Product Innovation a Tool for Sustaining a Firm’s Competitiveness Globally through Customer Satisfaction

Richard Amoasi (), Professor Xiaodan Wu () and Stanley Kafui Anyomi ()

Journal of Business and Strategic Management, 2024, vol. 9, issue 9, 1 - 19

Abstract: Purpose: Innovation has become an element of strategic importance for sustaining products because the cost of R&D including marketing activities is reduced but levels of consumption and the company’s sales and profits increase. Rapid shifts in consumer tastes and preferences present a challenge for businesses looking to gain a competitive edge in satisfying their clientele and winning their loyalty through innovative product development. The objective of the study was to find out whether innovation (continuous) is efficient in achieving customer satisfaction that results in increasing a firm’s competitive advantage in the market globally. In this paper the researcher examined the factors that sustains customer satisfaction due to innovation and make it a necessity for achieving competitive advantage. Methodology: A population of 300 samples were drawn from both industry and customers. Questionnaires were administered on the respondents and interviews held for the staff and management for the selected companies. Purposive and convenient sampling techniques were used. The regression method of analysing data was employed. Findings: The findings of the study reveal that innovation particularly (continuous innovation) is relevant to companies because it is tailored towards the changing tastes, preferences and culture of the market. It also can capture the non-inclusive customers, stimulate immediate trial and restore previously purchased patterns. Customer satisfaction boosts revenue, fosters customer loyalty, ensures business continuity, and establishes the company's competitive advantage. Unique Contribution: Innovation (continuous) occasioned by customer satisfaction is most often successful because it rides on the publicity and the market advantages the earlier version of the brand enjoyed and reduces the cost of R&D than totally new-to-the-world products (discontinuous innovation). Product innovation of this nature has a shorter period between conception and introduction.

Keywords: Customer satisfaction; competitive advantage; consumer; product innovation; sustainability. (search for similar items in EconPapers)
Date: 2024
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