Full Project – The importance of product planning and development

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CHAPTER ONE

1.0  INTRODUCTION

In the course of carrying out this, research Paterson Zochonis (PZ) Cussons Nigeria plc. Aba was used as a case study to know the importance of product planning and development.

The company was incorporated in Nigeria on 4^th December 1948, under the name P. B manufacturing business of one Mr. P. B Nicholas Paterson Zochonis &company limited of UK (PZ). PZ was incorporated in England in 1884 and became a public company, quoted on the London and northern stock exchange in 1953.

Its principal activity was that of general Mechart on the west African costs and it had been established in the capacity in Nigeria since 1899. In 1951 Mr. P. B Nicholas sold out his interest in the company changed its name associated industries limited. During the same year, the company achieved its first indigenous Nigerian equity participation and by the end of 1972, it had sold 40% of its share capital to indigenous Nigerians.

In accordance with the federal Government directives (indigenization Decree), it sold another 20% of its shares to Nigerians in 1976, thus bringing the equity share participation to 60% in favor of Nigerians. Following the merger of P Z & co (Nig) ltd and associated industries limited in 1976, the company changes its name to Paterson Zochonis industries limited. Ion 2007, the name again changed to PZ cussons Nigeria PLC. The company is manufacturing in Nigeria facilities were further developed during the 1960’s both by addition to the soap making capacity and by the introduction of a wide range of perfumery, cosmetics and pharmaceutical products. On the 13^th December 1996, the court approved the merge of thermo cool engineering company. (TEC) Plc with P.Z Cussons. The popularity of detergent and the close end used association between the company’s exiting soap product and detergents gave rise to a decision to extend the range of product to include detergents.

In response to the wide range of product manufactured by the company today has to become established household names in Nigeria. Some examples are as follows. Premier, Joy and Zip soaps, Zip and morning Fresh wash. ETC.

1.1  BACKGROUND OF THE STUDY

Before any product are brought into the market or a firm decides to go for a new product development, it must establish some procedures for processing the ideas it uncovers and the procedure is called product evaluation.

The product planning will undergo some processes to enable it identify and articulate market requirements. Product development is a broad field of endeavor dealing with the design, creation and new product development (NPD). The discipline is focused on developing systematic method for guiding all the processes involved in getting a new product to market. The product development life cycle is the progression product market to their eventual decline before death. In essence, from their initial appearance to the death, products like human beings pass through a series of stage. Whereas human beings progress from “infancy to childhood to adulthood and retirement to death”, Product in its own way progress from seven stages namely “idea generation, idea screening, concept development, Business analysis testing, market strategy development, product development test marketing.

Therefore from these the researcher discovered that each products we see today in the market is just one of the thousands of product ideals that was able to satisfy conditions / stages that take place in the sequence as it been outline.

1.2  STATEMENT OF THE PROBLEM

The high failure rate of many new product is a testimony that product concept or product notion is evaluated in terms of consumer behavior. It is not easy to carry out product planning and development in manufacturing organization it involves exerts to handle each of the planning and development process. There is an idea, which says “either you innovate or die”, many manufactures in Nigeria are striving to plan and develop their product in order to remain in the market.

John Cotter (2009) says that, the problems often related to back linkage across functional structures unclear business strategy and unclear responsibility for decision-making incomplete membership in the product development team Poor management of evolving expectation inadequate product ownership and marketing information their lack of cross-functional trust and respect.

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Full Project – The importance of product planning and development