Seminar Paper on Product Innovation on Marketing Performance and Auto Spare Parts Business in Lagos
Purpose of the study
- To find out the impact of product innovation on marketing performance of auto spare parts business in Lagos
- To ascertain the influence of product innovation on the performance of auto spare parts business Lagos
REVIEW OF RELATED LITERATURE
Product Innovation
Ndesaulwa and Kikula (2016) define product innovation as the introduction of a good or service that is new or significantly improved regarding its characteristics or intended uses. Innovativeness on this respect represents the ability to change the product or service that are taken to market whether incrementally or radically (Lotz & Merwe, 2013). Product innovation is the precursor to product success which is sequentially linked to sustainable business growth .He further adds that the process associated in the bringing of new or better manufactured products or service from a firm to a market can be in context to the ones that are familiar to the firm, but new to the market. Or rather familiar to the market but new to the organization or can be in no familiarity to both the firm and the market (Varma, 2015). Olsen (2015) poises that, product innovation calls for introduction of a product or services that is new or significantly improved with respect to its characteristics or intended usage. He also adds that it is done to modify and improve on the functioning quality of the product in a manner that is to enhance value to the product consumers or the firm. This includes significant improvement on technical specifications or components or materials, user or functional characteristics. Product innovation follows a process of idea creation, discovery, designing and developing it to how the product will be delivered is looked into. Lean product production and re-engineering has been seen as the new innovative way of startups (Jim. 2009). Past studies by researchers has cited product innovation as a very vital element in the long-term survival of a firm. Providing value to customers is the starting point and critical to the market you are trying to serve as value proposition is instantly picked by customers since they know what they want in a product, (Wunker, Watmann & Farber, 2017). The current study sought to establish the dimensions of product innovation among auto-parts dealers and determine the bottom-line impact of the same to enterprise growth.
Research methodology
Research Design
The research design adopted in this research work is the survey research design which involves the usage of self-designed questionnaire in the collection of data. Under the survey research design, primary data of this study will be collected from selected auto spare parts dealers in Lagos in order to determine the product innovation on marketing performance and auto spare parts business. The design was chosen because it enables the researcher to collect data without manipulation of any variables of interest in the study. The design also provides opportunity for equal chance of participation in the study for respondents.
DATA PRESENTATION, ANALYSIS AND DISCUSSION
This chapter is about the analysis and presentation of data collected from the field through questionnaire. The analysis of the data with particular question immediately followed by the presentation of findings.
As mentioned in chapter three, 75 questionnaires were administered and 50 were retrieved and necessary analysis was carried out on them and presented as follows:
SUMMARY, CONCLUSION AND RECOMMENDATION
Summary
This study was on product innovation on marketing performance and auto spare part business in Lagos. Two objectives were raised which included: To find out the impact of product innovation on marketing performance of auto spare parts business in Lagos and to ascertain the influence of product innovation on the performance of auto spare parts business Lagos. The total population for the study is 75 dealers of auto spare parts in Lagos. The researcher used questionnaires as the instrument for the data collection. Descriptive Survey research design was adopted for this study. The data collected were presented in tables and analyzed using simple percentages and frequencies
Conclusion
Innovation is determined by organization culture and there is a relationship that exists between innovation and finance. It is all about people when it comes to innovation while there are industries that are more inclined to innovation than others. Further, competition drives innovation that getting innovative ideas is very easy. Technology systems and processes affect innovation and organization policies affect innovation. Innovation also comes with many challenges with the biggest problem in innovation being generation of new ideas. Finally, not all new ideas are innovations and to sustain performance, automotive industry need to be innovative.
Recommendation
From the study findings, organisation strategy and goals impacts innovation and innovation is determined by organisation culture. There is a relationship between innovation and finance and it is all about people when it comes to innovation. It was observed that there are industries that are more inclined to innovation than others and that competition drives innovation. Therefore, organisation strategy and goals should always be tailored to promoting innovation. People should be considered and encouraged to innovate so that the organisation may remain competitive and be a market leader.
References
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