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NEW PRODUCT DEVELOPMENT AS A STRATEGY FOR EFFICIENT MARKETING
OF LIFE ASSURANCE PRODUCT IN NIGERIA
ABSTRACT
This research titled new product development in insurance
industry as a strategy for efficient marketing for life assurance products in
Nigeria was carried out with the objectives of identifying why marketing of
life assurance product are low in Nigeria. Why many life assurance companies do
not go into new product development and the prospects of new product development in life assurance
industry. Related literatures were reviewed and structure questionnaire and
oral interview were used to collected primary data from the respondent. The data
collected were analyzed using likest-scale of ranking and the hypothesis were
tested using Z-test statistic yaro Yamane method were used to determinant the
sample size out of the total population. The work discovered that new product
development increases market share, profit margin and also help in customer
loyalty and new product development were necessitate by the changing demand
from the insuring public and technology. The work recommended that among other
that there should be also be a method by which the regulatory bodies in the
life assurance industry regulates all these new product to make sure that their
capital base can carry it. There should also be marketing of life assurance
product.
CHAPTER ONE
INTRODUCTION
1.9 Background of
the Study
The most important thing a company offer to its customer is
its product. The product which marketing organization offer to customer,
protend reason for its existence.
Thus, the relevance of can organization much depends on
relevance of its product to the community. New product development of any
corporation is always of great important to their performance and operation. It
is also very important when they deal with the production of those goods that
are the community or customer need or go into producing of those product that
are not been seen in the hand of their competitors. In connection with life
assurance as the product. Life assurance industry offer to their customer is
security and confidence for financial protective in event contingent upon human
life. These products they offer to their customer are intangible strategic
planning is required in order to achieve high level of sales. There is always
doubt whether their existing products a company’s product going.
Product has life cycle which entails the introduction stage
(when the product is just new in the market) the growth stage (the stage when
the sales of goods or products grow at an increasing rate).
The maturity stage (when the sales of products are in its
apex level and the decline stages (sales decreased for the product which mare
consequently lead to its abandonment).
Any company which depends only on existing product in the
market can easily fall off from the market, if its products are not renewed. For
a company or any industry to ensure continue existence in the market, the
company must go into development of new product to sustain its existence in the
market. Life assurance industry also engaged in the development of new products
to sustain its existence in the market. Efficient marketing of the product
designed to suit the demand of the customer were usually pursed.
1.10Statement of the Problem
The problem that leads to this study is how new product
development will help in efficient market of life assurance products in
Nigeria.
1) Determine
the new product available for life assurance companies in Nigeria.
2) Determine
the new product development will help in life assurance industry.
3) To know the
effectiveness of life assurance product department.
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