THE IMPACTS OF NEW PRODUCTS STRATEGIES ON THE GROWTH OF FIRMS IN NIGERIA

ABSTRACT

This research work is executed to evaluate the impacts of new product strategies on the growth of firms in Nigeria, to develop and market new product; correct approach must be used to ensure that new product does not fail in the market, thereby making a new product to go through proper planning, implementation and control. The method of investigation applied was sample survey, the study was executed by using statement of problems from which the research question and hypothesis of the research were formulated. Secondary source of data were collected from related books, journals, gazines, newspaper, archival records. The data gathered were segmented according to the problems then analyzed using chisquare test. The findings, among others, are as follows; 1. It has been established that new strategies exist for the firms introducing their new products in the market, which have positive effects on the growth of the firm product. 2. that most management staff of Nigeria breweries Plc, knew of the adulteration of their product through the distributors and consumers. 3. that some products are new in the market not because of its changes in the quality but because of change in other features of the product. 4. that most consumers are aware of the existence of new product in the market through promotional efforts, advertising etc. Based on the above findings the researcher made the following recommendations that include: 1. Firms should ensure quality standard of their product and monitor it to avoid any alteration. 2. Adopt the introduction of improved technology in their production.