Optimizing the Synergy between Behind the Veil Activities and Commercialization in Product Development and Management; Focus – Nigeria Industrial Sector
This study is on the optimization of the synergy relationship between activities in the behind the veil phases of product development and management and commercialization, thus investigated the extent to which product and portfolio strategy formulation and management aid efficiency in the management of the relationship between behind the veil activities and commercialization among other things. Data for this study were sourced at the Corporate Headquarter of selected firms, in the industrial sector of Nigeria using structured open and close ended questionnaire as well as interview. Questionnaire were administered at 5(five) copies per firm and were scaled based on the 5(five) scale modified likert ranking model and were analyzed based on the use of regression statistical model. The findings of this study revealed that; Product and portfolio strategy formulation and management; Technology and market potential assessments and Preliminary identification of customer needs, market segments, and competitive situation, and business prospects in alignment with corporate plans respectively significantly affect efficiency in the management of the relationship between behind the veil activities and commercialization in new product development and management. Based on the findings, recommendations are that organization in the Nigeria industrial sector should encourage team work relationship among personnel in all the phases (vertically or horizontally) in new product development and management; research work on market needs, size and trend; good quality information management, use of risk mapping devices as well as proper market segmentation policies as marketing management activities along the lanes of new product development and management in the industrial sector of Nigeria.
