IDEAS home Printed from https://ideas.repec.org/a/ora/jrojbe/v7y2022i1p45-61.html
   My bibliography  Save this article

Innovation Strategies And Market Orientation In Selected Nigerian Banks

Author

Listed:
  • Omorodion Omoregbe

    (Department of Business Administration, Faculty of Management Sciences, University of Benin, Benin City, Edo State, Nigeria)

  • Joseph Azage

    (Department of Business Administration, Faculty of Management Sciences, University of Benin, Benin City, Edo State, Nigeria)

  • David Ikhide Alufohai

    (Department of Business Administration, Faculty of Management Sciences, University of Benin, Benin City, Edo State, Nigeria)

Abstract

In an attempt at improving market orientation, management of organisations employ innovation strategies and practices that reflect this area of operation. Thus, this study investigated innovation strategies and market orientation in selected Nigerian banks. It specifically examined the effect of process, product, marketing and organisational innovation on market orientation among selected Nigerian banks. It is a field survey within a cross sectional time frame of 2021. A total of 399 management and senior staff of five deposit money banks with international affiliation constituted the sample size. Data was gotten from the primary source and generated through the administration of copies of questionnaire to respondents. Data was analysed using descriptive and inferential statistics. The outcomes of the study showed that process, marketing and organisational innovation have positive significant effect on market orientation among selected Nigerian banks. This study therefore recommends that deposit money banks should implement process, product, marketing and organisational innovation by putting in place the effective and efficient utilization of technologies in the areas of operations and service delivery. It also recommends that they cover wide areas of the market in terms of segmentation, market share, promotional activities, advertisement and other marketing areas so that they can attract new customers and new businesses so as to increase the demand and visibility of their products thus enhancing their customers’ satisfaction. Also, the study recommends constant engagement in organisational innovation in a bid to meet the changing competitive nature of the banking industry and the set international standard to enhance their market orientation vis-à -vis their overall performance.

Suggested Citation

  • Omorodion Omoregbe & Joseph Azage & David Ikhide Alufohai, 2022. "Innovation Strategies And Market Orientation In Selected Nigerian Banks," Oradea Journal of Business and Economics, University of Oradea, Faculty of Economics, vol. 7(1), pages 45-61, March.
    • Handle: RePEc:ora:jrojbe:v:7:y:2022:i:1:p:45-61
    DOI: http://doi.org/10.47535/1991ojbe137
    as

