PRODUCT MODIFICATION AND PERFORMANCE OF MANUFACTURING FIRMS (A STUDY OF NIGERIAN BREWERIES ENUGU, ENUGU STATE AND NIGERIA BOTTLING COMPANY, AWO-MMAMMA, IMOSTATE)
This study focused on product modification and performance of manufacturing firms using Nigerian Breweries Enugu, Enugu State and Nigerian Bottling Company Awo-Mmamma, Imo State as the study case. The study employed descriptive survey research design and questionnaire was used to collect primary data. The population of this study was 228. The Taro Yamane (1964) sampling formular was used to determine the sample size and we got 177, though only 169 copies of the questionnaire distributed were collected. The data collected were presented in tables and analyzed using simple percentage, mean statistic and Pearson Product Moment Correlation Coefficient (at 0.05% level of significance) through SPSS version 21.0. The study discovered that quality modification and packaging modification significantly and positively affect sales turnover and customer retention in the manufacturing firms. The study recommends that firms should improve their products through quality and package modification as that will add values to patronage and increase customer base. More so, product modification should be placed above promotion. This is because the effectiveness of the promotion in improving the sales and profitability of an old dying product is limited as compared to modification which creates a unique “selling point” to be featured in promotion. This study concludes that product modification enhances organizational growth, sales volume, customer retention, and customer satisfaction. This is true because through product modification (quality and package), organizations come to introduce new things that attract, retain and satisfy their customers.