New Product Development and Competitive Advantage of Selected Companies in the Food and Beverages Industry in Lagos State, Nigeria

Food and beverages manufacturing companies in Nigeria have been confronted with plague of ineffective product research and development activities which probably resulted in low competitive advantage. The study investigated the relationship between new product development and competitive advantage in the food and beverages industry. Survey research design was adopted for the study. Sample size of 364was selected. A structured questionnaire was used. Data generated were analysed using correlation analysis. Result revealed a significant relationship between new product
development and competitive advantage. Study recommended that food and beverages companies marketing managers should introduce satisfactory new products to achieve competitive advantage.