Many companies don’t just sell product they like, they first decide the need of consumer before creating such goods. Marketers know the first basic thing in determining a product success or failure is that one should foist consider consumer feelings about the intended product which the company wants to sell and also their feelings towards the company itself. Actually, the last thing that companies develop when, making products is the core benefits.
For example, NBC sells more than one million worth of coca-cola, Fanta, Sprite etc. to consumer around the world. They make successful soft drink products and this has made them the leader in the popular price segment in the world.
HISTORICAL BA CKGROUND OF THE COMPANY
The history of the company in Nigeria is almost as old as Nigeria itself. It is one of the earliest companies established in the country.
KEY WORDS AND TERMS
- Actual product: a product’s parts, quality level, features, design, brand name, package and other attributes combine to deliver core product benefits.
- Agitated product: is the additional consumer services and benefits build around the core and actual product.
- Brand: is a name term, sign, symbol, or design or a combination of those intended to identify the goods and services of one seller in group of sellers and differentiate them from those of competitors.
- Business analysis: is a review of the sales, cost and profit projections for a new product to find out whether these factors satisfy company’s objectives.
- Commercialization: This is a process of introducing a new product into the market.
DEFINITION OF PRODUCT
A product is anything that can be offered to a market for attention acquisition, use or consumption and that might satisfy a want or need. Products include more than just tangible goods. Broadly defined, product include physical objects, services, persons, places, organization ideas, or mixes of these entitles.
LEVELS OR COMPONENTS OF A PRODUCT
Product planners need t o think about the product on three levels. The most basic level in the core product, which addresses the question; What is the buyer really buying?
Marketers have developed several product classification schemes in developing marketing strategies for their products and services into two broad classes based on types of consumers that use them. Consumer products ans industrial products.
These are those bought by final consumer for personal consumption. Marketers, based on how consumers go about buying them further classify those goods.
These are those products purchased for further processing or for use in conduction a business.
Developing a product involves the benefits that the product will offer. These benefits are communicated and delivered by product attributes such as quality, feature and design. Decisions about these attributes greatly affect consumer reactions to a product.
Quality is one of the marketers major positioning tools. Quality has two decisions. Level and consistency. In developing a product the marketer must first choose a quality level that will support the product’s position in the target market.
Looking closely at the topic of the research, product failures; causes and effects a need therefore arises to firstly state and explain processes which a product undergoes both for new product and already existing product.
One of the best ways to add consumer value is through distinctive product design.
PRODUCT LIFE CYCLE STRATEGIES
Products, like people, have certain length of life during which they pass through certain identifiable stages. From the time a product idea is conceived, during its development and up to its market introduction.
The introduction stage starts when the product is first launched. Introduction takes time and sales growth is apportioned to be low.
Should the new product satisfy the market, it will enter the growth stage, in which sales will start climbing quickly, and if not then could be said to be the end of the new product.
At a particular point a product’s sales growth will slow down and the product will enter a maturity state. This stage normally lasts longer than the previous stages and its poses strong challenges to marketing management.
The decline is a situation in which sales may plunge to Zero, or they may drop to low level where they continue for many years.
By now product we mean original products, product improvement, product modification and new brands that the firm develops through its own research and development efforts.
REASPONS FOR PRODUCT DEVELOPMENT
- Profit improvement: the management may decide to improve profit, improved product will surely lead to higher profit through bringing more consumers in to product’s consumption fold.
- Technological change: the changing phase of technology is usuallyaccompany with minor or major improvement in an existing product. This usually result in the introduction of new product, e.g. computers replacing calculators and adding machines.
- Planned obsolescent: management may deliberately introduce an improvement of an existing product into the market to make such product outdated.
THE NEW PRODUCT DEVELOPMENT PROCESS
The new product development process for finding and growing nor products consists of eight major steps.
- Idea Generation
- Idea Screening
- Concept Development
- Marketing Strategy Development
- Business Analysis
- Product Development
- Test Marketing
The price company charges will be determined by both internal and external factors.
THE BUYERS DECISION PROCESS
The process is divided into five phase or stages, which are summarize below:
- Need Recognition
- Evaluation of Alternatives
- Purchase Decision
- Post-Purchase Decision
TYPES OF BUYING DECISION BAHAVIOR
- Complex buying behavior
- Dissonance reducing buying behavior
- Habitual buying behavior
- Variety seeking buying behavior
Methodology involves the process that is used in the gathering of data. Data collection can be carried out by using primary and secondary data. Secondary data consist of information that already exists somewhere, having been collected for another purpose.
PLANNING PRIMARY DATA COLLECTING
Designing a place for primary data collection call for decisions on the following
- Research Approach
- Distributing Questionnaire
- Sample Size
- Research Instrument
DATA PRESENTATION AND ANALYSIS
The data collected from the respondents are arranged and presented in a way as to facilitate easy understanding and implementation by management and others users that may have need of it.
SUMMARY OF FINDINGS
Different researches have investigated the rate of failure associated with products. In product development and marketing, it is essential for companies to ensure that every aspect of their product are well design not only to meet consumers expectations but also to delight the consumer.
One of the recommendations that we wish to give is that, the company when planning the development of any product, should ensure that proper marketing research is carried out so as to ensure that success of the product and also ensure “Total Quality Management” is maintained as all level or stages of its operation.
This w rite-up as stated the meaning of a product, classifications of product, process involved in product development and the product life cycle.
The research has carefully examined the reasons for products failure and for Fanta Company’s failure. In this we have seen that having a product idea for a product is just the starting point for the product and that many pother factors needs to be continued before and after the product emergence in to the market.