Keywords : Strategic innovation, Bottom of the Pyramid, Customers articulated and served needs, Customers articulated and unserved needs, Unarticulated and unexploited opportunities.
Abstract
The study focuses on strategic innovation at the bottom of the pyramid small and medium scale enterprises and satisfaction of customers unarticulated and unserved needs in Nigeria, focusing mainly in the oil palm sector in the Niger Delta region of Nigeria. The research design adopted for the work is the survey method. A sample of 525 respondents were drawn from 20 SMEs in four oil palm clusters, one each from one Local Government Area from four selected Niger Delta States of Akwa-Ibom, Delta, Imo and Rivers. One research hypothesis was tested in the study applying simple regression with SPSS version 21. The research hypothesis was accepted as against the null hypotheses, indicating that the predictor variable (bottom of the pyramid Innovation) significantly affects the criterion variables of interest (customers unarticulated and unserved needs) The statement of finding and the corresponding statistical result shows that: customers unarticulated and unserved needs have significant effect on entrepreneurial growth of small and medium scale enterprises (SMEs) in the agricultural sector (Oil Palm produce) with a result of (F (1, 523) = 8540.89, p< 0.05); On the strength of the result of this hypothesis, the study concludes that customers unarticulated and unserved needs significantly affects entrepreneurial growth of SMEs in the agricultural sector particularly the oil palm sector. In the light of the foregoing conclusion, the following recommendations were made: 1) SMEs in the agricultural sector (Oil Palm produce) should be encouraged by different levels of governments and other stakeholders as well as donor agencies to think beyond the basic and non-frill innovative approaches. 2.) They should consider and explore improved but bottom of the pyramid technology that can help to search and facilitate the production of other products within the value chain in addition to the existing product line. 3.) They can as low hanging fruit redirect their focus to customers articulated and un-served needs in the interim and customers’ unarticulated and unserved needs in the long-run. This will ultimately lead to the development of new products for new markets thus carving out an entrepreneurial niche and the associated growth for their organisations.
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