Innovative strategies and firm growth: evidence from selected fast moving consumer goods firms in Lagos state, Nigeria
Critical to the sustainability and continuous success of every organization is the performance concept. Hence, the cardinal goal of every organization is to achieve sustainable progressive performance for their organization. Several factors have been found to contribute to the performance of an orga...
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| Format: | Article |
| Language: | English |
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LLC "CPC "Business Perspectives"
2019-06-01
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| Series: | Problems and Perspectives in Management |
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| Online Access: | https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/12049/PPM_2019_02_Binuyo.pdf |
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| author | Adekunle Oluwole Binuyo Hillary Ekpe Babatunde Oloyede Binuyo |
| author_facet | Adekunle Oluwole Binuyo Hillary Ekpe Babatunde Oloyede Binuyo |
| author_sort | Adekunle Oluwole Binuyo |
| collection | DOAJ |
| description | Critical to the sustainability and continuous success of every organization is the performance concept. Hence, the cardinal goal of every organization is to achieve sustainable progressive performance for their organization. Several factors have been found to contribute to the performance of an organization. While empirical evidence indicated that innovativeness is one of the major determinants of organizational performance, many fast moving consumer goods (FMCG) were slow in their demonstration of innovative capability and it has been noted that the performance of these companies has not been impressive possibly due to the slow pace of innovativeness in the industry. This study thus investigated the effect of innovative strategies on the growth of selected FMCG firms in Lagos state, Nigeria. Survey research design was adopted for the study. The population comprised 1,337 top and middle level management staff of four notable players in the FMCG industry in the state (Honeywell flower mills Plc, Dangote flower mills, Unilever Nigeria Plc, and Cadbury Nigeria Plc). Through proportionate stratified random sampling technique, 400 out of 1,337 were sampled for the study. Four hundred copies of a validated questionnaire with Cronbach’s alpha reliability coefficient ranging from 0.731 to 0.956 were administered to the sample with a response rate of 84.25%. Data were analyzed using both descriptive, as well as inferential statistics. Finding revealed that innovative strategies had a significant effect on growth of FMCG firms in Lagos state, Nigeria (R2 = 0.724, β = 0.887, t = 29.663, P ≤ 0.05). The study recommends that FMCG firms management need to initiate policies that will enhance innovativeness possibly through creation and proper funding of the research and development department to effectively drive growth of FMCG firms. |
| first_indexed | 2024-04-13T16:14:56Z |
| format | Article |
| id | doaj.art-5ded05480ced4db7bdadd654c355e08f |
| institution | Directory Open Access Journal |
| issn | 1727-7051 1810-5467 |
| language | English |
| last_indexed | 2024-04-13T16:14:56Z |
| publishDate | 2019-06-01 |
| publisher | LLC "CPC "Business Perspectives" |
| record_format | Article |
| series | Problems and Perspectives in Management |
| spelling | doaj.art-5ded05480ced4db7bdadd654c355e08f2022-12-22T02:40:06ZengLLC "CPC "Business Perspectives"Problems and Perspectives in Management1727-70511810-54672019-06-0117231332210.21511/ppm.17(2).2019.2412049Innovative strategies and firm growth: evidence from selected fast moving consumer goods firms in Lagos state, NigeriaAdekunle Oluwole Binuyo0Hillary Ekpe1Babatunde Oloyede Binuyo2Associate Professor, Business Administration and Marketing Department, Babcock UniversityM.Sc., Business Administration and Marketing Department, Babcock UniversityM.Sc., Economics Department, Babcock UniversityCritical to the sustainability and continuous success of every organization is the performance concept. Hence, the cardinal goal of every organization is to achieve sustainable progressive performance for their organization. Several factors have been found to contribute to the performance of an organization. While empirical evidence indicated that innovativeness is one of the major determinants of organizational performance, many fast moving consumer goods (FMCG) were slow in their demonstration of innovative capability and it has been noted that the performance of these companies has not been impressive possibly due to the slow pace of innovativeness in the industry. This study thus investigated the effect of innovative strategies on the growth of selected FMCG firms in Lagos state, Nigeria. Survey research design was adopted for the study. The population comprised 1,337 top and middle level management staff of four notable players in the FMCG industry in the state (Honeywell flower mills Plc, Dangote flower mills, Unilever Nigeria Plc, and Cadbury Nigeria Plc). Through proportionate stratified random sampling technique, 400 out of 1,337 were sampled for the study. Four hundred copies of a validated questionnaire with Cronbach’s alpha reliability coefficient ranging from 0.731 to 0.956 were administered to the sample with a response rate of 84.25%. Data were analyzed using both descriptive, as well as inferential statistics. Finding revealed that innovative strategies had a significant effect on growth of FMCG firms in Lagos state, Nigeria (R2 = 0.724, β = 0.887, t = 29.663, P ≤ 0.05). The study recommends that FMCG firms management need to initiate policies that will enhance innovativeness possibly through creation and proper funding of the research and development department to effectively drive growth of FMCG firms.https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/12049/PPM_2019_02_Binuyo.pdfFMCGgrowthinnovationLagos stateperformance |
| spellingShingle | Adekunle Oluwole Binuyo Hillary Ekpe Babatunde Oloyede Binuyo Innovative strategies and firm growth: evidence from selected fast moving consumer goods firms in Lagos state, Nigeria Problems and Perspectives in Management FMCG growth innovation Lagos state performance |
| title | Innovative strategies and firm growth: evidence from selected fast moving consumer goods firms in Lagos state, Nigeria |
| title_full | Innovative strategies and firm growth: evidence from selected fast moving consumer goods firms in Lagos state, Nigeria |
| title_fullStr | Innovative strategies and firm growth: evidence from selected fast moving consumer goods firms in Lagos state, Nigeria |
| title_full_unstemmed | Innovative strategies and firm growth: evidence from selected fast moving consumer goods firms in Lagos state, Nigeria |
| title_short | Innovative strategies and firm growth: evidence from selected fast moving consumer goods firms in Lagos state, Nigeria |
| title_sort | innovative strategies and firm growth evidence from selected fast moving consumer goods firms in lagos state nigeria |
| topic | FMCG growth innovation Lagos state performance |
| url | https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/12049/PPM_2019_02_Binuyo.pdf |
| work_keys_str_mv | AT adekunleoluwolebinuyo innovativestrategiesandfirmgrowthevidencefromselectedfastmovingconsumergoodsfirmsinlagosstatenigeria AT hillaryekpe innovativestrategiesandfirmgrowthevidencefromselectedfastmovingconsumergoodsfirmsinlagosstatenigeria AT babatundeoloyedebinuyo innovativestrategiesandfirmgrowthevidencefromselectedfastmovingconsumergoodsfirmsinlagosstatenigeria |