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| Product Development Strategies and Customer Patronge of Selected Banks In Lagos State, Nigeria
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Ighomereho O. Salome and Akinbile Kehinde
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Abstract:
The study investigated the impact of product development strategies on customer patronage of banks. Three product development strategies namely new product development, modification of existing products and product customization were examined. Quantitative research approach and survey research design were adopted. A structured questionnaire was used to collect data from a sample of 400 customers of selected banks in Lagos state, Nigeria. The data were analysed using descriptive and inferential statistics such as means, standard deviation, Pearson correlation and regression analysis. The study revealed that the three dimensions of product development strategies influence customer patronage. However, product customization is the most significant product development strategy influencing customer patronage in the banking sector. This was followed by new product development and modification of existing products. In light of the findings, it was recommended that executives of banks should focus on adopting product development as a marketing and business strategy in driving their business operations, performance and competitive positioning.
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