NEW PRODUCT DEVELOPMENT AS A STRATEGY FOR EFFICIENT MARKETING OF LIFE ASSURANCE PRODUCT IN NIGERIA
CHAPTER ONE
INTRODUCTION
Background of the Study
In the competitive landscape of the insurance industry, particularly in Nigeria, life assurance products play a crucial role in providing financial security to individuals and families. The introduction of new products in this sector is essential for companies to adapt to changing market dynamics, meet evolving consumer needs, and maintain a competitive edge. The most important thing a company offer to its customer is its product. The product which marketing organization offer to customer, protend reason for its existence.
Thus, the relevance of can organization much depends on relevance of its product to the community. New product development of any corporation is always of great important to their performance and operation. It is also very important when they deal with the production of those goods that are the community or customer need or go into producing of those product that are not been seen in the hand of their competitors. In connection with life assurance as the product. Life assurance industry offer to their customer is security and confidence for financial protective in event contingent upon human life. These products they offer to their customer are intangible strategic planning is required in order to achieve high level of sales. There is always doubt whether their existing products a company’s product going.
Product has life cycle which entails the introduction stage (when the product is just new in the market) the growth stage (the stage when the sales of goods or products grow at an increasing rate). The maturity stage (when the sales of products are in its apex level and the decline stages (sales decreased for the product which mare consequently lead to its abandonment).
Any company which depends only on existing product in the market can easily fall off from the market, if its products are not renewed. For a company or any industry to ensure continue existence in the market, the company must go into development of new product to sustain its existence in
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