Abstract:
The research project focuses attention on “Marketing strategies of introducing new product in the market.” Three newly introduced products in Enugu State namely Cowbell Chocolate Drink, manufactured by Wonder Foods Limited, Home Cup Tea produced by Lever Brothers PLC and Gordon Spark, a brand of beer produced by Guiness PLC are used as case study.
Some objectives were set for this research project which include:
i. To ascertain if the lack of marketing and market research by firms affects the choice of marketing strategies involved in the introduction of new products in the market.
ii. To find out whether inappropriate adoption of unique selling propositions for new products affect their acceptability and rate of competition in the market.
iii. To also determine whether wrong promotional and other marketing strategies make up new products to be withdrawn from the market or frog-leap to their untimely decline stage.
iv. To determine if family brand names strategy make new products more acceptable in the market as compared with individual brand names.
Literatures on marketing strategies were reviewed. Both primary and secondary data were used for the study. Initially some high ranking sales representatives/marketers and marketing communications practitioners.
(Advertising practitioners) were interviewed and the information obtained from them were really helpful in pursing certain area of inquiry and which later formed the basis for construction of the questionnaire and the formulation of hypotheses. Two set of questionnaire were drawn for two categories of respondents as follows questionnaire (A) customer, and traders questionnaire (B) for sales representative marketers and marketing communicators. Both categories are labeled response and category I and II respectively.
The structure of the questionnaire was made to both the multiple choice and the open-ended type of questions were necessary.
For our method of analysis, simple percentage and Chi-square was used to test the hypotheses.