EFFECT OF PRODUCT INNOVATION ON THE PERFORMANCE OF SMES IN ILORIN METROPOLIS
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Date
2021-01
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Abstract
Product innovation refers to the complete process of bringing improved product or service to the market ranging from the generation of product idea to the commercialization of the product or service. It has been established that for SMEs to maintain competitiveness, there must be a continuous and consistent flow of improved products or services or improvement on existing products that can meet up with the changing customer demands. This study examined the effect of Product innovation on the Performance of SMEs in Ilorin metropolis. The study objectives are to determine the relationship between quality improvement and customer satisfaction of SMEs in llorin metropolis, examine the extent to which packaging improvement affects the market share of SMEs in Ilorin metropolis, determine the relationship between value addition and the sales volume of SMEs in llorin metropolisand examine the extent to which eco-friendliness affects profitability of SMEs in Ilorin metropolis. The study employed quantitative -method and data were collected through self-structured administered questionnaires. 387 copies of questionnaire were administered to the selected SMEs within Ilorin metropolis. PLS-SEM was used to test the hypotheses. The results generally showed that product innovation has significant effect on the performance of SMEs in Ilorin metropolis. The study recommended that SME's should dwell into expanding the horizon of thinking regularly in the kind of product or service they offer to the market.