ABSTRACT

Product innovation has contributed immensely in the performance of many corporate organizations in Nigeria.  It is based on this that the study was designed to investigate the effect of product innovation as an imperative for corporate effective and efficient performance using PZ Nig. Plc. and Unilever Nig. Plc. as study areas.  The study adopted a sample size of 250 out of a population of 700; and questionnaire was used for data collection.  Spearman correlation was used to test the hypothesis which states that product innovation does not enhance corporate performance.  However, this hypothesis was rejected and implied hypothesis was accepted.  Therefore, the research concluded that product innovation not only enhances corporate performance, but also sustains competitive advantage in corporate organization.  Thus, the adoption of innovation strategies, concepts and theoretical framework should be adopted in the corporate organization.

TABLE OF CONTENTS 

Title page - - - - - - - - - i

Declaration - - - - - - - - - ii

Certification - - - - - - - - iii

Dedication - - - - - - - - - iv

Acknowledgement - - - - - - - v

Table of Contents - - - - - - - - vi

List of Tables - - - - - - - - ix

List of figures - - - - - - - - xi

Abstract - - - - - - - - - xii

CHAPTER ONE 

INTRODUCTION

1.1 Background of the Study - - - - - - 1

1.2 Statement of the Problem - - - - - - 3

1.3 Objectives of the Study - - - - - - 4

1.4 Research Questions - - - - - - 4

1.5 Research Hypotheses - - - - - - 5

1.6 Scope of the Study - - - - - - - 5

1.7 Significance of the Study - - - - - - 6

1.8 Limitations of the Study - - - - - - 6

CHAPTER TWO

LITERATURE REVIEW

2.1 Innovation Defined - - - - - - 7

2.2 Sources of Innovation - - - - - - 7

2.3 Types of Innovation - - - - - - 9

2.4 Factors that helps Innovation to Flourish - - -

2.5 The Influence of Innovation on the Development of PZ and 

Guinness Nigeria Plc. - - - - - 13

2.5.1 Definition of Product - - - - - - - 14

2.5.2 Classification of Products - - - - - 16

2.4.3 Product Life Cycle - - - - - - - 22

2.5 New Product Development - - - - - 25

2.5.1 New Product Development Process - - - - 25

2.6 Marketing Significance of New Product Development - 29

2.7 Reasons Why New Product Fail - - - - 30

2.8 Characteristics of Successful New products - - - 31

2.9 Product Introduction Pressure - - - - - 31

2.9.1 Stages in Adoption Process - - - - - 33

2.9.2 Adopter Categories - - - - - - 35

2.10 Factors that Influence the Rate of Adoption - - - 38

CHAPTER THREE

RESEARCH METHODOLOGY

3.1  Research Design - - - - - - - 40

3.2   Study Area - - - - - - - - 40

3.3  Population of Study - - - - - - 41

3.4  Sampling Plan - - - - - - - 41

3.6 Data Collection Procedure - - - - - 42

3.6.1 Instrument - - - - - - - - 42

3.6.2 Sources of Data - - - - - - - - 43

3.6.3 Validity and Reliability - - - - - - 43

3.7 Data Analysis and Hypothesis Testing - - - 43

CHAPTER FOUR

DATA PRESENTATION AND ANALYSIS

4.1 Some Statistical Explanation - - - - - 44

4.2     Testing of Hypotheses - - - - - - 59

SUMMARY, CONCLUSION AND RECOMMENDATION

5.1 Summary of Finding - - - - - - 62

5.2 Conclusion - - - - - - - - 63

5.3 Recommendations - - - - - - - 64

References - - - - - - - - - 65

Questionnaire 

LIST OF TABLES

Table 4.1: Based on allocation of the questionnaires and returns - 45

Table 4.2: Based on the sex of respondents - - - 46

Table 4.3:  Based on the age of respondents - - - 46

Table 4.4: Based on the year of service of the respondents - 47

Table 4.5:    Based on the present position of the respondents in the 

Company - - - - - - - 48

Table 4.6: Is your company profit oriented? - - - - 48

Table 4.7:  Based on respondents answer to methods of new idea open 

to their company - - - - - - 49

Table 4.8:  Based on respondents answer to effective marketing strategy 

account for the success of the marketing innovation 49

Table 9: Based on the respondents answer to the implementation of 

the company’s product policies - - - - 50

Table 4.10:  Based on the motivation of employee sales force team - 50

Table 4.11:  Can a defect in a product result to it’s failure? - 51

Table 4.12: What strategies does your company adopt in locating 

target markets? - - - - - - 51

Table 4.13: Based on the product failure due to lack of product 

meaningful uniqueness to consumers - - - 52

Table 4.14: Is Foreign Products better than locally produced one? - 52

Table 4.15:  Based on the factors affecting the demand for the 

company’s product - - - - - 53

Table 4.16: Based on the bases of the product planning policy - 54

Table 4. 17: Is your company a product leader or follower? - 54

Table 4.18: Is the reputation of the company responsible for the 

success of a product? - - - - - 55

Table 4.19: Should promotional activities continue even when 

demand exceeds capacity? - - - - 55

Table 4.20: Is the satisfaction of the consumer a social and economic 

justification of a company existence - - - 56

Table 4.21: Is the same marketing channel with your competitors 

desirable? - - - - - - - 56

Table 4.21: Does your company test the market before a new product 

is introduced - - - - - - 57

Table 4.22: Is the company affected by government policies? - 57

Table 4.23: Is your company profit affected by the present

economic condition? - - - - - 57

Table 4.24: Are there other companies producing similar product 

located within the same area with yours? - - 58

Table 4.25: If yes to Qn. 24, How does their activities affect your 

operations? - - - - - - - 58

LIST OF FIGURE

Fig. 2.1:  The three levels of a product - - - - 14

Fig. 2.2: Degree of tangibility - - - - - 17

Fig. 2.3:  Types of users - - - - - - 19

Fig. 2.4: Product life cycle - - - - - - 23

Fig. 2.5:  Adoption process - - - - - - 34

Fig. 2.6:  The new product Adopter’s innovations - - 36