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This research is title “New Product Development and its impact in Banking Industry” with special reference to Bank PHB Plc. Kaduna Branch, Kaduna. The objective of this work is to assess thee impact of New Product development as it affects the profit of organization. product and new product development process, the attributes and characteristic of service, product life cycle and strategy, product success and failures also discussed the customer profitability in banking industry. Total population for this research comprises of entire staff of the bank.


The sample size is 17 which were randomly selected. Thus, 13 were administered with questionnaire comprise the staff of the Bank PHB. The researcher was not only relied interview were also used on them also. The instrument used in this research is survey method and the justification for this, is that its sample are very relevant to the study. The sampling is on fact that each element of the population have equal chance of being selected. Chapter four deal with presentation and analysis of data, in chapter five the researcher discussed the results, findings and proof hypothesis.


However, simple percentage statistical method of computing results was used. Some of the finding were in consistence with the existing knowledge of some of the new findings include, New Product development play an important role in organizations growth because of dynamic changes in the financial sector and the environment. And profit making is crucial with total marketing programmes because it serves as a rewards to the investors.


The research logically ends with summary, conclusion and recommendation. The researcher recommended that adequate attention and orientation should be given to new product and the staffs as a whole. There is need for the banks to be technologically oriented, due to dynamic change and intense competition in the economy.






1.0     Background of the study       –         –         –         –         —       –         1

  • Historical Background of the Bank PHB Kaduna –       –       4
  • Statement of General Problems –       –       –       –       –       6
  • Objectives of the study – –       –       –       –       –       –       9
  • Significance of the Study –       –       –       –       –       –       10
  • Research Question 11
  • Statement of Hypothesis –       –       –       –       –       –       11
  • Scope and Limitation of the study –       –       –       –       –       12
  • Definition of Terms – –       –       –       –       –       –       –       13



  • Introduction 17

2.1    Product     –       –       –       –       –                –                         17

2.2    Sources of new Product Ideas                                                   21

2.3    New Product Development decisions process                             22

2.4    Product life cycle Plc strategies                                                  25

2.5    Need for Adequate Research in New Product Development 30

2.6    Unique selling Proposition for new product                                 35

2.7    Importance of new product Development                                  38

2.8    Consumer profitability                                                               39

2.9    New Product suchapterccess and Failure                                            41

CHAPTER THREE – Research Methodology

  • Introduction – – –       –       –       –       –       –       –         44
    • Area of study –       –       –       –       –       –                         44
    • Design of the study 44
    • Population of the study                                   45
    • Sampling Technique –       –       –       –       –       –       –       45
    • Data Collection instruments – –       –       –                        43
    • Validity and Reliability of the instrument –       –       —      –       45
    • Administration of research instrument 46
    • Techniques of data Analysis 46
    • Limitation of Methodology          47

CHAPTER FOUR – Presentation and Analysis of Data

4.0    Introduction        –       –       –       –       –       –       –       –       48

4.1    Data Analysis of Staff/Management Questionnaire –   –       –       48

4.2    Summary of findings –  –       –       –       –       –       –       –       56

4.3    Test of Hypothesis       –       –       –       –       –       –       –       57

CHAPTER FIVE – Summary, conclusion and Recommendations

5.0    Introduction –     –       –       –       –       –                –       –       60

  • Summary –       –       –       –       –       –       –       –       –       61
  • Conclusion – –       –       –       –       –       –       –       –       62
  • Recommendations –       –       –       –       –       –       –       63

Bibliography        –       –       –       –       –       –       –       –       65

Appendix    66







Banking Industry has to be good at developing new products. It must also manage them in the face of changing tastes, technologies, Interest rates, exchange rate and competitions. Every product seems to go through a life cycle. It must go through several phases, and eventually die as new products that better serve consumer needs came along. The product life cycle presents two major challenges, First, because all products eventually decline, the bank must find new products to replace the declining one (The problem of new product development).


Secondly, the bank must understand how its product age adapts its marketing strategies as product pass through life cycle. (the problem of product life cycle stages) Hence, it is very important to look at the problem of finding and developing new products, and them at the problem of managing them successfully over their life cycles in the banking industry and as well as its profitability.


Given the rapid changes in consumer states, and competition, banks must develop a steady stream of new products and services. As a matter of fact, bank can obtain new products in two ways, one is through “Acquisition” that is buying a whole distress bank(s) a license to offer other bank services. And secondly through “New Product development in the banks own research and development department.


As the cost of developing and introducing major new products have claimed, many large banks limited. First bank, Union bank, and United bank for Africa, have acquired existing services rather than creating new ones like these new generation banks, i.e. Intercontinental bank, Trust bank, All State Trust bank, Ecobank, Guaranty Trust bank, Zenith Bank and of course the case study of this research project that is bank PHB Nigeria Plc. Kaduna. Though, other banks have saved money by coping competitors’ mode of services.


