PRODUCT INNOVATION AND COMPETITIVE ADVANTAGE OF SMES IN LAGOS STATE: A SURVEY OF OWNERS AND MANAGERS
Keywords:
Product innovation, Competitive Advantage, Cross sectional design, SMEsAbstract
The study investigated the relationship between product innovation and the competitive advantage of SMEs in Lagos State: A Survey of Owners and Managers. Cross-sectional research was adopted. The population of the study was 42, 097 registered SMEs in Lagos and the sample size was 396 owners and managers of SMEs in Lagos State who were the respondents determined using Taro Yamane formular. Structured questionnaire was adopted as an instrument of data collection. The data collected was analysed using simple regression analysis. The result revealed that product innovation (β= .398, t = 8.65, p < .001) has a significant relationship with the competitive advantage of SMEs. Product innovation therefore improves the competitive advantages of SMEs and hence the study recommended that SMEs should make product innovation a priority in their policy.
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