CHAPTER TWO: LITERATURE REVIEW7 Introduction7 Conceptual Framework7 Meaning of New Product7 Characteristic of Successful Product Development 8 Concept of New Product Development Process10 Benefit of Successful New Product 12 Product Development Strategy 12 What is Corporate Objective13 2.2.1Types of Corporate Objective 15 2.2.2Importance of Corporate Objectives16 Theoretical Framework18 2.4Empirical Review19

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EFFECT OF NEW PRODUCT DEVELOPMENT ON CORPORATE OBJECTIVES A CASE STUDY OF DANGOTE GROUP OF COMPANIES, ILORIN, NIGERIA. BY …………………………………………… SUBMITTED TO DEPARTMENT OF BUSINESS ADMINISTRATION AND MANAGEMENT, SCHOOL OF BUSINESS AND MANAGEMENT STUDIES, ……………………………………. IN PARTIAL FULFILLMENT OF THE REQUIREMENT FOR THE AWARD OF THE NATIONAL DIPLOMA (ND) IN BUSINESS ADMINISTRATION DEPARTMENT November, 2023 DECLARATION I, ABUBAKAR ROFIAT ADEWUMI ………………. hereby declare that this project entitled “Effect of New product development on corporate objectives, a case study of Dangote group of companies, Ilorin, Nigeria .It has neither been submitted nor accepted for the award of any degree. All sources of information have been specially acknowledged. ______________________ ______________________ ……………………….. DATE CERTIFICATION This is to certify that this project work has been read and approved as meeting the requirement for the Award of National Diploma (ND) in Business Administration and Management Studies, Federal Polytechnic Offa Kwara State. ______________________ ______________________ ……………………..DATE Project Supervisor ______________________ ______________________ ……………………DATE Head of Department ______________________ ______________________ External Examiner DATE DEDICATION This project is specially dedicated to my immediate ………………. and to my loving families who support me financially and spiritually. May Almighty God give them the strength to reap the fruits of their labour (Amen). ACKNOWLEDGEMENT In the name of God the most merciful, most Beneficent, Omnipotent, Omniscience, Omni everything. To god be the life glory that has done great and marvelous thing in my life. This day I am rejoicing for unexpressed support of God Almighty. From who all blessing flows that makes me what I am today as well as for the success full accomplishment of the research project. I acknowledge with humility and honour for the effort of my supervisor …………….. for his inspiration, guidance, wisdom and time to ensure the success of this research project, may God bless you and your families. My special thanks also goes to our unbeatable H.O.D …………….., of Business Administration Department and all other lecturers who one or the other took time to lecture me and my colleague. I Say a big thank you. My profound gratitude goes to my parent Mr. and Mrs. Abubakar for the wisdom given to them by God Almighty which they use to train me and efforts both financially and spiritually throughout my program may God Almighty In his Infinite Mercy give them the strength to reap the fruit of their labour. (Amen). I also appreciate my sister …………….. for her support and guidance in my programme. I am grateful to all my friends and family in the lithe of ………………… all who I forgot to mention. May God Almighty bless you all (Amen). ABSTRACT This research work aimed at investigating the effect of new product development on corporate objectives. The study was limited to Dangote Group of Companies Ilorin. The study helps to work at the strategic way and systematic process of modifying already product that are in the market and how to satisfy customer. Descriptive survey design was used for this study and the population size was 700 staffs of Dangote Group of Companies, Ilorin, out of which 70 respondents was selected using 10$ rule of thumb of total population by Roesco. Simple percentage and bar chart was used to present the data and chi – square method was employed to analyze the hypotheses. Findings of this study supported that new product development was a mean of enhancing and achieving the corporate objectives especially in the turbulent market environment where the success of new product become a means for measuring organization effectiveness. It was concluded that there is a need for an organization to intensify effort in achieving new product development through materials and cost effective measurement. The study recommended that new product development should be an ongoing process if the firm wants to remain competitive in today’s ever dynamic market environment and the company should always be effective and efficient as possible when pursuing new product development. TABLE OF CONTENTS Title pagei Declarationii Certificationiii Dedicationiv Abstractv Table of contentsvi List of Tablesvii List of Figuresviii List of Appendices/Appendixix CHAPTER ONE: INTRODUCTION1 Background to the Study1 Statement of the Problem1 Research Questions2 Objectives of the Study2 Statement of Hypothesis3 Significance of the Study3 Scope of the Study4 Definition of Terms5 Historical Background of Dangote Group of Companies Ilorin, Kwara State 6 CHAPTER TWO: LITERATURE REVIEW7 Introduction7 Conceptual Framework7 Meaning of New Product7 Characteristic of Successful Product Development 8 Concept of New Product Development Process10 Benefit of Successful New Product 12 Product Development Strategy 12 What is Corporate Objective13 2.2.1Types of Corporate Objective 15 2.2.2Importance of Corporate Objectives16 Theoretical Framework18 2.4Empirical Review19 CHAPTER THREE: METHODOLOGY Introduction23 Research Design23 Population of the Study23 Sampling Design23 Research Instrument24 Validity and Reliability of Research Instrument24 Data Collection Procedure25 Methods of Data Analysis25 CHAPTER FOUR: DATA PRESENTATION, ANANALYSIS AND INTERPRETATION26 Introduction26 Participation Rate26 Demographic Characteristics of the Respondents26 Data Presentation and Analysis of Research Questions32 Test of Hypothesis44 Discussion of Findings49 CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATION Summary50 Conclusion50 Limitations of the Study51 Recommendations51 Suggestions for Further Studies52 References53 Appendix54 CHAPTER ONE INTRODUCTION 1.1Background of the Study It is well established fact, which showed that whether manufacturing of services industries effective product development represent the most crucial area of management activities in an organization. Therefore, full attention and concentration on product by management in organization leads to company survival. The customers and final consumers always look for product that will satisfy their want and needs in terms of quality, available, taste and cost. In other word a company must always change in technology and other factors of production in order to meet the demand and satisfaction of the society. In the process of doing these various activities, company corporate productivities objectives are being enhanced in terms of productivities probability and survivals. Meanwhile, new product development contributes a lot to the improvement and profitability of a company and always leads to expansion of their market share, what is products were profitable yesterday may not be profitable today. Furthermore, if the product innovations are successful the products created through that process are likely to command higher profit margin than mature and dying product. 1.2Statement of the Problem It has been observed that many companies do come up with one product or the others despite the complexity cost and difficulties involved in new product development companies do succeed as a result of different ideas, planning timing and cost analysis with efficient strategy put in place. Since new product development requires large input of capital and the rate of return in future is very high, then the need to make right decision becomes critical. The research work intends to examine the problems impeded in effect of new product development on corporate objectives specifically on Dangote Group of Company. Meanwhile, problems involving on product and corporate objectives are inevitable. Every prospective company as regard new product development plan always encountered series of questions and answers which means the following statement. Is there any need for new product development on the existing product in the company? What types of product in the company need development? Can the intended new product enhance the company corporate objective? What impacts will new development have on corporate objective expectation? The overall performance of a company usually depends on the effective and efficient means of product development. Therefore, the will organized strategy and good policy formulation of a company always serve as best option to curb the a fore mentioned problem. 1.3Research Questions Is there any relationship between idea generation and corporate objectives? To what extent does

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