The Effect of Innovation Management on Sustainable Competitive Advantage in Contemporary Organizations
DOI:
https://doi.org/10.55908/sdgs.v11i11.1980Keywords:
market, consumer, innovation, technology, sustainable, organization, small and medium-sized enterprises (SME)Abstract
Purpose: The purpose of this research is to analyse the relative importance of manufacturing SMEs' essential dynamic capabilities, namely their creative competitive advantage, product excellence, and technology acceptability. The industry's idea of dynamical properties provided the theoretical foundation for the study.
Theoretical framework: The theoretical basis is the literature on the impact that two forms of creative competitive advantage — consumer choice and innovative business structure — it has on product quality in the service of fostering long-term growth among micro, small, and medium-sized enterprises (SMEs). Also, it looked at the role that technology adoption may play as a moderator amongst innovative financial strength and customer satisfaction.
Design/methodology/approach: Data was gathered quantitatively. Using the use of partial least squares structural equation modelling, we studied surveying information from 245 Nigerian SMEs in the manufacturing sector.
Findings: According to the findings, indicate that consumers' inclinations would not directly impact the quality of items; rather, the introduction of cutting-edge technology moderates the correlation among consumer tastes and superiority in the marketplace. There was a significant and positive relationship found among the corporate business model and product excellence, suggesting that the integration of new technology encouraged this link. In order to grow in a sustainable manner, small and medium-sized enterprises (SMEs) in the industrial sector, as found in this research, would profit from a rise in customer satisfaction achieved via the introduction of innovative competitive supplementary cost approaches and technical progress.
Research, Practical & Social implications: This research aimed was to investigate how SME' long-term success is affected by factors including consumer preferences and innovative business layout (SMEs). It also looked at how the technological proliferation may affect the correlation amongst innovative capacity and customer satisfaction.
Originality/value: The study's worth lies in the additional insights it gives into the rising innovation necessary for the profitable and sustainability of businesses of all sizes.
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