EFFECT OF MASS MEDIA ON MARKETING NEW PRODUCTS

SOLD BY: Enems Project| ATTRIBUTES: Title, Abstract, Chapter 1-5 and Appendices|FORMAT: Microsoft Word| PRICE: N3000| BUY NOW |DELIVERY TIME: Within 24hrs

EFFECT OF MASS MEDIA ON MARKETING NEW PRODUCTS

CHAPTER ONE

INTRODUCTION

1.1       Background of the Study

Globalisation as described by Hill (2009) is the shift towards a more integrated and interdependent world economy thereby merging historically distinct and separate national markets into one huge global marketplace. The Economic Intelligence Unit (2009) reported that during the recession which commenced in 2007, the global market place was affected by changes in exchange rates, inflation and consumer purchasing behaviour. These changes in the economy forced organisations to remodel business strategies in order to communicate their products and brand more effectively. Davis (2001) writes that one of an organisation’s most valuable assets is its brand and the introduction new products.

One of the most popular means of marketing new products is through the use of mass media which create product awareness, facilitates participation, openness, conversation, community and connectivity amongst users (Mayfield, 2008).

The development of a new product begins when the company finds and develops an idea about a new product. Many companies see their success in the presentation of new products; however, their supervision should be much higher considering that the presentation can prove to be dangerous because many new products can lead to failure after its launch. Therefore, the development of new products should go through several processes: generating ideas, reviewing these ideas, market evaluation of the idea, the product development, testing through marketing, and the commercialization process.

 In a research conducted by Cooper (2021), it is concluded that the main attributes that make the difference between new and successful products with unsuccessful ones are: the peculiarity or uniqueness of the product, sufficient information from the market, the dynamics of competitiveness in the market, market potential for product launch, marketing strategies, product price, novelties from companies, and the investment framework of the company. Besides this, a crucial part that plays in the success of new products is their quality and how they are introduced to the prospective customers or consumers through the use of mass media.

Mass media is the collection of tools of communication such as television, radio, newspapers and internet that are designed to reach a large number of people. In the current societies mass media cannot be separated with our lives because media and entertainment go hand in hand. Bryant and Miron (2004) further explain that mass media can be categorized media in three groups which are print media (newspapers and magazines), electronic media (television and radio) and new age media (mobile phones and internet).

Mass media is an important tool in advertising and has great power in influencing a bad or good perception to the targeted audience. This is because one of the major roles of advertising is to persuade and promote a product (Cohen, 1988). Mass media is that tool that enables an advert to reach, persuade and promote a product. Hence, the reason why this study has assessed the effect of mass media on marketing of new products.

1.2       Statement Of The Problem

Considering the dynamic market in which companies today operate, the development of new products and innovation is considered as vital factors within a company. Therefore, in order for companies to be successful in their market, they should constantly innovate in their operations and products such as providing new ideas in their products to the customers [8]. Also, Cooper alludes that besides technology strategies, successful companies produce innovative products. Both these components are led by the management team of the business who have a clear strategic vision [9]. While launching new products in the market they may face various challenges such as conditioned future, previous experience from customers, and user control, the use of mass media and their active search. This is also one of the main reasons why new products should be prioritized since customers will be able to share their experience with the product with other potential customers. In recent years, mass media platforms such as print media, electronic media and the social such as Facebook, Instagram, LinkedIn, etc., have enabled users to spread information at a rapid pace. Many applications of such media have affected businesses in making changes in various processes, such as new product development, marketing processes, services to customers, sales, etc. Thus this study is an attempt to examine the effect of mass media on marketing of new products.

1.3       Objective of the study

The general objective of this study is to examine the effect of mass media on marketing new products.

This study was designed to find out

1. To find out which medium serves best in the marketing of new product
2. To find if mass media advertising has any effect on the choice of new products by costumers.
3. To find the effects of mass media on marketing of new products.

1.4       Research Questions

1. Which medium is best for mass media advertising that serve best in the marketing of new product.
2. Does mass media advertising have any effect the choice of new products by costumers?
3. What are the effects of mass media on the marketing of new products?

1.5       Significance of the Study

This study is very apt as scholars and theorists alike are always interested in new source of knowledge. This work will be of immense advantage to advertising practitioners old and new, tutors, students, marketers and integrated marketing communicators as well as to explorative readers from every field.

