The Impact Of Product Innovation On The Growth Of A Firm

STATEMENT OF PROBLEM

The business environment is fast changing competitions emerging derby business decisions and action becoming more risky as the market demands and needs are fluctuation daily external force is forcing many business organization to move outward through innovation.

Firms, in the presence of these circumstances have to survive and grow or die prematurely. Given the rapid change on taste, technology and competition, it become risky for a company to rely on its existing product. This is so dynamic, customers want and expect new and adversely unfavorable to Nigeria Breweries plc if it fails to apply adequate attention to it. Nigerian Breweries Company will branch a new product today tomorrow if they discover that rival firms having flooded the market with similar product satisfying the same needs.

This is a result of the reason why maltina sip-it was introduced to capture a sector of drink market and also respond to the major activities of the major competitors just as they suggest; sip- is for convenient carriage. What you can take at interval without necessary gulling the liquid at a time. Maltina sip-it is a modification of maltina drink in the bottle. It was made to satisfy customers who needed to quench their taste anytime anywhere of which maltina sip- it was now put in a disposal pack for easy carriage the basic aim of the business organization is to constantly satisfy the needs and wants of its customer in the face of all these constraints by coming up with new product, service and idea. Hence the mission statement of Nigeria Breweries plc read to be leading beverage in Nigeria marketing consumer satisfaction in an environmentally friendly ways.

 1.3   OBJECTIVE OF THE STUDY

The primary purpose of the study is to llok at the impact of product innovation on the growth of a firm. This study specially will almost others try it:

Determine if it pays to become involved in innovative activities

Determine the effects of innovation on firms performance

Does it contribute to a firms growth or both or neither:

Find out whether product modification increase market acceptance of new products.

Determine if product innovation increase the sales volume of new products.

Identify whether there is a significant difference between the sales revenue of a product before and after innovated upon.

 1.4   RESEARCH QUESTIONS

To what extent has Nigeria breweries Awo Owanma Owrri succeed in creating awareness for its product?

 Does a consumer respond positively to the purchase of your company’s new product?

Does product innovation the brewery industry bring about increase in sales volume?