THE IMPORTANCE OF PRODUCT PLANNING, PACKAGING AND MARKETING IN AN ORGANIZATION

THE IMPORTANCE OF PRODUCT PLANNING, PACKAGING AND MARKETING IN AN ORGANIZATION

(A CASE STUDY OF PROMOTEX INDUSTRIAL AND CHEMICAL LIMITED, LAGOS)

ABSTRACT

It have been said that for any organization to outshine its competitors the organization should be able to provide a customer superior value than it competitors in a quest of trying to satisfy its customers profitable. This project is to highlight the importance of product planning, packaging and marketing as a way of creating customer superior value. Using Promotex industrial and chemical limited Lagos as a case study, to identify problem or difficulties encountered by the organization

CHAPTER ONE

1.1 GENERAL INTRODUCTION
The social and economic justification for the existence of a business is its ability to satisfy its customers. A company meets its basic reasonability to the society through its product. Unless it fulfills this mission a firm should not exist. And normally the competitive forces in our socio-economic system do not permit organization that cannot satisfy its target market to exist.

In developing programme to reach its target market. A company starts with the products or services designed to satisfy the wants and needs of the market.

Executives must plan, develop and manage both individual product and company’s products assortment. This is no easy task, as is shown by the large number of product failure in our economy.

A product may be defined as anything of value that can be offered to the market for acquisition which can satisfy a want or need and it could be tangible or intangible. It could also be a bundle of physical ad psychological satisfaction that a buyer receives from a purchase.

Planning is drawing from the past to decide in the present what to do in the future in order to achieve organizational objective.

All planning including marketing planning follows the same consequence products planning embraces all activities that enable a company to determine what product it will market.

And product development encompasses the technical activities o product research, engineering and design. This is so important to a company because a good executive – judgement elsewhere cannot off set weakness in product planning. A company cannot successfully sell a poor product over the long run. Often it is easy to create a demand for initial sales. But a company that want to repeat sales and stand taste of time needs good product.

Most companies recognize that packaging is important for production and convenience. Packaging is a general group of activities in product planning that involve designing and producing a container or wrapper for a product. In developing appropriate packaging, due attention needs to be paid to such details as the colour, design brand name, convenience of opening and closing the package and the more basic product protection requirements.
The multiple adjustments with regard to the product and packaging indicate the potential opportunity for successful marketing.

In an economy where people largely self sufficient, the grow their own food make their own cloths, and build their house and tools. There is no marketing because there is no exchange. As the time passes, however the concept of division of labour begins to evolve. People concentrate on producing the items in which the excel. This result in them producing more than they need or some items, and less than the needs of others. Whenever people make more than the want, or want more than the make, the foundation is laid for trade, and trade (exchange) is the beart of marketing.
This project thereby highlights the importance of product planning, packaging and marketing in an organization (Promotex Nigeria Limited).

1.2 OBJECTIVES OF THE STUDY
The purpose of the study of this research is to discuss the following:
1) Steps involves in product planning, packaging and marketing
2) The importance of product planning, packaging and marketing in an organization.
The type of market strategy used by the promotex industrial and chemical company limited Lagos in production distribution of their product.

1.3 SCOPE OF THE STUDY
The study is intended to cover promotex product planning, packaging and marketing in Lagos. Their important roles and function as it effect the economy of the country. It was sees further to the use of our resources and the sectorial distribution of investment.

1.4 LIMITATION OF THE STUDY
I must act immediately that, to this topic there are a lot of limitation. I shall be relying mainly on the information gathered from textbooks and journals in addition to the survey carried out. The limitation of this study most especially of the death of current data. Even where these data are available, there are a lot of difficulties in obtaining them from the appropriate authorities, but I finally succeeded in getting information which were some how not very much up to date.

1.5 SIGNIFICANCE OF THE STUDY
This research project will be of immense benefit to all organization to keep in their libraries. It will also be of equal interest and benefits to students offering the following courses majority – marketing, Business Administration, Salesmanship Management, Banking and Finance, Accountancy and other people of various fields of occupation.

1.6 HYPOTHESIS OF THE STUDY
H0: The adaptation of product planning, packaging and marketing is important to an organization.
H1: Can the adaptation of product planning packaging and marketing reduce profitability in an organization and therefore not important.

1.7 DEFINITION OF TERMS
(i) Product: Is being defined by Philip Kotler 2014 as anything of value that can be offered to market for acquisition, which can satisfy a want or need and it could be tangible or intangible

(ii) Planning: Can be defined as an intellectually demand process, it requires the conscious determination of cause of action and the basing of decision on purpose knowledge and considered estimates.

(iii) Packaging: According to Philip Kotler 2014 is the general group of activities in product planning that involves designing and producing a container or wrapper for a product.

(iv) Pricing: According to M.O. Ode, Duru-Mebue 2011 is an agreement between seller and buyer concerning what each is to receive the mechanism or device from translating into quantitative term (Naira and Kobo) the value of the product to the consumer at a point in time.

(v) Promotion: According to Philip Kotler (2004) is the act of creating awareness in order to induce the prospective customer to accept the company’s offer through bill board, television and advertisement.

(vi) Advertising: According to American Marketing Association (AMA) (2006) said is any paid form of non personal presentation and promotion of idea, goods and services by an identified sponsor.

(vii) Marketing: Philip Kotler (2014) defined marketing as a social and managerial process by which individuals and group obtain what the need and want through creating and exchanging product and values with others.