PRODUCT AS AN IMPORTANT TOOL OF IMPROVING THE PROFITABILITY OF AN ORGANIZATION (A CASE STUDY OF NIGERIA BOTTLING COMPANY, ILORIN, KWARA STATE )
TABLE OF CONTENT
Title Page i
Table of Content v-vii
1.0 Introduction 1-3
1.1 Objective of the Study 4
1.2 Scope of The Study 5
1.3 Limitation of the Terms 5-6
1.4 Definition of Terms 6-8
1.5 Plan of the Study 8-9
2.0 Literature Review 10-12
2.1 Meaning of Product 12-13
2.2 Classification of Product 14-15
2.3 Product Development and Failure 16
2.4 Product Development Process 16-19
2.5 Stages of Product Life Cycle 20-23
2.6 Market Strategies and Analysis 23-28
2.7 Product Markets Strategies 28-38
2.8 Advantages of Strategy 38-39
2.9 Problem and Limitation of Strategies 39
3.0 Research Methodology 40-44
3.1 Statement of Hypothesis 44-46
3.2 Procedure of Data Collection 46-47
3.3 Method Used 48-50
3.4 Historical Background of NBC Ilorin 50-51
3.5 Organization Structure of Nigeria Bottling Company 51-53
4.0 Presentations and Analysis of Data Collection 54-57
4.1Products and its Profitability to
Nigerian Bottling Company 57-59
5.0 SUMMERY, RECOMMENDATION AND CONCLUSION AND REFERENCE 60
5.1 Summary 60-62
5.2 Recommendation 62-64
5.3 Conclusion 65-68
Any organization that wants to remain in operation must produce something [goods or services] .Not just producing ,but producing what the people want and make it available at an economic and reasonable once the success of any organization therefore depends solely on what it offer to the target market.
There are concept to be adhered to increased the profit level of and organization ‘An organization needs to develop implement and monitor a systematic marketing plan .the marketing mix is the center of or the planning activities of the organizations returned the 4ps 11is product , places ,promotion ,and price from which his write up will be base on ‘’product’’ as an important tool of improving the profitability.
Product does not only mean the physical or visible part of an article as a layman may view it , but it consist of psychological features which qualities it to be consideration an anything [good and services] worthy to be given a monetary value for utility given or derived from it.
As the topic indicate , products is one of the tools at the disposal of a marketer to increase the profit of an organization and it comprises of features such as branding and packaging and concept like formal , core and augmented product .every business organization existence depend on the success of its products. Therefore a product cannot jest occur , it involve a lot of activities like planning organizing etc to develop a product
Product can be likened to a seed that was planted on a prepare ground and with constant weeding and wetting ,which , and germination and growth up to maturity level for harvesting this harvested crop are then transformed into food materials . that supply the nutrient needed by the body invariably , a product develops from stage in the market while the other of the marketing mix works towards it success . it should be also emphasized that the success of a product brings prestige, honour and glory to the company while is failure bring shame , loss regret to the company may even loose its corporate identity.
In actual fact ,no product has a permanent stay in market for life or a single stage as the product will have to pass through has series stage ,as the product during is existence ,the stage are the introductory growth , maturity and declining stage .A product with effective marketing plan will enjoy and stay longer in the market because of good marketing strategies.
The market is usually large, this company must develop products that would be acceptable to the various member of the market that have been segmented according to their needs.
This project will provides a guideline on the tools needed to effectively manage a product through constant monitoring of the market that fits their product and adjust the product to meet the taste of the target market
1.1 OBJECTIVE OF THE STUDY .
This project aims at achieving the following objectives:
1, To give the primary meaning of product in the real marketing Concept .
2. To clearly give an understanding of what makes product and its stages in life.
3. To find out the implementation and how effective the product marketing strategies are in.
4. To know what dictates of facilities the adoption in any of the strategies
5. To examine the strategies that keeps the company in operation
6. To clearly examine the impact of profit to the organization
7. To highlight some problem being encountered generally and specifically by the company
1.2 SCOPE OF THE STUDY
This project will go a little ay in explaining what the products comprises and what make it features as a product. Also, it will go along way in bringing product to the appropriate market that fits its survival has already been said proposal of his project.
