PRODUCT INNOVATION AND BUSINESS PERFORMANCE OF BANKS IN RIVERS STATE
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CHAPTER ONE
INTRODUCTION
1.1 Background To The Study
Product innovation comprise of the development of new products, modification in design of established products, or the adoption of the use of new materials or components in the manufacture of established products. This is to enhance quality and improve overall performance. The three different classifications of innovation which aim to develop a company’s production methods consist of Product innovation, cost-cutting innovation and process innovation. Consequently product innovation consist of two types; incremental innovation which aims at improving existing products and radical innovation which aims at developing a new product. New product development is a strategy developed to replace existing product and for the prevention of loss of profit or liquidation of business in the long run. It also plays a vital role in the Product Life Cycle.
Drucker in his book ‘Innovation and Entrepreneurship’ stated that there exist a correlation between product innovation and entrepreneurship as both must be explored for a successful business enterprise. The process involved is the new product development while ]Existing Product Development involves redesigning , refurbishing, improving, and manufacturing the existing product .The benefit include cost reduction, increased revenue , Growth, expansion and gaining a competitive advantage. Business performance management involves the review of overall business performance with the view of determining how the objective of the business can be attained. This implies that the strategic, operational objectives and the business’ set of activities are aligned in order to manage performance. This enables the managers to better appreciate the position of the firm and make informed better decisions. Therefore the research seek to proffer an appraisal of Product innovation and business performance of Banks in Rivers state,
1.2 Statement of the Problem
The adoption of Product innovation to enhance the business performance. Constitute the investment of capital into the process of the development of the product which constitute risk and involves uncertainty of product and business failure. Regular experiment of product development leads to increasing higher cost. Moreover new product development would also leads to changes in the processes involving the bank and its customers, suppliers, and external unit etc.
Which may also affect the business performance of the bank? Consequently the problem confronting the research is to proffer an appraisal of Product innovation and business performance of Banks in Rivers state
1.3 Objectives of the Study
To determine the role of Product innovation on business performance of Banks in Rivers state. The process involved is the new product development while ]Existing Product Development involves redesigning , refurbishing, improving, and manufacturing the existing product .The benefit include cost reduction, increased revenue , Growth, expansion and gaining a competitive advantage. Business performance management involves the review of overall business performance with the view of determining how the objective of the business can be attained. This implies that the strategic, operational objectives and the business’ set of activities are aligned in orderto manage performance. This enables the managers to better appreciate the position of the firm and make informed better decisions
1.4 Research Questions
What is product innovation and business performance?
What is the impact of Product innovation on business performance of Banks in Rivers State?
1.5 Significance of the Study
The study shall proffer an appraisal of Product innovation and business performance of Banks in Rivers state. Product innovation comprise of the development of new products, modification in design of established products, or the adoption of the use of new materials or components in the manufacture of established products. This is to enhance quality and improve overall performance. The three different classifications of innovation which aim to develop a company’s production methods consist of Product innovation, cost-cutting innovation and process innovation. Consequently product innovation consist of two types; incremental innovation which aims at improving existing products and radical innovation which aims at developing a new product. New product development is a strategy developed to replace existing product and for the prevention of loss of profit or liquidation of business in the long run.
1.6 Research Hypothesis
Ho The impact of Product innovation on business performance of Banks in Rivers state is low
Hi The impact of Product innovation and business performance of Banks in Rivers state is high
1.7 Scope of the Study
The research focuses on the appraisal of Product innovation and business performance of Banks in Rivers state.
1.8 Limitations of the Study
The research was confronted by some constraints including logistics and geographical factor.
1.9 Definition of Terms
Product innovation: comprise of the development of new products, modification in design of established products, or the adoption of the use of new materials or components in the manufacture of established products. This is to enhance quality and improve overall performance. The three different classifications of innovation which aim to develop a company’s production methods consist of Product innovation, cost-cutting innovation and process innovation. Consequently product innovation consist of two types; incremental innovation which aims at improving existing products and radical innovation which aims at developing a new product.
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