Innovation Strategies and Sales Performance of Food and Beverages Firms in Rivers State

Abstract

The study examined the relationship between Innovation Strategies and Sales Performance of food and beverage firms in Rivers State. The study adopted descriptive survey design using a quantitative approach; the population consisted of 25 Food and Beverages Firms in Rivers State. Sequel to the population of the study, which is 25 food and beverages firms, the study adopted a census study with a focus on the managerial staff (production manager, quality control manager, marketing manager and procurement manager). The questionnaire was distributed in the frame of four (4) copies per firm. A total of one hundred (100) copies of the questionnaire were distributed. The reliability of the instrument was determined using Cronbach's alpha test. The data collected for this study were analyzed through descriptive and inferential statistics. The Spearman Rank Order Correlation Technique was employed to test the various hypotheses formulated. It was confirmed that innovation strategies via its dimensions showed a significant relationship with sales performance of food and beverage firms in Rivers State. The study concluded that innovation strategies are significant predictors of sales performance of food and beverage firms in Rivers State. The study recommends amongst others that food and beverage firms in Rivers State that are experiencing low sales performance should embark on incremental innovation as this would increase their level of performance and that they should adopt radical innovation strategy by making some major adjustments to their existing products as this would attract more customers to the firm and increase their sales.