Abstract:
The broad objective is to examine the effect of crowdsourcing on social media in new product development. However, the study specifically investigated the effect of crowdsourcing on new product development in Nigeria; examined the effect of social media on new product development in Nigeria; determined the correlation between crowdsourcing and social media in Nigeria and examined the relationship between crowdsourcing and social media on new product in Nigeria. Primary sources of data were used in this study which was sourced from the selected elements of the population. Pearson correlation and regression analysis were used as the estimation techniques in the study. The result of the correlation analysis revealed that new product social media (NPSM) and crowdsourcing (CS) has positive and significant relationship between the two variables, NPSM and BP shows a positive correlation between NPSM and BP, the correlation value of NPSM and firm performance (FP) depicts a positive relationship between each other, while the result of NPSM and customer convenience shows positive correlation between the two variables. The regression coefficient revealed that at constant, there exist positive but insignificant impacts on the dependent variable. Furthermore, crowdsourcing coefficient exhibits a positive and significant impact on the new product social media, business productivity (BP) exhibits negative and insignificant impact on new product social media, firm performance has a positive impact but not significant to influence new product social media, while customer convenience has positive and significant impact on new product social media during the study period.