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For an organization to succeed, their ability lies on the innovation or the development of new products and effectively establish the new product development. The objective of this study basically focuses on the effect of product innovation on the growth of a firm (A case study of Guaranty Trust Bank Plc Awka, Anambra State). In the subsequent chapters, we will look into the meaning of product innovation, factors militating against it, and its influences / effects on the growth of a firm.
1.1 BACKGROUND OF THE STUDY
It is known that human beings have always sought for growth and development all through their lives span also an organizational product. A good, service, idea that is perceived by same potential customers as new are a new product. It may be through innovation, imitation or renovation. In this piece of work, the researcher will concentrate on the effect of product innovation on the growth of a firm. The researcher will also look at how product innovation determines both the levels of economic growth and standard of living of citizens.
To facilitate banking process, innovation such as smart card, credit card, electronic transfers in the payment system and recently the lunching of internet banking have transformed the world into a global village linked with electronic impulses. New products are being introduced into the market everyday, as well as new ideas and technologies. Firms need to develop new products in order to satisfy their customers and maintain or increase their profitability and survival. To enhance this, Guaranty trust bank (GTB) launch a new service, GTBank social Banking , which is a unique platform initiated by the bank that allows people open accounts, make account balance enquiries, perform money transfers, pay bills and purchase airtime on facebook. . It is imperative to recognize the fact that necessity give birth to invention or innovation, and for an organization to avoid being forced out of the market, it has to innovate.
New product development is important in a competitive market like that of Nigeria. It determines both the levels of economic growth and standard of living of the citizens. Most products in the markets today have undergone changes over times. According to Mr. Roland’s Lecture note, new product has been seen as the life blood of any organization. This is because seizing new opportunities as they emerge is a way to increasing profits. This means that a firm with a successful new products gives it the chance of creaming off large profit before effective competition develops. Every company must develop new product because new products shapes the company’s future. Replacement product must be created to maintain or build sales. Customers want new products and firms will do their best to supply them. Companies that fail to develop new products are putting themselves at great risk. Developing and managing products is critical to organization’s survival and growth. Although several organizational approaches to product management are possibly the share common activity functions, and decisions necessary to guide a product through its life cycle. Product managers coordinate efforts and become the strategic center for the product in all markets. Marketing managers focuses on products for specific market. A venture team is sometimes used to develop new products. Members of the venture team come from different functional area within an organization and have authority to execute plans .Product planning requires the coordination of such functional areas such research and development, production and engineering, research and finance, accounting and marketing. Each of these areas of departments has functional authority over some aspects of the product.To maximize the effectiveness of a product mix, an organization usually has to alter its mix through such methods as new productor the development of existing product deletion of a product, or the development of a new product. Product modification refers tochanging one or more of a products characteristics. Thisapproach to altering a product mix can be effective when theproduct is modifiable, when customers can perceive the change,and when the modification is desired by consumer. Products canbe changed through the quality, functional or style modifications.
The concept of electronic money in Nigeria was introduced in 1990 when the Central Bank of Nigeria (CBN) gave approval to them. All state Trust Bank limited to offer a financial product known as smart card. Subsequently, Diamond Bank play card. Now, we have GTBank mobile application, which is a two in one application that provides customers access to the bank’s mobile banking and mobile money offerings.
However, the smart card scheme received uplift in February, 1998 when a consortium of a licensed bank surfaces a smart card company in Nigeria which is known as Smart card Nigeria plc with a mandate to produces and manages cards issued by the member bank of the consortium. Another consortium of more than 20 bank under the patronage of Gen card became operational in year 2000 including GTBank.
These innovations, which are still at a relatively early state of development have postnatal to challenge the predominate role of cash for making small value payments and make retail transactions easier and cheaper for consumers and merchants who are account holders.
Product development and innovation are full of risks. However, they also raised a number of policy issues because of the possible implication for Central Bank monetary policy consumer system etc. Since many new products fail upon being launched into the market. Poor market research or product management could be a responsible factor for the failure of new product, wrong anticipation or needs, transfer of product ideas into physical products, advertising or pricing may also cause failure right from inception. Severe losses are incurred by companies when new products fails.
