STRATEGIES FOR MARKETING A NEW PRODUCT IN A SATURATED MARKET
Need help with a related project topic or New topic? Send Us Your Topic
DOWNLOAD THE COMPLETE PROJECT MATERIAL
STRATEGIES FOR MARKETING A NEW PRODUCT IN A SATURATED MARKET
Chapter one
1.1 Background of the Study
To make a profit, every profit-conscious individual, male or female, and organisation must have at least one product on the market. This is regardless of whether individuals or organisations have been involved in a production that the marketer wishes to enter.
The result of this is that the market for the product in question will become more competitive; a saturated market does not allow an organisation or individual to maximise profit because the profit is split between it and its competitors.
The thankful nature of competing with a new product can exacerbate the issues of a new competitor, especially if the new product that he or she is utilising lacks innovation that will separate or differentiate his or her product from that of existing ones.
Despite the challenging situation of being a new product, which involves competing with recognised items, new rivals continue to enter a saturated market with their new product. They not only survive, but also produce astounding results. To attain such success, a variety of tactics must have been implemented.
1.2 Statement of the Problem
New goods are critical to the success of any business. The company develops new products to replace those that have grown outdated in the perspective of consumers.
As a result of attempting to meet changing consumer needs, businesses develop new products. These products must also be developed in order to contain competition without resulting in price competition.
With new products developed, the worst problem that marketers or producers face is how to market them. It becomes much more of a concern if the market being served is already saturated. We define a saturated market as one in which there is more supply than demand for a particular product.
This indicates that greater effort is required to market such products. These efforts are critical given how vulnerable these items could be in a saturated market without them.
It might essentially result in a situation in which the product fails before it even hits the market. In accordance with this, the central research question that this project is intended to solve is:
What tactics can be utilised to promote a new product in a saturated market?
1.3 PURPOSE OF THE STUDY
1. The goal of this project is to identify the primary difficulties and strategies for marketing a new product in Nigerian Breweries Plc’s saturated market in order to find potential solutions that will assist marketing managers in developing stronger marketing strategies.
2. The primary goal of the study is to ensure that Nigerian Breweries Plc maximises its utilisation in promoting a new product in a saturated market.
1.4 CENTRAL RESEARCH QUESTIONS.
1. What are the strategies for introducing a new product into a saturated market?
2. What are the challenges in promoting a new product in a saturated market?
3. What are the solutions to difficulties that arise in a saturated market?
1.5 Formulation of Hypothesis: Hypothesis I.
Ho: The product’s market acceptability is not immediately proportional to its quality.
Hi: The quality of the product has a direct impact on its commercial acceptability.
Hypothesis I.
Ho: A new product’s success is unaffected by its marketing plan.
Hello: A new product’s success is influenced by its marketing approach.
Hypothesis II.
Ho: Product acceptability is not determined by its quality.
Hi: Product acceptability is a function of quality.
1.6 Significance of the Study
The primary significance of this study is the large-scale inquiry into the effectiveness of marketing strategies on sales.
This study is equally valuable to the researcher since business education is dynamic; therefore, any student can learn about all of the demands within the four walls of the classroom in a specific field.
1.7 Scope of the Study
This is limited to tactics for marketing a new product in a saturated market, with Nigeria Breweries Plc as a case example. This is done with the goal of identifying challenges and solutions for selling a new product in a saturated market, as well as minimising the causes of these problems.
1.8 Limitations of the Study
Efforts were made in this project to conduct extensive research on the tactics for marketing a new product in a saturated market, using Nigeria Breweries Plc as an example.
The poor textbook on the research had an impact on the literature review.
Statistical issues were encountered during questionnaire analysis and hypothesis testing, necessitating extra caution to assure accuracy and precision in calculation.
Again, the majority of the staff were afraid to respond, fearing that they would be detected by management and then questioned, despite the fact that they were not required to disclose their identities in the questionnaire other than their various departments, which was only for sampling purposes.
Finally, while the study work is limited to N.B. Plc, I assumed responsibility for any errors, omissions, or inaccurate positions reflected (if any) that might be accounted for by the reasons listed above.
1.9 Definition of Terms
a. New: The word refers to any product that necessitated a shift in marketing strategy.
b. Product: Anything that can be supplied to a market for attention, acquisition, use, or consumption that may satisfy a want or need.
c. New Product: A product, service, or concept that some potential buyers perceive to be new.
d. Marketing Environment: This refers to the impact of marketing capacity to establish and sustain successful relationships with target customers.
e. Product Life Cycle: This is the process of implementing a firm growth strategy by introducing modified or new products into existing market segments.
f. Gap Analysis: This is a method for thoroughly and objectively examining your existing marketing position and potential strategies, and improving them in line with the overall company strategy.
Need help with a related project topic or New topic? Send Us Your Topic