    Download full text from publisher

    File URL: http://ojbe.steconomiceuoradea.ro/wp-content/uploads/2022/03/OJBE-71_45-61.pdf
    Download Restriction: no
    File URL: https://libkey.io/http://doi.org/10.47535/1991ojbe137?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Gopalakrishnan, S. & Damanpour, F., 1997. "A review of innovation research in economics, sociology and technology management," Omega, Elsevier, vol. 25(1), pages 15-28, February.
    2. G. M.P. Swann, 2009. "The Economics of Innovation," Books, Edward Elgar Publishing, number 13211.
    3. Jacinta Moreira & Maria Jose Silva & Jorge Simões & Gastão Sousa, 2012. "Drivers of Marketing Innovation in Portuguese Firms," The AMFITEATRU ECONOMIC journal, Academy of Economic Studies - Bucharest, Romania, vol. 14(31), pages 195-206, February.
    4. UDEGBE Scholastica E & UDEGBE Maurice I., 2013. "Impact of Product Development and Innovation on Organisational Performance," International Journal of Management and Sustainability, Conscientia Beam, vol. 2(12), pages 220-230.
    5. Cerulli, Giovanni, 2014. "The Impact of Technological Capabilities on Invention: An Investigation Based on Country Responsiveness Scores," World Development, Elsevier, vol. 59(C), pages 147-165.
    6. Udegbe Scholastica E. & Udegbe Maurice I., 2013. "The Relationship between Market Orientation Firm, Innovativeness and Business Performance of Companies in Nigeria," International Journal of Asian Social Science, Asian Economic and Social Society, vol. 3(11), pages 2350-2362, November.
    7. Udegbe Scholastica E & Udegbe Maurice I, 2013. "The Relationship between Market Orientation Firm, Innovativeness and Business Performance of Companies in Nigeria," International Journal of Asian Social Science, Asian Economic and Social Society, vol. 3(11), pages 2350-2362.
    8. Vincenzo Spiezia, 2011. "Are ICT Users More Innovative?: an Analysis of ICT-Enabled Innovation in OECD Firms," OECD Journal: Economic Studies, OECD Publishing, vol. 2011(1), pages 1-21.
    9. UDEGBE Scholastica E & UDEGBE Maurice I, 2013. "Impact of Product Development and Innovation on Organisational Performance," International Journal of Management and Sustainability, Conscientia Beam, vol. 2(12), pages 220-230.
    10. Gunday, Gurhan & Ulusoy, Gunduz & Kilic, Kemal & Alpkan, Lutfihak, 2011. "Effects of innovation types on firm performance," International Journal of Production Economics, Elsevier, vol. 133(2), pages 662-676, October.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Songsong Cheng & Qunpeng Fan & Minghao Huang, 2023. "Strategic Orientation, Dynamic Capabilities, and Digital Transformation of Commercial Banks: A Fuzzy-Set QCA Approach," Sustainability, MDPI, vol. 15(3), pages 1-19, January.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Kong YuSheng & Masud Ibrahim, 2020. "Innovation Capabilities, Innovation Types, and Firm Performance: Evidence From the Banking Sector of Ghana," SAGE Open, , vol. 10(2), pages 21582440209, May.
    2. Justin Doran & Geraldine Ryan, 2016. "The Importance of the Diverse Drivers and Types of Environmental Innovation for Firm Performance," Business Strategy and the Environment, Wiley Blackwell, vol. 25(2), pages 102-119, February.
    3. Khorshed Alam & Adewuyi A. Adeyinka, 2021. "Does innovation stimulate performance? The case of small and medium enterprises in regional Australia," Australian Economic Papers, Wiley Blackwell, vol. 60(3), pages 496-519, September.
    4. Hervas-Oliver, Jose-Luis & Sempere-Ripoll, Francisca & Boronat-Moll, Carles, 2012. "Process innovation objectives and management complementarities: patterns, drivers, co-adoption and performance effects," MERIT Working Papers 2012-051, United Nations University - Maastricht Economic and Social Research Institute on Innovation and Technology (MERIT).
    5. Barasa, L. & Kinyanjui, B. & Knoben, Joris & Kimuyu, P. & Vermeulen, P.A.M., 2016. "Export and Innovation in Sub-Saharan Africa," Other publications TiSEM 5243a1d6-7a6a-4871-b4f2-7, Tilburg University, School of Economics and Management.
    6. Zach, Florian J. & Nicolau, Juan L. & Sharma, Abhinav, 2020. "Disruptive innovation, innovation adoption and incumbent market value: The case of Airbnb," Annals of Tourism Research, Elsevier, vol. 80(C).
    7. Basit Shoaib Abdul & Kuhn Thomas & Ahmed Mumtaz, 2018. "The Effect of Government Subsidy on Non-Technological Innovation and Firm Performance in the Service Sector: Evidence from Germany," Business Systems Research, Sciendo, vol. 9(1), pages 118-137, March.
    8. Alfonso Expósito & Juan A. Sanchis-Llopis, 2018. "Innovation and business performance for Spanish SMEs: new evidence from a multi-dimensional approach," Working Papers 1805, Department of Applied Economics II, Universidad de Valencia.
    9. Sherine Al Ahmad & Nasser Fathi Easa & Nehale Mostapha, 2019. "Transformational Leadership and Innovation at the Lebanese Banking Industry," International Journal of Economics & Business Administration (IJEBA), International Journal of Economics & Business Administration (IJEBA), vol. 0(4), pages 267-292.
    10. Cristiano Antonelli & Alessandra Colombelli, 2018. "The cost of knowledge," Chapters, in: The Evolutionary Complexity of Endogenous Innovation, chapter 6, pages 128-150, Edward Elgar Publishing.
    11. Medase, Kehinde, 2019. "The Impact of the Heterogeneity of Employees’ Qualifications on Firm-level Innovation Evidence from Nigerian Firms," VfS Annual Conference 2019 (Leipzig): 30 Years after the Fall of the Berlin Wall - Democracy and Market Economy 203563, Verein für Socialpolitik / German Economic Association.
    12. Gomes, Giancarlo & Seman, Laio Oriel & De Montreuil Carmona, Linda Jessica, 2022. "Industry does matter: Analysing innovation, firm performance and organisational learning heterogeneities on Brazilian manufacturing sectors," Structural Change and Economic Dynamics, Elsevier, vol. 63(C), pages 544-555.
    13. Gang Zheng & Yanting Guo & Yajuan Wang, 2016. "Non-R&D Innovation Patterns in Chinese SMEs: An Empirical Study from Zhejiang Province," International Journal of Innovation and Technology Management (IJITM), World Scientific Publishing Co. Pte. Ltd., vol. 13(06), pages 1-20, December.
    14. Natalia Medrano & Cristina Olarte-Pascual, 2016. "An empirical approach to marketing innovation in small and medium retailers: an application to the Spanish sector," Contemporary Economics, University of Economics and Human Sciences in Warsaw., vol. 10(3), September.
    15. Danny Samson & Marianne Gloet & Prakash Singh, 2017. "Systematic Innovation Capability: Evidence From Case Studies And A Large Survey," International Journal of Innovation Management (ijim), World Scientific Publishing Co. Pte. Ltd., vol. 21(07), pages 1-43, October.
    16. Alfonso Expósito & Juan A. Sanchis-Llopis, 2019. "The relationship between types of innovation and SMEs’ performance: a multi-dimensional empirical assessment," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 9(2), pages 115-135, June.
    17. Jamel Chouaibi, 2021. "Innovation and Financial Performance in Manufacturing Companies: an Empirical Study Tunisian," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 12(4), pages 1870-1890, December.
    18. Anil Nair & Orhun Guldiken & Stav Fainshmidt & Amir Pezeshkan, 2015. "Innovation in India: A review of past research and future directions," Asia Pacific Journal of Management, Springer, vol. 32(4), pages 925-958, December.
    19. Naveed Mushtaq & Wong Wai Peng, 2020. "Can TQM Act as Stimulus to Elevate Firms’ Innovation Performance?: An Empirical Evidence From the Manufacturing Sector of Pakistan," SAGE Open, , vol. 10(4), pages 21582440209, November.
    20. Jose-Luis Hervas-Oliver & Francisca Sempere-Ripoll & Carles Boronat-Moll, 2014. "Process innovation strategy in SMEs, organizational innovation and performance: a misleading debate?," Small Business Economics, Springer, vol. 43(4), pages 873-886, December.

    More about this item

    Keywords

    Innovation Strategies; Market Orientation; Process Innovation; Product Innovation; Marketing Innovation and Organisational Innovation.;
    All these keywords.

    JEL classification:

    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • M30 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - General
    • L10 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - General
    • L19 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance - - - Other
    • L20 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - General
    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L22 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Firm Organization and Market Structure

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ora:jrojbe:v:7:y:2022:i:1:p:45-61. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Tomina SAVEANU (email available below). General contact details of provider: https://edirc.repec.org/data/feoraro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.