Innovation Strategies and Market Orientation in Selected Nigerian Banks

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.