Influence of Strategic Product Innovation on Performance of Women-Owned SMEs in Port Harcourt, Nigeria
Keywords:
Strategic product innovation, Performance, Women-owned SMEsAbstract
Purpose: The purpose of this study was to explore the influence of strategic product innovation on the performance of women-owned SMEs in Port Harcourt, Nigeria.
Methodology: A descriptive research design was utilized in this study. The target population consisted of 200 women-owned SMEs operating in Port Harcourt, Nigeria. A stratified random sampling technique was used to select a sample of 100 SMEs. Data was collected through semi-structured questionnaires and analyzed using SPSS version 27. Linear regression analysis was conducted to determine the relationship between strategic product innovation and SME performance.
Findings: The results indicated that strategic product innovation had a positive and significant influence on the performance of women-owned SMEs in Port Harcourt. The null hypothesis was rejected, suggesting that there was a significant relationship between strategic product innovation and SME performance.
Recommendations: Based on the study findings, it was recommended that SMEs should allocate resources to conduct thorough market research and analyse customer needs and preferences. This will enable them to identify gaps in the market, tailor their products and services to specific customer segments, and ultimately enhance their performance. SMEs should also embrace a proactive approach to product development and innovation, constantly seeking new opportunities and refining their offerings based on customer feedback and market trends.
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