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“Innovative strategies and firm growth: evidence from selected fast moving consumer goods firms in Lagos state, Nigeria”

Authors: BINUYO Babatunde , BINUYO Adekunle , Hillary Ekpe

Publication Type: Journal article

Journal: Problems And Perspectives In Management

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Abstract

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, ? = 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.

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BINUYO,B. BINUYO,A. Hillary,E. . (2019). “Innovative strategies and firm growth: evidence from selected fast moving consumer goods firms in Lagos state, Nigeria”, 17 (), 313-313.

BINUYO,B. BINUYO,A. Hillary,E. . "“Innovative strategies and firm growth: evidence from selected fast moving consumer goods firms in Lagos state, Nigeria”" 17, no (), (2019): 313-313.

BINUYO,B. and BINUYO,A. and Hillary,E. and . (2019). “Innovative strategies and firm growth: evidence from selected fast moving consumer goods firms in Lagos state, Nigeria”, 17 (), pp313-313.

BINUYOB, BINUYOA, HillaryE, . “Innovative strategies and firm growth: evidence from selected fast moving consumer goods firms in Lagos state, Nigeria”. 2019, 17 ():313-313.

BINUYO,Babatunde , BINUYO,Adekunle , and Hillary,Ekpe . "“Innovative strategies and firm growth: evidence from selected fast moving consumer goods firms in Lagos state, Nigeria”", 17 . (2019) : 313-313.

B.Babatunde B.Adekunle & H.Ekpe , "“Innovative strategies and firm growth: evidence from selected fast moving consumer goods firms in Lagos state, Nigeria”" vol.17, no., pp. 313-313, 2019.

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