Chapter One — 1.1 Background to the Study

Over the past decade, the relationship between product lifecycle management and product adoption rate has become a subject of considerable debate among scholars and industry practitioners alike, particularly within the context of Selected Commercial Banks in Nigeria where operating conditions differ markedly from more developed markets.

Selected Commercial Banks in Nigeria presents a useful setting for examining this relationship precisely because the conditions there — structural, regulatory, and behavioural — differ from those typically assumed in the broader literature, most of which draws on evidence from more developed economies.

1.2 Statement of the Problem

While product lifecycle management is widely discussed in policy and industry circles, empirical evidence on its actual effect on product adoption rate within Selected Commercial Banks in Nigeria remains sparse and, in places, contradictory. This lack of localized, rigorous evidence makes it difficult for decision-makers to know with confidence whether current approaches to product lifecycle management are helping or hindering product adoption rate — a gap this study sets out to close.

1.3 Objectives of the Study

1. To examine the effect of Product Lifecycle Management on product adoption rate in Selected Commercial Banks in Nigeria.
2. To assess the extent to which product lifecycle management influences product adoption rate within the study area.
3. To identify the challenges associated with product lifecycle management in relation to product adoption rate.
4. To recommend strategies for optimizing product lifecycle management in order to improve product adoption rate.

1.4 Research Questions

1. What is the effect of product lifecycle management on product adoption rate in Selected Commercial Banks in Nigeria?
2. To what extent does product lifecycle management influence product adoption rate within the study area?
3. What challenges are associated with product lifecycle management in relation to product adoption rate?
4. What strategies can be adopted to optimize product lifecycle management in order to improve product adoption rate?

1.5 Significance of the Study

Beyond its academic contribution to the field of product management, this study has practical value for management teams within Selected Commercial Banks in Nigeria seeking to understand how product lifecycle management translates into measurable outcomes around product adoption rate. It is equally useful to students and future researchers looking for a localized empirical reference on this relationship.

1.6 Scope of the Study

In terms of scope, this MSc study confines itself to Selected Commercial Banks in Nigeria, focusing specifically on how product lifecycle management relates to product adoption rate within that setting. Findings are interpreted within these boundaries rather than as universal claims applicable to every organization or market.