Call for papers Volume-10, Issue-1, October 2021 Last date of submission : 31-10-2021

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AKPAN UDOFIA & NSEOBOT

Challenges Of Marketing Of New Products In Rural Areas Of Akwa Ibom State

Abstract

The study examined the challenges of marketing of new products in rural areas of Akwa Ibom State. In order to carry out this study, specified research objectives were drawn from which null hypotheses were formulated and used for the study. The research design for this study is an Expost Facto design. The population of the study consisted of consisted of all SMEs operators in the three senatorial districts of Akwa Ibom State. Purposive sampling technique was used to select 383 respondents out of the population. The instrument used for data collection was questionnaire. Data from completed questionnaires was subjected to independent t-test analysis. Based on the data analysis and findings of the study, the researchers concluded that there challenges affecting marketing of new products in rural areas of akwa ibom state. The study recommends that the organization should conduct an extensive market survey to determine the feelings of customers on a given product. Product testing survey should be a priority in ensuring that the right product is taken to the market. This will determine the influence of the purchasing decisions of another customer and hence improve in sales of product of the company thus improve the profits.

Keywords: CHALLENGES; MARKETING; NEW PRODUCTS; RURAL AREAS

 

Introduction

The term "new products" refers to anything that consumers consider to be new (Armstrong, Gary & Kolter, P. 2015). Products that a company creates via its own research and development activities are also known as original goods, improvements to existing products, modified products, and new brand names. New products and services may be categorised based on their novelty in the market and the amount of value they generate for customers, say David and Nigel (2017). A key part of new product marketing is pinpointing the target audience in order to better understand who the goods are meant to be marketed to. The more precise a target market can be defined, the better sales and marketing activities will be targeted at that market.

New product development is a critical activity for businesses all around the world. It's very hazardous and difficult to sell new goods since product failures may cost hundreds of millions of dollars Copper, R.G. and E.J. Kleinschmidt (2017). Innovative new goods are critical for every business, according to Ramaseshan B., Caruana Albert, & Loo Soon P. (2018). In technology-driven companies, the success of new products is a key managerial problem. Few resources are available to new product managers to help them better align their organization's external orientation with their product's target market. According to Cooper, R.G. and E.J. Kleinschmidt (2017), the success of a new product is highly dependent on its market understanding and marketing expertise. Buyer behaviour, market potential, and competition should all be well-understood by the business. Aside from that, the company's launch sales team and distribution efforts were both robust and laser-focused. What should be clear is that the commercial feasibility of a new product lies on its prospective buyers. As a result, the success of a new product depends heavily on knowing the market and launching it effectively. Marketing plays a crucial role in successfully and efficiently converting new product market knowledge into the market throughout the new product development process, especially in the international setting. New goods must have distinct advantages in order to capture a significant share of the market and return a profit to the producer. New product sales volume must build up gradually before the production facility can function at full efficiency. Ongoing research is conducted to improve effectiveness, expand usage patterns, and reduce risk for the products. New product development processes in underdeveloped nations have lacked a defined marketing plan. New product development processes in manufacturing sectors are still influenced by many marketing activities, particularly in developing nations where the consequences of these activities in deciding new product success on the market have yet to be explored. In addition, R&D is recognised as an essential department that must be created inside a company to guarantee the continuation of product development and innovation. When it comes to business choices, market knowledge is critical, as stated by Kohli and Jaworski (2016). African manufacturing firms' experiences with new product development and market research have been mixed, and further study is needed. Strategic alliances with rivals are very important to many manufacturers when launching new goods in Nigeria. New goods that appeal to customers are in high demand, and the costs and risks of product development are reduced for each collaborating business when several companies cooperate. Customers' expectations may be met by producing a larger variety of goods. Manufacturers of agricultural products, such as seed firms, may extend their product lines to cover additional crops or locations, as well as new customers, by partnering with them (Wanjohi, S. C. (2015)). The government only mandates what manufacturers may not sell in Nigeria, not what they must sell. Manufacturers must not sell anything. It's possible that a producer will register a product even if it satisfies regulatory requirements in certain countries but not in others. They may also limit registration and marketing due to a wide range of legal and ethical concerns. The product line of a business represents the company's stance on environmental stewardship, human safety, and global responsibility. In 2010, Rift Valley Bottlers launched new goods to the market, including cans, sunfil, pulpy, 200ml Coke and Fanta, novida and Coke Zero. The business utilised the marketing impact team to promote the products, and they also used displays to advertise them.. Some of them were successful, while others were not. Examples of successful products include pulpy, coke fants, novida, and coke zero. Other products, such as cans and sunfil, were not successful in gaining market share (Rift Valley Bottlers, 2010)