ASSESSMENT OF THE IMPACT OF PRODUCT PLANNING AND DEVELOPMENT ON COMPANIES PROFITABILITY
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Date
2013-01-26
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Ahmadu Bello University Zaria
Abstract
The objective of the study is to see how the knowledge of product planning and
development would be used as an influential strategy for increasing profitability.
The study made use of both primary and secondary sources of data to obtain
information, for the primary sources, questionnaire method was used, while for the
secondary data, the use of text books and journals was adopted. It was found out
that product planning and development affect the profitability of companies, also
PAN industries strongly embark on consumer orientation marketing and it
continuously gives priority to customer interest before planning its product, low
profit margin of PAN is as a result of increase in overhead cost and conveyance
cost. This is as result of the fact that the company only engaged in assembly and
not production, it was recommended that the pricing policy of the company should
be competitive. This should be achieved by producing a low price models that will
take into account the level of Nigerian economy, In order to attract more
customers to the firm, after sales services, price discount, guaranty and warranty
should be introduced, Management should create a company/customers forum so
that the problems that are likely to arise could be discussed and iron out. The
company should also introduce a toll free telephone line that will be dedicated to
inquiries about the company and its product