This project is a paper work on the An evaluation new product development strategies in the banking industry. It tends to evolve the stages or process involve in new product development.
New product development is a process with additional bundles of qualities, when compared with those already existing either in the banking industry.
Therefore a new product in a bank could only be an limitation of another product already existing in the market.
The chapter one of this work gives account of the introduction, which includes the background of the study, objectives of the study, the research question/hypothesis, the statement of the problems, the significant of the study and the definitions of the terms used in the work.
The chapter two contains the literature review and which includes the meaning of product, Evolution of new product, importance of new product development, factor that gave rise to product development, new development in the banking industry, An Evaluation of new product development strategies in the banking industries, An Evaluation of new product development in intercontinental bank and company profile.
The chapter three gives detailed account of the research methodology.
The sources of data, population of study, simple size determination, research instruments. Used, method of Questionnaire Administration, validation of research instrument, method of Data analysis, limitations of the study.
The chapter four of this work contains the details of the Data presentation and Analysis. The presentation of Data and the testing of hypothesis.
The chapter five covers the summary of the research findings, recommendation and conclusion of the work.
Competition As between businesses geared up, it became imperative to turn attention to customer’s needs ad wants which are naturally instable. The fast selling product of theirs will either die a natural death in the market or have to be with drawn from the market due to a serious shift in consumer’s tastes and preferences. For these obvious reasons, firm normally want to develop new products in order to have replacement for existing products in as they move near the end of their life cycle.
New product development is a process of making a product with added bundle of qualities, when compared with those already existing either in the organization or in the market. Therefore a new product in an organization could only be an imitation of another product already existing in the market. Such new product is referred as promo-tool because organization make use of a variety of promotional trolls to promote their new product. At times it may be necessary to modify or repacteage an existing product in order to satisfy the prevailing need of the marketing or production environments. Such new products will not be completely different from the major product class or division of an original product, but my give rise to new or better performance in old usage. Banks take part in the development of new product on few occasions because of competition within their operational environment, based on this; any product that is in the market is regarded as a new product. However, it is very difficult to develop a product that is new in the market, most especially in our environment where technologies are less advanced.
The development of new product by the banks does not only yield revenue to the banks it equally helps to expand the life span of such organization.
Today any banks that want to remain a float must in one way or the other develop new products.
The emergence f banking industry in Nigeria can be traced back to less than a 100 years ago. The activities of the transnational corporation, the financial transactions of the colonial government, the decline of the batter system of trade, and the increasing acceptance of British Silver Currency all these required an institution, in the form of intercontinental bank for safety and transmission of funds, the importation and distribution of British silver coins and provision of credit to the government and trading companies who need them. These banks were out to make profits interest got from the deposit made by customers, without actually satisfying the customer, they never really thought of the customer as the life blood of the organization.
In the past, banks were operating in a sellers market which made demarketing possible, but the environment is dynamic, such that if banks are to continue to prosper, they must adopt to changes that are taking place in industry and commerce, so only the banks that are efficient and effective can satisfy customers.
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