IMPACT OF PRODUCT INNOVATION ON THE GROWTH OF A FIRM
Need help with a related project topic or New topic? Send Us Your Topic
DOWNLOAD THE COMPLETE PROJECT MATERIAL
IMPACT OF PRODUCT INNOVATION ON THE GROWTH OF A FIRM
ABSTRACT
The research focuses on the influence of product innovation on a firm’s growth; that is, the yield generated by innovating products. This impact includes high profitability, increased scale volume, increased sales volume, increased market share, and a strong competitive edge.
This work is organised into five chapters, each of which shows the study’s overview, the Nigeria Breweries plc background, the problem statement, and the study’s objectives. It also describes the research topics, the study’s significance and scope,
its limitations, and the definition of words. Chapter two contains a literature review that includes various definitions of innovation, concepts of innovation, why organisations innovate, innovation strategies, and other topics pertinent to this study.
The third chapter includes the research methodology and design, introduction, research design, data collection sources/methods, population and sample size, sample procedure,
measurement instrument validity and reliability, and data analysis method. The fourth chapter covers data presentation and analysis, data introduction and display, and data interpretation.
Chapter five contains recommendations for solutions, such as improving marketing research and development. The recommended solutions include an appropriate distribution plan to ensure that the product is available at the right time, place, amount, and quality, a summary of findings, conclusion, references, and an appendix.
Chapter One:
1.0 Introduction
The research work looks into
This study investigates the relationship between creative activity, profitability, and business growth at Nigeria Breweries Plc. Awo – Ommama Owerri: Innovation is the future of any firm, and without it, new items will flood in.
This is because the corporate environment is rapidly changing and becoming increasingly competitive, resulting in changes in consumer tastes and wants.
‘In this study, the researcher addressed a major issue in innovative investigations, which is
PERFORMANCE: Is it worthwhile to get active in activities? What form do the advantages of innovation take? Does innovation increase short-term profitability, contribute to growth, or neither?
One key aspect of innovation is that it is not without cost; it necessitates the creation of tangible and intangible assets, which raises production costs. The second major point about innovation and firm performance is that the discovery of new or technically superior products creates temporary monopolies, which increases firm performance.
However, such transitory imperfect competition is clearly exploitable in at least two ways. On the other hand, corporations can raise prices in response to imperfect competition, which can plainly be abused in at least two ways.
Firms, on the other hand, can raise prices as a result of their imperfect competition advantage and low sales returns. Alternatively, enterprises can keep prices low, resulting in a more or less abrupt improvement in the product’s price-quality ratio. Innovation can help increase sales and profitability (however assessed), but it will also help the firm grow.
However, Nigeria Breweries Plc, also known as Ommama Owerri, has a higher rate of sales growth (which means that the absolute amount of profit grows quicker than in non-innovating firms), as well as a greater impact of innovation on growth.
1.1 Background of the Study
Nigeria Breweries plc (NBPLC) is the country’s first brewery, established on November 16, 1946, and began commercial production in 1949. It was described as a joint venture between the United African Company (UAC) International of the United Kingdom and Heineken of Holland. As a result, it was entirely owned by foreigners from the start.
Today, the corporation is 60% Nigerian and 40% foreign-owned. WA Holdings Ltd (for UNILEVA) and Heineken Bro Uwerijen BV account for about equal 40% foreign ownership.
Its primary businesses include brewing and marketing bigger bear, 33 bear, stout, and non-alcoholic malt drinks, as well as boiling Schweppes soft drink and crush products. It operates from six breweries in Nigeria: Lagos, Aba, Owerri, Kaduna, Ibadan, and Enugu, though the Aba location has recently closed.
Between 1985 and 1996, the company’s productivity and profit declined due to the general recession, dilapidated infrastructure facilities, political instability, and the attendant policy inconsistency and high cost of production.
However, by 1998, the company’s overall performance had improved considerably due to continuous, strong, and innovative efforts and marketing support for all of its locations, as well as enterprise-driven customer service techniques.
All branches include star, gulder, legend extra stout, stout, maltina, and Amstel, as well as a variety of soft drinks – Schweppes firms (Heineken Technical Service, Bv Premiums Beverages International, B.V. Amstel Bro. Uwerijen shares).
