Value Innovation Strategies and Sales Growth of Food and Beverage Firms in South-South Nigeria

Abstract

This study examined value innovation strategies and sales growth of food and beverage firms in South-South Nigeria. The study adopted the positivist research philosophy and the correlational research design. The population of this study consisted of all the 82 registered food and beverage firms in South-South Nigeria. The sample size of 68 firms was used for the study. The sample size was determined using the Taro Yamene’s formula. The sampling unit was made up of managers of the 68 selected food and beverage firms in South-South Nigeria. A structured questionnaire was used as the main instrument for data collection. 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 perform the bivariate analysis. The findings revealed that ideation has a significant relationship with sales volume growth of food and beverage firms in South-South Nigeria. This study also found a significant relationship between ideation and sales revenue growth of food and beverage firms in South-South Nigeria. A significant relationship was found between value creation and sales volume growth of food and beverage firms in South-South Nigeria. The study equally found a significant relationship between value creation and sales volume growth of food and beverage firms in South-South Nigeria Based on these findings, it was concluded that value innovation strategies such as ideation and value creation significantly relate to sales growth 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 adopt value innovation strategies as it would enhance the sales growth of their firms.