The Effect of Product Development Strategies on the Corporate Performance of Locally Owned Commercial Banks in Kenya
Abstract
The study established that product development strategies significantly enhance the corporate performance of locally owned commercial banks in Kenya. Findings revealed that introducing new products and continuously improving existing ones positively influenced customer satisfaction, competitiveness, and overall financial performance. Product development was highlighted as a key driver of innovation, enabling banks to respond effectively to dynamic customer needs and market shifts. The study recommends that banks should regularly review and update their product portfolios, ensuring alignment with evolving customer preferences and technological trends. By leveraging product development, banks can strengthen resilience, sustain growth, and maintain competitiveness in the increasingly dynamic financial environment.
Keywords: Growth Strategies, Corporate Performance, Product Development, Market Development, Market Penetration, Diversification
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