Product Development, an avenue for sustainability
The students of the Department of Chemistry have been advised to have a good understanding of customer needs and wants, the competitive environment and the nature of the market. These factors are highly required for the success of a new product, better satisfaction of customer requirements, increase in market share of new products as well as the future success of an organization.
The Guest Speaker, Research and Development Manager of International Distillery, Ota, Mr Abayomi Pedro, in his presentation titled, “New Product Development: Research and Development Perspective”, said the development of a new product can be visualized from the concept of the known to the unknown and vice versa. This was said at a Departmental Seminar held at the College of Science and Technology Digital Studio.
In his words, “to produce or develop new products starts from the concept of what one knows and vice versa”. The guest speaker also added that product development provides knowledge of current opportunities and helps in improvement of a present product and product modification that involves repackaging.
Furthermore, explaining the stages involved, Mr Pedro said “Product development moves from a conceived idea to idea screening and then to business analysis. Also, extensive testing periods, product attributes, evaluation, and site testing that require taking the product to idea consumers for evaluation of reactions are the last stages of product development”.
In addition, the speaker said that plan and control of product development is associated with marketing that identify possible changes and gives room for innovation. “Introduction of a new product is important to the success of any organization that brings avenue for a higher profit margin. It also helps in repositioning and staying ahead of competition,” he said.
Mr. Pedro added, “Proper handling with positioning and monitoring of new product should be enhanced. Questionnaires should also be administered, to access consumers responses, accompanied with facts and figures”. He concluded his presentation by urging the students to apply school knowledge when finally on the field to remain relevant in the industry.
In his remarks, the Head, Department of Chemistry, Dr. Kolawole Ajanaku, stated that the main objective of the programme was to interact with individuals who are making impact in the industries and to enhance the practical knowledge of the students.