CHAPTER ONE

INTRODUCTION

1.1           BACKGROUND OF THE STUDY

According to Kotler and Keller (2006:589) in J.O. Nnabuko’s article in Journal of Marketing Research vol. 2.2007 opined that business organizations need to grow their revenue over time and this is done through new products developments and expansion into new markets. Since existing products of firms are vulnerable to changing

customer needs and tastes, new technologies,

shortened

life  cycles

and

increased

domestic  and

foreign

competition,

they

claim

that

new

products

development

domestic  shapes  an organizations future,

maintains and builds sales.

However,  Credit  cards   as   a   new   product    have

contributed effectively   and

efficiently

in

bringing

conveniences

to  some customers in Nigeria. This

has

also  helped

in eliminating

the need to

carry

any

cash

for  most

purposes.

Also

in

the

reduction of  amount

of cash

on the

premises.