The researchers hope ardently that the richness of this work would enlighten manufacturing companies to know the effects of mass media on marketing of new products. This study will also be a guide to the manufacturers and advertisers in scheduling their media plan as it would evaluate patterns of brand advertising through mass media, and possibly ascertain the degree of exposure enough to create disposition for purchase of new products by customers.

The result will enable policy makers in Nigeria to understand the effect of mass mediate on marketing new products as it will serves as a patterns of new product advertising and will enable policy makers to appreciate the reason(s) for differential disposition of consumers resulting from their varying levels of exposure to a brands advertisement.

1.6       Scope of the Study

The scope of this study is limited to the effect of mass media on marketing of new products. The scope is further limited to Nigeria Bottling Company.

1.7       Statement of Hypothesis

            H0: Mass media has no significant effect on marketing of new product

            H1: Mass media has significant effect on marketing of new product

1.8       Definition of Terms

The following terms and phrases are repeated throughout the research study.

• Mass Media: Mass media refers to a diverse array of media technologies that reach a large audience via mass communication.
• Marketing: Marketing is the management process through which goods and services move from concept to the customer.
• Marketing mix: Marketing mix is a planned mix of the controllable elements of a product’s marketing plan commonly termed as 4Ps: product, price, place, and promotion. The new marketing mix is commonly termed as the 7P’s and includes people, process and physical evidence.
• Marketing management: Marketing management is a process of identifying, anticipating and satisfying consumer requirements. This involves tracking and reviewing an organisation’s marketing resources and activities.
• New Product: New products’ can be defined as a products that an organization have never made or sold before but have been taken to market by othersproduct innovations created and brought to the market for the first time.
• New Product Development:New product development (NPD) is the process of converting an untried idea into a winning product.

SOLD BY: Enems Project| ATTRIBUTES: Title, Abstract, Chapter 1-5 and Appendices|FORMAT: Microsoft Word| PRICE: N3000| BUY NOW |DELIVERY TIME: Within 24hrs

EFFECT OF MASS MEDIA ON MARKETING NEW PRODUCTS

EFFECT OF MASS MEDIA ON MARKETING NEW PRODUCTS

CHAPTER ONE

INTRODUCTION

1.1       Background of the Study

Globalisation as described by Hill (2009) is the shift towards a more integrated and interdependent world economy thereby merging historically distinct and separate national markets into one huge global marketplace. The Economic Intelligence Unit (2009) reported that during the recession which commenced in 2007, the global market place was affected by changes in exchange rates, inflation and consumer purchasing behaviour. These changes in the economy forced organisations to remodel business strategies in order to communicate their products and brand more effectively. Davis (2001) writes that one of an organisation’s most valuable assets is its brand and the introduction new products.

One of the most popular means of marketing new products is through the use of mass media which create product awareness, facilitates participation, openness, conversation, community and connectivity amongst users (Mayfield, 2008).

The development of a new product begins when the company finds and develops an idea about a new product. Many companies see their success in the presentation of new products; however, their supervision should be much higher considering that the presentation can prove to be dangerous because many new products can lead to failure after its launch. Therefore, the development of new products should go through several processes: generating ideas, reviewing these ideas, market evaluation of the idea, the product development, testing through marketing, and the commercialization process.

 In a research conducted by Cooper (2021), it is concluded that the main attributes that make the difference between new and successful products with unsuccessful ones are: the peculiarity or uniqueness of the product, sufficient information from the market, the dynamics of competitiveness in the market, market potential for product launch, marketing strategies, product price, novelties from companies, and the investment framework of the company. Besides this, a crucial part that plays in the success of new products is their quality and how they are introduced to the prospective customers or consumers through the use of mass media.

Mass media is the collection of tools of communication such as television, radio, newspapers and internet that are designed to reach a large number of people. In the current societies mass media cannot be separated with our lives because media and entertainment go hand in hand. Bryant and Miron (2004) further explain that mass media can be categorized media in three groups which are print media (newspapers and magazines), electronic media (television and radio) and new age media (mobile phones and internet).

Mass media is an important tool in advertising and has great power in influencing a bad or good perception to the targeted audience. This is because one of the major roles of advertising is to persuade and promote a product (Cohen, 1988). Mass media is that tool that enables an advert to reach, persuade and promote a product. Hence, the reason why this study has assessed the effect of mass media on marketing of new products.

