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IMPORTANCE OF PRODUCT DEVELOPMENT IN
THE MARKETING OF A FIRM’S PRODUCT
ABSTRACT
Today is technologically driven world,
the importance of innovation and product developing is growing. Firms must
develop innovation products faster and more efficiently. This has increased the
importance of product development performance. This work attempts to quantity
development of effort and lead-time based on product and project
characteristics through the use of a generative cost model. The model developed
in this essay writing development cost using direct engineering effort along
wit indirect project costs. These cost are then compared with fabrication and
assembly cost. The effects of product platforming on development and cost are
analyzed. The relevance of product innovations and new product development for
the competitive performance of firms and for the long-time economic growth is
known and recognized. This essay aims to highlight the meaning, classification
and organizing of the new product development, the product development process,
it marketing strategies are also explained. It is clear that product
development in the marketing of a firm is very important. This essay has the
objectives of assessing the relevance of product innovation and new product development
for the effective performance of a firm. In developing new products, the firm
stands to satisfy its customers. At the end the summary, conclusion and
recommendations are given.
TABLE
OF CONTENTS
Title
page - - - - - - - - - i
Declaration - - - - - - - - ii
Approval
page - - - - - - - - iii
Dedication - - - - - - - - - iv
Acknowledgement - - - - - - - v
Abstract - - - - - - - - - vi
Table
of Contents - - - - - - - vii
CHAPTER
ONE
1.0 Introduction - - - - - - -
1.1 Objectives of the Essay - - - - -
1.2 Significance of the Essay - - - - -
1.3 Objectives of the Essay - - - - -
1.4 Delimitation of the Essay - - - - -
1.5 Limitation of the Essay - - - - -
CHAPTER
TWO
Literature
Review
2.0 Introduction - - - - - - -
2.1 The Concept of Record Management - - -
2.2 Importance of Effective Records Management -
2.3 Types of Electronic Filing System Available - -
2.4 Managing Records in an Electronic Office - -
2.5 Manual Filing and Methods - - - -
2.6 Effective Management Records - - - -
2.7 Summary of Literature - - - - -
CHAPTER
THREE
Summary,
Conclusion and Recommendations
3.0 Introduction - - - - - - -
3.1 Summary - - - - - - - -
3.2 Conclusion - - - - - - - -
3.3 Recommendations - - - - - -
References - - - - - - - -
CHAPTER
ONE
1.0 Introduction
1.1 Background
of the Essay
Product is the most important in the marketing mix
around which other activities resolved (the rest of the element), by a firm
product, this means anything that can be offered to a market for attention
acquisition use or consumption that might satisfy wants or needs.
A product includes physical, objectives, service,
persons, organization and ideas. Managing a product ingredient include planning
and development of the right product and service to be marketed by the company.
Guidelines needed for changing products:
i)
Decisions are needed
regarding to branding, quality, packaging, styling and other various product
features.
ii)
New product development
is broad and tedious it goes beyond the physical components of a particular
product and it deals with all factors of satisfaction.
iii)
New product
development of a firm is an act that any firm that cannot offer to afford if it
wishes to remain in business and it can only achieve thus objective with a
steady flow of (new) product.
iv)
New product plays a
critical role in the company’s desire for survival and well-being. Their
development account for a high profession. Product plays significant role in
growth and continuity of a business.
v)
New product is import
to be able to meet instability of competition on the market.
vi)
New product are
necessary since the demand for goods is not constant, a company cannot rely
only its existing product. Customers want and expects new product and improved
product as market widens to that people tend to become selective in buying.
vii)
Gives rapid change in
consumer taste, technology and competitions, companies must develop a steady
stream of new product and services.
A firm can obtain new products in two ways. One is
through “acquisition” by buying a whole company a patent, or a license to
produce some one else’s product. The other is through “product development”. In
the company’s owe research development department as the cost of developing
major new products. Many large companies have acquired existing brands rather
than creating new ones. Others firms have saved money by copying competitors
brands or by reviving old brand. Under the new approach various company
development work closely together, overlapping the steps in the product
development process to save and increase effectiveness.
1.2 Significance
of the Essay
Hopefully, with the little knowledge that has been
exposed in this essay shall be of benefit to business organization particularly
small and medium scale enterprise which are in the process of growth.
Continuity and growth of business lies in its
ability to penetrate and capture large market share. It is therefore important
for business to know that to achieve these businesses one must resort to
introducing new and qualitative product through product development. It will
also serve as reference material for the coming student as a guide in their
academic exercise.
1.3 Objectives
of the Essay
The essay basically designed to achieve a number of
objectives, which include the following:
i)
To understand the
methods or ways by which organization help develop new products.
ii)
To examine new product
development and their introduction to the market.
iii)
To understand why
business want to develop new product.
1.4 Delimitation
of the Essay
This essay does not cover the entire product
development in a form in all its form and variations. The essay covers the aspect
of product development as it concerns the company’s desire for survival and
well being their development account for a high profession. Decisions are also
needed regarding to branding quality, packaging, styling and other product
features that customer will go for.
1.5 Limitation
of the Essay
The problem of this essay writing is due to time
attending lectures which affect the collection of secondary materials. I have
problem with insufficient materials due to time factor. In addition to the
above limitation is the financial constraints which is also another major
problem which militate against collection of adequate review during the course
of writing this essay and literature review.
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