Product Development in the Cable Industry: Problems and Prospects
– Product Development in the Cable Industry: Problems and Prospects –
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ABSTRACT
This research work is aimed at identifying some of the variables affecting new product development in the cable industry using Cutix cable PlC. Nnewi as a case study. A look at this problem has show that customer’s wants and needs should be put into.
Consideration before deciding on the new product to be produced, and the firm should make some that they have enough raw materials to meet the quantity ordered by her customers to avoid the problem of stock-out in the company.
This research is made up of five chapters, chapter one is centered on the introduction of the study, the purpose and the variables affecting product development.
Chapter two deals with the works of some intelligent scholars who had done some research on new product development and some of the likely problems one can encounter when developing a new product.
Chapter three dealt with the research methodology, the design of the study, questionnaires and method of data collection.
Also, Chapter four looked into the findings and analysis while chapter five gave insight on the summary of difficulties involved before a firm finally come out with a new product in the market and the recommendations given to the cable industry to achieve the production of new products, without difficulties. It also contains the limitation of the study and suggestions for further study.
INTRODUCTION
The product or watchword for marketing has to be associated to “innovation or die. This innovational attributes can become a philosophy compelling or almost parallel to that of the marketing concept (Stanton W.S 1981).
Development is often referred to as the technical side of business only. This interpretation or emphasis is not too concise as development itself is more than the application of scientific planning to ensure the progress of the enterprises as a whole
A clearer idea of the development functions is concerned with word “ improvement.” A firm that has decided to go into the manufacturing of a product that is in someway an improvement on those there competitors. If the firm wishes to have any success hey must exercise the development function right from the start.
The established business must pay a needed attention to give he product a better position in the market, otherwise it would be outrunned or out stripped by vibrant competitors.
Improvement in design performance, materials and processes by a progressive firm may have direct impact on their product.
Again, the demand for a certain circle may be of uncertain demand especially where fashion is involved and hence product development is paramount and of vital importance. New product may be introduced to checkmate or replace again (obsolete) or unsuccessful ones.
The need to smooth out seasonal sales fluctuation, exploring new opportunities and using or maximinising excess plant capacity. A new product can be a minor modification to the existing product features or in the packages of the product.
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