1.2       Statement Of The Problem

Considering the dynamic market in which companies today operate, the development of new products and innovation is considered as vital factors within a company. Therefore, in order for companies to be successful in their market, they should constantly innovate in their operations and products such as providing new ideas in their products to the customers [8]. Also, Cooper alludes that besides technology strategies, successful companies produce innovative products. Both these components are led by the management team of the business who have a clear strategic vision [9]. While launching new products in the market they may face various challenges such as conditioned future, previous experience from customers, and user control, the use of mass media and their active search. This is also one of the main reasons why new products should be prioritized since customers will be able to share their experience with the product with other potential customers. In recent years, mass media platforms such as print media, electronic media and the social such as Facebook, Instagram, LinkedIn, etc., have enabled users to spread information at a rapid pace. Many applications of such media have affected businesses in making changes in various processes, such as new product development, marketing processes, services to customers, sales, etc. Thus this study is an attempt to examine the effect of mass media on marketing of new products.

1.3       Objective of the study

The general objective of this study is to examine the effect of mass media on marketing new products.

This study was designed to find out

1. To find out which medium serves best in the marketing of new product
2. To find if mass media advertising has any effect on the choice of new products by costumers.
3. To find the effects of mass media on marketing of new products.

1.4       Research Questions

1. Which medium is best for mass media advertising that serve best in the marketing of new product.
2. Does mass media advertising have any effect the choice of new products by costumers?
3. What are the effects of mass media on the marketing of new products?

1.5       Significance of the Study

This study is very apt as scholars and theorists alike are always interested in new source of knowledge. This work will be of immense advantage to advertising practitioners old and new, tutors, students, marketers and integrated marketing communicators as well as to explorative readers from every field.

The researchers hope ardently that the richness of this work would enlighten manufacturing companies to know the effects of mass media on marketing of new products. This study will also be a guide to the manufacturers and advertisers in scheduling their media plan as it would evaluate patterns of brand advertising through mass media, and possibly ascertain the degree of exposure enough to create disposition for purchase of new products by customers.

The result will enable policy makers in Nigeria to understand the effect of mass mediate on marketing new products as it will serves as a patterns of new product advertising and will enable policy makers to appreciate the reason(s) for differential disposition of consumers resulting from their varying levels of exposure to a brands advertisement.

1.6       Scope of the Study

The scope of this study is limited to the effect of mass media on marketing of new products. The scope is further limited to Nigeria Bottling Company.

1.7       Statement of Hypothesis

            H0: Mass media has no significant effect on marketing of new product

            H1: Mass media has significant effect on marketing of new product

1.8       Definition of Terms

The following terms and phrases are repeated throughout the research study.

• Mass Media: Mass media refers to a diverse array of media technologies that reach a large audience via mass communication.
• Marketing: Marketing is the management process through which goods and services move from concept to the customer.
• Marketing mix: Marketing mix is a planned mix of the controllable elements of a product’s marketing plan commonly termed as 4Ps: product, price, place, and promotion. The new marketing mix is commonly termed as the 7P’s and includes people, process and physical evidence.
• Marketing management: Marketing management is a process of identifying, anticipating and satisfying consumer requirements. This involves tracking and reviewing an organisation’s marketing resources and activities.
• New Product: New products’ can be defined as a products that an organization have never made or sold before but have been taken to market by othersproduct innovations created and brought to the market for the first time.
• New Product Development:New product development (NPD) is the process of converting an untried idea into a winning product.

A STUDY OF THE IMPACTS OF NEW PRODUCTS STRATEGIES ON THE GROWTH OF FIRMS IN NIGERIA

A STUDY OF THE IMPACTS OF NEW PRODUCTS STRATEGIES ON THE GROWTH OF FIRMS IN NIGERIA

 (A case study of Konga Retail Company, Abuja)

ABSTRACT

This research work is executed to evaluate the impacts of new product strategies on the growth of firms in Nigeria. In other to develop and market new product; correct approach must be used to ensure that new product does not fail in the market, thereby making a new productto go through proper planning,implementation and control. The method of investigation applied was sample survey; the study was executed by using statement of problems from which the research question and hypothesis of the research were formulated. Secondary source of data were collected from related books, journals, newspaper, archival records. The data gathered were segmented according to the problems then analyzed using chi-square test.