It also invested in the proper selection, training, and motivation of its employees, as well as boosting the quality of its brand and significantly expanding into the new technical domain of the brewery industry.
The company’s significant increase in profit after tax from N1.7 billion between 1997 and 2001 reflects the fact that global connectivity through partnering and networking infects dynamic sources of industrial rejuvanation.
With the necessary re-engineering of operations through innovation, proper management, and networking, the firms emerged as a success string in Nigeria.
1.2 Statement of Problem
The business environment is rapidly changing, with new competitions arising that make corporate decisions and actions more risky. As market wants and needs fluctuate on a daily basis, external forces are compelling many commercial organisations to expand outward through innovation.
Firms must survive and thrive in the face of these difficulties or die early. Given the quick changes in taste, technology, and competition, it is dangerous for a corporation to rely on its current offering.
This is so dynamic that customers want and anticipate new and adversely affect Nigeria Breweries plc if it is not pay appropriate attention to it. Nigerian Breweries Company will launch a new product today or tomorrow if it discovers that competitors have flooded the market with identical products that meet the same needs.
This is due to the fact that maltina sip-it was created to grab a segment of the drink market while also responding to the key actions of the major competitors, as the name implies: sip- is for handy carrying. What you can consume at regular intervals rather than gulping the liquid all at once. Maltina sip-it is a bottled version of maltina drink.
It was created to satisfy customers who needed to quench their thirst at any time and from any location. It is now packaged in a disposal pack for easy transport.
The primary goal of the business organisation is to constantly satisfy the needs and desires of its customers in the face of these constraints by developing new products, services, and ideas.
As a result, Nigeria Breweries plc’s mission statement reads that it will be the top beverage company in Nigeria, marketing consumer satisfaction in environmentally friendly ways.
1.3 PURPOSE OF THE STUDY
The study’s major goal is to investigate the impact of product innovation on a firm’s growth. This study, in particular, will encourage many others to try it:
Determine if engaging in innovative activities is profitable. Evaluate the impact of innovation on a firm’s performance and growth.
Determine if product modifications boost market adoption of new items.
Determine if product innovation leads to increased sales volume for new goods.
Identify substantial differences in product sales revenue before and after innovation.
1.4 RESEARCH QUESTIONS
To what extent has Nigerian brewery Awo Owanma Owrri succeeded in raising awareness about its product?
Does a customer respond positively to the purchase of your company’s new product?
Does product innovation in the brewery business lead to increased sales volume?
1.5 Significance of the Study
Business organisations justify their economic and social existence by conducting research on all of the different firms’ brands. As a result of this reality, as well as time, financial, and other constraints, this study will focus on the effects of product innovation on the expansion of Nigeria Breweries plc Awo-Ommama Oweri.
However, for the sake of this study, only the growth effects of innovating were considered constant. Consumers at Federal Polytechnic Nekede, Evan Enwerem University Eating Outlet, supermarket, bar and Nigeria Breweries Plc management staff, as well as Awo-ommama Owerri, are the target demographic.
1.6 SCOPE OF THE STUDY
Numerous brewing industries from across the world are active in the development of their varied consumer products. In the same line, quite a few businesses are concerned with the innovation of their numerous product brands.
The majority of these businesses operate in largely identical ways. It would be impracticable and nearly impossible to perform a location gathering exercise. Despite the fact that the researcher confronted all of these challenges, the research was a success.
1.7 Limitations of the Study
The researcher encountered certain difficulties while doing the investigation. Some of the issues stemmed from the academic strain.
Also, the inconsistency and unresponsiveness of some of the responders demonstrates the financial commitment of travelling to numerous locations to obtain information.
1.8 Definition of Terms:
DILAPIDATED: in a terrible state of repair, falling to pieces.
INNOVATION: the process of making changes by introducing new ideas, methods, and procedures.
Marketing is a human activity that seeks to satisfy wants and needs through exchange.
NETWORK: a close-knit network of enterprises that participate in a n activity with one another, particularly one of the business owners.
REJUVINATE: to make something appear new on the market.
Need help with a related project topic or New topic? Send Us Your Topic