THE IMPACT OF PRODUCT INNOVATION ON SALES GROWTH
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THE IMPACT OF PRODUCT INNOVATION ON SALES GROWTH
This research assesses the impact of product innovation on sales growth. Objectives are: (1) to measure the increase in sales due to new product introductions, (2) to identify key factors driving successful innovation, and (3) to analyze customer responses to innovative products. A survey design is chosen for its ability to provide quantitative insights from numerous respondents. According to Taro Yamane's formula, the sample size is 370, ensuring a reliable dataset. The study focuses on the technology industry in Lagos, Nigeria, known for its rapid innovation cycles. The reliability coefficient score is 0.89, indicating high consistency. Findings show that product innovation significantly boosts sales growth, with factors like market research and customer feedback being critical to success. Recommendations include fostering a culture of innovation and investing in continuous market research to stay ahead of trends.
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