Effect Of New Product Planning And Development On The Growth Of Firms In Brewery Industry In Nigeria (A Case Study Of Guinness Nigeria Plc)

ABSTRACT

This work ascertained the effect of new product development on the growth of brewery firms in Nigeria with a special reference to Guinness Nigerian PLC. There has been a perennial argument on to what extent has new product development been able to achieve specific growth expectations of the firm if the complete innovation. The major objectives is to determine the degree of association between new product development and the consumption rate, profitability, market share and sales volume of Guinness PLC products. To achieve this, the study designed as a survey study used a structure questionnaires to elicit information from the staff and customers of Guinness Nigerian PLC in the Lagos, Benin and Aba. The data was analysed using percentage, bar chart, descriptive analysis and Pearson moment correlation. The empirical evidence shows that developing a new products in a beverage brewery firm is moderately significant on consumption rate, market share and customer satisfaction in Guinness. The other results shows that new product development does not imply profitability but it has a strong impact on the sales volume of the product because people want to taste something new. The study made strong recommendations. The conclusion is that product development keeps the firms alive in the mind of the people.