Market Innovation and Economic Sustainability of Publishing Firms in Southwest Nigeria.

Abstract:

Purpose: This study examined the effect of market innovation on the economic sustainability of publishing firms in Southwest Nigeria following a dwindling performance due to overreliance on foreign materials, piracy and foreign exchange volatility. Method: The study adopted a cross-sectional survey research design. Market innovation was measured across four dimensions: digital product introduction, product adaptation, customer feedback and market niche. Economic sustainability was proxied by output/sales volume. Primary data were collected and analyzed using multiple regression. Results: Digital product introduction, product adaptation, and customer feedback have positive and significant effects on economic sustainability, while market niche has an insignificant effect. On the whole, market innovation significantly improves the economic sustainability of publishing firms. Implications: The economic sustainability of the publishing firms will be difficult to come by if they fail to strengthen their online presence with dedicated staff for digital content, develop diverse learning materials for different learner categories, and maintain effective customer feedback channels for continuous improvement. Originality: The study provides empirical evidence on the impact of specific market innovation dimensions on the economic sustainability of publishing firms in Southwest Nigeria, introducing a market niche and economic sustainability into the model, moving beyond previous studies in Nigeria.