Putting Product Development in its Place

Any strategy for new product development must be the responsibility of the marketing department, with a concerted effort to invite, encourage and reward ideas from other sectors of the organisation. Product development will follow the principles of the product's and customer's life cycle, entailing following through ideas and plans, keeping track of marketplace growth and changes and providing products to match. Bank structure will determine product rise and fall, through effective sales follow‐up and network design. Focus must be business (as opposed to product) development, with products merely a manifestation of perceived market needs and wants.