THE INFLUENCE OF STRATEGIC INNOVATION ON BUSINESS SUCCESS
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- NGN 5000
Abstract:
This study aims to (1) examine the role of strategic innovation in driving business success, (2) identify the factors that promote strategic innovation within organizations, and (3) assess the impact of strategic innovation on competitive positioning. A survey design was selected for its effectiveness in collecting data from a large population. A sample size of 390 respondents, calculated using Taro Yamane's formula, ensured a robust and statistically significant dataset. The research was conducted among pharmaceutical companies in Ogun, Nigeria, an industry where innovation is critical. The reliability coefficient score of the survey instrument was 0.92. The findings revealed that strategic innovation significantly contributes to business success by enhancing product development, improving operational efficiencies, and providing a competitive edge. It is recommended that organizations foster a culture of innovation, invest in research and development, and support creative thinking to maintain and enhance their competitive position.
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