The role of product development practices on new product performance: Evidence from Nigeria's financial services providers

Nkemdilim Iheanachor, Immanuel Ovemeso Umukoro and Olayinka David-West

Technological Forecasting and Social Change, 2021, vol. 164, issue C

Abstract: This study investigates the impact of product development practices on the performance of new financial products and services through the analysis of ten in-depth case studies. We argue that weak product development practices negatively affect product performance. This study finds that in Nigeria, new financial product performance is suboptimal because of poor product development practices. This study further shows that when poor execution follows inadequate product development practices, the likelihood of product failure increases, as evidenced by poor product performance and low adoption. The processes adopted in the development of financial services affect the adoption, use, and overall penetration of the product in the target market. Therefore, this study suggests that the management team of various financial service providers invest in developing sound product development practices in the actualization of their goals of increasing the adoption and use of their products.

Keywords: Product development; Product performance; Financial service providers; Emerging markets (search for similar items in EconPapers)
Date: 2021
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:tefoso:v:164:y:2021:i:c:s0040162520312968

DOI: 10.1016/j.techfore.2020.120470

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