However, new product implies original products improvements, products (services) modification and new method of granting loans, Financing, customers advice interest rate, mode of payment etc. that the bank developed through its own research and development.


Importantly, the recent distress syndrome in compared with the global technological and, economic changes has made the Nigerian banking environment very competitive and dynamic.


The development has led to selective purchase or patronage of product and services by customers, especially those that are still skeptical about the longevity of the banks and viability of their product. In this regard, marketing as an essential elements of communication mix has becomes the sought after strategy not only to already existing clients but also to non-potential one by any enterprising bank in the country today when a promising idea come along Bank PHB Nigeria Plc a venture team made up of the research who develop the idea and other people from personnel, sales/marketing, legal admin and foreign department or sections will team up to natures of the products, protect and member stays with such product until its has succeeded.


However, quality banking services is one of the marketers major positioning tools. Quality has two dimensions level and constituency. In developing new product, the bank must first choose a quality level in the target means, market.

However, any bank that fails to introduce and maintain new products as the world changes may have itself to blame as regards loose of customers, fame or it position in the community of financial industry and consequently may be liquidated or distress.


Hence introduction of new products is the strength of the bank and the ability to maintain it at the given profit is the success of the bank.



Platinum Habib Bank Limited was incorporated as a Private Limited Liability Company in November, 1982. It was granted Banking License on 7th march, 1983 and commenced operation on 16th May of the same year.


The stakeholder ratio is 40 percent to Bank PHB Nig. Plc, Pakistan and 60 percent to Nigerians. In 1985 however and in compliance with the Nigerian Enterprises Promotion Act of 1977 the Nigerian Partners of the Venture relinquished 10 percent of their shares to Nigerian Employees for acquisition under the Staff Equity Participation Scheme.


The objectives of the venture have been to: introduce and maintain a banking style with a difference in Nigeria and develop a sound bank with a branch network in all the States of the federation and the capital territory, Abuja.

Provide financial and technical assistance to the public and private sector organizations within the framework of government of Nigeria’s plan and policies

Mobilize deposits by encouraging savings through the introduction of effective banking services and effective advertising programme.


With these at the background, Habib Nigeria Bank Limited went into a full range of retail banking services tailored to the needs of all categories of customers, emphasizing services and professionalism with a difference.


The tremendous transformation in the Nigeria banking landscape was made when Professor Charles Soludo made a pronouncement (on 6th July, 2004) on the issue of re-capitalizing the banking financial base from N2 billion to a minimum of N25 billion, which should be complied with by 31st December, 2005. This has drawn different views. As expressed by Anameje (2004).


The name was coined from he merger between Platinum Bank and Habib Nigeria bank Ltd in October 2005 due to the transformation in banking industry made Platinum Bank and Habib Bank to sign an agreement to merge their businesses and coalesce into a formidable institution that will be n the fore front of banking post consolidation. The name was changed to Platinum Habib Bank Plc.



Marketing is said to be applicable to all spheres of life, for this fact, the banking industry is not an exemption. For the achievement of the overall corporate objectives of prosperity, growth and contisciously structure their services in such a that they cater for the financial needs of not…





This article highlights various college of education, polytechnics, universities website in Nigeria.


Adeyemi College of Education, Ondo,

Alvan Ikoku College of Education, Owerri,

Alvan Ikoku College of Education, Owerri,

Federal College of Educ. Abeokuta,

Federal College of Education, Eha-Amufu,

Federal College of Education, Kano,

Federal College of Education, Katsina,

Federal college of Education, Kontagora,

Federal College of Education, Obudu,

Federal College of Education, Okene,

Federal College of Education, Okene,

Federal College of Education, Pankshin,

 Federal College of Education, Yola,

Federal College of Education, Zaria,

Federal College of Education (Technical), Akoka,

Federal College of Education (Technical), Asaba,

Federal College of Education (Technical), Bichi,

Federal College of Education (Technical), Gombe,

Federal College of Education (Technical), Gusau,

Federal College of Education (Technical), Omoku,

Federal College of Education (Special) Oyo,

State college of education

College of Education, Agbor,

Akwa-Ibom State College of Education, Afaha-Nsit,

College of Education, Akwanga, ., form and admissions list

College of Education, Akwanga,

Cross River State College of Education, Akamkpa,

Adamu Augie College of Education, Argungu,

College of Education, Azare,

Bayelsa State College of Education, Okpoama,

Emmanuel Alyande College of Education, Oyo,

Enugu State College of Education (Tech.) Enugu,

College of Education, Ekiadolor,

Umar Suleiman College of Education, Gashua,

College of Education, Gindiri,

Michael Otedola College of Primary Education, Moforiji,

College of Education, Port Harcourt,

Adeniran Ogunsanya College of Education, Otto,

Tai Solarin College of Education, Ijebu-Ode,

Tai Solarin College of Education, Ijebu-Ode,

Ebonyi State College of Education, Ikwo,

College of Education, Ikere,

College of Education, Ilesha, .

