Impact of New Products Development on the Profitability of Nigerian Deposit Money Banks
International Journal of Economics, Finance and Management Sciences
Volume 5, Issue 4, August 2017, Pages: 213-221
Received: Oct. 2, 2014; Accepted: Oct. 16, 2014; Published: Jul. 18, 2017
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Authors
Marcus Garvey Orji, Department of Business Administration, Veritas University, Abuja, Nigeria
Ruth Andah, Department of Business Administration, Nasarawa State University, Keffi, Nigeria
Chima Kate, Department of Entrepreneurial Studies, Veritas University, Abuja, Nigeria
Abba Solomon Boman, Department of Business Administration, Ahmadu Bello University, Zaria, Nigeria
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Abstract
Profitability strategies can only be formulated and implemented when the marketing manager is well informed about the current marketing situation and to a certain degree, anticipate future changes in the potential and new product market. Many commercial or money deposit banks in Nigeria are faced with problems relating to their marketing activities due to lack of adequate knowledge of the prevailing market situation or product performance evaluation. This research study has the objective of assessing the impact of new products development on the profitability of Nigerian deposit money banks. The study is a survey research and Primary and secondary data were applied and formulated hypotheses tested using kendal co-efficient of concordance. The findings of the study revealed that there is a relationship between new product development and profitability in Nigerian deposit money banks, and poor knowledge of the benefits derived from new product innovation is responsible for low rate of profit maximization in banks. Also that new products innovation and developments come as a result of bank’s marketing research efforts. The study recommends however that banks should intensify their research efforts to provide timely information on product development and monitor the degree of customer’s satisfaction through market situation analysis.
Keywords
New Product Development, Profitability, Nigerian Deposit Money Banks
To cite this article
Marcus Garvey Orji, Ruth Andah, Chima Kate, Abba Solomon Boman, Impact of New Products Development on the Profitability of Nigerian Deposit Money Banks, International Journal of Economics, Finance and Management Sciences. Vol. 5, No. 4, 2017, pp. 213-221. doi: 10.11648/j.ijefm.20170504.12
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