New Product Management Strategies on The Market Performance of Small and Medium-Tier Deposit-Taking Saccos in Kenya
DOI:
https://doi.org/10.55077/edithcowanjournalofstrategicmanagement.v8i1.138Keywords:
New Product Management Strategies Market Performance Small And Medium-Tier Deposit-Taking Saccos Product Diffusion New Product Introduction. Product Re-Engineering. Product Line ExtensionAbstract
Purpose: The aim of the research was to evaluate the effect of new product management strategies on the market performance of small and medium-tier deposit-taking SACCOs in Kenya.
Design/ methodology/ approach: The study employed a positivism philosophy, and acceded to descriptive research design. A census of was carried out; data collection was carried out using questionnaires that were physically or electronically allotted to the key respondents' CEOs. Data analysis employed descriptive and inferential statistics to deduce the characteristics and significance of the relationships among variables. The inferential analysis provided correlation and regression outputs showing the variables' relationships and predictions. The inferential analysis gave rise to simple regression models and multiple linear regression with models such as R-square (R2), Anova statistics (F-statistics and P-value), the regression coefficient of Beta statistics (β), t-value, and p-value.
Findings: The results indicates that new product management strategies possess a constant with a β value of 1.076 and an associated P-value of 0.000. Additionally, the new product management strategies variable holds a β value of 0.665 with an associated P-value of 0.000. Consequently, both the constant and the coefficients for new product management strategies are statistically significant within the model. Thus, the study found a strong positive linear relationship between new product management strategies and market performance, with new product management strategies explaining a significant portion of the variance in market performance.
Unique contribution to theory, policy and practice: The study established a statistically significant link between new product management strategies and the market performance of small and medium-tier deposit-taking SACCOs in Kenya, indicating that such strategies greatly influence market outcomes. Although most SACCOs scored moderately (means of 3.81 and 3.76) in introducing new products and extending product lines, these strategies still contributed positively to performance. The study recommends that SACCOs strengthen high-performing strategies such as product diffusion and product re-engineering (means of 4.07 and 4.04) to further boost market performance and overall success.
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