BEFORE YOU READ THE ABSTRACT OR CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!<\/strong><\/p>\n\n\n\n INFORMATION:<\/strong><\/p>\n\n\n\n YOU CAN GET THE COMPLETE PROJECT OF THE TOPIC BELOW. THE FULL PROJECT COSTS N5,000 ONLY. THE FULL INFORMATION ON HOW TO PAY AND GET THE COMPLETE PROJECT IS AT THE BOTTOM OF THIS PAGE. OR YOU CAN CALL: 08068231953, 08168759420<\/strong><\/p>\n\n\n\n WHATSAPP US ON 08137701720<\/strong><\/p>\n\n\n\n THE EFFECT OF NEW PRODUCT DEVELOPMENT STRATEGIES ON THE PERFORMANCE OF AN ORGANIZATION<\/strong><\/p>\n\n\n\n TABLE OF CONTENTS<\/strong><\/p>\n\n\n\n Title – – – – – – – – – – – i<\/p>\n\n\n\n Declaration- – – – – – – – – – ii<\/p>\n\n\n\n Approval page – – – – – – – – – iii<\/p>\n\n\n\n Dedication – – – – – – — – – – iv<\/p>\n\n\n\n Acknowledgment – – – – – – – – v<\/p>\n\n\n\n Abstract – – – – – – – – – – – vii<\/p>\n\n\n\n Table of contents- – – – – – – – – viii<\/p>\n\n\n\n LITERATURE REVIEW<\/strong><\/p>\n\n\n\n 2.1 Product – – – – – – 17<\/p>\n\n\n\n 2.2 Sources of new Product Ideas 21<\/p>\n\n\n\n 2.3 New Product Development decisions process 22<\/p>\n\n\n\n 2.4 Product life cycle Plc strategies 25<\/p>\n\n\n\n 2.5 Need for Adequate Research in New Product Development 30<\/p>\n\n\n\n 2.6 Unique selling Proposition for new product 35<\/p>\n\n\n\n 2.7 Importance of new product Development 38<\/p>\n\n\n\n 2.8 Consumer profitability 39<\/p>\n\n\n\n 2.9 New Product suchapterccess and Failure 41<\/p>\n\n\n\n 4.0 Introduction – – – – – – – – 48<\/p>\n\n\n\n 4.1 Data Analysis of Staff\/Management Questionnaire – – – 48<\/p>\n\n\n\n 4.2 Summary of findings – – – – – – – – 56<\/p>\n\n\n\n 4.3 Test of Hypothesis – – – – – – – 57<\/p>\n\n\n\n 5.0 Introduction – – – – – – – – 60<\/p>\n\n\n\n Bibliography – – – – – – – – 65<\/p>\n\n\n\n Appendix 66<\/p>\n\n\n\n CHAPTER ONE<\/strong><\/p>\n\n\n\n 1.0 BACKGROUND OF THE STUDY<\/strong><\/p>\n\n\n\n INTRODUCTION<\/strong><\/p>\n\n\n\n Banking Industry has to be good at developing new products. It must also manage them in the face of changing tastes, technologies, Interest rates, exchange rate and competitions. Every product seems to go through a life cycle. It must go through several phases, and eventually die as new products that better serve consumer needs came along. The product life cycle presents two major challenges, First, because all products eventually decline, the bank must find new products to replace the declining one (The problem of new product development).<\/p>\n\n\n\n Secondly, the bank must understand how its product age adapts its marketing strategies as product pass through life cycle. (the problem of product life cycle stages) Hence, it is very important to look at the problem of finding and developing new products, and them at the problem of managing them successfully over their life cycles in the banking industry and as well as its profitability.<\/p>\n\n\n\n Given the rapid changes in consumer states, and competition, banks must develop a steady stream of new products and services. As a matter of fact, bank can obtain new products in two ways, one is through \u201cAcquisition\u201d that is buying a whole distress bank(s) a license to offer other bank services. And secondly through \u201cNew Product development in the banks own research and development department.<\/p>\n\n\n\n As the cost of developing and introducing major new products have claimed, many large banks limited. First bank, Union bank, and United bank for Africa, have acquired existing services rather than creating new ones like these new generation banks, i.e. Intercontinental bank, Trust bank, All State Trust bank, Ecobank, Guaranty Trust bank, Zenith Bank and of course the case study of this research project that is bank PHB Nigeria Plc. Kaduna. Though, other banks have saved money by coping competitors\u2019 mode of services.