Product Innovation, A Survival Strategy For Small And Medium Enterprises In Nigeria

The study investigated how product innovation, as a strategy, enhances the survival of the small and medium enterprises in Nigeria, using Prodco Foods Nigeria Limited as a study. Among the objectives set out were the relationship between product innovation and the survival of Small and Medium Enterpries (SMEs), changes in tastes and preference of consumers necessitating product innovation, and whether product innovation increases sales volume of SMEs. The research study was developed around the product innovative and dynamic capability innovative theories. The theoretical model of the product life-cycle was used in developing the three hypotheses that were tested at 0.05 significant levels; through the survey of one hundred and forty respondents. Copies of the questionnaire were administered to the respondents sampled. The validity and reliability of the instrument were measured at Cronbach’s alpha of 0.63 and alternative form validity of 0.59. The findings revealed that there is a significant relationship between product innovation and the survival of SMEs, also, that changes in tastes and preference of consumers necessitate product innovation, and that product innovation increases sales volume of SMEs. The conclusion from the research findings showed that there is need for SMEs to carry out research on product innovation; in other to meet and fulfill the demand and expectations of all consumers and the market. It was recommended that adequate finance, condusive environment, and public policy framework should be developed by the Nigerian governments to support and encourage the SMEs

Vision and Mission of Privatization in the 21st Century

Privati zation can be defined as the process whereby the ownership of public sector enterprises is transferred to private investors. Prior to 188, Nigeria witnessed the practice of regu lated economies. Companies operated with the business objectives of providing goods and services at reasonable prices and at reasonable profits to the company. Empowered by the privatization and commerciali zation act of 1988, the Federal government in all had 89 enterprises privatized between 1988 and 1993 in her first phase of the three phased privatization programme. The enterprises include all government concerns including banks. insurance companies, hotel s, flour mills etc. The essence was to give better and more efficient structure to the Nigerian economy while the numerous benefits will accrue to the teaming population. Therefore this paper will discuss the genesis, types, and modalities of privatization. It will also appraise the achievements so far and what vision and mission it should possess in the 21" century

Attributes of Multi-National Enterprises: Catalysts for Growth and Development of Indigenous Companies in Nigeria

The study investigated how multinational companies' attributes were used to achieve corporate objectives and how imbibing these attributes could transform Nigerian indigenous companies into multinational status. The study was developed around the stages of MNCs development theories. Theoretical models were used in developing two different hypotheses that were investigated through survey of forty multinational companies which were randomly selected. Copies of well structured questionnaire were administered to the companies sampled in Lagos only. Validity and reliability of the instmment were measured at Cronbach's alpha of 0.69 and alternative form validity of 0.62. The hypotheses were tested at 0.05 significant level. The findings revealed that multinational companies achieved corporate goals set in foreign countries as a result of the attributes exhibited. The recommendation from the study is that Nigerian indigenous companies should adopt attributes that will enable them transform into multinationals to support economic emancipation ofNigerian businesses

PRODUCT INNOVATION, A SURVIVAL STRATEGY FOR SMALL AND MEDIUM ENTERPRISES IN NIGERIA

The study investigated how product innovation, as a strategy, enhances the survival of the small and medium enterprises in Nigeria, using Prodco Foods Nigeria Limited as a study. Among the objectives set out were the relationship between product innovation and the survival of Small and Medium Enterpries (SMEs), changes in tastes and preference of consumers necessitating product innovation, and whether product innovation increases sales volume of SMEs. The research study was developed around the product innovative and dynamic capability innovative theories. The theoretical model of the product life-cycle was used in developing the three hypotheses that were tested at 0.05 significant levels; through the survey of one hundred and forty respondents. Copies of the questionnaire were administered to the respondents sampled. The validity and reliability of the instrument were measured at Cronbach’s alpha of 0.63 and alternative form validity of 0.59. The findings revealed that there is a significant relationship between product innovation and the survival of SMEs, also, that changes in tastes and preference of consumers necessitate product innovation, and that product innovation increases sales volume of SMEs. The conclusion from the research findings showed that there is need for SMEs to carry out research on product innovation; in other to meet and fulfill the demand and expectations of all consumers and the market. It was recommended that adequate finance, condusive environment, and public policy framework should be developed by the Nigerian governments to support and encourage the SMEs

Globalization and Economic Rehabilitation and Reliance

Globalisation form the optimistic liberal perspective is the tool that will eventually reduce inequalities among ami within stales. The liberal orthodoxy posits a world ccono111Y in which a global incrense in transaction is driven by technological and by scl!:..maximizing decision of private actors. This paper starts by tracing how, over the past four decades, the industrialized countries exhorted less developed countries to open up their economies to global investments. It also enunciates in detail the benefits accruing to nations generally; ami to Nigeria in particular with this free flow of movement of capital, goods and services across borders. Statistics as to the Nigerian trade performances in the last three years are exhibited. Comparison is also made with other viable countries. Conclusions are drawn; while suggestions are propounded as to the areas of focus on products, services <ind the possible countries lo deal with particularly on trade agreement (s)

Effective Managerial Succession: A Catalyst to Efficient Organizational Performance

The concept organization performance as well as executive succession has become a vital area of organizational study if success is to be considered as the primary objective of any organization, be it profit or non-profit. Changes in top management teams of many organizations are becoming more frequent in modem times due to the need for better organizational performance, mergers, acquisitions and strategic re-engineering. The objectives of this paper among others are to: (i) establish whether managerial succession has effect on organizational performance; (ii) Determine whether internal managerial succession will be more influential than an external succession .. The paper adopts a survey method with two hypotheses stated in null form. Data obtained from questionnaires distributed were analyzed and these were tested with the aid of ANOVAL test statistics. The paper believes that chief executives and top management teams of organizations are the chief architects and planners of human resources and hence must contribute immensely to the overall success of their organizations. The paper is recommends that there should be a comprehensive succession plan or policy on ground, which must be implemented objectively. It also believes that management succession should strictly be by merit and that it is only those that have what it takes to uphold the organization's vision and mission that should hold managerial positions

Market oriented strategic flexibility and market performance of the furniture industry in Southwest Nigeria under fierce competitive environment

The paper examined the relationship between market-oriented strategic flexibility and market performance of the furniture industry in the South west under fierce competitive environment. This study was developed around resource based view and capability theories. Copies of well-structured questionnaire were administered to the members of the furniture industry in Lagos and Ogun States only. Validity and reliability of the instruments were measured by Cronbach’s alpha at 0.93. Pearson product moment correlation analysis was used in analyzing the data collected for the study. The finding revealed that there was a relationship between resource portfolio and firm’s profit; deployment of resources and market share; and the greater the demand uncertainty, the stronger will be the positive relationship between strategic flexibility and market performance. The conclusion showed that firms were unable to compete favorably because of lack of exposure to cutting edge information and limited financial and intellectual resources. It recommended that conscious efforts be made by the Centre for Management Development (CMD) to encourage members of the furniture industry; as a matter of necessity; to incorporate strategic flexibility into the routine of the firms. Also, the engagement of strategic planning professional will place at the disposal of furniture industry; relevant skills and experience required to attain their business goals. The government should also give incentives, such as tax relief and establishment of special intervention funds to local manufacturers of furniture