College of Education, Ilesha,

College of Education, Ilorin,

College of Education, Jalingo,

Kano State College of Education, Kumbotso,

College of Education, Benue,

Kebbi State College of Education, Argungu,

College of Education, Minna,

Nwafor Orizu College of Education, Nsugbe,

College of Education, Oju,

College of Education, Oro,

College of Education, Oro,

Oyo State College of Education, Oyo,

College of Education, Warri,

College of Education, Warri,

FCT College of Education, Zuba,

Private college of education in Nigeria

Angel Crown College of Education, Gidan-Daya, .

Elder Oyama Memorial College of Education, Ofat-Adun,

Assanusiyah College of Education, Odeomu,

African Thinkers Community of inquiry College of Education,

Best Legacy College of Education, Ikirun,

Bauchi Institute for Arabic and Islamic Studies, .

Calvin Foundation College of Education, Naka,

Harvard Wilson College of Education, Aba,

Hill College of Education, Akwanga,

Institute of Ecumenical Education, Enugu,

College of Education, Foreign Links Campus Moro,

College of Education, Foreign Links Campus Moro,

Diamond College of education aba

Muhyideen College of Education, Ilorin,  

ONIT College of Education, Abagana, .

The African Church College of Education, Lagos,

St. Augustine College of Education, Yaba,

Yewa Central College of Education, Ogun,

List of Federal Universities in Nigeria

Abubakar Tafawa Belewa University,

Ahmadu Bello University, Zaria,

Bayero University, Kano,

Federal University, Gashua,

Federal University of Tech, Akure,

Federal University of Petroleum Resources, Effurun,

Federal University of Technology, Minna,

Federal University of technology, Owerri,

Federal University Dutse,

Federal University Dutsin-Ma,

Federal University, Ndufu-Alike,

Federal University, Otuoke,

Federal University, Wukari,

Federal University, Birnin Kebbi,

Federal University, Gusau

Michael Okpara Univeristy of Agric, Umudike, .

Modibbo Adama University of Tech, Yola, .

National Open University of Nigeria,

Nigeria Police Academy Wudil, .

Nigeria defense Academy, Kaduna, .

Nnamdi Azikiwe University, Awka,

Obafemi Awolowo University, Ile-Ife, .

University of Abuja, Gwagwalada, .

University of Agriculture Abeokuta,

University of Agriculture Markurdi,

University of Benin,

University of Calabar,

University of Lagos,

University of Maiduguri,

University of Nigeria Nsukka,

University of Port-Harcourt

University of Uyo, .

Usmanu Danfodiyo University,

List of State Universities in Nigeria admission list

Abia State University, Uturu,

Adamawa State University, Mubi,

Adekunle Ajasin University, Akungba,

Amrose Alli University, Ikot Akpaden,

Anambra State University of Sc. & Tech, Uli,

Anambra State University of Sc. & Tech, Uli,

Bauchi State Unibversity, Gadau,

Benue State University Markurdi,

Bukar Abba Ibrahim University, Damaturu,

Cross River State University of Sc. & Tech, Calabar, .

Delta State University Abraka,

Ebonyi State University, Abakaliki,

Ekiti State University,

Enugu State University of Sc. & Tech. Enugu,

Gombe State University, Gombe

Ibrahim Badamasi Babangida University,

Ignatius Ajuru University of Education,

Imo state University,Owerri,

Jigawa State University,

Kaduna State University, Kaduna

Kano University of Sc. & Tech, Wudil

Kebbi State University, Kebbi,

Kogi State University, Anyigba,.

Kwara State University, Ilorin, .

Ladoke Akintola university of Tech,

Lagos State University Ojo,

Nasarawa State University, Keffi,

Niger Delta University, Yenagoe,

Olabisi Onabanjo University Ago-Iwoye,

Ondo State University of Sc. & Tech, Okitipupa,

Osun State University, Oshogbo,

Plateau State University, Bokkos,

Rivers State University of Sc. & Tech,

Tai Solarin University of Education, Ijebu-ode,

Taraba State University, Jalingo,

Umaru Musa Yar’Adua University,

Private Universities

Achievers University, Owo,

Adeleke University, Ede,

Afe Babalola University, Ado- Ekiti,

African University of Sc. & Tech, Abuja,

Al-hikmah University, Ilorin,

Ajayi Crowther University, Ibadan,

Al-Qalam University, Katsina,

American University of Nigeria, Yola, .

Babcock University, Ilishan,

Baze University,

Bells University of Technology, Otta,

Benson Idahosa University, Benin,

Bingham University, New Karu,

Bowen University, Iwo,

Caleb University, Lagos, .

