Product failure: the causes and effects on the nigerian economy

Project Abstract

<p> This study is designed to evaluate the causes and effect of product failure on the Nigerian Economy. &nbsp;Product is a vital component of the marketing mix and the reason why companies are in existence. &nbsp;In developing a programme to reach its intended market, a company starts with product designed to satisfy the wants and needs of its target market. &nbsp;The questionnaires were administered to 100 staffs (Male = 40, Female = 60) of some manufacturing companies operating presenting in Nigeria and the gathered data were collated and analysed using the chi-square test (x2). &nbsp;Five research questions were analysed and four hypothesis tested. &nbsp;The alternative hypotheses were accepted. &nbsp;Hence, it was concluded that product failures has effect on the Nigerian Economy. <br></p>

Project Overview

<p> </p><p><strong>1.0 &nbsp; INTRODUCTION TO THE STUDY</strong></p><p>Marketing management should be concerned with the responsibility of pursuing customer’s oriented policies, and as a result develop products and services that satisfy customer’s needs and wants beneficially. &nbsp;Often a market opportunity is recognized or there is a commitment to make something better or cheaper, but occasionally the simple desire to invent or introduce a new product or service provides the spur to starting the firm. &nbsp;In developing a programme to reach its intended market, a company starts with product or service designed to satisfy the wants and needs of that target market.</p><p>1.1 &nbsp; STATEMENT OF PROBLEM It has been observed that the importance of product to a firm and its profits means lies at the center of most managers thinking about the company. &nbsp;Product(s) brought about the existence of firms and business executives or managers must plan, develop and manage the product(s).</p><p>This study will provide answers to questions:</p><p>(a) &nbsp; &nbsp;A realization of product failure’s impact on sales volume</p><p>(b) &nbsp; Environmental changes facilitating product failure.</p><p>(c) &nbsp; &nbsp;Issues to reduce the rate of product failure.</p><p><strong>1.2 &nbsp; PURPOSE AND OBJECTIVE OF THE STUDY</strong></p><p>There are numbers of objectives of carrying out this research more essentially; this study is designed so as to evaluate the causes and effect of product failure on Nigeria economy. &nbsp;Furthermore, the study is aimed at:</p><p>(a) &nbsp; &nbsp;Providing an insight on the marketing concepts (4ps).</p><p>(b) &nbsp; Ascertaining the merits and demerits of the marketing concepts.</p><p>(c) &nbsp; &nbsp;The impact of product innovation and its life cycle.</p><p>(d) &nbsp; The causes and effects of product failure.</p><p>(e) &nbsp; &nbsp;Recommending more purposeful strategies of averting product failure.</p><p><strong>1.3 &nbsp; RESEARCH QUESTIONS</strong></p><p>The study is designed to evaluate the causes and effect of product failure on the Nigeria economy and answers to the following questions would be given.</p><p>(a) &nbsp; &nbsp;Why most products fail or suffer early death?</p><p>(b) &nbsp; Whether environmental changes have an effect on product?</p><p>(c) &nbsp; &nbsp;What is the extent of Product Life Cycle on innovation of product?</p><p>(d) &nbsp; What are the limitations to the use of Product Life Cycle?</p><p>(e) &nbsp; &nbsp;What are the consequences of product failure?</p><p><strong>1.4 &nbsp; RESEARCH HYPOTHESIS</strong></p><p>In determining the causes and effects of product failure on the Nigeria economy, some statement of have to be tested. &nbsp;Hence, hypothesis is a conceptual or tentative statement about the relationship that exists between two or among many variables. Therefore, the researcher carrying out this hypothesis test theory will make use of both alternative hypothesis (H1) and null hypothesis (H0). &nbsp;The following hypotheses therefore had been put forward for test by the researcher in the course of study:</p><p><em>H0</em>&nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;Most firms do not realize the impact of product<br>failure on &nbsp; their sales volume.</p><p><em>H1</em>&nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;Most firms realizes the impact of product failure on<br>their sales volume.</p><p><em>H0</em>&nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;Environmental changes does not have effect on<br>product.</p><p><em>H2</em>&nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;Environmental changes have effect on product.</p><p><em>H0</em>&nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;Product Life Cycle does not enhance innovation of<br>product.</p><p><em>H3</em>&nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;Product Life Cycle enhances innovation of product.</p><p><em>H0</em>&nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;Effective management of the marketing concepts,<br>product innovation and its life cycle does not affect &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp;the management (marketers) and their returns<br>positively.</p><p><em>H4</em>&nbsp; &nbsp; &nbsp;– &nbsp; &nbsp; &nbsp; &nbsp;Effective management of the marketing concepts,<br>product innovation and its life cycle affects the<br>management (marketers) and their returns positively.</p><p><strong>1.5 &nbsp; OPERATIONAL DEFINITION OF TERMS</strong></p><p><strong>MARKETING STRATEGY</strong>: – This is the master plan that provides means of putting business policy into effect.</p><p><strong>MARKETING CONCEPTS (MIX)</strong>: – This is the combination of controllable variables (Price, Product, Promotion and Place) with which the marketers achieve their marketing objectives.</p><p><strong>PRODUCT:</strong>&nbsp;– A product may be defined as a bundle of physical and psychological satisfaction that a buyer receives from a producer.</p><p><strong>PLACE (DISTRIBUTION)</strong>: – This is concerned with the movement of goods from the producer to the consumers.</p><p><strong>PRICE:-</strong>&nbsp; This is what the buyer offers in return for the product.</p><p><strong>PRODUCT LIFE CYCLE: –</strong>&nbsp;This recognizes the different stages in the life history of a product from the time the product is introduced to the time when it is withdrawn from the market.</p><p><strong>PRODUCT STRATEGIES</strong>: – These are plans put in place in order to retain a product in the market.</p><p><strong>1.6 &nbsp; SCOPE OF STUDY</strong></p><p>The scope of this study is to examine the causes and effects of product failure on the Nigerian economy covering the range of some manufacturing companies.</p><p><strong>1.7 &nbsp; RELEVANCE OF STUDY</strong></p><p>The significance or relevance of this study are:</p><p>(a) &nbsp; &nbsp;To disclose the causes and effect of product failure on firm’s profits.</p><p>(b) &nbsp; To find purposeful strategies of averting product failure.</p><p>(c) &nbsp; &nbsp;To serve as a useful reference for the future researchers who may want to delve on the same topic.</p><p>(d) &nbsp; More so, the study will in no small measure contribute to the knowledge advancement based on the findings of this study.</p> <br><p></p>