New product development strategy in a competitive Business Environment

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ABSTRACT

EN-US;mso-fareast-language:EN-US;mso-bidi-language:AR-SA">This study was
carried out in order to evaluate product development strategy in the
competitive business environment. To achieve this, the researcher uses both the
primary and secondary sources and method of data collection. Questionnaire was administered
to elicit opinion from respondent and the simple percentage and chi square was
stated as the method of data analysis. Tables were presented and analyze using
simple percentage and chi square(X2) to illustrate the proportion of
respondent for easy drawing of inference and to test the hypothesis according
to the responses gotten from the questionnaire. With regard to the analysis of
the chi-square taking cognizance of the degree of freedom, since the calculated
chi-square value is greater than the tabulated chi-square value, then the null
hypothesis (Ho) was rejected and the alternative hypothesis (Hi)
was accepted.  Thus, market research
development has a significant impact on product development. The study
recommended that The company should developed their market research and
development department so as to carry out adequate research to enable them find
what the consumers want and needs are in order to satisfy them