Innovation Techniques and Competitive Advantage in Plastics Manufacturing Firms In Anambra State

Abstract

This study examined innovation techniques and competitive advantage of selected plastics manufacturing firms in Anambra state. Specifically, the study examined the extent to which product, marketing, process and technological innovations influence the competitive advantage of plastics manufacturing firms in Anambra state. Relevant conceptual, theoretical and empirical literatures were reviewed. This study was anchored on Prospect Innovation Theory and Dynamic Capability Innovation Theory. The study adopted the quantitative research design. The total population for the study comprises 780 staff of 8 selected plastics manufacturing firms in Anambra state. A sample size of 240 was selected using simple random techniques. In determining the sample size, Taro Yamane formula was applied at 0.05% level of significance. Structured questionnaire, with 5 Likert rating scale, was employed as the main instrument of data collection. Descriptive statistics and inferential statistics: Spearman Rank Correlation Coefficient and Z test were employed to test the hypotheses at 5% significance level. The evidence from the findings revealed that there is a significant relationship between product, marketing, process and technological innovations and the competitive advantage of plastics manufacturing firms. Changes in consumers’ tastes, perceptions and preferences necessitate product innovations. The study recommends that management of the selected plastics manufacturing firms in Anambra state need to continually modify existing products attributes and customer-focused marketing strategy, in terms of media techniques and pricing strategies. The management should consistently monitor, review and move in tandem with the global dynamic process and work-flow technological innovations for overall cost-efficiency and competitive advantage.