<\/p>\n\n\n\n However, new product implies original products improvements, products (services) modification and new method of granting loans, Financing, customers advice interest rate, mode of payment etc. that the bank developed through its own research and development.<\/p>\n\n\n\n Importantly, the recent distress syndrome in compared with the global technological and, economic changes has made the Nigerian banking environment very competitive and dynamic.<\/p>\n\n\n\n The development has led to selective purchase or patronage of product and services by customers, especially those that are still skeptical about the longevity of the banks and viability of their product. In this regard, marketing as an essential elements of communication mix has becomes the sought after strategy not only to already existing clients but also to non-potential one by any enterprising bank in the country today when a promising idea come along Bank PHB Nigeria Plc a venture team made up of the research who develop the idea and other people from personnel, sales\/marketing, legal admin and foreign department or sections will team up to natures of the products, protect and member stays with such product until its has succeeded. <\/p>\n\n\n\n However, quality banking services is one of the marketers major positioning tools. Quality has two dimensions level and constituency. In developing new product, the bank must first choose a quality level in the target means, market.<\/p>\n\n\n\n However, any bank that fails to introduce and maintain new products as the world changes may have itself to blame as regards loose of customers, fame or it position in the community of financial industry and consequently may be liquidated or distress.<\/p>\n\n\n\n Hence introduction of new products is the strength of the bank and the ability to maintain it at the given profit is the success of the bank.<\/p>\n\n\n\n 1.0 HISTORICAL BACKGROUND OF BANK PHB PLC KADUNA<\/strong><\/p>\n\n\n\n Platinum Habib Bank Limited was incorporated as a Private Limited Liability Company in November, 1982. It was granted Banking License on 7th<\/sup> march, 1983 and commenced operation on 16th<\/sup> May of the same year.<\/p>\n\n\n\n The stakeholder ratio is 40 percent to Bank PHB Nig. Plc, Pakistan and 60 percent to Nigerians. In 1985 however and in compliance with the Nigerian Enterprises Promotion Act of 1977 the Nigerian Partners of the Venture relinquished 10 percent of their shares to Nigerian Employees for acquisition under the Staff Equity Participation Scheme.<\/p>\n\n\n\n With these at the background, Habib Nigeria Bank Limited went into a full range of retail banking services tailored to the needs of all categories of customers, emphasizing services and professionalism with a difference.<\/p>\n\n\n\n The tremendous transformation in the Nigeria banking landscape was made when Professor Charles Soludo made a pronouncement (on 6th<\/sup> July, 2004) on the issue of re-capitalizing the banking financial base from The name was coined from he merger between Platinum Bank and Habib Nigeria bank Ltd in October 2005 due to the transformation in banking industry made Platinum Bank and Habib Bank to sign an agreement to merge their businesses and coalesce into a formidable institution that will be n the fore front of banking post consolidation. The name was changed to Platinum Habib Bank Plc.<\/p>\n\n\n\n 1.1 STATEMENT OF GENERAL PROBLEM<\/strong><\/p>\n\n\n\n Marketing is said to be applicable to all spheres of life, for this fact, the banking industry is not an exemption. For the achievement of the overall corporate objectives of prosperity, growth and contisciously structure their services in such a that they cater for the financial needs of not only the current customers but also the prospective customers.<\/p>\n\n\n\n It is a fact that comprises irrespective of where they are located, hat product or service they offer, who their shareholders are et face one problem or the other.