PRODUCT DEVELOPMENT AND COMPANY PROFITABILITY FOR SUSTAINABLE DEVELOPMENT OF A NATION IN THE 21ST CENTURY

Saidu Aliyu Baba, Bello Bababtunde Sikiru

and Abdullahi Ibrahim

Department of Marketing

School of Business and Management

Federal Polytechnic, P.M.B 55 Bida

Email:saidualiyubaba@gmail.com

ABSTRACT

It is said and believesthat nothing happens until something is sold, that is true to an extent, and something has to be has to be produced; therefore one talks of selling something. The significance of new product cannot be overemphasized for company’s profitability, because, needs, wants and desire of consumers keep changing overtime, also products pass through some stages in their life, which at diminishing stage, consumer no longer patronize them, leading to profit erode, as such, companies must either produce new products, by abandoning old ones, renovate them to meet the changing needs or enter new market segment (i.e. turnaround), that is when the required profit can be generated and companys growth and national development be achieve, on this note, this paper intends to highlight on the significance or benefits of producing new product for companys growth and national development. From the write up, it was discovered that developing new product by companies enables them to grab investment opportunities, produce the require product to meet needs and desires of the target market within their limited resources and leads to the development of a nation in several ways such as, sources of employment, provision of infrastructural facilities, the writer therefore makes the following recommendations, establishment and research and development department by the company should be a priority, companies should adopt turnaround strategy in the life cycle of a product and effective survey of competitors strategies.