ABSTRACT
It is common knowledge to see a lot of organisational resources committed into
product ideas that have not undergone proper research, especially market based
research. As a result, it is either that the product fails out rightly or gains marginal
success. No wonder we have so many of such product wasting in the market places
begging for demand. When a product idea carries a weight of benefits to give to the
market even the market will be anxious waiting for it to be launched. Besides proper
research into developing a quality product, there is also the need for a wide range of
management activities of the product from its conception to maturity or until it is
being disposed such management activities include providing appropriate strategies
for pricing, promotion, distribution as well as on-going support to customers who have
purchased the new product pertinent to the above the study aimed at assessing new
product development and management in Nigeria. However the following objectives
were formulated:
To determine the relationship between marketing research and new
product development; To determine how new product development influences
customer satisfaction and retention; To determine the impact of technology, skilled
manpower on new product development; To identify critical factors, both marketing
and otherwise for new product success or failure and To identify the impact of new
product development on profitability of an organisation. The study had a population of
44. The descriptive survey design was adopted for the study while chi-square was used
to test the hypotheses. The findings showed that there is relationship between
marketing research and new product development. Also new product development
influence customer satisfaction and retention. Furthermore technology, skill
manpower have impact on new product development and finally there is relationship
between new product development and profitability. The study recommended that
firms should periodically evaluate their product so that they will be able to be ahead of
their competitors and make profit.
