RADICAL INNOVATION STRATEGY AND MARKETING PERFORMANCE OF FOOD AND BEVERAGE MANUFACTURING SMALL AND MEDIUM SCALE ENTERPRISES IN SOUTH-SOUTH, NIGERIA

Abstract

This study explored radical innovation strategy and marketing performance of food and beverage manufacturing Small and Medium Enterprises in South-South Nigeria. The aim of this study was to determine the relationship between radical innovation strategy and measures of marketing performance (customer patronage, sales growth and market share growth) of food and beverage manufacturing Small and Medium Enterprises in South-South Nigeria. In the process of conducting this study, three (3) hypotheses were formulated to address the objectives of the study. The study adopted the correlational survey research design. The population of this study consisted of all the 2,223 registered food and beverage manufacturing Small and Medium Enterprises in South-South Nigeria. The unit of analysis consisted of entrepreneurs (owners/operators) of the registered food and beverage manufacturing Small and Medium Enterprises in South-South Nigeria. A sample size of 339 entrepreneurs was used for the study. The sample size was determined using the Taro Yamene’s formula. A structured questionnaire was used to collect data from the respondents. The data collected were analyzed statistically using percentage and frequency tables, mean and standard deviation while the hypotheses were tested using the Spearman Rank Order Correlation Coefficient (rho). The SPSS version 23.0 was used to perform the bivariate and multivariate analyses. The findings showed that radical innovation strategy has a significant relationship with the dimensions of marketing performance (customer patronage, sales growth and market share growth) of food and beverage manufacturing Small and Medium Enterprises. Based on these findings, it is concluded that radical innovation strategy is a significant predictor of marketing performance of food and beverage manufacturing Small and Medium Enterprises in South-South Nigeria. Therefore, it is recommended that entrepreneurs operating small and medium scale business in South-South Nigeria should adopt radical innovation strategy as it would facilitate the advancement of their marketing performance