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The role of product development practices on new product performance: Evidence from Nigeria's financial services providers.

ABSTRACT: This study investigates the impact of product development practices on the performance of new financial products and services through the analysis of ten in-depth case studies. We argue that weak product development practices negatively affect product performance. This study finds that in Nigeria, new financial product performance is suboptimal because of poor product development practices. This study further shows that when poor execution follows inadequate product development practices, the likelihood of product failure increases, as evidenced by poor product performance and low adoption. The processes adopted in the development of financial services affect the adoption, use, and overall penetration of the product in the target market. Therefore, this study suggests that the management team of various financial service providers invest in developing sound product development practices in the actualization of their goals of increasing the adoption and use of their products.

SUBMITTER: Iheanachor N

PROVIDER: S-EPMC7893682 | biostudies-literature | 2021 Mar

REPOSITORIES: biostudies-literature

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The role of product development practices on new product performance: Evidence from Nigeria's financial services providers.

Iheanachor Nkemdilim N Umukoro Immanuel Ovemeso IO David-West Olayinka O

Technological forecasting and social change 20210301

This study investigates the impact of product development practices on the performance of new financial products and services through the analysis of ten in-depth case studies. We argue that weak product development practices negatively affect product performance. This study finds that in Nigeria, new financial product performance is suboptimal because of poor product development practices. This study further shows that when poor execution follows inadequate product development practices, the li ...[more]

PMID: 33664533

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Project description:ObjectivesHealth system reforms in England are opening broad areas of clinical practice to new providers of care. As part of these reforms, new entrants--including private companies--have been allowed into the primary care market under 'alternative provider of medical services' contracting mechanisms since 2004. The characteristics and performance of general practices working under new alternative provider contracts are not well described. We sought to compare the quality of care provided by new entrant providers to that provided by the traditional model of general practice.DesignOpen cohort study of English general practices. We used linear regression in cross-sectional and time series analyses, adjusting for practice and population characteristics, to compare quality in practices using alternative provider contracts to traditional practices. We created regression models using practice fixed effects to estimate the impact of practices changing to the new contract type.SettingThe English National Health Service.ParticipantsAll general practices open from 2008/2009 to 2012/2013.Main outcome measuresSeventeen established quality indicators--covering clinical effectiveness, efficiency, access and patient experience.ResultsIn total, 4.1% (347 of 8300) of general practices in England were run by alternative contract providers. These practices tended to be smaller, and serve younger, more diverse and more deprived populations than traditional providers. Practices run by alternative providers performed worse than traditional providers on 15 of 17 indicators after adjusting for practice and population characteristics (p?<?0.01 for all). Switching to a new alternative provider contract did not result in improved performance.ConclusionsThe introduction of new alternative providers to deliver primary care services in England has not led to improvements in quality and may have resulted in worse care. Regulators should ensure that new entrants to clinical provider markets are performing to adequate standards and at least as well as traditional providers.

Project description:BackgroundPatent and Proprietary Medicine Vendors (PPMVs) play a major role in Nigeria's health care delivery but regulation and monitoring of their practice needs appreciable improvement to ensure they deliver quality services. Most PPMVs belong to associations which may be useful in improving their regulation. However, little is known about how the PPMV associations function and how they can partner with relevant regulatory agencies to ensure members' compliance and observance of good practice. This study sought to describe the PPMV associations' structure and operations and the regulatory environment in which PPMVs function. With this information we explore ways in which the associations could help improve the coverage of Nigeria's population with basic quality health care services.MethodsA mixed methods study was conducted across four rural local government areas (LGAs) (districts) in two Nigerian states of Bayelsa and Oyo. The study comprises a quantitative data collection of 160 randomly selected PPMVs and their shops, eight PPMV focus group discussions, in-depth interviews with 26 PPMV association executives and eight regulatory agency representatives overseeing PPMVs' practice.ResultsThe majority of the PPMVs in the four LGAs belonged to the local chapters of National Association of Patent and Proprietary Medicine Dealers (NAPPMED). The associations were led by executive members and had regular monthly meetings. NAPPMED monitored members' activities, provided professional and social support, and offered protection from regulatory agencies. More than 80% of PPMVs received at least one monitoring visit in the previous 6 months and local NAPPMED was the organization that monitored PPMVs the most, having visited 68.8% of respondents. The three major regulators, who reached 30.0-36.3% of PPMVs reported lack of human and financial resources as the main challenge they faced in regulation.ConclusionsQuality services at drug shops would benefit from stronger monitoring and regulation. The PPMV associations already play a role in monitoring their members. Regulatory agencies and other organizations could partner with the PPMV associations to strengthen the regulatory environment and expand access to basic quality health services at PPMV shops in Nigeria.

Dataset Information

The role of product development practices on new product performance: Evidence from Nigeria's financial services providers.

Publications

The role of product development practices on new product performance: Evidence from Nigeria's financial services providers.

Similar Datasets

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