Impact of New Products Development on the Profitability of Nigerian Deposit Money Banks

Marcus Garvey Orji; Ruth Andah; Chima Kate; Abba Solomon Boman

doi:doi:10.11648/j.ijefm.20170504.12

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Impact of New Products Development on the Profitability of Nigerian Deposit Money Banks

Marcus Garvey Orji, Ruth Andah, Chima Kate, Abba Solomon Boman

Received: 2 October 2014 Accepted: 16 October 2014 Published: 18 July 2017

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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.

DOI	10.11648/j.ijefm.20170504.12
Published in	International Journal of Economics, Finance and Management Sciences (Volume 5, Issue 4, August 2017)
Page(s)	213-221
Creative Commons	This is an Open Access article, distributed under the terms of the Creative Commons Attribution 4.0 International License (http://creativecommons.org/licenses/by/4.0/), which permits unrestricted use, distribution and reproduction in any medium or format, provided the original work is properly cited.
Copyright	Copyright © The Author(s), 2024. Published by Science Publishing Group

Keywords

New Product Development, Profitability, Nigerian Deposit Money Banks

References

[1]	Akpan. A. B; (2002) Marketing Strategy Concept and Application Isola Ola and Sons Zaria.
[2]	Alabi, T. A (2005) “Marketing of banking services in Nigeria” University Press Ilorin.
[3]	Albrecht, W. P. (1983). Economics. Englewood Cliffs, New Jersey: Prentice-Hall.
[4]	Busch, S. P (1985): ‘Marketing, Strategic Foundation’, Richard D. Irwn, Inc. Homewood, Illinois.
[5]	Carbaugh, Robert J. (January 2006). Contemporary economics: an applications approach. Cengage Learning.
[6]	Dereck, j. (2001) Introduction to Economics; 3rd edition; Butterworth and Co. publishers Ltd London.
[7]	Ejiogu, O (2012) Assessment of the influence of new product development on profitability in Nigerian Banks. Unpublished MBA project. Department of business administration, A. B. U, Zaria.
[8]	Falegan, S. B (2006) “Redesigning Nigeria’s Financial System” University Press PLC, Ibadan.
[9]	Kolter, P and Keller, B; (2006): “Marketing Management” 12th edition, Prentice – Hall, Inc, Englewood Cliff New Jersey.
[10]	Onalo, J (2004) Effects and Roles of Marketing Concepts on Corporate Performance; A study of some financial Institutions in Nigeria. MBA Project, Department of business Administration. A. B. U Zaria.
[11]	Onu, A. J. C (2000): “Marketing Today” Precious Treasures Limited, Abuja.
[12]	Smith, S. M & Albaum G. S (2010) An Introduction to Marketing Research, Sage Publishers, NY, P 129.
[13]	Stanton, W. J (1981): “Fundamental of marketing” 6th edition, McGraw Hill book company, New York.
[14]	Wong, S. K. S. and Tong, C. (2012), “The influence of market orientation on new product success”, “European Journal of Innovation Management’’, Vol. 15 No. 1, pp.99 – 121.
[15]	www.firstcitygroup.com; accessed 16/4/2014.
[16]	www.Skyebank.com accessed 16/4/2014.

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APA Style

Marcus Garvey Orji, Ruth Andah, Chima Kate, Abba Solomon Boman. (2017). Impact of New Products Development on the Profitability of Nigerian Deposit Money Banks. International Journal of Economics, Finance and Management Sciences, 5(4), 213-221. https://doi.org/10.11648/j.ijefm.20170504.12

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ACS Style

Marcus Garvey Orji; Ruth Andah; Chima Kate; Abba Solomon Boman. Impact of New Products Development on the Profitability of Nigerian Deposit Money Banks. Int. J. Econ. Finance Manag. Sci. 2017, 5(4), 213-221. doi: 10.11648/j.ijefm.20170504.12

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AMA Style

Marcus Garvey Orji, Ruth Andah, Chima Kate, Abba Solomon Boman. Impact of New Products Development on the Profitability of Nigerian Deposit Money Banks. Int J Econ Finance Manag Sci. 2017;5(4):213-221. doi: 10.11648/j.ijefm.20170504.12

