IMPACT OF STRATEGIC MANAGEMENT OF INNOVATION ON THE PERFORMANCE OF SMES IN NIGERIA
- Post by: airjournals
- February 16, 2023
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Abstract
The study sought to examine impact of strategic management of innovation on the performance of SMEs in Nigeria. The specific objectives are to: investigate the effect of product innovation on the performance of SMEs in Nigeria, determine the effect of service provision innovation on the performance of SMEs in Nigeria and ascertain the impact of market innovation on the performance of SMEs in Nigeria. A descriptive survey design was adopted for the study. The Instrument used for data collection was the structured questionnaire. Regression tool was used to test the hypotheses. The findings indicated that product innovation had positive significant effect on performance of SMEs in Nigeria (coff= .335, p-value<0.000), service provision innovation had positive significant effect on performance of SMEs in Nigeria (coff = .345, p-value<0.000) and market innovation had positive significant effect on the performance of SMEs in Nigeria (coff = .366, p-value<0.000). The study concluded that that product innovation, service provision innovation, and market innovation has positive significant effect on performance of SMEs in Nigeria. The study were recommended that management of SMEs should continue to increase product innovation through adoption of new technological equipment in order to sustain existing customers, managers of SMEs should continue to work head on maintaining effective and efficient service at any particular point in time to enable customers to access information any time and management should continue to maintain market innovation right over individual workers and customers by continue to cultivate it as policy and regulations of the firms.
Keywords: Strategic Management; Performance of SMEs; Innovation; Nigeria
Authored by
1Okafor, Ozoemena Christian PhD; 2Oluka, Kingsley Ugochukwu