NEW PRODUCT COMMITTEE AND PERFORMANCE OF MANUFACTURING COMPANIES IN NIGERIA
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Date
2024-12-27
Journal Title
Journal ISSN
Volume Title
Publisher
KIU Interdisciplinary Journal of Humanities and Social Sciences
Abstract
The Nigerian manufacturing sector is strategically relevant in creating new products. However,
some elements impact the effectiveness and efficiency of these committees, including issues
with cross-functional integration, resistance to change, legal and compliance issues, fluctuating
customer behaviour and lack of market knowledge. Hence, this research's specific objectives
were: to investigate the influence of new product decision-making process on the performance
of manufacturing companies and the role of leadership and governance in the performance of
manufacturing companies in Ogun state, Nigeria. A cross-sectional survey research design was
adopted to collect data from the respondents randomly and successfully. The study's population
consisted of product managers from three hundred and seventy-four (374) manufacturing
companies in Ogun state as provided by Ogun state environmental protection agencies, with a
sample size of 193 computed using the formula of Taro Yamane (1967). Multiple linear regression
analysis was used to analyse data using IBM-SPSS version 27.0. The findings indicated that the
decision-making process significantly impacts Manufacturing companies in Ogun State, with (β =
.154, t = 2.813, p = .005). Also, it was revealed that leadership and governance significantly impact
the performance of Manufacturing companies in Ogun State, with (β = .683, t = 12.474, p = .000).
It was concluded therefore that new product development committee indeed affect
organizational performance positively. Hence, it was recommended that it's imperative to
establish robust product development committees that are characterized with state-of-the-art
decision-making processes and the right leadership and governance style to drive cross
functional teams, and effectively achieve organisational goals.