Product Elimination In The Nigerian Insurance Industry

Abstract

Traditionally, organizations have focused their attention on new product
development giving little or no consideration to product elimination. However, there is a growing interest in the way products are eliminated in order to prevent purchase discontinuity. This study presented empirically the ways products should be eliminated in the Nigerian insurance industry. Specifically, it examined the factors normally considered before elimination decisions are taken, and the key problems encountered during elimination processes. The data obtained through a structured questionnaire were analyzed and provided a ranking of the variables relevant to the elimination process. As observed, government policies and regulations as well as operational problems are the most important factors leading to elimination process in insurance industry. The paper also reported that the most difficult problem encountered during the elimination process is maintaining customer's goodwill.