Brand Innovation Strategies and Customer Retention of Soft Drink Firms in South-East Nigeria
Journal Title: Journal of Economics, Finance and Management Studies - Year 2022, Vol 5, Issue 08
Abstract
This study examined brand innovation strategies and customer retention of soft drink firms in South-East Nigeria. The study adopted the correlational research design. The population of the study consisted of all the soft drink firms in South-East Nigeria. The unit of analysis was made up of managers of the three (3) soft drink firms in South-East Nigeria. Eighteen (18) managers per firm who fall under the categories of branch managers, operations managers, production managers, marketing managers and sales managers were identified in the three (3) soft drink firms in South-East Nigeria and they formed the sampling frame of the study. The census sampling technique was adopted in this study where all the 18 managers of the above categories were used as the sample for the study. A structured questionnaire was used to obtain data from the respondents. The data collected were analyzed statistically while the hypotheses were tested using Spearman Rank Order Correlation Coefficient (rho). The SPSS version 23.0 was used to perform the correlation analysis. The findings revealed that soft drink firms in South-East Nigeria adopt incremental and radical innovation as a way of keeping their brand competitive and enticing to their customers. The study revealed that incremental innovation is a strong and significant predictor of repeat patronage and customer referral. Based on these findings, it was concluded that brand innovation strategies (incremental and radical innovation) and customer retention of soft drink firms in South-East Nigeria. Based on the findings and conclusion, it was recommended that soft drink firms in South-East Nigeria especially those that are experiencing high level of customer defection should adopt brand innovation strategies as it would help to retain their existing customers.
Authors and Affiliations
Ifekanandu Chukwudi Christian, Lawrence Amadi, Kingsley Uyiosa Asemota, Ahmed Momodu Bameyi
Keywords
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- EP ID EP708963
- DOI 10.47191/jefms/v5-i8-13
- Views 86
- Downloads 0
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