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@article{10.11648/j.ijefm.20170504.12,
  author = {Marcus Garvey Orji and Ruth Andah and Chima Kate and Abba Solomon Boman},
  title = {Impact of New Products Development on the Profitability of Nigerian Deposit Money Banks},
  journal = {International Journal of Economics, Finance and Management Sciences},
  volume = {5},
  number = {4},
  pages = {213-221},
  doi = {10.11648/j.ijefm.20170504.12},
  url = {https://doi.org/10.11648/j.ijefm.20170504.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20170504.12},
  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.},
 year = {2017}
}

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TY  - JOUR
T1  - Impact of New Products Development on the Profitability of Nigerian Deposit Money Banks
AU  - Marcus Garvey Orji
AU  - Ruth Andah
AU  - Chima Kate
AU  - Abba Solomon Boman
Y1  - 2017/07/18
PY  - 2017
N1  - https://doi.org/10.11648/j.ijefm.20170504.12
DO  - 10.11648/j.ijefm.20170504.12
T2  - International Journal of Economics, Finance and Management Sciences
JF  - International Journal of Economics, Finance and Management Sciences
JO  - International Journal of Economics, Finance and Management Sciences
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EP  - 221
PB  - Science Publishing Group
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AB  - 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.
VL  - 5
IS  - 4
ER  -

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Author Information

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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Plain Text BibTeX RIS

APA Style

Marcus Garvey Orji, Ruth Andah, Chima Kate, Abba Solomon Boman. (2017). Impact of New Products Development on the Profitability of Nigerian Deposit Money Banks. International Journal of Economics, Finance and Management Sciences, 5(4), 213-221. https://doi.org/10.11648/j.ijefm.20170504.12

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ACS Style

Marcus Garvey Orji; Ruth Andah; Chima Kate; Abba Solomon Boman. Impact of New Products Development on the Profitability of Nigerian Deposit Money Banks. Int. J. Econ. Finance Manag. Sci. 2017, 5(4), 213-221. doi: 10.11648/j.ijefm.20170504.12

Copy | Download

AMA Style

Marcus Garvey Orji, Ruth Andah, Chima Kate, Abba Solomon Boman. Impact of New Products Development on the Profitability of Nigerian Deposit Money Banks. Int J Econ Finance Manag Sci. 2017;5(4):213-221. doi: 10.11648/j.ijefm.20170504.12

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@article{10.11648/j.ijefm.20170504.12,
  author = {Marcus Garvey Orji and Ruth Andah and Chima Kate and Abba Solomon Boman},
  title = {Impact of New Products Development on the Profitability of Nigerian Deposit Money Banks},
  journal = {International Journal of Economics, Finance and Management Sciences},
  volume = {5},
  number = {4},
  pages = {213-221},
  doi = {10.11648/j.ijefm.20170504.12},
  url = {https://doi.org/10.11648/j.ijefm.20170504.12},
  eprint = {https://article.sciencepublishinggroup.com/pdf/10.11648.j.ijefm.20170504.12},
  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.},
 year = {2017}
}

Copy | Download

TY  - JOUR
T1  - Impact of New Products Development on the Profitability of Nigerian Deposit Money Banks
AU  - Marcus Garvey Orji
AU  - Ruth Andah
AU  - Chima Kate
AU  - Abba Solomon Boman
Y1  - 2017/07/18
PY  - 2017
N1  - https://doi.org/10.11648/j.ijefm.20170504.12
DO  - 10.11648/j.ijefm.20170504.12
T2  - International Journal of Economics, Finance and Management Sciences
JF  - International Journal of Economics, Finance and Management Sciences
JO  - International Journal of Economics, Finance and Management Sciences
SP  - 213
EP  - 221
PB  - Science Publishing Group
SN  - 2326-9561
UR  - https://doi.org/10.11648/j.ijefm.20170504.12
AB  - 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.
VL  - 5
IS  - 4
ER  -

Copy | Download