Frugal Innovation and Business Success of Food and Beverage Firms in South-South
Publication Date: 02/05/2024
Author(s): Ifekanandu Chukwudi Christian (Ph.D.), Ihuoma Chukwudi Ifekanandu.
Volume/Issue: Volume 4 , Issue 2 (2024)
Abstract:
This study examined frugal innovation and business success of food and beverage firms in South-South Nigeria. The study employed the correlational research design. The population of this study consisted of all the 82 registered food and beverage firms in South-South Nigeria. The unit of analysis was made up of managers of the selected food and beverage firms in South-South Nigeria. The sample size was determined using the Taro Yamene’s formula. A structured questionnaire was used to elicit data from the respondents. The data collected were analyzed statistically while the Pearson Product Moment Correlation Coefficient (PPMCC) was used to test the formulated hypotheses. The SPSS software program version 24 was used to correlate the data collected on the study variables. The findings revealed that value innovation has a significant relationship with business success (sales growth and profitability growth) of food and beverage firms in South-South Nigeria. This study also reported that cost cutting advancement has significant positive with business success (sales growth and profitability growth) of food and beverage firms in South-South Nigeria. The study equally revealed that technological innovation has a significant relationship with business success (sales growth and profitability growth) of food and beverage firms in South-South Nigeria. Based on these findings, it was concluded that frugal innovation is a significant predictor of business success of food and beverage firms in South-South Nigeria. Based on the findings and conclusion, it was recommended that food and beverage firms in South-South Nigeria should practice frugal innovation as it would enhance business success of food and beverage firms in South-South Nigeria.
Keywords:
Frugal innovation, value innovation, cutting edge advancement, technological innovation, business success, sales growth and profitability growth.