References will be made particular to Nigeria bottling company as a manufacturing company while other illustration to make the study a more explanatory and explicit on will be drawn from other manufacturing companies in general through interviews which will conduct through the use of structured questions.
1.3 LIMITATIONS OF THE STUDY
Actually, in life, no matter how sufficient or blessed one is, there will be some obstacles n the course of one trying to survive, the journey to the completion of this project was not a exception because it was not a bed of rose.
The limitations encounter in the process are as follows:
Financial Predicament: Normally money is not very easy to come by, not to talk of during this period of economic hardship, the cost of the printing, stationeries, traveling or collect information about the study was not as easy as it should have been in view of this had to manage the little had and that was why the finding could not be more than this.
1.4 DEFINITION OF KEY TERMS AND CONCEPT.
Products: A product is a set of tangible and intangible attributes including packaging styling, pricing, quality and branding including the sellers services and reputation. A product may be goods, services, or place.
Profits: profit are higher difference between revenues derived from the sales of commodities and the cost of producing these commodities.
Market: it is a particular group of people and organization that have a common wants and needs satisfying good or services.
Product mix: it is composite of product offered for sale by a firm.
Business unit these are branding, packaging price, features styling etc.
Product customization: this is a system for making product very close to customer in order to increase profitability .
Cannibalism: this is the danger that the addition of new product cut into the sale of existing.
Planned obsoleteness: this means to deliberately force a product in the line to become out for date and increase the new product market.
P M S: means product market strategies.
Re-merchandising: this is the situation where by the basic features of a physical product is left unchanged but changes are made in accompanying services etc guarantee.
Hypothesis: this is tentative assumption made in order to draw out and lost a logical and an empirical statement
Null Hypothesis [Ho]: this is the hypothesis of change , no change in what is tested for .
Alternative hypothesis [H1]: this is the hypothesis of change
1.5 PLAN OF THE STUDY
Chapter one is made up of the background of the study, term and concept, objective of the study, scope of the study, limitation of the terms, research methodology and plan of the study.
This chapter talks about the summary of the writings of recognized authorities and of previous research findings relating to the research problems, one intends to investigate, it also examine the work of farmers scholars on research work related to this study.
This chapter is basically on research methodology which treats in detail the method applied in collecting data used for the research analysis and how the research is conducted.
This chapter deals with the presentation and analysis of the data collected from the respondent through the questionnaire.
This chapter deals with the summary of the finding from the study, conclusion arrived at and recommendation made based on the research finding.
2.0 LITERATURE REVIEW
Literature is a summary of the writings of recognized authorities and of previous research findings relating to the research problem, one intends to investigate, it also examine the work of farmors scholars on researcher work related to this study.
According to Constantine Andriopoulos (2001) management decision valume (39). He said there are five keys factors that affect organization creativity which are: organizational culture, organizational demote, leadership style, resources and skills the factor the structure and systems of an organization.
According to carter, the profitable of an organization demand on verity of prospecting model are approaches used strategic planning, the way strategies plan is develop depends on nature of the operation leadership, culture of the organization, complexity of the organization, environment, seize of the organization exercise of planner e.t.c.
According to Pred (economist) in his book Production and profit. Production as there factors land, labour, capital Scand demission are expenditure as consumption, investment and waste back to second dimension firms can be divided into four, familiars , profit, non-profit, government enterprises conclusion production as a function of input for profit.
According to Longman dictionary 6th Edition (2008) profit is fun over of production.
According to Michael M and Glenn T Pearson in the journal of food distribution research volume (year) 19 (1988) last updated 2010 3-26.
Direct product profit is decisions making tool that helps the food merchandiser by proving ling better indication of profitability of production on the supermarkets.
According to professor Simbo (“1996) University of Lagos in his book production an operations management. He said product operation management in the process of planning designing, cooperating, monitoring, controlling and management of all production activities in order to ensure that input resources are effective and defiantly, transformed into the require quality of goods and services..