CHAPTER ONE: INTRODUCTION

1.0   BACKGROUND OF THE STUDY

Many organizations today are focusing on becoming more competitive by launching strategies that give them an edge over others. Sugar companies are equally facing the same challenge in their choice of strategy given the crisis the subsector is currently experiencing. The challenge of liberalization, increasing competition from cheap sugar imports, poor industry policies and structures in sugar industry forms the basis of this study Institute of Economic affairs (2005). It is worth noting that a major part of the industry’s challenges are emerging from the dynamics of macro environment. According to the Institute of Economic affairs (2005), stakeholders have not been involved in the creation of industry policies which brings into focus the role of corporate social responsibility and the resultant outcome of the choice of strategies.         

According to Raible (2013), industrial theory is key in the influence on the choice of strategy and decision making of company. Ramsey (2001) further articulates that industrial organizational theory is reflected in the structure-conduct-performance model, which claims presence of a link between the structure of a market, the organizational conduct and organizational performance. Porter (1981) pointed out that the central analytical aspect of industrial organization theory can be used to identify strategic choices. Product development strategy is recognized and realized through a process whereby those with the power to make decisions for the organizations interact among themselves with other organizational members and with external parties. This study therefore considers choice of strategy mainly in terms of product development. 

1.1   STATEMENT OF THE PROBLEM        
          Company performance is a function of combination of factors. The concepts

ofenvironment, strategy and performance have been found to have a linkage that derives from the structure conduct-performance (S-C-P) paradigm of the industrial organization economics. Continued existence of house hold product companies necessitates that they continually consider how product development strategy impacts on their performance. How consistent their strategic behaviours are with environmental changes is expected to have implications in their performance. There is empirical evidence of the relationship between choices of strategy on performance of companies. Haeussleret. Al (2012) related development of new products with successful firm performance;Goedhuys&Veugelers (2008) associated product innovations with firm growth while Sharma & Lacey, (2004) found evidence in financial losses to have an implication of product development failures. While different studies have been conducted in different contexts and industries, in the view of the above, this study seeks to address performance implications of product development strategy in terms of development of new products and improvement of existing products in Konga Retail Company, Abuja.         

1.2   OBJECTIVE OF THE STUDY 
The objectives of the study include but not limited to; 
1.    To determine the effect of product development strategy on the performance of an organization. 
2.    To determine the extent to which new product development and improvement of existing products affects performance of an organization. 

1.3     RESEARCH QUESTIONS 

1. Does product development strategy have effect on the performance of an organization?

2. To what extent does new product development and improving existing product affect performance of an organization?

3. Does your competition hinder new product development?

1.4     STATEMENT OF HYPOTHESIS         

H0:Product development strategy has no effect on the performance of an organization.  

H1:  Product development strategy has effect on the performance of an organization.   

1.5   SIGNIFICANCE OF THE STUDY 
The study will be of great benefit to prospective entrepreneur by improving

the performance of the current product line adding new product line. It is noteworthy to maintain that almost in all growth strategies; it follows an up-signing process. This is a management fad used in the context of increasing the size of an organization by mainly hiring more employees. 

1.6     SCOPE OF THE STUDY 
The study is limited to the impact of new product development in an

organization.   
1.7      LIMITATIONS OF THE STUDY 
In the course of carrying out this essay, certain factors militated against the

smooth operation of the work. The exercise was greatly limited due to some of these factors include: 
–       Lack of funds 
–       Time constraints 
–       Inadequate research materials to collect data such as textbooks, journals, magazines 

1.8   OPERATIONAL DEFINITION OF TERMS 

PRODUCT: This is a bundle of physical and psychological satisfaction that a buyer receives from a purchase. It includes not only the tangible object but also such supportive elements as packaging guarantee and other buyer value. Kotler, P. & Keller K.Z. (2006)

NEW PRODUCT: This refers to goods and services that are basically different from those already marketed by a firm. Raphael N.H. & Olson D.Z. (1996)
NEW PRODUCT DEVELOPMENT: Process of developing a new product or service for the market. Ayuba, B. (2009)
ORGANIZATION: Is an entity comprising multiple people, such as an institution or an association, that has a collective goal and is linked to an external environment.Soroka, (2002)

BUSINESS ENVIRONMENT: This is the attitude consumer or clients display in searching for, buying, using, evaluating and disposing products, services and ideas which they expect will satisfy their needs and wants.Diana Tweda(2005)

TEST RUNNING THE PRODUCT: This refers to putting the new product or services for sale in a limited selection market.Ayuba, B. (2009)

CONSUMERS: Are people who buy product for the purpose of consumption or use.Kotler, P. & Keller K.Z. (2006).