<\/p>\n\n\n\n Under new condition of competition, companies or banks that do not produce or develop new products or services risk much because of the changing consumer needs and tastes, shortened product life cycle, increased competition and new technologies etc.<\/p>\n\n\n\n Banks and other financial institutions under the prevalent economic environment would have to be efficient in order to survive. High cost of funds as a result of liquidity squeeze and deregulation of interest rates complete with the unstable exchange value of the naira may have a dampening effect on banking operation.<\/p>\n\n\n\n Faced with this situation banks have to compete more aggressively with one another to get a better market share have good business volume. Banks now realize that the good old days of the \u201cseller market\u201d which they have enjoyed during the oil boom period and the days of free fund from importers known as cash cover are all over.<\/p>\n\n\n\n This imply hat the era of an chair banking and cheap profits was over, leaving behind a new era of trial and turbulence where the survival of even the most seemingly solid banks was being threatened.<\/p>\n\n\n\n For a bank to remain in business, more especially in this high tech driven industry and s competition and the degree of uncertainly increase, it has to among other things, create an image and reputation to differentiate itself from others. Banks would have to analyse markets, consumers trends and competitive activities and deliberately fashion out strategies and integrate their marketing efforts to the needs of target market in order to achieve corporate goals and objectives. This could only be achieved through aggressive marketing of their services and by the development of new products.<\/p>\n\n\n\n couple with high level of innovations in the banking sector can cause a threat to the industry. These indirect manifest to discipline and turn to obsolete banking system.<\/p>\n\n\n\n The introduction of new product by the bank has led to a global competition in the industry. This is as a result of this, it makes the developing nation banking system to be developed nations where internet\/electronic banking is the order of the day.<\/p>\n\n\n\n A situation whereby bank lack clearly thoughout policies, rewards and remuneration to help its staff and maintain it\u2019s goal and loyal customers over a long time period. This slow and cumbersome relationship will not assist or sustain new product when introduced into its market. Thus political appointment also hamper the ability of the bank to introduce the right product at the right time to the right people, in that, they considered political friends in granting loans facilities to the genuine investors of the economic sectors. Not until of recent when Bank PHB Nig. Plc. Emulate of recent when Bank PHB evaluates in new product, development. It was classed to be one of the banks to be distressed in the early 90s. But these associated lack of marketing departments, research and development, lack of able and qualified.<\/p>\n\n\n\n 1.3 OBJECTIVES OF THE STUDY<\/strong><\/p>\n\n\n\n The main objective of the study is to examine new product development and its impact on profitability in banks with reference to bank PHB Nigeria Plc. Kaduna branch.<\/p>\n\n\n\n The study specifically attempts to achieve the following:<\/p>\n\n\n\n The significance of this study cannot be overemphasized, because of the benefits. This research work serves as a pre-requisites for the award of Higher National Diploma in Business Administration.<\/p>\n\n\n\n It will be of benefit to bank PHB as it provides suggestions and recommendations for the improvement of marketing of financial products so as to increase their profitability.<\/p>\n\n\n\n The research work will be a source of information or materials to students and future researchers willing to further study on the subject matter.