International Journal of Research Studies in Management
CollabWritive Special Issue
2024 Volume 12 Issue 1
Available Online: 2 March 2024
Author/s:
Ni, Chunmei
Graduate School, Lyceum of the Philippines University – Batangas, Philippines
Abstract:
The study aimed to assess the new product development practices, marketing performance and financial performance of health management Industries and China that was made the basis in developing a financial success framework. The study utilized the self-made questionnaire as the data-gathering instrument. Participants of the study were 400 employees from mature enterprises in Shanghai, Shandong, Henan, Hubei, and Sichuan provinces. Weighted mean and rank were used to describe the marketing performance as to customer acquisition cost (CAC), customer lifetime value (CLTV) and customer satisfaction; assessed their financial performance as to profitability, liquidity and solvency. Spearman rho was used to test the significant relationship as part of the non-parametric tests. All analyzes were performed using SPSS version 28. The study revealed that the respondents had a strong agreement on the importance of the new product development (NPD) practices and it is a clear indication that these practices are essential for success in today’s competitive market. They agreed on the financial performance focusing on profitability, liquidity, and solvency that can create a financially strong business that will be able to thrive in the competitive healthcare industry. They also agreed on customer acquisition, customer lifetime value, and customer satisfaction indicates that these factors are critical for success in the health management industry. There was very strong direct relationship between new product development practices, marketing performance, and financial performance in health management industries which highlights the crucial role of innovation and effective marketing strategies in achieving business success.
Keywords: new product development practice, marketing strategies, financial performance, financial success
DOI: https://doi.org/10.5861/ijrsm.2024.1010
Cite this article:
Ni, C. (2024). New product development practices, marketing performance and financial performance of health management industries: Basis for financial success drivers’ framework. International Journal of Research Studies in Management, 12(1), 119-131. https://doi.org/10.5861/ijrsm.2024.1010