NEW PRODUCT DEVELOPMENT AND ORGANIZATIONAL PERFORMANCE IN NIGERIA

The idea of New Product Development (NPD) has its origin from constant changes in consumer preference and choices based on available products. The changing trend in customer accessibility to information on product availability and performance driven by Information and Communications Technology (ICT); has emboldened manufacturing firms to modify their NPD process in line with customers' needs and wants for the ultimate purpose of satisfying the end users of their products. The aim objective of this study is to examine the effect of new product development on organizational performance, additional challenging issues include; the far-reaching effect of market research, specific allocation of budget for NPD by manufacturing firms and effective training and re-training of personnel for Research and Development (R&D). The study evaluates the concept of new product development and organizational performance by adopting the dynamic capability theory. The descriptive research methodology was adopted in which 302 questionnaires were administered to respondents who were basically staff, distribution intermediaries and end users of products in Uyo, Akwa Ibom State and Port Harcourt Rivers State.; also, comprehensive interview was conducted on areas where the questionnaire could not cover effectively. The result of the study revealed that there was a significant relationship between New Product Development and organizational performance. The study recommended that key towards outstanding performance by manufacturing firms ‘lie in their ability to effectively train their personnel to conduct effective market research to identify the preferences of the consumer, and deliver products that satisfy their exact need, as a pre-requisite for sustainable performance.