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New Product Development as a Strategy for Sales Growth, Profitability and Competitiveness

New Product Development as a Strategy for Sales Growth, Profitability and Competitiveness

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DEDICATION

This research material, titled “New Product Development as a Strategy for Sales Growth, Profitability and Competitiveness” is dedicated to God for His boundless grace and guidance. It is also a tribute to all computer enthusiasts whose contributions made my research journey smoother and enriched my documentation process, making the experience truly fulfilling.



ACKNOWLEDGEMENT

I am profoundly grateful to everyone who contributed to the successful completion of this project. I am especially grateful to my Supervisor (Name), the Head of Department (Name), and the Lecturers in the Department of Business Administration and Management (BAM) for their invaluable guidance and support. I also acknowledge the contributions of authors and scholars whose works on New Product Development as a Strategy for Sales Growth, Profitability and Competitiveness provided essential insights. Special thanks go to my study area (and any funding organizations, if applicable) for their financial assistance. I am equally thankful to stakeholders, including mentors, teachers, and colleagues, for their encouragement and support. Finally, I deeply appreciate my family and friends for their patience and unwavering support throughout this journey. Your contributions have been instrumental in making this research a reality.



TABLE OF CONTENTS

PRELIMINARY PAGES

CHAPTER ONE

INTRODUCTION

    CHAPTER TWO

    LITERATURE REVIEW

    • 2.1 Introduction
    • 2.2 Conceptual Review
    • 2.3 Theoretical Framework
    • ⋮
    • 2.4 Empirical Studies
    • 2.5 Research Gaps
    • 2.6 Summary of Literature Review

    CHAPTER THREE

    RESEARCH METHODOLOGY

    • 3.1 Introduction
    • 3.2 Research Design
    • 3.3 Population of Study
    • 3.4 Sampling and Sampling Technique
    • 3.5 Validation of Research Instrument
    • 3.6 Method of Data Collection
    • 3.7 Method of Data Analysis
    • 3.8 Questionnaire Administration
    • 3.9 Ethical Consideration
    • 3.10 Statistical Analysis

    CHAPTER FOUR

    DATA ANALYSIS, RESULT AND DISCUSSION

    • 4.1 Introduction
    • 4.2 Presentation and Analysis of Data
    • 4.3 Re-statement of Research Questions
    • 4.4 Test of Hypotheses
    • 4.5 Discussion of Findings

    CHAPTER FIVE

    SUMMARY, CONCLUSION AND RECOMMENDATION

    • 5.1 Introduction
    • 5.2 Summary of Findings
    • 5.3 Conclusion
    • 5.4 Recommendation
    • 5.5 Suggestion for Further Study

    REFERENCES

    APPENDIX A - “QUESTIONNAIRE”


    ABSTRACT

    The banking industry in Nigeria has become more competitive due to the reorganization of the banking service industry to make it more relevant for financing development projects. This has made the banks to invest more in information technology and introduced more products to ensure not only better returns but to enhance efficiency in service delivery. These explain why this study is designed to investigate the impact of new product development in enhancing sales growth, profitability and competitiveness in UBA as a case study of the firms in the banking sector.To carry out the study, related literaturesand some empirical studies were reviewed. The three hypotheses formulated for the study include:New products development has not made any significant impact on sales growth in UBA Nigeria Plc., new products development has not made any significant impact on profitability of UBA Nigeria Plc and new product development has not made any significant impact on competitive effectiveness of UBA Nigeria Plc.All of these hypotheses were tested withparameters which were estimated applying ordinaryleast square (OLS) regression. The data used in the analysis of data were derived from the financial statements of accounts of the UBA. The period of data used covered the period of 2001-2014.

    The results obtained using OLS were first subjected to second order tests or diagnostic tests to ensure that they were not spurious regression but realistic estimation of the true parameters of the regression parameters of the population of the study.The study establishes that new product development had not significantly affected the volume of sales of UBA during the period of the study. The study also established that new product development has no substantial impact on the profit making of UBA during the period of this study. The thesis also demonstrated that new product development had not impacted significantly in improving the level of UBA competitiveness in the banking industry.On the basis of these findings the study recommends that since the current new product developed had no significant influence on sales growth probably due to the nature of product being introduced, the company has to introduce a new product that is unique and capable of improving its sales potentials. Since the new product introduced could not improve theprofit making of thefirm during the period of review, it is important for the bank to introduce the product that is uniquein the banking sector that can enhance the bank’s profit-making. The thesis also recommends that since the existing new product couldnot improve thecompetitive advantage being enjoyed by the firm due to its non-uniqueness in the banking industry, the bank need to come-up with a newproduct that is unique and capable to enhance the company competitive position.


    New Product Development as a Strategy for Sales Growth, Profitability and Competitiveness

    CHAPTER ONE

    Introduction

    1.1 Background to the Study

    In Nigeria, the banking industry has been experiencing cyclical movements in its development patterns right from independence in 1960 to date. As a result of the importance of the banking industry in the economic development of the country, successive governments in the nation came up with different policies, programmes, regulations and strategies in the form of financial guidelines with the aim of improving the performance of the industry. These guidelines include: regulation, deregulation, liberalization, globalization, paging of interest rate, consolidation and the like.

    In essence, the relevance of any business organization lies in its ability to develop new product in line with the needs, wants, interests and or aspirations of the society or community within which it operates. However, changes in the consumer taste, preferences and aspiration, as well as technological innovations, open market economy, challenges of globalization coupled with the new banking consolidation policy aimed at sanitizing the fragmented and crowed banking industry in the country, have brought in discipline and orderliness in the sector. However, there is no guarantee that a successful product today will remain relevant or success in the near future.

    However, with deregulation and liberalization policies, the central bank of Nigeria was able to reduce the number of small indigenous banks from 89 to about 25 mega-sized banks, solely to provide a wide range of new product.

    …

    CHAPTER TWO

    2.0 Literature Review

    2.1 Introduction

    This chapter focuses on the review of related literature. A literature review includes the current knowledge as well as theoretical and methodological contributions to a particular topic. It documents the state of the art with respect to the topic you are writing. It surveys the literature in the topic selected. In this research work the literature review includes the conceputal review, theoretical framework, the review of related literature …

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