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The Significance Of New Product Development In A Competitive Marketing Environment
[A Case Study of Lubcon Ltd]
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1.4 SIGNIFICANCE OF THE STUDY
In any research work, it is normally believed that research and the company derives certain benefits from the research work. Therefore, in this very research work; some significance will arise and will be of benefits to both researchers and the company chosen as a case study.
The significance that may arise includes.
a. The researcher will have a knowledge about the prospect of new product development, whether a competitive or non-competitive environment.
b. It will enable the company to maintain and even increase her market share position and establish a foothold in the future market.
c. It will also help the company to know what constitute the needs and wants of it consumers.
d. More importantly, the research work will assist the company to identify the strategy that fit marketing of a new product in a competitive environment.
e. The Society: This research work will be useful to the society and enable them to understand reasons why many companies embark on new product development.
Since, the society is mainly concerned on their well being.
Therefore, this research work will definitely help to improve the standard of living of the society by given back to them little out of what they have pay to the organization.
1.6 SCOPE OF THE STUDY
The scope of this research work shall be limited to the general administration of Lube Blending Company and development of new save wash (Liquid Detergent)). The various stages of the products life cycle falls within the segment of this research.
1.5.1 INDUSTRIAL SCOPE: Majority of firms in Nigeria were represented by their products in a competitive market. Therefore, the area covered by manufacturing industry is very index. This is the reason why the researcher chosen Lubcon Nigeria Limited. Ilorin.
1.5.2 GEOGAPHICAL SCOPE: Owing to difficulty in covering the whole Nigeria which will take time and very cost, this is the basic reason why the researcher limit the research to Lubcon Nigeria Limited Ilorin, and the customer of Lubcon in Ilorin Metropolist.
1.5.3 CNCEPTUAL SCOPE: The area covered by competitive market is very wide, this is the reason why the researcher limits its scope of study to product development, reason for new product development, advantages, disadvantages of new product development and competitive instruments used by business organization.
1.5.4 TIME SCOPE: This research will cover the period of Five (5) Year, all the information that the researcher revealed in this project work will be from 2009 till date.
1.6 LIMITATION OF THE STUDY
It is not new to have some short comings in any research work. This means that, in any research study, the research usually encounters some short comings.
However, the likely short coming that may arise in this research work will be given below;
These are the constraints faced or encountered by the researcher in process of gathering information for this project work.
a. TIME CONSTRAINTS: It is also one of the problems encountered during this research work. Time allocated to this project work is not enough since it combined with the lectures and some activities. But defined with the researcher was able to schedule his program by gathering information for this project work during the week and writing report in weekend to ensure useful information are extracted from the raw fact collected. The management of the company chosen as case study may give the researcher a day that he come and gathers information. The day given by the management may collide with the researcher time-table; hence time constraint will really affected the researcher.
b. FINANCIAL CONSTRAINT: Gathering of information requires moving from one place to another, printing of necessary information and making some necessary information and making some necessary calls. All these require money however the researcher was able to get enough information for this project work through the help of the parents, uncle and friends that finance this project work.
c. Negative response by the responded: The staff may feel relevant to answer all the questions persuasion occurred before the answered all the questions prepared by the researchers, until certain persuasion occurred before the answered all the questions the company may not even wish to apply all the information they may think that the researcher will reveal the secret to the competitors, regardless of the assurance given by the researcher.
Lastly, secrecy in releasing information by the respondents and the company was also part of the problem encountered by the researcher, some useful information is considered secret and meant for management alone but the researcher was able to gather needed information by assuring them that all information given will be used for purpose of the project work and will be treated confidentially.
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ABSRACT - [ Total Page(s): 1 ]ABSTRACTThe main purpose of this thesis is to examine the significance of new product development in a competitive environment. In view of this a very popular organization shall be used the Lubcon Ltd. So because new product development is a key or a major factors to profit maximization in an organization existing in a newly innovated replace or imitative to the market.So this thesis is divided into five chapters, chapter one is on introduction, background of the study, statement of the general ... Continue reading---
