THE IMPACT OF THE NEW PRODUCT DEVELOPMENT PROJECT ON THE SUCCESS OF FINANCIAL SERVICES

This article explores the impact of a number of aspects of the new pro duct development project on the success of new financial services in t he United Kingdom. It is found that synergy between the new product an d the organisation, and the quality of internal marketing are particul arly associated with eventual success for the new product. Technologic al advantage, market research and responsiveness (i. e. speed of devel opment) are also associated with success. Banks seem to be particularl y effective in their use of market research, whereas Building Societie s are good at internal marketing and synergy. New interest accounts ha ve been particularly successful due to the use of market research and the speed of their development.