An evaluation of product innovation strategies on market competitiveness: A study of a consumer electronics brand in Port Harcourt, Nigeria
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Background of the study
Product innovation strategies are critical for maintaining market competitiveness, especially in the consumer electronics sector. In Port Harcourt, a prominent consumer electronics brand has focused on continuous innovation to introduce advanced features and cutting-edge technologies in its products. These innovation strategies encompass research and development, design enhancements, and integration of user-friendly features that set the brand apart from competitors (Chukwu, 2023). The emphasis on product innovation is driven by the need to satisfy the evolving demands of tech-savvy consumers and to sustain competitive advantage in a rapidly changing market. Studies suggest that successful innovation not only boosts market share but also enhances brand image and consumer satisfaction (Ibrahim, 2024). Despite these benefits, there is a lack of empirical evidence on how specific innovation strategies contribute to market competitiveness in the consumer electronics sector. This study examines the impact of product innovation strategies on market competitiveness, exploring the relationship between new product development and consumer preference in Port Harcourt.
Statement of the problem
Although product innovation is widely recognized as essential for competitiveness, its direct impact on market performance in the consumer electronics sector in Port Harcourt is not clearly established. While innovative features can attract consumers, the effectiveness of these innovations in driving competitive advantage and market share remains uncertain (Chukwu, 2023). Market dynamics and rapid technological changes further complicate the evaluation of innovation strategies (Ibrahim, 2024). This study aims to address these challenges by investigating the role of product innovation in enhancing market competitiveness, providing insights into which innovation strategies yield the best outcomes in consumer electronics.
Objectives of the study:
To assess the impact of product innovation strategies on market competitiveness.
To identify key innovation elements that influence consumer preference.
To recommend strategies for enhancing competitive advantage through innovation.
Research questions:
How do product innovation strategies affect market competitiveness in consumer electronics?
What innovation elements are most effective in attracting consumers?
How can consumer electronics brands optimize innovation to improve market performance?
Significance of the study
This study is significant as it provides empirical evidence on the impact of product innovation strategies on market competitiveness in the consumer electronics sector. The findings will help brands in Port Harcourt refine their innovation approaches, thereby boosting consumer satisfaction and market share. The research contributes to academic literature on product innovation and offers practical recommendations for achieving sustainable competitive advantage (Ibrahim, 2024).
Scope and limitations of the study:
The study is limited to evaluating product innovation strategies for a specific consumer electronics brand in Port Harcourt. Results may not be applicable to other industries or markets.
Definitions of terms:
Product Innovation Strategies: Approaches used to develop and introduce new or improved products.
Market Competitiveness: The ability of a brand to secure a strong position in the market relative to its competitors.
Consumer Electronics Brand: A company that designs, manufactures, and markets electronic devices for consumer use.
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