<\/p>\n\n\n\n 1.4 RESEARCH QUESTIONS<\/strong><\/p>\n\n\n\n 1.5 STATEMENT OF HYPOTHESIS<\/strong><\/p>\n\n\n\n The following hypothesis is (null and Alternative) are presented for this study.<\/p>\n\n\n\n Ho: (Null Hypothesis): New Product Development in Bank PHB has not significantly increased the profitability of the bank.<\/p>\n\n\n\n Hi: (Alternative Hypothesis): New Product Development in Bank PHB has significantly increased its profitability.<\/p>\n\n\n\n The introduction of new product by the bank has led to a global competition in the industry. This is as a result of this, it makes the developing nation banking system to be developed nations where internet\/electronic banking is the order of the day.<\/p>\n\n\n\n This research work is undertaken to cover new poduct development in Bank PHB Nigeria Plc., considering constraints of time a scope beyond this might produce something less than satisfactory. This scope is therefore, limited to the banking industries marketing operations with particular reference to bank PHB Nigeria Plc. The degree to which they take into account marketing strategies in proper marketing of their product or services. Also all other area related to the actual function of marketing will be studied for the purpose of knowing the extent of their relatedness.<\/p>\n\n\n\n During this research work, the researcher was confronted with a lot of constraints and the most pronounced among them are the following:<\/p>\n\n\n\n The following terminologies that appear in this study are defined below:<\/p>\n\n\n\n HOW TO RECEIVE PROJECT MATERIAL(S)<\/strong><\/p>\n\n\n\n After paying the appropriate amount (#5,000) into our bank Account below, send the following information to<\/strong><\/p>\n\n\n\n 08068231953 or 08168759420<\/strong><\/p>\n\n\n\n (1) Your project topics<\/p>\n\n\n\n (2) Email Address<\/p>\n\n\n\n (3) Payment Name<\/p>\n\n\n\n (4) Teller Number<\/p>\n\n\n\n We will send your material(s) after we receive bank alert<\/p>\n\n\n\n BANK ACCOUNTS<\/strong><\/p>\n\n\n\n Account Name: AMUTAH DANIEL CHUKWUDI<\/p>\n\n\n\n Account Number: 0046579864<\/p>\n\n\n\n Bank: GTBank.<\/p>\n\n\n\n OR<\/p>\n\n\n\n Account Name: AMUTAH DANIEL CHUKWUDI<\/p>\n\n\n\n Account Number: 3139283609<\/p>\n\n\n\n Bank: FIRST BANK<\/p>\n\n\n\n FOR MORE INFORMATION, CALL:<\/strong><\/p>\n\n\n\n 08068231953 or 08168759420<\/strong><\/p>\n\n\n\n AFFILIATE LINKS:<\/a><\/p>\n\n\n\n myeasyproject.com.ng<\/a><\/p>\n\n\n\n easyprojectmaterials.com<\/a><\/p>\n\n\n\n easyprojectmaterials.net.ng<\/a><\/p>\n\n\n\n easyprojectsmaterials.net.ng<\/a><\/p>\n\n\n\n easyprojectsmaterial.net.ng<\/a><\/p>\n\n\n\n easyprojectmaterial.net.ng<\/a><\/p>\n\n\n\n projectmaterials.com.ng<\/a><\/p>\n\n\n\nCHAPTER ONE<\/h2>\n\n\n\n
INTRODUCTION<\/h2>\n\n\n\n
1.0 Background of the study – – – – — – 1<\/h2>\n\n\n\n
CHAPTER TWO<\/h2>\n\n\n\n
CHAPTER THREE \u2013 Research Methodology<\/h2>\n\n\n\n
CHAPTER FOUR – Presentation and Analysis of Data<\/h2>\n\n\n\n
CHAPTER FIVE – Summary, conclusion and Recommendations<\/h2>\n\n\n\n
OWNERSHIP<\/h6>\n\n\n\n
OBJECTIVES<\/h6>\n\n\n\n
The objectives of the venture have been to: introduce and maintain a banking style with a difference in Nigeria and develop a sound bank with a branch network in all the States of the federation and the capital territory, Abuja.<\/p>\n\n\n\n
Provide financial and technical assistance to the public and private sector organizations within the framework of government of Nigeria\u2019s plan and policies<\/p>\n\n\n\n
Mobilize deposits by encouraging savings through the introduction of effective banking services and effective advertising programme.<\/p>\n\n\n\n
N<\/s>2 billion to a minimum of N<\/s>25 billion, which should be complied with by 31st<\/sup> December, 2005. This has drawn different views. As expressed by Anameje (2004).<\/p>\n\n\n\n