In responses to implication technology development in the domestic financial sector, the Central Bank of Nigeria commissioned and information technology strategy study in 1991 with the objective of promoting efficient performance of its statutory duties. The product is being implemented in phase and both the licensed banks and the regulatory authority here demonstrated their appreciation of benefit derivable form the application and use of the information technology. It is important that companies should be innovative in product development in order to meet consumer needs and withstand competition from other producers. Old product are totally replaced or modified when developing new product.
In Nigeria (like in South Africa) it can be difficult to communicate important messages to a wide audience and so social media has also helped GTBank identify and communicate enhancements and problems with its products and services.
In view of foregoing, the Central Bank Governors of the group of ten (G-10) country commission a series of studies on specific issues related to electronic banking in Nigeria. GTBank has a well-defined financial inclusion strategy which continues to drive innovation of processes, products and services to ensure that people who are otherwise excluded from the financial sector are included, and are able to bank conveniently and at minimal cost.
According to W.J.Stanton “There must be significant difference for an old product to be seen as new”.
Therefore, the objectives of the research are to ascertain the effect of production innovation in a firm using Guaranty Trust Bank as the case study.
1.2Statement of the Problem
The use of technology forms the backbone for better results in banking. The problems facing electronic banking in Nigeria are lack of adequate information and communication technological awareness campaign about electronic banking. In Nigeria, communication over the internet are insecure and often congested, the financial institution would also have to contend with other internet challenges including security, quality of service and some abbreviations in electronic fiancé (Guardian newspaper 2001). Today’s banking situation demands continuous innovation in order to meet the yearnings and aspirations of the ever demanding customers. Hence, banks need to roll out new products and services quickly and effectively, using latest cutting edge technology (Augusto, 2002).
Product Innovation has contributed much to the growth and survival of Guaranty Trust Bank Plc and has also suffered many problems. Therefore, this research work is designed to critically evaluate the problems of a product innovation which are as follows;
1. Lack of research or the inability of the management to find out what the consumers need.
2. failure to find out the government rules and regulations
3. Lack of training programme; Failure to train marketing personnel for new product and new markets
.4.Lack of Capital: The company cannot raise fund needed for innovated product when there is new ideas.
5. Most users of this banks are not on Social Network to enable them social banking.
6. There was no adequate public education on how to use E-banking product in Nigeria before the banks stated rolling them out.
7. Many of the banks can’t do what they are claiming to offer it terms of E- banking
8. A lot of people are averse to using E- products, they prefer cash transaction and your cant blame them because of No. 2 above. If your money gets stocked on the ATM you are on your own.
9. Poor service from the provider
1.3 OBJECTIVE OF THE STUDY
The purpose of the research is to study the effect of innovated product on the growth of Guaranty trust Bank Plc Awka. There search study was designed to enable the researcher and the firm;
To appraise how inactive regulatory bodies prevent the development of needed logistics technical supports.
To determine the importance of research findings on the growth of Guaranty trust Bank .
To determine the relationship between government policies and innovated product .
To examine how inadequate training programmed affects newproduct development.
To identify the degree acceptance of information and communication technology in the banking sector.
To explain the challenges of a new product and innovation
To recommend ways Guaranty trust Bank could improve the innovated product .
To determine how inadequate information and communication technology (ICT) awareness distorts the development of electronic banking in Nigeria.
To ascertain the extent to which lack of sufficient skilled manpower distorts the development of electronic banking in Nigeria.
1.4 RESEARCH QUESTIONS
A Research Question is a statement that identifies the phenomenon to be studied.
According to Okafor (1996:50) defined research question as the breakdown of the problem statement in question forms, which the research formulates from the problem statement.
To what extent has Information and communication technology enhance efficiency on Banking sector?
To what extent does lack of sufficient skilled manpower distorts the development of electronic banking in Nigeria?
Does inadequate research affect innovated product ?
What is the relationship between the government policies and innovated product ?
What is the relationship between inadequate training programme and innovated product ?.
What is the relationship between finance and the expansion of innovated product ?
What are the causes of new product and innovation failure in Guaranty Trust Bank, Nigeria
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