Caritas University, Enugu,

CETEP City University, Lagos,

Covenant University, Ota,

Crawford University, Igbesa,

Crescent University,

Elizade University, Ilara-mokin, .

Fountain University, Oshogbo,

Gregory University, Uturu,

Hallmark University,

Igbinedion University, Okada

Joseph Ayo Babalola University,Ikeji,

Kwararafa University, Wukari,

Lead City University, Ibadan,

Madonna University, Okija

Mcpherson University, Seriki

Nigerian-Turkish Nile University, Abuja,

Novena University, Ogume,

Obong University, Obong Ntak, .

Oduduwa University, Ipetumodu,

Pan-African University, Lagos,

Paul University, Awka,

Redeemer’s University, Mowe,

Renaissance University, Enugu,

Salem University, Lokoja,]

Tansian University, Umunya, .

University of Mkar

Veritas University, .

Wellspring University, Edo, .

Wesley University of Sc. & Tech, Ondo,

Western Delta University, Oghara

List of all the Federal Polytechnics in Nigeria

    Air Force Institute of Technology Nigerian Air Force,

    Air Force Institute of Technology Nigerian Air Force,

    Akanu Ibiam Federal Polytechnic, Unwana,

Nigeria Army School of Military Engineering,

     Auchi Polytechnic .

     Auchi Polytechnic .

    Federal Polytechnic, Ado-Ekiti

Federal Polytechnic, Ado-Ekiti .

Federal Polytechnic, Bauchi, .

    Federal Polytechnic, Bida,

 Federal Polytechnic, Bida,

   Federal Polytechnic, Damaturu,

     Federal Polytechnic, Ede, Osun State,

 Federal Polytechnic, Ede, Osun State,

 Federal Polytechnic, Ida,

   Federal Polytechnic, Ida, .

  Federal Polytechnic, Ilaro,

     Federal Polytechnic, Ile-Oluji, Ondo State,

    Federal Polytechnic, Mubi,

   Federal Polytechnic, Namoda,

   Federal Polytechnic, Nassarawa,

  Federal Polytechnic, Nekede,

    Federal Polytechnic, Nekede,

Federal Polytechnic, Offa,

 Federal Polytechnic, Offa,

 Federal Polytechnic, Oko,

Federal School of Dental Technology and Therapy,

Kaduna Polytechnic, Kaduna,

Hussaini Adamu Federal Polytechnic,

Nigeria Army School of Military Engineering,

Federal College of Animal Health and Production Technology

Waziri Umaru Federal Polytechnic Birnin Kebbi,

Yaba College of Tech,

List of State Polytechnics in Nigeria

 Abraham Adesanya Polytechnic, Ijebu-Igbo,

Abia State Polytechnic, .

Adamawa State Polytechnic,

Akwa-Ibom State Polytechnic, Ikot-Osurua,

Benue State Poly, Ugbokolo,

Gateway Polytechnic, Igbesa,

Rufus Giwa Polytechnic,

Rufus Giwa Polytechnic,

The Polytechnic, Ibadan, .

Institute of Mgt. and Tech,

Imo State Polytechnic, Umuagwo

Kano State Polytechnic,

Kogi State Polytechnic, Lokoja,

Kwara State Polytechnic, Ilorin,

Lagos State Poly, Ikorodu,

Moshood Abiola Poly,

Nasarawa State Polytechnic

Nuhu Bamalli Polytechnic,

Delta State Polytechnic, Ogwashi-Uku,

Osun State Poly, Iree,

Osun State Poly, Iree,

Osun State College of Tech, Esa-Oke,

Delta State Polytechnic, Ozoro,

Plateau State Polytechnic, Barkin-Ladi,

Adamawa State Poly,

Rivers State College of Arts and Science,

Rivers State College of Arts and Science

Rivers State Polytechnic,

Gateway Polytechnic Saapade

Edo State Inst. of Tech and Mgt, Usen,

Niger State Poly, Zungeru, Niger State,

List of Private Polytechnics in Nigeria

Allover Central Polytechnic,

Crown Polytechnics,

Covenant Polytechnic,

Dorben Polytechnic, Bwari-Garam Road,

Fidei Polytechnic, Gboko,

Grace Polytechnic,

Grace Polytechnic,

Igbajo Polytechnic,

The Polytechnic, Ile-Ife, NITEL Road

Lagos City Poly, Ikeja, Lagos State,

Light House Polytechnic, Eubuobanosa,

Interlink Polytechnic,

Kings Polytechnic, Ubiaja,

RONIK Polytechnic,

Shaka Polytechnic, Polytechnic, Benin city,

Temple-Gate Polytechnic,

Wolex Polytechnic

Prime Polytechnic

The Polytechnic Imesi-Ile, Osun

Heritage Polytechnic, Ikot Udota

Ibadan City Polytechnic

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