have consumers accepted the
OBJECTIVES OF THE STUDY
To find out strategies which Encisto Pharmaceutical company limited used to
introduce Cristolyn Cough expectorant in Enugu metropolis.
To determine if these strategies are effective
To ascertain if the new product is acceptable to the consumers.
To find at how distributors evaluates the new product
To recommend what the company would do to further enhance the marketing of this
SCOPE OF STUDY
This study was carried out in Enugu and centered on evaluating the
effectiveness of the strategies by Encristo pharmaceutical company limited in
introducing Cristolyn Cough Expectorant into the market. The study also
evaluated the extent of acceptance of this new product by the consumers.
1. Ho: The strategies
used in introducing Cristolyn Cough Expectorant in Enugu metropolis has been
Hi: The strategies used in introducing
Cristolyn Cough expectorant in Enugu metropolis have been effective.
2. Ho: The quality and
tasks of Cristolyn Cough Expectorant is acceptable to consumers
The quality and taste of Cristolyn Cough Expectorant is acceptable to
3. Ho: Most consumer are
not aware of the new product
consumer are now aware of the new product
Ho: The distributors are not ready to distribute the new
distributors are now ready to distribute the new product.
SIGNIFICANCE OF THE STUDY
This study will be of use to Encristo Pharmaceutical company limited because it
will establish whether the objective of the company in developing and
introducing Cristolyn Cough Expectorant has been realized.
In assessing the strategies
used to introduce the new product, the findings of the research will establish
whether they have been effective.
The recommendations made by the researcher will enable the company to implement
further strategies aimed at changing the situation. Also the finding of
the study will equally benefit the consumers by ascertaining whether the new
product has been accepted or not. The acceptance of a new product depends
solely on its quality and performance and product quality entails.
Considering the level of quality control consumers desires the quality of new
materials required to produce such product, the level of consumers frame of
experience and desire and source or availability of competitive or rival
product for the consumer.
Where the study establishes that the new product is found wanting in any
This will ensure that the
consumers are given the satisfaction they want or looking for in the product.
Another are where the study will services as a good purpose is in the area of
Distributors are more concerned about the success of a product because it will
help them determine the extent of margin or profits they will make, if
Cristolyn expectorant succeeds I the market, the distributors will gain since
the study is to evaluate and make recommendations for effective marketing of
this product, the distributors’ benefit of the product’s performance in the
TERMS AND CONDITIONS APPLY
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