New Product Launch, Brand Loyalty and Organizational Performance in Nigeria
CHAPTER ONE
Objective of the study
The objectives of the study are;
- To find out the impact of new product launch on organizational performance
- To find out the impact of customer loyalty on organizational performance
- To find out the impact of marketing strategy on organizational performance
CHAPTER TWO
REVIEW OF RELATED LITERATURE
Concept of New Product Management
An important role is being played by the product(s) in an organization, as well as the consuming public. It is the conception of a social object that firms use in relating with the target market it targets to serve. It is the product that gives character and fulfilment to the organization (Didia 2004). According to Galanakis, Passy, & Yazdani (2006), the product is also the means by which the company achieves its objectives. When a company decides on what to produce, it has equally defined its market industry as well as competition. Didia (2000) Supported this point of view when he noted that the choice of what to produce will dictate the market to serve, the industry to belong, the competition to face, and the nature and extent of resources to employ as well as the technology to use. With this, it is clear that the product is of utmost importance. This is what prompted Galanakis, Passy, & Yazdani, (2006) to explain that the central role that the product plays in marketing management makes it such an important subject that mismanagement in this area is unlikely to be compensated by good management in other areas. According to Moon, Miller, & Kim (2010), new product management is a dynamic decision process wherein new products are constantly revised. This is necessary because of a change in uncertainties in the information concerning the business environment as well as customers, dynamic opportunities, multiple goals and strategic consideration. New product management deals with the planning, forecasting and production of new products at all stages of its life circle. As the environment of business is changing by the day, the need for the proper management of new products is necessary. This is vital because most organisations don’t put this in practice and it has brought about the extinct of products quicker than expected. This is supported by Pichgar, Dezhkam et al. (2013) when he said “discovery consists of seeing what everybody has seen and thinking what nobody has thought”. The final products that are newly introduced into the market are like human beings, since they pass the stages of birth, growth, maturity and death. This means that a firm should be watchful of the stages their products exist since the introduction of a new product does not guarantee that it must live forever (Onuoha and Anyanwu, 1999). This makes it vital for the activities of the product to be continuously appraised to determine its day to day market performance and corrections made where necessary while new strategies are developed.
CHAPTER THREE
RESEARCH METHODOLOGY
INTRODUCTION
In this chapter, we described the research procedure for this study. A research methodology is a research process adopted or employed to systematically and scientifically present the results of a study to the research audience viz. a vis, the study beneficiaries.
RESEARCH DESIGN
Research designs are perceived to be an overall strategy adopted by the researcher whereby different components of the study are integrated in a logical manner to effectively address a research problem. In this study, the researcher employed the survey research design. This is due to the nature of the study whereby the opinion and views of people are sampled. According to Singleton & Straits, (2009), Survey research can use quantitative research strategies (e.g., using questionnaires with numerically rated items), qualitative research strategies (e.g., using open-ended questions), or both strategies (i.e., mixed methods). As it is often used to describe and explore human behaviour, surveys are therefore frequently used in social and psychological research.
POPULATION OF THE STUDY
According to Udoyen (2019), a study population is a group of elements or individuals as the case may be, who share similar characteristics. These similar features can include location, gender, age, sex or specific interest. The emphasis on study population is that it constitutes of individuals or elements that are homogeneous in description.
This study was carried to examine New product launch, brand loyalty and organizational performance in Nigeria. Cadbury Nigeria’s Plc forms the population of the study.
CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
INTRODUCTION
This chapter presents the analysis of data derived through the questionnaire and key informant interview administered on the respondents in the study area. The analysis and interpretation were derived from the findings of the study. The data analysis depicts the simple frequency and percentage of the respondents as well as interpretation of the information gathered. A total of eighty (80) questionnaires were administered to respondents of which only seventy-seven (77) were returned and validated. This was due to irregular, incomplete and inappropriate responses to some questionnaire. For this study a total of 77 was validated for the analysis.
TEST OF HYPOTHESIS
H0: there is no impact of new product launch on organizational performance
H1: there is impact of new product launch on organizational performance
H0: there is no impact of customer loyalty on organizational performance
H2: there is impact of customer loyalty on organizational performance.
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
Introduction
It is important to ascertain that the objective of this study was to ascertain new product launch, brand loyalty and organizational performance in Nigeria. In the preceding chapter, the relevant data collected for this study were presented, critically analyzed and appropriate interpretation given. In this chapter, certain recommendations made which in the opinion of the researcher will be of benefits in addressing the challenges of new product launch, brand loyalty and organizational performance in Nigeria
Summary
This study was on new product launch, brand loyalty and organizational performance in Nigeria. Three objectives were raised which included: To find out the impact of new product launch on organizational performance, To find out the impact of customer loyalty on organizational performance and to find out the impact of marketing strategy on organizational performance. A total of 77 responses were received and validated from the enrolled participants where all respondents were drawn from Cadbury Nigeria’s Plc. Hypothesis was tested using Chi-Square statistical tool (SPSS).
Conclusion
Based on the findings in this study, it is concluded that new product and customer loyalty management is necessary for the success and promotion of organizations’ performance, including the marketing performance of customer loyalty
Recommendation
Cadbury Nigeria’s Plc. Is advise to offer advisory service that influence customer loyalty in the organization.
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