IMPACT OF PRODUCT INNOVATION ON SALES VOLUMES OF CONSUMER GOODS (A CASE STUDY OF UNILEVER NIGERIA PLC, IKEJA LAGOS)

ABSTRACT

This study analyzed empirically the Impact of Product Innovation on Sales Volumes of Consumer Goods using Philips Consumer product, a division of Philips B. V as a case study. Identified hypothesis concerning the relationship between product innovation and the company corporate goal use tested with the use of telephones interviews and questionnaire to stimulate responses from staff of the Unilever Nigeria Plc and the consumer of its products. Analyzing of the responses obtained from the field study showed that lack of product innovation could affect the organization’s profit and consumer satisfaction because of its great impact on consumer’s buying decision, monitoring and responding accordingly to changes in consumer’s taste will ensure success in product innovation. Evidently adoption of product innovation can lead to increase in sales volume of a firm’s product. The finding of this research work will be useful to the firm used to the firm used as case study in regards to better development of its innovation fund with feedback from market trends and consumer dynamic needs. Although, this research work used a single company for analysis, however the result of the findings can be adequately applied to other firms especially firms within the same industry.

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