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Impact Of New Product Development In A Co-operate Profitability
[A CASE STUDY OF 7UP BOTTLING COMPANY, IJORA, LAGOS]
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1.8 DEFINITION OF TERMS AND CONCEPTS
The following are the same of the commonly used terms and concepts which referring to new product development.
PRODUCT
Product may be defined as a bundle of physical psychological satisfaction that a buyer receives from purchase. It includes not only the tangible object but also such supportive elements as packaging conveniences of purchase, post sales service and other that buyers value.
NEW PRODUCT
New product is anything that is perceived to be new by customer. It may be original product. Product improvement product modification and new brands that the company brings into existence through its research and development.
CORE PRODUCT
Core product refers to the actual purpose of purchasing a product i.e. consumers but product because they derive from the product.
TANGIBLE PRODUCT
This is the physical attributes of the product which includes branding, packaging, styling etc.
ANGUMENTAL PRODUCT
Angumental product service or benefit attached to a product i.e. after sales services free delivery credit facilities etc.
BRAND
This is a distinctive elements, name, term, sign, symbol, sound, decision or combination of them which is to identify the goods or services of a seller and to differentiate them from those of the competitors (Williams Stanton 1981).
ADVERTISEMENT
This is non personal presentation and promotion of ideas goods or services by an identifying sponsor (William Stanton 1981).
PRODUCT LIFESTYLE
The product lifecycle is an attempt to recognize different stages in sales history of a product (Philip Kotler 1994).
PRODUCT DESIGN
This is a product distinctiveness (Philip Kotlers).
PROFIT
Profit is the gain or financial reward acquired to the owner of a business after the cost and other expenses incurred in production of goods and services produced by the business organization have been deducted from the total revenue (Philip Kotler 1994),
PRODUCT MIX
A product mix is the full of all product offered for sales by a company or products that an organization makes available to consumers. It may include, food lines, detergent, books.
1.9 PLAN OF THE STUDY
A plan of the study is to focus our attention on the impact of new product development in a co-operate organization, using 7up Bottling Company of Nigeria Plc, Ijora, Lagos, as the case study so the project will cover the nooks and cranny of the subject matter, such as meaning of new product development and management. The answer to the successfulness of new product development introduction. Theory of innovation, diffusion an adoption stags involved in product life cycle, marketing strategies in the introduction state meaning of profitability and types of profitability.
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