THE USE OF PACKAGING AS AN EFFECTIVE WAY OF MARKETING NEW PRODUCT

THE USE OF PACKAGING AS AN EFFECTIVE WAY OF MARKETING NEW PRODUCT

CHAPTER ONE

INTRODUCTION

1.1     Background to the Study

The term “product” refers to a group of real and intangible items and services that are offered to customers for purchase. It is any concept, strategy, knowledge, product, or service that was developed through a process that meets a need or a want. According to the consumer’s attitude toward any product or service, consumers are particularly fond of new products and services that will meet their wants and fulfill their desires. the world a world, the a world, and a world, and the world, a world, How does a customer become interested in a product? Does the offered product or service meet consumer demand? How will customers respond to any products or services?

What do customers think about the goods or services that a business offers? How well-known are the goods or services among consumers? how big of a preference they have for a company’s goods or services. There are numerous factors that can boost product sales. A product is made up of a variety of distinct components, including quality, protectability, customer wants satisfaction, and packaging that will increase the product’s existence and create a powerful impression in the consumer’s mind.

Any product’s packaging is crucial in drawing customers in. Packaging, which includes color, material, designs, and other qualities, is also employed by businesses as a promotional tool.

Packaging is the total package that a business offers to its customers and encourages impulsive purchasing. Packaging draws customers and boosts sales. Also, it lowers the price of the product’s marketing and advertising.

It is important to make sure that packaging is working as hard as possible to secure that sale because packaging is frequently the last impression the consumer or customer has of your products before making the final purchase decision. This could take the form of imagery, brand values, product functionality, or pure innovation. Packaging can add value in a variety of ways.

There are a few things marketers should be aware of in order to ensure that their packaging supports the positioning of their brands, creates competitive advantage, maintains innovations, or raises their price premium. Packaging creation can offer a number of business benefits, including:

• Physical manifestation of a company’s or brand’s values
• Substantial improvement in the way the product is delivered, experienced, or enjoyed
• Enhanced effect at the point of sale
• Fresh prospects or distribution routes Since a consumer makes over 70% of their purchasing decisions at the shelf, the product’s packaging is crucial in setting a brand apart from the competitors.

Packaging of products has a big impact on how consumers feel about buying them. Because of this, marketers go to great pains to design packaging that will appeal to consumers and persuade them to purchase the product. Due to the change in consumer decision-making, marketers must modify their spending and view the changes as they occur, providing consumers with the knowledge and encouragement they need to make the best choice.

1.2     Statement of the Problem

The number of enterprises in Nigeria keeps increasing daily, and market competitiveness doesn’t seem to be slowing down at the rate at which products are competing with one another in Nigeria today, especially food products. The majority of new products fail to succeed simply because of poor packaging; in fact, consumers are more likely to choose a product based on its packaging than its actual contents, even if the latter is of poor quality.
It has reached a point when marketers must compete for customers. My experience and studies indicate that marketers largely disregard the value of product packaging in favor of concentrating on product quality Yet, as the two are interrelated, this study aims to look at how packaging affects the effectiveness of new product promotion.

1.3     Objective of the Study

This study’s main goal is to determine whether packaging has an impact on how well new products are marketed. More specifically, the study hopes to;

1. Determine how packaging affects consumer choices for new products.
2. Examine how packaging affects the promotion of new products.
3. Look into how packaging affects a new product’s daily sales.
4. Discover the difficulties marketers faced when packaging their new product.

1.4     Research Question

1. Does packaging have any influence on how people use new products?
2. Does packaging have a substantial effect on how a new product is marketed?
3. What impact does packaging have on a new product’s daily sales?
4. What difficulties did marketers have while packaging their new product?

1.5     Research Hypothesis

Ho: there is no significant impact of packaging on marketing of new product

Hi: there is no significant impact of packaging on marketing of new product

1.6     Significance of the Study

Any businesses who care about their reputation and wish to thrive in a cutthroat market will find this research to be a beneficial resource. The companies will benefit from this research by identifying consumer buying patterns toward any new products and applying various tools and strategies to seize a sizable market share through packaging because, after receiving the research’s findings, they are well aware of all the elements that appeal to consumers and how they behave when making purchases.

This study will act as a guide and a point of reference for researchers and students who will start the same kind of study.

1.7     Scope of the Study

There is a large scope of research on packaging and marketing in Nigeria because in the current competitive world of good and service provider companies and industries, they want to get success and maintain their market presence for long terms. If they can understand consumer purchasing intentions by using the product packaging as a key element than they can easily maintain themselves in accordance with the current demands, wants, and consumer’s preference and attraction.

1.8     Delimitation of the Study

A hurdle during the study period will be finding funding for the general research activity. Moreover, respondents might not be able or willing to complete the surveys that were sent to them.

Nonetheless, it is anticipated that these limitations will be overcome by making the best use of the resources at hand and investing more time in the research than is strictly necessary.